Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.</li>
<li>We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.


Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.


HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.</li>
<li>We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.


Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>  aims to raise around US$400m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH)  aims to raise around US$400m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

China

NIO designs, develops, manufactures, and sells smart electric vehicles, including sedans and SUVs under its NIO, ONVO, and FIREFLY brands. The company also offers innovative power solutions such as battery swapping services and various charging options. NIO was founded in November 2014 and is headquartered in Shanghai, China.

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NIO (9866 HK)

Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

We continue to see Geely as a low-conviction ADD and ASMPT as a low-conviction DEL. Assuming these index changes take place, there could be...

Janaghan Jeyakumar, CFA

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

We expect high-impact index flows for the ADD, DEL, and the FAF-revision names. There could be multiple days of volume to trade for these names if...

Janaghan Jeyakumar, CFA

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

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52-week Range

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Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

We continue to see Geely as a low-conviction ADD and ASMPT as a low-conviction DEL. Assuming these index changes take place, there could be...

Janaghan Jeyakumar, CFA

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

​BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

We expect high-impact index flows for the ADD, DEL, and the FAF-revision names. There could be multiple days of volume to trade for these names if...

Janaghan Jeyakumar, CFA

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...