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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

<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 ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.</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 ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.


HS TECH Index Earning Revision (Jan): ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG

<ul>
<li>We analysed the earning revision of component stocks of HSCEI 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 ZIJIN MINING, XPENG, ALIBABA, JD.COM, LI AUTO, China Life.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 ZIJIN MINING, XPENG, ALIBABA, JD.COM, LI AUTO, China Life.


HSCEI Index Earning Revision (Jan): ZIJIN MINING, XPENG, ALIBABA, JD.COM, LI AUTO, China Life

<ul>
<li>We analysed the earning revision of component stocks of HSI 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 JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC.


HSI Index Earning Revision (Jan): JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Kalon is unlikely to overbid KKR for <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom (4917 JP)</a>. KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.</li>
<li>Panama’s Supreme Court dings <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a>'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.</li>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a>is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.</li>
</ul>


Kalon is unlikely to overbid KKR for Mandom (4917 JP). KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.
Panama’s Supreme Court dings CK Hutchison (1 HK)'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.

Hisamitsu Pharmaceutical Co (4530 JP)is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.


Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

China

Sunny Optical Technology (Group) Co., Ltd. is a leading global manufacturer of integrated optical components and products. The company designs, researches, develops, manufactures, and sells optical and optical-related products, including lenses for handsets, vehicles, and security, as well as camera modules, vehicle modules, microscopes, and intelligent inspection equipment. It is headquartered in Yuyao, Zhejiang, China, and was founded in 1984.

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Sunny Optical Technology (2382 HK)

Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zto Express (2057...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jan): ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG

We analyzed HS TECH's consensus for Jan 2026 and highlighted changes of EPS in ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Jan): ZIJIN MINING, XPENG, ALIBABA, JD.COM, LI AUTO, China Life

We analyzed HSCEI's consensus for Jan 2026 and highlighted changes of EPS in ZIJIN MINING, XPENG, ALIBABA, JD.COM, LI AUTO, China Life.

Ke Yan, CFA, FRM

HSI Index Earning Revision (Jan): JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC

We analyzed HSI's consensus for Jan 2026 and highlighted changes of EPS in JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC.

Ke Yan, CFA, FRM

Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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