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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 31st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Link Reit (823 HK), Forest Cabin (2657 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 31st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Link Reit (823 HK), Forest Cabin (2657 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Jul 31st): Link Reit, Forest Cabin, Xiaomi

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Crucial US "de minimis" imports exemption will end this Thursday night, May 1st</li>
<li>Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting </li>
<li>For US consumers, buying from SHEIN et al set to become more expensive, more onerous</li>
</ul>


Crucial US "de minimis" imports exemption will end this Thursday night, May 1st
Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting 
For US consumers, buying from SHEIN et al set to become more expensive, more onerous


May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

<ul>
<li>Postal parcel volume bound for the US fell -81% after exemption ended Aug 29</li>
<li>In many cases, logistics providers unwilling to manage US Customs process</li>
<li>We believe the change undermines US model used by SHEIN, Temu, AliExpress</li>
</ul>


Postal parcel volume bound for the US fell -81% after exemption ended Aug 29
In many cases, logistics providers unwilling to manage US Customs process
We believe the change undermines US model used by SHEIN, Temu, AliExpress


SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

<ul>
<li>Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth</li>
<li>SHEIN faces familiar issues in France, where the company has just opened a physical store</li>
<li>The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO </li>
</ul>


Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO 


SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Index Rebalance

<ul>
<li>We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.</li>
<li>ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.</li>
<li>DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.</li>
</ul>


We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.
ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.
DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.


HSCI / HK Connect Sep 2026 Rebalance Forecast

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

Hong Kong Buybacks Weekly (Jul 31st): Link Reit, Forest Cabin, Xiaomi

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Link Reit (823 HK),...

Ke Yan, CFA, FRM

May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

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52-week Range

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