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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Meta's introduction of an AI-generated video feed raises significant concerns regarding copyright and misinformation risks.</li><li>Apple has decided to halt updates on its Vision Pro headset to focus on developing AI glasses similar to Meta's offerings.</li><li>Western Digital is set to invest $1 billion in Japan, leveraging its established partnerships in the region for growth.</li></ul>

Meta's introduction of an AI-generated video feed raises significant concerns regarding copyright and misinformation risks.Apple has decided to halt updates on its Vision Pro headset to focus on developing AI glasses similar to Meta's offerings.Western Digital is set to invest $1 billion in Japan, leveraging its established partnerships in the region for growth.

Tech Supply Chain Tracker (03-Oct-2025): Meta unveils AI video feed, sparking copyright

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>HSI remains well below its August high despite a relatively modest weekly decline, while breadth across the optionable universe stayed soft.</li>
<li>MiniMax dominated option trading throughout the week, accounting for much of the activity among the busiest contracts.</li>
<li>Index implied volatility has firmed during September but remains subdued on a longer-term basis as the single stock spread continues to normalize.</li>
</ul>


HSI remains well below its August high despite a relatively modest weekly decline, while breadth across the optionable universe stayed soft.
MiniMax dominated option trading throughout the week, accounting for much of the activity among the busiest contracts.
Index implied volatility has firmed during September but remains subdued on a longer-term basis as the single stock spread continues to normalize.


Hong Kong Single Stock Options Weekly Sept 14–18: MiniMax Option Volumes Surge

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> is seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.</li>
<li>Preceding my comments on Legend and <a href="https://www.smartkarma.com/entities/lenovo-group-limited" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> 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>



Legend Holdings (3396 HK) is seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.
Preceding my comments on Legend and Lenovo (992 HK) 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%.


StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.


HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (03-Oct-2025): Meta unveils AI video feed, sparking copyright

Meta's AI video feed raises copyright and misinformation concerns, while Apple shifts focus to AI glasses, and Western Digital invests $1 billion...

Tech Supply Chain Tracker

Hong Kong Single Stock Options Weekly Sept 14–18: MiniMax Option Volumes Surge

MiniMax emerges as the week’s options standout as volumes build, against a backdrop of soft market breadth and still-subdued HSI implied volatility

John Ley

StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake

Legend remains deeply valued. Look to go Long Legend, Short Lenovo (& hedge out the rump with a Euro bank + large fruit supply-chain companies); or...

David Blennerhassett

HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Sep 11th and highlight short interest changes in Tencent (700 HK), Sun Hung...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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