Asia Pac ECM and Index Rebal, DZT 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.

Equity Capital Markets

<ul>
<li>The first unlock wave should dominate near-term liquidity as supply expands sharply.</li>
<li>Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.</li>
<li>Reported short interest shows investors are already positioning before the event.</li>
</ul>


The first unlock wave should dominate near-term liquidity as supply expands sharply.
Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.
Reported short interest shows investors are already positioning before the event.


Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that MiniMax hit $300M in annualized revenue in May 2026, more than doubling in two months, driven by rapid enterprise API traction.</li><li>MiniMax builds a suite of multimodal AI models for text, images, video, audio, and music generation.</li><li>MiniMax competes directly with other Chinese AI unicorns including Moonshot, Zhipu, Baichuan, and DeepSeek in the race to build frontier models.</li></ul>

Sacra estimates that MiniMax hit $300M in annualized revenue in May 2026, more than doubling in two months, driven by rapid enterprise API traction.MiniMax builds a suite of multimodal AI models for text, images, video, audio, and music generation.MiniMax competes directly with other Chinese AI unicorns including Moonshot, Zhipu, Baichuan, and DeepSeek in the race to build frontier models.

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

Index Rebalance

<ul>
<li>Hang Seng announced index review for the June 2026 Rebalance. Our pre-announcement note dated 11 May 2026 called both ADD candidates and both DELETE candidates correctly.</li>
<li>We analyzed dynamics around two ADDs, from a historical perspective, on the post-announcement positioning.</li>
<li>We also analyzed dynamics around two DELETEs. Both DELETEs fell by similar magnitudes with slightly above-baseline volume</li>
</ul>


Hang Seng announced index review for the June 2026 Rebalance. Our pre-announcement note dated 11 May 2026 called both ADD candidates and both DELETE candidates correctly.
We analyzed dynamics around two ADDs, from a historical perspective, on the post-announcement positioning.
We also analyzed dynamics around two DELETEs. Both DELETEs fell by similar magnitudes with slightly above-baseline volume


HS TECH June 2026 Rebalance: Post-Announcement Positioning

<ul>
<li>We screen the HSCI eligible universe for Q1 fast-entry candidates ahead of the May 2026 review.</li>
<li>Five stocks qualify as ADD candidates for HSCI inclusion this cycle. Fast entry rules apply.</li>
<li>The sixth name is mid-conviction, contingent on the committee's read of its specialist listing status.</li>
</ul>


We screen the HSCI eligible universe for Q1 fast-entry candidates ahead of the May 2026 review.
Five stocks qualify as ADD candidates for HSCI inclusion this cycle. Fast entry rules apply.
The sixth name is mid-conviction, contingent on the committee's read of its specialist listing status.


HSCI / HK Connect May 2026 Review Forecast

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

MINIMAX-W: Guide to Lock-Up Expiry Waves

We analyze MiniMax's upcoming lock-up expiry waves, short-interest build, constrained HS TECH index flow and mixed read-through from recent model...

Ke Yan, CFA, FRM

Primer: MiniMax - 02 Jun 2026

AI company developing multimodal models for text, audio, image, video, and music processing

Sacra

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

HS TECH June 2026 Rebalance: Post-Announcement Positioning

HSTECH June 2026 post-announcement cycle is starting. ADD setup is stock-specific after divergent WPreA2 moves. DELETE continuation depends on WAI0...

Ke Yan, CFA, FRM

HSCI / HK Connect May 2026 Review Forecast

HSCI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

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