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

Shenton Research

Shenton 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 analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Industrial and Commercial Bank of China / Equity Derivatives

Industrial and Commercial Bank of China (1398 HK)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETFs will implement the rebalance changes at the close of trading on 18 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited-class-h" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">Industrial and Commercial Bank of China (1398 HK)</a> position <strong>will not be capped and passive rebalancing flows should have (or had) a minimal impact on the stock.</strong>
</li>
<li>
<strong>Our quantitative model finds the stock's valuation a bit stretched, short-term tactical view.</strong> The correction that started this week may last a bit more. Details are discussed in the insight.</li>
</ul>


The iShares China Large-Cap (FXI) (FXI US) ETFs will implement the rebalance changes at the close of trading on 18 June.

Industrial and Commercial Bank of China (1398 HK) position will not be capped and passive rebalancing flows should have (or had) a minimal impact on the stock.


Our quantitative model finds the stock's valuation a bit stretched, short-term tactical view. The correction that started this week may last a bit more. Details are discussed in the insight.


ICBC (1398 HK) Tactical Outlook Ahead of FXI ETF Rebalance On June 18

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: AI Anxiety in China Fuels a Gold Rush in Job Training Inside a cramped classroom in an office tower, more than 40 young people sat glued to a projector screen.</li><li>For nearly the entire session, the instructor cycled through dry summaries of AI history that anyone could easily find with a quick online search.</li><li>But nobody left.</li></ul>

In Depth: AI Anxiety in China Fuels a Gold Rush in Job Training Inside a cramped classroom in an office tower, more than 40 young people sat glued to a projector screen.For nearly the entire session, the instructor cycled through dry summaries of AI history that anyone could easily find with a quick online search.But nobody left.

CX Daily: AI Anxiety in China Fuels a Gold Rush in Job Training 

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

<ul><li>China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin long-term growth as it prepares for a Hong Kong IPO.</li><li>Chinese Politburo Member’s Downfall Exposes Shadowy Network Tied to Evergrande</li><li>A Caixin investigation into the downfall of Politburo member Ma Xingrui has uncovered a sprawling political-business syndicate that extracted billions of yuan from real estate deals and dumped toxic assets onto property giant China Vanke Co. Ltd.</li></ul>

China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin long-term growth as it prepares for a Hong Kong IPO.Chinese Politburo Member’s Downfall Exposes Shadowy Network Tied to EvergrandeA Caixin investigation into the downfall of Politburo member Ma Xingrui has uncovered a sprawling political-business syndicate that extracted billions of yuan from real estate deals and dumped toxic assets onto property giant China Vanke Co. Ltd.

CX Daily: Men, AI and a Retail Revamp Drive Xiaohongshu’s Pre-IPO Pivot 

China

Industrial and Commercial Bank of China is a multinational banking and financial services corporation. It provides a comprehensive range of financial products and services, including corporate banking, retail banking, treasury operations, asset management, credit cards, and wealth management, to corporate and individual customers. The company is headquartered in Beijing, China, and was founded in 1984.

Price Gauge
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Industrial and Commercial Bank of China (1398 HK)

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

ICBC (1398 HK) Tactical Outlook Ahead of FXI ETF Rebalance On June 18

ICBC (1398 HK) will see minimal impact from the iShares ETF rebalance on June 18. However, the stock's valuation is stretched - our model indicates...

Nico Rosti

CX Daily: AI Anxiety in China Fuels a Gold Rush in Job Training

In Depth: AI Anxiety in China Fuels a Gold Rush in Job Training Inside a cramped classroom in an office tower, more than 40 young...

Caixin Global

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

CX Daily: Men, AI and a Retail Revamp Drive Xiaohongshu’s Pre-IPO Pivot

China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)