Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Merchants China Direct Investments / Event-Driven

China Merchants China Direct Investments (133 HK)

<ul>
<li>Activist Argyle Street's approach to closed-end investment company <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a> (CMCDI) has a certain David Webb-like quality.</li>
<li>Apart from the deep value angle, the analysis of director Elizabeth Kan's potential conflict of interest is particularly insightful. Argle will vote against Kan's re-election at the 20th June AGM</li>
<li>Given this upcoming vote, as I've done with <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a> and <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> previously, it's useful to investigate the lesser-known shareholder register, a byproduct of investigative disclosure reports.</li>
</ul>


Activist Argyle Street's approach to closed-end investment company China Merchants China Direct Investments (133 HK) (CMCDI) has a certain David Webb-like quality.
Apart from the deep value angle, the analysis of director Elizabeth Kan's potential conflict of interest is particularly insightful. Argle will vote against Kan's re-election at the 20th June AGM
Given this upcoming vote, as I've done with Giordano (709 HK) and L'Occitane (973 HK) previously, it's useful to investigate the lesser-known shareholder register, a byproduct of investigative disclosure reports.


CMCDI (133 HK): AGM Outcome May Provide Another Leg-Up

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

Shenton Research

Shenton 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

Beijing DeepZero Technology / Index Rebalance

<ul>
<li>HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.</li>
<li>ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.</li>
<li>DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.</li>
</ul>


HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.
ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.
DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.


HSCI / HK Connect Sep 2026: Post-Implementation Review

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<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

<ul>
<li>HK Connect implementation will be effective on 7 Sep 2026 before market open, with 53 ADDs and 15 DELETEs.</li>
<li>ADDs gained +5.2% on average over the bridge and DELETEs fell 10.9%. All 15 DELETEs closed the bridge lower.</li>
<li>Historically, positive-bridge ADDs extended their gains in the first implementation week and negative-bridge ADDs were flat. DELETEs kept falling. We place each group in its historical reference set below.</li>
</ul>


HK Connect implementation will be effective on 7 Sep 2026 before market open, with 53 ADDs and 15 DELETEs.
ADDs gained +5.2% on average over the bridge and DELETEs fell 10.9%. All 15 DELETEs closed the bridge lower.
Historically, positive-bridge ADDs extended their gains in the first implementation week and negative-bridge ADDs were flat. DELETEs kept falling. We place each group in its historical reference set below.


HSCI / HK Connect Sep 2026 Implementation: Pre-Implementation Update

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 are 61 adds and 15 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 580.</li>
<li>Of the 61 HSCI inclusions, 6 are already a part of StockConnect. 54 stocks will be added from the open 7 September. All 15 deletion will be removed from StockConnect.</li>
<li>Stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect over the last 3 weeks.</li>
</ul>


There are 61 adds and 15 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 580.
Of the 61 HSCI inclusions, 6 are already a part of StockConnect. 54 stocks will be added from the open 7 September. All 15 deletion will be removed from StockConnect.
Stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect over the last 3 weeks.


HSCI Index Rebalance: 61 Adds, 15 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

Singapore

Synagistics is a Singapore-based artificial intelligence (AI) and big data company specializing in data-driven digital commerce solutions across Southeast Asia and Greater China. It operates the Synagie Platform, which collects, analyzes, and deploys large datasets for brand partners and consumers, offering services like commerce management, data analytics, and digital marketing. The company was established in November 2014 and is headquartered in Singapore.

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

Synagistics (2562 HK)

CMCDI (133 HK): AGM Outcome May Provide Another Leg-Up

CMCDI is cheap. If small, illiquid names, with a activism angle are your thing, pick up shares here. Keep an eye on the AGM. If Kan is booted, this...

David Blennerhassett

HSCI / HK Connect Sep 2026: Post-Implementation Review

HK Connect Sep 2026 implementation has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

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

HSCI / HK Connect Sep 2026 Implementation: Pre-Implementation Update

HK Connect enters implementation on 7 Sep 2026. We update stock performance since the HSCI announcement and discuss the implementation trade.

Ke Yan, CFA, FRM

HSCI Index Rebalance: 61 Adds, 15 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 61 adds and 15 deletes for the HSCI in September. For Stock Connect, we expect 54 adds and 15 deletes. The forecast Connect adds have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)