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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 12th 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 Tencent (700 HK), AIA (1299 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), AIA (1299 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 Jun 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 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), AIA (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Jun 12th): Tencent, AIA, Xiaomi, Gcl Tech, J&T Express

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 5th 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 AIA (1299 HK), Tencent (700 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 5th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (Jun 5th): AIA, Tencent, Xiaomi, Li Auto, Mnso

Equity Bottom-Up

<ul>
<li>Pop Mart provided 1Q26 business update, consistent with our earlier expectation, which adds no directional news.</li>
<li>Our key thesis from April note is still valid. Labubu normalization is now visible in primary data. Consensus remains too high. Margin risk has not yet arrived in reported numbers.</li>
<li>Southbound net bought USD 991m since the results week, net buyer in 5 of 7 weeks but stops buying in the last week.</li>
</ul>


Pop Mart provided 1Q26 business update, consistent with our earlier expectation, which adds no directional news.
Our key thesis from April note is still valid. Labubu normalization is now visible in primary data. Consensus remains too high. Margin risk has not yet arrived in reported numbers.
Southbound net bought USD 991m since the results week, net buyer in 5 of 7 weeks but stops buying in the last week.


SELL Pop Mart (9992 HK): Seasonal Trough, Not Structural Trough; August Is the Test

<ul>
<li>Consensus revisions have been mild and still sit above management's own guidance floor. The next leg of the de-rating needs earnings cuts, not multiple compression.</li>
<li>Mainland southbound money is now trapped above the current price, while foreign shorts have rebuilt the position post-results.</li>
<li>The post-results buyback is the main incremental bid in the current trading range. Together with the lack of catalyst, it is a near-term risk to the short.</li>
</ul>


Consensus revisions have been mild and still sit above management's own guidance floor. The next leg of the de-rating needs earnings cuts, not multiple compression.
Mainland southbound money is now trapped above the current price, while foreign shorts have rebuilt the position post-results.
The post-results buyback is the main incremental bid in the current trading range. Together with the lack of catalyst, it is a near-term risk to the short.


SELL Pop Mart (9992 HK): Mild Revision, Shorts Rebuilt, Trapped Southbound Money

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 20th 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 Xiaomi (1810 HK), Netease Cloud Music (9899 HK), Yidu Tech (2158 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Netease Cloud Music (9899 HK), Yidu Tech (2158 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).


Hong Kong Buybacks Weekly (Mar 20th): Xiaomi, Netease Cloud Music, Yidu Tech

China

MINISO is a global retailer and variety store chain specializing in design-led lifestyle and pop toy products. The company offers a wide range of household and consumer goods, including cosmetics, stationery, toys, kitchenware, home decor, and electronics, often featuring intellectual property (IP) collaborations. MINISO Group Holding Ltd. was founded in 2013 and is headquartered in Guangzhou, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MINISO (9896 HK)

Hong Kong Buybacks Weekly (Jun 12th): Tencent, AIA, Xiaomi, Gcl Tech, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jun 5th): AIA, Tencent, Xiaomi, Li Auto, Mnso

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

SELL Pop Mart (9992 HK): Seasonal Trough, Not Structural Trough; August Is the Test

Pop Mart reports seasonally weak 1Q26 in line with expecation. Consensus 26E revenue growth of 24% (Refinitiv) remains above management's 20%...

Ke Yan, CFA, FRM

SELL Pop Mart (9992 HK): Mild Revision, Shorts Rebuilt, Trapped Southbound Money

Pop Mart down 30% since our 24 Mar pre-results note. Consensus has barely moved, mainland holders are trapped, and the company's own buyback is the...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Mar 20th): Xiaomi, Netease Cloud Music, Yidu Tech

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)