Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> gained 25% and ~67%-held <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a> 13%. Unrelated, <a href="https://www.smartkarma.com/entities/kingsoft-corporation-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft (3888 HK)</a> gained ~10% and 51.4%-held <a href="https://www.smartkarma.com/entities/beijing-kingsoft-office-softwa" target="_blank" data-smartkarma-citation="entities:28842:1" rel="noopener">Beijing Kingsoft Office Software (688111 CH)</a> just 0.9%.</li>
<li>Preceding my comments on the "Kings" - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Yesterday, Kingboard (148 HK) gained 25% and ~67%-held Kingboard Laminates (1888 HK) 13%. Unrelated, Kingsoft (3888 HK) gained ~10% and 51.4%-held Beijing Kingsoft Office Software (688111 CH) just 0.9%.
Preceding my comments on the "Kings" - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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 analyzed the latest HK SFC report for aggregate short position as of May 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 29th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.


HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

Equity Capital Markets

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Index Rebalance

Yangtze Optical Fibre & Cable / Index Rebalance

Yangtze Optical Fibre & Cable (601869 CH)

<ul>
<li>MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.</li>
<li>DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.</li>
</ul>


MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.
ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.
DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.


MS-China June 2026 Rebalance: Pre-Implementation Update

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.


HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

Hong Kong

Kingboard Laminates Holdings Limited is a vertically-integrated electronics materials manufacturer, specializing in the production of glass epoxy and paper laminates. The company also produces upstream component materials like copper foils, glass yarns, and epoxy resins, and has diversified interests in properties, chemicals, and hotel services. It was founded in 1988 and is headquartered in Sha Tin, Hong Kong.

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Kingboard Laminates (1888 HK)

StubWorld: Big Moves In "Kings"

A sector-wide gain in PCB and copper-clad laminate names lifts Kingboard (148 HK)/Laminates (1888 HK). And Xiaomi clears 5% for the first time in...

David Blennerhassett

HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

We analyzed the latest HK SFC report for aggregate short position as of May 29th and highlight short interest changes in Lenovo (992 HK), CCB (939...

Ke Yan, CFA, FRM

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Pre-Implementation Update

MSCI China enters implementation phase on June 1st. We provides an update to stock's performance and discussed implementation trades.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

We analyzed the latest HK SFC report for aggregate short position as of May 22nd and highlight short interest changes in Lenovo, Sunny Optical,...

Ke Yan, CFA, FRM

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