HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a> confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. </li>
<li>Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. </li>
<li>It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>. It is only attractive at the low-end price.</li>
</ul>



HashKey (3887 HK) confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. 
Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. 
It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to Robinhood Markets (HOOD US). It is only attractive at the low-end price.


HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

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

Kuang-Chi Technologies   / Index Rebalance

<ul>
<li>There are 11 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> with implementation taking place at the close on 12 December.</li>
<li>Nearly all the changes are in line with forecasts. <a href="https://www.smartkarma.com/entities/jiangsu-zhongtian-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:12699:1" rel="noopener">Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH)</a> is the one surprise addition.</li>
<li>The adds outperformed the deletes and the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300</a> from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.</li>
</ul>


There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.


CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

iEdge Singapore Next 50 Index / Equity Derivatives

<ul>
<li>This insight compares the iEdge Singapore Next 50 Index with regional next-tier indices, focusing on methodology, sector composition, and historical performance. </li>
<li>Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. </li>
<li>A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.</li>
</ul>


This insight compares the iEdge Singapore Next 50 Index with regional next-tier indices, focusing on methodology, sector composition, and historical performance. 
Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. 
A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.


Comparing the Singapore Next 50 to Its Regional Peers: An Asia Portfolio Context

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>November’s seasonal strength extends into the U.S. Thanksgiving period, where macro markets have tended to post positive returns.</li>
<li>Despite the positive averages, dispersion in returns remains wide, reminding traders that seasonality is no guarantee.</li>
<li>Positive seasonals can align with favorable trading setups, but timing and risk management remain key.</li>
</ul>


November’s seasonal strength extends into the U.S. Thanksgiving period, where macro markets have tended to post positive returns.
Despite the positive averages, dispersion in returns remains wide, reminding traders that seasonality is no guarantee.
Positive seasonals can align with favorable trading setups, but timing and risk management remain key.


Macro Markets and the U.S. Thanksgiving Effect: Shedding Light on Historical Patterns

China

The CSI 300 Index is a free-float weighted index that consists of 300 A-share stocks listed on the Shanghai or Shenzhen Stock Exchanges. Index has a base level of 1000 on 12/31/2004. * Due to our agreement with CSI, shares in the index is restricted, please visit SSIS<go> for more information and access. This ticker holds prices fed from Shenzhen Stock Exchange.

Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

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

Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

Osbert Tang, CFA

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

There are 11 changes for the CSI300 Index in Dec. Not too many surprises. Estimated turnover is 2.2% leading to a round-trip trade of US$7.77bn....

Brian Freitas

Comparing the Singapore Next 50 to Its Regional Peers: An Asia Portfolio Context

Comparing iEdge Singapore Next 50 Index with regional mid-cap indices shows potential for broadening sector exposure, balancing portfolios;...

Jay Cameron

Macro Markets and the U.S. Thanksgiving Effect: Shedding Light on Historical Patterns

Examining 25 years of macro market behavior around U.S. Thanksgiving to uncover recurring seasonal patterns and what they may reveal about risk and...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

​HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

Osbert Tang, CFA

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

There are 11 changes for the CSI300 Index in Dec. Not too many surprises. Estimated turnover is 2.2% leading to a round-trip trade of US$7.77bn....

Brian Freitas

Comparing the Singapore Next 50 to Its Regional Peers: An Asia Portfolio Context

​Comparing iEdge Singapore Next 50 Index with regional mid-cap indices shows potential for broadening sector exposure, balancing portfolios;...

Jay Cameron

Macro Markets and the U.S. Thanksgiving Effect: Shedding Light on Historical Patterns

Examining 25 years of macro market behavior around U.S. Thanksgiving to uncover recurring seasonal patterns and what they may reveal about risk and...

John Ley

HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

Comparing iEdge Singapore Next 50 Index with regional mid-cap indices shows potential for broadening sector exposure, balancing portfolios;...