Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, HORIZON ROBOTICS, ALIBABA, CCB, ICBC, LI AUTO, CNOOC.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, HORIZON ROBOTICS, ALIBABA, CCB, ICBC, LI AUTO, CNOOC.


HSCEI Index Earning Revision (Apr): MEITUAN, HORIZON ROBOTICS, ALIBABA, CCB, ICBC, LI AUTO, CNOOC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 17th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Xiaomi (1810 HK), Gushengtang (2273 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Xiaomi (1810 HK), Gushengtang (2273 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Apr 17th): AIA, Xiaomi, Gushengtang

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Apr 10th): Tencent, Xiaomi, AIA

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International, Cmoc, Zhejiang Leapmotor Technology.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International, Cmoc, Zhejiang Leapmotor Technology.


HK Short Interest Weekly: YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.</li>
<li>In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.</li>
<li>We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.</li>
</ul>


In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.
In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.
We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.


Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

HSCEI Index Earning Revision (Apr): MEITUAN, HORIZON ROBOTICS, ALIBABA, CCB, ICBC, LI AUTO, CNOOC

We analyzed HSCEI's consensus for Apr 2026 and highlighted changes of EPS in MEITUAN, HORIZON ROBOTICS, ALIBABA, CCB, ICBC, LI AUTO, CNOOC.

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Apr 17th): AIA, Xiaomi, Gushengtang

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Apr 10th): Tencent, Xiaomi, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International

We analyzed the latest HK SFC report for aggregate short position as of Mar 27 and highlight short interest changes in YOFC (6869 HK), Pop Mart...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

The expected ADDs/DELs have roughly 0.4x-1.1x ADV to trade. Their individual flow sizes are in the range of US$30mn-US$73mn.

Janaghan Jeyakumar, CFA

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