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 analyzed the latest HK SFC report for aggregate short position as of May 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.


HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.</li>
<li>Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.</li>
<li>The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.</li>
</ul>


HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.
Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.
The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.


Hong Kong Single Stock Options Weekly May 26-29: Pop Mart Drives Volumes with Lenovo, SMIC in Focus

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 15th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.


HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

Index Rebalance

<ul>
<li>We screen the HSCEI eligible universe for the upcoming May 2026 review.</li>
<li>Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.</li>
<li>WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.</li>
</ul>


We screen the HSCEI eligible universe for the upcoming May 2026 review.
Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.
WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>SMIC reported Q1 2026 revenues of $2,505 million, up 0.7% QoQ and up 11.5% YoY. Gross margin was 20.1%, up 0.9 pp QoQ but down 2.4 pp YoY.</li>
<li>For the second quarter 2026, SMIC expects revenue to increase by 14% to 16% sequentially and growth margin is expected to be in the range of 20% to 22%</li>
<li>CapEx is expected to remain similar to CY2025 at ~$8 billion. Depreciation expenses are expected to increase 30% YoY.  Bye bye dividend!</li>
</ul>


SMIC reported Q1 2026 revenues of $2,505 million, up 0.7% QoQ and up 11.5% YoY. Gross margin was 20.1%, up 0.9 pp QoQ but down 2.4 pp YoY.
For the second quarter 2026, SMIC expects revenue to increase by 14% to 16% sequentially and growth margin is expected to be in the range of 20% to 22%
CapEx is expected to remain similar to CY2025 at ~$8 billion. Depreciation expenses are expected to increase 30% YoY.  Bye bye dividend!


SMIC Q1 2026. Dumping The Dividend To Maintain The CapEx Cadence

China

Hua Hong Semiconductor is a global pure-play semiconductor foundry specializing in embedded/standalone non-volatile memory, power discrete, analog & power management, and logic & RF technologies. The company provides diversified wafer fabrication and supporting services for various specialty process platforms. It is headquartered in Shanghai, China, and was founded in 2005.

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Hua Hong Semiconductor (1347 HK)

HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

We analyzed the latest HK SFC report for aggregate short position as of May 22nd and highlight short interest changes in Lenovo, Sunny Optical,...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly May 26-29: Pop Mart Drives Volumes with Lenovo, SMIC in Focus

Single stock option volumes accelerated sharply with Pop Mart Put trading, strong Lenovo activity, and widening divergence between index and single...

John Ley

HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

We analyzed the latest HK SFC report for aggregate short position as of May 15th and highlight short interest changes in Tencent (700 HK), Yofc...

Ke Yan, CFA, FRM

HSCEI May 2026 Index Review Forecast

HSCEI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

SMIC Q1 2026. Dumping The Dividend To Maintain The CapEx Cadence

CapEx is expected to remain similar to CY2025 at ~$8 billion. Depreciation expenses are expected to increase 30% YoY. Bye bye dividend!

William Keating

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