Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Black Sesame International Holding / Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the March 2025 index rebal event.</li>
<li>We expect four changes for the HSIII index in March 2025 and currently expect flows of US$114mn one-way (including capping flows which will change).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the March 2025 index rebal event.
We expect four changes for the HSIII index in March 2025 and currently expect flows of US$114mn one-way (including capping flows which will change).


Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely; Some Names Have High-Impact

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Minieye Technology / Equity Capital Markets

<ul>
<li>Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.</li>
<li>The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.</li>
<li>IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&amp;D capabilities.</li>
</ul>


Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.
The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.
IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&amp;D capabilities.


Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the March 2025 index rebal event.</li>
<li>Based on the latest available data, we see four ADDs and four DELs for HSIII in March 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the March 2025 index rebal event.
Based on the latest available data, we see four ADDs and four DELs for HSIII in March 2025.


Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely, Some Names Have High Impact

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>UBER US/WRD US/BIDU US/9660 HK/XPEV US:Uber cooperates with WeRide in the United Arab Emirates. It previously cooperated with BYD for 100,000 EV's. Is it using China to counter Tesla?.(/////////)</li>
<li>NTES US: NetEase’s New Game &lt;Marvel Rival&gt; Reaches Over 10 Million Players Within 72 Hours of Launch (+)</li>
<li>BABA US/PDD US: Taobao launches new treasure hunting mechanism for upcoming 12/12 sale to attract a younger cohort (+/-)</li>
</ul>


UBER US/WRD US/BIDU US/9660 HK/XPEV US:Uber cooperates with WeRide in the United Arab Emirates. It previously cooperated with BYD for 100,000 EV's. Is it using China to counter Tesla?.(/////////)
NTES US: NetEase’s New Game &lt;Marvel Rival&gt; Reaches Over 10 Million Players Within 72 Hours of Launch (+)
BABA US/PDD US: Taobao launches new treasure hunting mechanism for upcoming 12/12 sale to attract a younger cohort (+/-)


[Blue Lotus Daily-TMT Update]:UBER US/WRD US/BIDU US/9660HK/XPEV US/NTES/BABA/PDD/3690HK/TCOM /700HK

<ul>
<li>Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.</li>
<li>CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  </li>
<li>The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.</li>
</ul>


Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.
CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  
The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.


CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

China

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Horizon Robotics (9660 HK)

Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely; Some Names Have High-Impact

Expected ADDs SUNeVision and Black Sesame have 8.5x ADV and 3x ADV to buy respectively. Expected DELs Huitongda and Ming Yuan Cloud have 5.1x and...

Janaghan Jeyakumar, CFA

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a rapidly growing provider of intelligent driving and cabin solutions in China, is expected to IPO this week. I examine a...

Andrei Zakharov

Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely, Some Names Have High Impact

There could be 6x+ ADV of index buying for the top two expected inflow names. Some outflow names also could have decent impact. Estimated one-way...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:UBER US/WRD US/BIDU US/9660HK/XPEV US/NTES/BABA/PDD/3690HK/TCOM /700HK

Uber partners with WeRide in UAE after previous EV collaboration with BYD, raising questions if it's using China to compete with Tesla.

Blue Lotus Research Institute

CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

In my insight, I focus on CiDi IPO valuation analysis, outline risks and explain why CiDi IPO may be much more attractive for investors than IPOs...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely; Some Names Have High-Impact

Expected ADDs SUNeVision and Black Sesame have 8.5x ADV and 3x ADV to buy respectively. Expected DELs Huitongda and Ming Yuan Cloud have 5.1x and...

Janaghan Jeyakumar, CFA

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a rapidly growing provider of intelligent driving and cabin solutions in China, is expected to IPO this week. I examine a...

Andrei Zakharov

Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely, Some Names Have High Impact

There could be 6x+ ADV of index buying for the top two expected inflow names. Some outflow names also could have decent impact. Estimated one-way...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:UBER US/WRD US/BIDU US/9660HK/XPEV US/NTES/BABA/PDD/3690HK/TCOM /700HK

​Uber partners with WeRide in UAE after previous EV collaboration with BYD, raising questions if it's using China to compete with Tesla.

Blue Lotus Research Institute

CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

In my insight, I focus on CiDi IPO valuation analysis, outline risks and explain why CiDi IPO may be much more attractive for investors than IPOs...

Andrei Zakharov

Uber partners with WeRide in UAE after previous EV collaboration with BYD, raising questions if it's using China to compete with Tesla.