Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.</li>
<li>We also expect <em>three</em> index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.
We also expect three index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 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, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 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, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.</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 Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.


HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our flow expectations for the June 2025 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our flow expectations for the June 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).


HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

Hong Kong

SUNeVision Holdings Limited, through its subsidiaries, operates Internet services centers and Information Technology (IT) facilities.  The Company also designs and installs SMATV, structural cabling and security systems as well as provides system development, solutions, and management services.  In addition, Sunevision invests in properties.

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SUNeVision Holdings (1686 HK)

Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

We see NetDragon (777 HK) as an expected DEL for the September 2025 index review and there could be multiple days of volume to sell. NetDragon...

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September

We expect US$317mn one-way flows in June 2025 and then there could be three ADDs and three DELs in September 2025. The September 2025 rankings can...

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Meituan, CCB.

Ke Yan, CFA, FRM

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52-week Range

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Dividend (Yield)