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 September 26th.</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 Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Jiumaojiu International / Equity Bottom-Up

<ul><li>Tai Er’s SSS decline has already stabilized and its restaurant OP margin has started to improve HoH in 1H25.</li><li>Backed by an array of positive signs in 2H25E, including Tai Er’s store revamp, improved breakeven point, less impairment losses, launch of Song hotpot’s new store format and a new brand, we believe the turnaround is near.</li><li>Hence, we raise our rating to BUY with TP of HK$ 3.18.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tai Er’s SSS decline has already stabilized and its restaurant OP margin has started to improve HoH in 1H25.Backed by an array of positive signs in 2H25E, including Tai Er’s store revamp, improved breakeven point, less impairment losses, launch of Song hotpot’s new store format and a new brand, we believe the turnaround is near.Hence, we raise our rating to BUY with TP of HK$ 3.18.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jiumaojiu (9922 HK) - Multiple Positive Signs Suggest a Turnaround

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.</li>
<li>We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.</li>
<li>On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.</li>
</ul>


There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.
We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.
On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.


HSCI Index Rebalance: 24 Adds, 22 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</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 China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

<ul>
<li>We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

China

Jiumaojiu International manages and operates a portfolio of Chinese cuisine restaurant brands, including Tai Er (known for sauerkraut fish), Song Hot Pot, and Jiu Mao Jiu (offering family-oriented food). The company also engages in food processing, central kitchen operations, and delivery services. It was founded in 1995 and is headquartered in Guangzhou, People's Republic of China.

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Jiumaojiu International (9922 HK)

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

Jiumaojiu (9922 HK) - Multiple Positive Signs Suggest a Turnaround

Tai Er’s SSS decline has already stabilized and its restaurant OP margin has started to improve HoH in 1H25. Backed by an array of positive signs...

CMB International

HSCI Index Rebalance: 24 Adds, 22 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 24 adds and 22 deletes for the HSCI in Sep. 20 stocks could be added to Stock Connect and 19 removed. The Connect adds have outperformed...

Brian Freitas

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)