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 weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.</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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.
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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.


HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 13th.</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 Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold, Meituan, Sinopec, CCB, Zijin Mining, HKEx, China Life.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold, Meituan, Sinopec, CCB, Zijin Mining, HKEx, China Life.


HK Connect Flows Weekly (Mar 13th): Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold

Event-Driven

<ul>
<li>Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.</li>
<li>In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.</li>
<li>Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.</li>
</ul>


Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.
In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.
Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.


HK Connect March 2026: Implementation Forecast and Positioning Framework

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

Index Rebalance

<ul>
<li>There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  </li>
<li>Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.</li>
<li>I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.</li>
</ul>


Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  
Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.


Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

China

Newborn Town is a global technology company that develops and operates social networking and entertainment applications, primarily for users outside China. Its core business includes mobile platforms offering live stream performances, virtual item sales, and advertising services through self-developed mobile applications such as MICO, YoHo, SUGO, TopTop, and LGBTQ+ platforms like Blued and HeeSay. The company was founded in 2009 and is headquartered in Beijing, the People's Republic of China.

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Newborn Town (9911 HK)

HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Mar 13th): Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), CNOOC (883 HK), Jiaxin International...

Ke Yan, CFA, FRM

HK Connect March 2026: Implementation Forecast and Positioning Framework

March Connect implementation is nearing: we forecast expected ADD/DELETE actions and assess how positioning, crowding, and southbound flows may...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

There could be 74 changes for the HSCI in March. That could result in 64 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov

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