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

<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 We place each group in its historical reference set below.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 We place each group in its historical reference set below.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

<ul>
<li>The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.</li>
<li>The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.</li>
<li>Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.</li>
</ul>


The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.
The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.
Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.


HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

<ul>
<li>We screen our HSCI September 2026 review candidates for southbound Connect action, with 36 Connect ADDs and 25 DELETEs.</li>
<li>ADD candidates split into 31 ADD-NEW and 5 ADD-REJOIN, with one WVR name deferred and seven A+H names already in Connect.</li>
<li>DELETE candidates are 23 MV cases and 2 velocity cases, after one A+H name is exempt from Connect deletion.</li>
</ul>


We screen our HSCI September 2026 review candidates for southbound Connect action, with 36 Connect ADDs and 25 DELETEs.
ADD candidates split into 31 ADD-NEW and 5 ADD-REJOIN, with one WVR name deferred and seven A+H names already in Connect.
DELETE candidates are 23 MV cases and 2 velocity cases, after one A+H name is exempt from Connect deletion.


HSCI / HK Connect Sep 2026 Inclusion Forecast and Positioning

China

TYK Medicines is a clinical-stage biopharmaceutical company focused on the research, development, and commercialization of small molecule pharmaceutical products. The company's pipeline includes drug candidates for treating various cancers, such as breast cancer, prostate cancer, and solid tumors. TYK Medicines was founded in 2017 and is headquartered in Huzhou, China.

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TYK Medicines (2410 HK)

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

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

HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

HSIL announced the September review result on 21 Aug 2026 after market close. We forecast 53 southbound Connect ADDs and 15 DELETEs. We review the...

Ke Yan, CFA, FRM

HSCI / HK Connect Sep 2026 Inclusion Forecast and Positioning

We expect 36 southbound Connect ADDs, 31 new and 5 returning, and 25 DELETEs from the current Connect list at the HSCI September review, effective...

Ke Yan, CFA, FRM

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