Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the HSTECH index rebal event in June 2026.</li>
<li>According to the latest rankings, we see two expected changes for the HSTECH index in June 2026.</li>
</ul>


The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the potential index changes and the resultant capping flows for the HSTECH index rebal event in June 2026.
According to the latest rankings, we see two expected changes for the HSTECH index in June 2026.


Quiddity Leaderboard HSTECH Jun26: Interesting Question Marks for ADDs; Reference Period Not Over

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

Shenton Research

Shenton 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.

Thematic (Sector/Industry)

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>None of the companies that we are monitoring got approval.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
None of the companies that we are monitoring got approval.


Tencent/Netease: Zero Game Approval Despite New High in Approved Games

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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to above the pre-tightening level.</li>
<li>Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.</li>
</ul>


China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to above the pre-tightening level.
Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.


Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

<ul>
<li>China announced game approval for the July batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Netease got 1 approval.</li>
</ul>


China announced game approval for the July batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Netease got 1 approval.


Tencent/Netease: One Game for NetEase as July Approvals Hit New High

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

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)

Quiddity Leaderboard HSTECH Jun26: Interesting Question Marks for ADDs; Reference Period Not Over

The expected index changes mentioned in this insight are our final expectations for the HSTECH Jun26 index review. The capping flow expectations...

Janaghan Jeyakumar, CFA

Tencent/Netease: Zero Game Approval Despite New High in Approved Games

NPPA released its August 2026 domestic game approval batch. None of the companies we track received approval despite overall monthly approval...

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November. Game approvals for large players are slow...

Ke Yan, CFA, FRM

Tencent/Netease: One Game for NetEase as July Approvals Hit New High

NPPA released its July 2026 domestic game approval batch, the largest of the year. Netease secured one game approved. We also discuss sector...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

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