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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

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

<ul>
<li>Following the completion of the review period, there could be one set of changes for the Hang Seng Biotech Index (HSHKBIO Index) in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine Cayman TopCo (ISM HK)</a> could replace <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> and there will be capping changes for the largest index constituents.</li>
<li>Estimated one-way turnover at the rebalance is 2.2% resulting in a round-trip trade of HK$422m.</li>
</ul>


Following the completion of the review period, there could be one set of changes for the Hang Seng Biotech Index (HSHKBIO Index) in June.

InSilico Medicine Cayman TopCo (ISM HK) could replace Everest Medicines (1952 HK) and there will be capping changes for the largest index constituents.
Estimated one-way turnover at the rebalance is 2.2% resulting in a round-trip trade of HK$422m.


Hang Seng Biotech Index Rebalance Preview: One Set of Changes in June

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.</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, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.
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, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.


HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</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 China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

Event-Driven

<ul>
<li>Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13</li>
<li>We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.</li>
<li>We highlight the most actionable patterns from the Sep 2025 episode.</li>
</ul>


Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13
We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.
We highlight the most actionable patterns from the Sep 2025 episode.


HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

China

TransThera Sciences (Nanjing) Inc. is a China-based biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammatory, and cardiometabolic diseases. Its core product, Tinengotinib (TT-00420), is a multi-targeted kinase (MTK) inhibitor in clinical stages for treating relapsed or refractory, drug-resistant solid tumors. The company is headquartered in Nanjing, China, and was founded in 2014.

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TransThera Sciences (Nanjing) (2617 HK)

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Hang Seng Biotech Index Rebalance Preview: One Set of Changes in June

InSilico Medicine Cayman could replace Everest Medicines in the index in June. Estimated one-way turnover at the rebalance is 2.2% resulting in a...

Brian Freitas

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

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

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

A retrospective study of the Sep 2025 HK Connect event reveals where the alpha sat, when mean reversion kicks in, and how Connect inflows and...

Ke Yan, CFA, FRM

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