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.

Event-Driven

<ul>
<li>We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.</li>
<li>Two stocks stand out as high-conviction candidates for index inclusion this cycle.</li>
<li>The rest of the shortlist looks more marginal and more dependent on committee discretion.</li>
</ul>


We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.
Two stocks stand out as high-conviction candidates for index inclusion this cycle.
The rest of the shortlist looks more marginal and more dependent on committee discretion.


Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.


HSCEI Index Earning Revision (Mar): Tech De-Ratings

<ul>
<li>On 5 March 2026, we published a quantitative event study covering 14 completed HSCEI rebalance events (March 2022 to December 2025) ahead of the 9 March implementation.</li>
<li>We are following up now that the March 2026 cycle has moved into WI3. This note reviews the event against the historical framework.</li>
<li>Scorecard: 2/4 clean matches, 2/4 partial. Both ADDs declined in WI0-4. Mengniu's selloff shifted into WAI after a +6.2 ppt drift.</li>
</ul>


On 5 March 2026, we published a quantitative event study covering 14 completed HSCEI rebalance events (March 2022 to December 2025) ahead of the 9 March implementation.
We are following up now that the March 2026 cycle has moved into WI3. This note reviews the event against the historical framework.
Scorecard: 2/4 clean matches, 2/4 partial. Both ADDs declined in WI0-4. Mengniu's selloff shifted into WAI after a +6.2 ppt drift.


HSCEI Index Rebalance: March 2026 Post-Event Review

<ul>
<li>This note analyses price behaviour around fifteen regular HSCEI rebalance events (March 2022 to March 2026), covering 23 ADD and 23 DELETE stock-events.</li>
<li>We examine 42 historical additions and deletions for systematic positioning effects in the announcement-to-implementation (WAI) window and whether the resulting premium creates predictable post-implementation reversals.</li>
<li>We apply those patterns to the four stocks affected by the March 2026 rebalance (two ADDs, two DELETEs) to assess positioning dynamics and post-implementation setup.</li>
</ul>


This note analyses price behaviour around fifteen regular HSCEI rebalance events (March 2022 to March 2026), covering 23 ADD and 23 DELETE stock-events.
We examine 42 historical additions and deletions for systematic positioning effects in the announcement-to-implementation (WAI) window and whether the resulting premium creates predictable post-implementation reversals.
We apply those patterns to the four stocks affected by the March 2026 rebalance (two ADDs, two DELETEs) to assess positioning dynamics and post-implementation setup.


HSCEI Index Rebalance: Historical Patterns & Mar '25 Event Analysis

<ul>
<li>"P" removal imminent. FY2025 revenue of HK$616m exceeds the HK$250m threshold by 2.5x. Based on "B" removal precedents, "P" removal is expected by April–June 2026.</li>
<li>Algorithm selects MiniMax at rank #4. Highest candidate score (0.983) among all 21 IT candidates. It would slot between SMIC and Lenovo as the 7th IT constituent.</li>
<li>Best case inclusion in September 2026. If "P" is removed before the end-June HSCI cut-off, MiniMax enters the September rebalance. </li>
</ul>


"P" removal imminent. FY2025 revenue of HK$616m exceeds the HK$250m threshold by 2.5x. Based on "B" removal precedents, "P" removal is expected by April–June 2026.
Algorithm selects MiniMax at rank #4. Highest candidate score (0.983) among all 21 IT candidates. It would slot between SMIC and Lenovo as the 7th IT constituent.
Best case inclusion in September 2026. If "P" is removed before the end-June HSCI cut-off, MiniMax enters the September rebalance. 


China

KE Holdings operates an integrated online and offline platform for housing transactions and services in China, encompassing existing and new home sales, home rentals, and home renovation and furnishing. It leverages brands like Beike and Lianjia to connect buyers, sellers, landlords, tenants, and service providers. Incorporated in 2018, it is headquartered in Beijing, China.

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KE Holdings (2423 HK)

HSI May 2026 Index Review Forecast

HSI May 2026 forecast: we expect BeOne and Zijin Gold to enter, no delete, with Healthcare and EMIC still the clearest sector gaps.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HSCEI Index Rebalance: March 2026 Post-Event Review

March 2026 HSCEI rebalance wrap-up: 2 ADDs, 2 DELETEs. Framework scored 2/4 match, 2/4 partial. ADDs underperformed DELETEs in WI0-4.

Ke Yan, CFA, FRM

HSCEI Index Rebalance: Historical Patterns & Mar '25 Event Analysis

HSCEI March 2026 rebalance: positioning timing, reversal patterns, and flow-impact analysis across 14 completed events; medium-conviction signal...

Ke Yan, CFA, FRM

MiniMax-WP: Path Way to HSI Inclusion

A US$33bn AI company sitting outside the HSI, but perhaps not for long. We examine the pathway, the precedents, and the timeline ahead.

Ke Yan, CFA, FRM

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