Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The current 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>A new methodology has been proposed and if implemented, index composition could change drastically in the next index rebal event.</li>
<li>There could be at least 20 changes to the index as the new methodology aims to increase index member count from 30 to 50 in December 2026.</li>
</ul>


The current HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
A new methodology has been proposed and if implemented, index composition could change drastically in the next index rebal event.
There could be at least 20 changes to the index as the new methodology aims to increase index member count from 30 to 50 in December 2026.


Quiddity Leaderboard HSTECH Dec26: OLD Vs NEW Methodology; Mega Flows Possible

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 Hong Kong-listed stocks related to internet and information technology businesses.</li>
<li>We expect no index changes in December 2026 but we see capping flows of ~US$112mn one-way.</li>
<li>We expect at least two ADDs/DELs in the next index review which will take place in March 2027. </li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 Hong Kong-listed stocks related to internet and information technology businesses.
We expect no index changes in December 2026 but we see capping flows of ~US$112mn one-way.
We expect at least two ADDs/DELs in the next index review which will take place in March 2027. 


Quiddity Leaderboard HSIII Dec26/Mar27: Two Changes Likely in Mar27; One More Close to the Border

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>For the last three years, SHEIN has consistently mis-handled political challenges in US, UK</li>
<li>Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation</li>
<li>SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt</li>
</ul>


For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation
SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt


SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

Equity Bottom-Up

<ul>
<li>Four days into life as a publicly-traded company, SHEIN shares are down more than 21%</li>
<li>If OP margin remains depressed in FY27, it appears SHEIN is still trading ~18x forward EPS</li>
<li>However, even a modest OP margin lift next year implies a PER of just 11-14x</li>
</ul>


Four days into life as a publicly-traded company, SHEIN shares are down more than 21%
If OP margin remains depressed in FY27, it appears SHEIN is still trading ~18x forward EPS
However, even a modest OP margin lift next year implies a PER of just 11-14x


SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

Equity Long-Short

Mo Aziz

<ul>
<li>SHEIN's round-trip debut to flat is a float signal, not a price signal. With 95% of shares locked up, near-term price action reflects flow, not fundamentals.</li>
<li>Three post-listing developments reset the risk picture: a US$494m earnings reversal, France's live garment levy, and a US$3.5bn recapitalisation outflow.</li>
<li>ACCUMULATE, FV HK$70 (US$38bn) on ~0.9× LTM EV/Sales — a H&amp;M-level discount reflecting tariff drag, governance concentration, and a 5% free float.</li>
</ul>


SHEIN's round-trip debut to flat is a float signal, not a price signal. With 95% of shares locked up, near-term price action reflects flow, not fundamentals.
Three post-listing developments reset the risk picture: a US$494m earnings reversal, France's live garment levy, and a US$3.5bn recapitalisation outflow.
ACCUMULATE, FV HK$70 (US$38bn) on ~0.9× LTM EV/Sales — a H&amp;M-level discount reflecting tariff drag, governance concentration, and a 5% free float.


SHEIN (625 HK): Round-Trip to Flat on IPO Debut; 95% Locked Up; Accumulate at HK$43–49, FV HK$70

Hong Kong

SHEIN Global Holdings Limited manufactures and distributes apparel products. The Company produces casual wear, loungewear, swimwear, sports apparel, and formal dress products. SHEIN Global Holdings conducts businesses in Mainland China and Hong Kong.

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SHEIN Global Holdings (625 HK)

Quiddity Leaderboard HSTECH Dec26: OLD Vs NEW Methodology; Mega Flows Possible

There could be several high-impact additions in December 2026 if the newly proposed methodology is implemented. The one-way flow could be around...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSIII Dec26/Mar27: Two Changes Likely in Mar27; One More Close to the Border

The expected ADDs/DELs list for March 2027 can change until 31st December 2026. There is one potential ADD close to the border. If it outperforms...

Janaghan Jeyakumar, CFA

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

After the first market session in which SHEIN's share price didn't decline vs the previous session, we're resurfacing a few recent insights...

Tracking Traffic

SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

If a potential drop in fuel prices in FY27 lifts core margins up to around 4% next year, it appears SHEIN could be trading below 14x forward PER.

Tracking Traffic

SHEIN (625 HK): Round-Trip to Flat on IPO Debut; 95% Locked Up; Accumulate at HK$43–49, FV HK$70

SHEIN (00625.HK) is not toxic, but also not a clean entry. At 0.6× sales, 5% free float. ACCUMULATE, FV HK$70 (+44%). Build HK$43–49; March 2027 is...

Mo Aziz

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