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.

Index Rebalance

<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

<ul>
<li>We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.</li>
<li>Both of the ADD candidates are well within the ADD zone.</li>
<li>One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.</li>
</ul>


We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.
Both of the ADD candidates are well within the ADD zone.
One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.


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

<ul>
<li>There were 39 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in the first quarter of the calendar year. </li>
<li>Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.</li>
<li>Over US$15.5bn of cornerstone and pre-IPO shares will unlock in <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> on 9 July. The stock will then be added to Southbound Stock Connect in August.</li>
</ul>


There were 39 new listings on the Main Board of the HKEX (388 HK) in the first quarter of the calendar year. 
Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.
Over US$15.5bn of cornerstone and pre-IPO shares will unlock in MiniMax Group (100 HK) on 9 July. The stock will then be added to Southbound Stock Connect in August.


HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

<ul>
<li>As of end February, there have been 23 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. There will be more in March.</li>
<li>Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> will need to wait till early August to be added to Southbound Stock Connect.</li>
</ul>


As of end February, there have been 23 new listings on the Main Board of the HKEX (388 HK). There will be more in March.
Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.
As a stock with Weighted Voting Rights (WVR), MiniMax Group (100 HK) will need to wait till early August to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

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

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

China

Iluvatar CoreX designs high-performance semiconductor chips, specifically general-purpose computing on graphics processing units (GPGPUs), and provides AI computing solutions. Its product portfolio includes GPGPU chips and accelerators for both training and inference scenarios, along with customized AI computing solutions such as GPGPU servers and clusters. The company was founded in December 2015 and is headquartered in Shanghai, China.

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Iluvatar CoreX (9903 HK)

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

HS TECH Index May 2026 Review Forecast

HS TECH 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

HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

Announcement after market close tomorrow. There could be last-minute positioning next 2 weeks ahead of inclusion of the stocks in Stock Connect....

Brian Freitas

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

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