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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Meituan, CNOOC, PICC P&amp;C, China Mobile, and outflows from Tencent, Xiaomi, HKEx, Wuxi Biologics, CCB.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, CNOOC, PICC P&amp;C, China Mobile, and outflows from Tencent, Xiaomi, HKEx, Wuxi Biologics, CCB.


Hong Kong Connect Flows (December): Six Months of Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.</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 Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in JD, Microport, Wuxi Apptec, AIA.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in JD, Microport, Wuxi Apptec, AIA.


HK Short Interest Weekly: JD, Microport, Wuxi Apptec, AIA

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 8th.</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 Meituan, CNOOC, Tencent, Wuxi Biologics, HKEx, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CNOOC, Tencent, Wuxi Biologics, HKEx, Xiaomi.


Hong Kong Connect Flows (Dec 8th): Meituan, CNOOC, Tencent, Wuxi Biologics, HKEx, Xiaomi

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, a review of the seven Industry Groups and number of HK constituents.</li>
<li>We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.</li>
<li>There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.</li>
</ul>


Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the Hang Seng Index, a review of the seven Industry Groups and number of HK constituents.
We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.
There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.


HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

China

MicroPort Scientific is a leading global medical device company that innovates, manufactures, and markets high-end medical devices. The company provides solutions across twelve therapeutic areas, including cardiovascular, orthopedics, cardiac rhythm management, electrophysiology, endovascular, neurovascular, and surgical robotics. It was founded in 1998 and is headquartered in Shanghai, China.

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MicroPort Scientific (853 HK)

Hong Kong Connect Flows (December): Six Months of Inflows

We analyzed the Hong Kong Connect Scheme for December and highlight flows for Meituan, CNOOC, PICC P&C, China Mobile, Tencent, Xiaomi, HKEx, Wuxi...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

HK Short Interest Weekly: JD, Microport, Wuxi Apptec, AIA

We analyzed the latest HK SFC report for aggregate short position as of Dec 8th and highlight short interest changes in Jd, Tracker Fund,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 8th): Meituan, CNOOC, Tencent, Wuxi Biologics, HKEx, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, CNOOC, Tencent, Wuxi Biologics, HKEx, Xiaomi.

Ke Yan, CFA, FRM

HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

The conclusions of the market consultation have been announced. Primary-listed foreign companies will be eligible for inclusion in the HSI and...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)