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 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 HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com, HSBC, Jd, CCB, Meituan.</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 HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com, HSBC, Jd, CCB, Meituan.


HSI Index Earning Revision (Nov): HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life

<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 JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.</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 JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.


HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

<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 PICC P&amp;C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China Life, Trip.Com, Jd, CCB, Picc P&amp;C, Beone Medicines.</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 PICC P&amp;C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China Life, Trip.Com, Jd, CCB, Picc P&amp;C, Beone Medicines.


HSCEI Index Earning Revision (Nov): PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM

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>
<a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics</a> and <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China</a> replace <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International</a> and <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in December. All changes are in line.</li>
<li>Estimated one-way turnover at the rebalance is 4.6% resulting in a round-trip trade of HK$6.3bn (US$811m). The final capping will use the close of trading on 2 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics</a> is also an add to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a>. The passive buying will absorb some stock from the recent placement in <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao</a>. </li>
</ul>



China Hongqiao, Innovent Biologics and Yum China replace ENN Energy, Haidilao International and New Oriental Education in the Hang Seng China Enterprises Index (HSCEI INDEX) in December. All changes are in line.
Estimated one-way turnover at the rebalance is 4.6% resulting in a round-trip trade of HK$6.3bn (US$811m). The final capping will use the close of trading on 2 December.

Innovent Biologics is also an add to the Hang Seng Index (HSI INDEX). The passive buying will absorb some stock from the recent placement in China Hongqiao. 


HSCEI Index Rebalance: 3 Changes; Yum China In; Double Add for Innovent Bio

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xpeng (9868 HK), TraHK HSI ETF (2800 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xpeng (9868 HK), TraHK HSI ETF (2800 HK).


Singapore

Trip.com Group is a leading global one-stop travel platform offering accommodation reservations, transportation ticketing, packaged tours, and corporate travel management services. It operates a portfolio of brands including Trip.com, Ctrip, Skyscanner, and Qunar. The company was founded in June 1999 and is headquartered in Shanghai, China.

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Trip.com Group (9961 HK)

HSI Index Earning Revision (Nov): HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life

We analyzed HSI's consensus for Nov 2025 and highlighted changes of EPS in HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com,...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

We analyzed HS TECH's consensus for Nov 2025 and highlighted changes of EPS in JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com,...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Nov): PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM

We analyzed HSCEI's consensus for Nov 2025 and highlighted changes of EPS in PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China...

Ke Yan, CFA, FRM

HSCEI Index Rebalance: 3 Changes; Yum China In; Double Add for Innovent Bio

3 changes for the HSCEI in December - all in line. Innovent Bio also added to the HSI. Estimated one-way turnover at the rebalance is 4.6%...

Brian Freitas

HK Short Interest Weekly: Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Nov 14th and highlight short interest changes in Xpeng, TraHK HSI ETF.

Ke Yan, CFA, FRM

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52-week Range

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