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.

Index Rebalance

<ul>
<li>Hang Seng announced index review for the June 2026 Rebalance. Our pre-announcement note dated 11 May 2026 called both ADD candidates and both DELETE candidates correctly.</li>
<li>We analyzed dynamics around two ADDs, from a historical perspective, on the post-announcement positioning.</li>
<li>We also analyzed dynamics around two DELETEs. Both DELETEs fell by similar magnitudes with slightly above-baseline volume</li>
</ul>


Hang Seng announced index review for the June 2026 Rebalance. Our pre-announcement note dated 11 May 2026 called both ADD candidates and both DELETE candidates correctly.
We analyzed dynamics around two ADDs, from a historical perspective, on the post-announcement positioning.
We also analyzed dynamics around two DELETEs. Both DELETEs fell by similar magnitudes with slightly above-baseline volume


HS TECH June 2026 Rebalance: Post-Announcement Positioning

<ul>
<li>We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.</li>
<li>Both of the ADD candidates are well within the ADD zone.</li>
<li>One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.</li>
</ul>


We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.
Both of the ADD candidates are well within the ADD zone.
One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A fortnight after the Shenzhen Stock Exchange approved SOE-backed power play <strong><a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a></strong> (CRP)'s A-share listing of its renewable energy unit, CSRC approval is now satisfied.</li>
<li>
<strong>The process has taken over three years</strong>. Since that time, CRP's earnings and attributable installed capacity, is now evenly split between its thermal and renewable energy segments.</li>
<li>With CSRC and SZSE approvals in the bag, the final stretch should move relatively quickly.</li>
</ul>


A fortnight after the Shenzhen Stock Exchange approved SOE-backed power play China Resources Power (836 HK) (CRP)'s A-share listing of its renewable energy unit, CSRC approval is now satisfied.

The process has taken over three years. Since that time, CRP's earnings and attributable installed capacity, is now evenly split between its thermal and renewable energy segments.
With CSRC and SZSE approvals in the bag, the final stretch should move relatively quickly.


CR Power (836 HK): CSRC Clears Clean Energy Spin-Off

<ul>
<li>HSCI entry. MiniMax becomes a strong HSCI candidate for June 2026 with MV12 of HKD 225bn.</li>
<li>HS TECH entry. We expect MiniMax to enter HS TECH at the May 2026 review.</li>
<li>HSI barrier. The FY25 net loss will likely fail it for the immediate HSI review.</li>
</ul>


HSCI entry. MiniMax becomes a strong HSCI candidate for June 2026 with MV12 of HKD 225bn.
HS TECH entry. We expect MiniMax to enter HS TECH at the May 2026 review.
HSI barrier. The FY25 net loss will likely fail it for the immediate HSI review.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Kingdee International Software Group / Index Rebalance

Kingdee International Software Group (268 HK)

<ul>
<li>In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.</li>
<li>We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.</li>
<li>The expected DELs are the highest-impact names with 8x–10x ADV to sell.</li>
</ul>


In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.
We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.
The expected DELs are the highest-impact names with 8x–10x ADV to sell.


Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

China

Kingsoft is a Chinese software and internet services company that develops office software, cloud services, and online games. Its key products include the WPS Office suite (WPS Office, WPS 365, WPS AI) and various PC and mobile games like JX Online 3. The company was founded in 1988 and is headquartered in Beijing, China.

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Kingsoft (3888 HK)

HS TECH June 2026 Rebalance: Post-Announcement Positioning

HSTECH June 2026 post-announcement cycle is starting. ADD setup is stock-specific after divergent WPreA2 moves. DELETE continuation depends on WAI0...

Ke Yan, CFA, FRM

HS TECH Index May 2026 Review Forecast

HS TECH May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

CR Power (836 HK): CSRC Clears Clean Energy Spin-Off

There is material upside to CRP's share price here, even assigning a large holding company discount. CRP's current metrics are not demanding. CRP...

David Blennerhassett

MiniMax-W: Index Events Reassessed

We analyze Minimax's upcoming index event and reassess the possibility of its HSI entry. HS TECH and HSCI enter in June; HSI is deferred until the...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

We expect the ADDs/DELs and indicative weights for HSTECH to be publicly confirmed after market close on 22nd May 2026. The DELs could have very...

Janaghan Jeyakumar, CFA

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