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 analyzed the latest HK SFC report for aggregate short position as of Jun 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Alibaba, AIA, Catl, Sun Hung Kai Properties, CCB, Sunny Optical, Yangtze Optical Fibre And-H, Beone Medicines Ltd-H.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 5th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Alibaba, AIA, Catl, Sun Hung Kai Properties, CCB, Sunny Optical, Yangtze Optical Fibre And-H, Beone Medicines Ltd-H.


HK Short Interest Weekly: Tencent, Alibaba, AIA, Catl, Sun Hung Kai Properties, CCB, Sunny Optical

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.
We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.


A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>Dajin Heavy raised HKD 6,465m (USD 826m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 5, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Dajin Heavy raised HKD 6,465m (USD 826m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 5, 2026.
In our previous note, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Dajin Heavy Industry (大金重工) A+H IPO Trading

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

Suzhou Dongshan Precision A / Index Rebalance

<ul>
<li>Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>. </li>
<li>Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.</li>
</ul>


Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK). 
Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.
The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.


China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

Chongqing Afari Technology / Equity Capital Markets

<ul>
<li>Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: new energy vehicles and motorcycle exports.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: new energy vehicles and motorcycle exports.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Afari (千里科技) A+H Pre-IPO: Early Thought

China

Weichai Power is a Chinese industrial technology company specializing in the research, development, and manufacturing of powertrains, vehicles, and key components such as engines, transmissions, and axles. The company also offers intelligent logistics solutions, including forklifts and warehousing services, and is actively developing new energy technologies like hydrogen fuel cells. Weichai Power was founded in 2002 and is headquartered in Weifang, Shandong, China.

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Weichai Power (2338 HK)

HK Short Interest Weekly: Tencent, Alibaba, AIA, Catl, Sun Hung Kai Properties, CCB, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 5th and highlight short interest changes in Tencent (700 HK), Alibaba...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H IPO Trading

Dajin Heavy raised USD 826m to list on HKEX on Friday, June 5. We are cautious on debut performance despite decent 134x retail demand and...

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

There could be 5 changes in June as the AI theme rolls on and beneficiaries replace old economy stocks. The recent pullback after the earlier...

Brian Freitas

Afari (千里科技) A+H Pre-IPO: Early Thought

Afari is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM

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