Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in September 2025.</li>
<li>Based on the latest data, we see one ADD and one DEL.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in September 2025.
Based on the latest data, we see one ADD and one DEL.


Quiddity Leaderboard HSCEI Sep25: One Change Likely; US$245mn One-Way Flow

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>700 HK: Tencent First Reveals Its Open-World ACGN Game &lt;Return to the Loop&gt;(+)</li>
<li>1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)</li>
<li>1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)</li>
</ul>


700 HK: Tencent First Reveals Its Open-World ACGN Game &lt;Return to the Loop&gt;(+)
1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)
1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)


[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes</li>
<li>Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN</li>
<li>If representative, the April-May US data suggest deep, lasting US challenges for the platforms</li>
</ul>


Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes
Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN
If representative, the April-May US data suggest deep, lasting US challenges for the platforms


PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.


HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th 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), AIA (1299 HK), Meituan (3690 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), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th 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), AIA (1299 HK), Meituan (3690 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), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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

J&T Global Express (1519 HK)

Quiddity Leaderboard HSCEI Sep25: One Change Likely; US$245mn One-Way Flow

Pop Mart International Group L (9992 HK) could replace J&T Global Express (1519 HK) in the HSCEI index during the September 2025 index review.

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.

Blue Lotus Research Institute

PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Pinduoduo's shock decline in profitability in Q125 came before US tariff and de minimis changes. Recent April-May data out of the US suggests...

Tracking Traffic

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard HSCEI Sep25: One Change Likely; US$245mn One-Way Flow

Pop Mart International Group L (9992 HK) could replace J&T Global Express (1519 HK) in the HSCEI index during the September 2025 index review.

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

​Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.

Blue Lotus Research Institute

PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Pinduoduo's shock decline in profitability in Q125 came before US tariff and de minimis changes. Recent April-May data out of the US suggests...

Tracking Traffic

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

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

Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.