Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

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>For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.</li>
<li>We also expect <em>three</em> index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</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).
For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.
We also expect three index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.</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, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
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, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

<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 our flow expectations for the June 2025 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</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 our flow expectations for the June 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.</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 Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.


HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.</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 Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC, HKEx, Alibaba.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC, HKEx, Alibaba.


HK Connect Flows Weekly (Mar 28th): Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC

China

JF Wealth Holdings Ltd operates as an online investment decision making solution provider. The Company provides online high end investor education services, online financial literacy education services, financial information software services, and other services. JF Wealth Holdings provides its services throughout Hong Kong.

Price Gauge
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JF Wealth Holdings (9636 HK)

Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

We see NetDragon (777 HK) as an expected DEL for the September 2025 index review and there could be multiple days of volume to sell. NetDragon...

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September

We expect US$317mn one-way flows in June 2025 and then there could be three ADDs and three DELs in September 2025. The September 2025 rankings can...

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Mar 28th): Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD...

Ke Yan, CFA, FRM

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