HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group / Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group (TSF HK)

Hangzhou Tongshifu Cultural and Creative Group

<ul>
<li>The core logic of TONGSHIFU is not to sell "copper", but to address the problems of "non-standard, high price, and limited distribution channels" in traditional handicrafts through industrialization methods.</li>
<li>TONGSHIFU’s development will be constrained by the inherent boundaries of a niche market. The rising copper price due to inflation will continue to put profit margin under pressure. </li>
<li>Valuation is expected to be lower than peers. We think a P/E ratio of 10-20x would be a comfortable range, which also provides investors sufficient margin of safety.</li>
</ul>


The core logic of TONGSHIFU is not to sell "copper", but to address the problems of "non-standard, high price, and limited distribution channels" in traditional handicrafts through industrialization methods.
TONGSHIFU’s development will be constrained by the inherent boundaries of a niche market. The rising copper price due to inflation will continue to put profit margin under pressure. 
Valuation is expected to be lower than peers. We think a P/E ratio of 10-20x would be a comfortable range, which also provides investors sufficient margin of safety.


Pre-IPO Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention

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 Mar 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Tencent, Alibaba, HSBC, China Life, Petrochina, Laopu Gold, AIA, Techtronic, China Hongqiao.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 6th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Tencent, Alibaba, HSBC, China Life, Petrochina, Laopu Gold, AIA, Techtronic, China Hongqiao.


HK Short Interest Weekly: Meituan, Tencent, Alibaba, HSBC, China Life, Petrochina, Laopu Gold, AIA

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>This note analyses price behaviour around thirteen regular HSI rebalance events (March 2022 to March 2026), covering 32 ADD and 5 DELETE stock-events.</li>
<li>We examine the announcement-to-implementation (WAI) window for systematic positioning effects 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 (three ADDs, one DELETE) to assess positioning dynamics and post-implementation setup.</li>
</ul>


This note analyses price behaviour around thirteen regular HSI rebalance events (March 2022 to March 2026), covering 32 ADD and 5 DELETE stock-events.
We examine the announcement-to-implementation (WAI) window for systematic positioning effects and whether the resulting premium creates predictable post-implementation reversals.
We apply those patterns to the four stocks affected by the March 2026 rebalance (three ADDs, one DELETE) to assess positioning dynamics and post-implementation setup.


HSI Index Rebalance: Historical Patterns & March '25 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. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Hang Seng Index changes for March 2026 were announced on 13 February. The final capping is based on prices from today's close.</li>
<li>Quiddity predictions had a pretty decent run across the 6 major indices we cover.</li>
<li>We see US$5.2bn of flows to buy and sell on Friday at the close. </li>
</ul>


Hang Seng Index changes for March 2026 were announced on 13 February. The final capping is based on prices from today's close.
Quiddity predictions had a pretty decent run across the 6 major indices we cover.
We see US$5.2bn of flows to buy and sell on Friday at the close. 


[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

China

Laopu Gold is a leading Chinese designer, manufacturer, and retailer of heritage gold jewelry, offering products with Chinese culture-inspired designs and craftsmanship. The company sells pure gold, gem-set, and non-gold jewelry through both offline retail stores and online platforms, and provides maintenance and repair services. Founded in 2009, its headquarters are located in Beijing, China.

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Laopu Gold (6181 HK)

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention

TONGSHIFU aims to revolutionize traditional handicrafts by industrializing production methods, but faces challenges in a niche market and rising...

Xinyao (Criss) Wang

HK Short Interest Weekly: Meituan, Tencent, Alibaba, HSBC, China Life, Petrochina, Laopu Gold, AIA

We analyzed the latest HK SFC report for aggregate short position as of Mar 6th and highlight short interest changes in Meituan (3690 HK), Tencent...

Ke Yan, CFA, FRM

HSI Index Rebalance: Historical Patterns & March '25 Analysis

HSI March 2026 rebalance: positioning timing, reversal patterns, and flow-impact analysis across 12 completed events with actionable signals for...

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

[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

We see US$5.2bn to trade on Friday for the 6 major indices in the Hang Seng rebalance cycle. There are, of course, hundreds of other smaller...

Travis Lundy

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52-week Range

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Pre-IPO Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention

​TONGSHIFU aims to revolutionize traditional handicrafts by industrializing production methods, but faces challenges in a niche market and rising...

Xinyao (Criss) Wang

HK Short Interest Weekly: Meituan, Tencent, Alibaba, HSBC, China Life, Petrochina, Laopu Gold, AIA

We analyzed the latest HK SFC report for aggregate short position as of Mar 6th and highlight short interest changes in Meituan (3690 HK), Tencent...

Ke Yan, CFA, FRM

HSI Index Rebalance: Historical Patterns & March '25 Analysis

HSI March 2026 rebalance: positioning timing, reversal patterns, and flow-impact analysis across 12 completed events with actionable signals for...

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

[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

We see US$5.2bn to trade on Friday for the 6 major indices in the Hang Seng rebalance cycle. There are, of course, hundreds of other smaller...

Travis Lundy

TONGSHIFU aims to revolutionize traditional handicrafts by industrializing production methods, but faces challenges in a niche market and rising...