HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>If checking the hot ADC transactions in recent years, a very big portion of ADC varieties in global licensing deals are from Chinese pharmaceutical companies, which is actually very rare.</li>
<li>While international buyers are “very generous” for ADC assets and MNC's appetite would remain strong, they will immediately calm down and stop once they see any "potential risk" behind.</li>
<li>For Chinese pharmaceutical companies, ADC license-out deal is more of a temporary catalyst. We suggest taking a rational view. ADC CDMO (e.g. WuXi XDC) could be a better investment option.</li>
</ul>


If checking the hot ADC transactions in recent years, a very big portion of ADC varieties in global licensing deals are from Chinese pharmaceutical companies, which is actually very rare.
While international buyers are “very generous” for ADC assets and MNC's appetite would remain strong, they will immediately calm down and stop once they see any "potential risk" behind.
For Chinese pharmaceutical companies, ADC license-out deal is more of a temporary catalyst. We suggest taking a rational view. ADC CDMO (e.g. WuXi XDC) could be a better investment option.


China's Rising Role in Global ADC Partnership Wave - Opportunities and Risks Behind the Gold Rush

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2026.</li>
<li>The index changes are expected to be confirmed on 21st August 2026.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2026.
The index changes are expected to be confirmed on 21st August 2026.


Quiddity Leaderboard Hang Seng Index Sep26: Industrials, Materials, and Healthcare Names in Focus

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>Post market close on Friday, Hang Seng Indexes will announce the changes for 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> that will be implemented at the close on 4 September.</li>
<li>We highlight 7 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.</li>
<li>The Healthcare industry continues to remain the most underweight and there could be more additions from the industry as we near the 100-stock target.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 4 September.
We highlight 7 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
The Healthcare industry continues to remain the most underweight and there could be more additions from the industry as we near the 100-stock target.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep26

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.

Zijin Gold International / Index Rebalance

<ul>
<li>We review the HSLMI universe for potential candidates for the upcoming HSI August 2026 review.</li>
<li>Three stocks stand out as ADD candidates this cycle, one of them high conviction.</li>
<li>We also highlight substantial FF and weight changes for CATL.</li>
</ul>


We review the HSLMI universe for potential candidates for the upcoming HSI August 2026 review.
Three stocks stand out as ADD candidates this cycle, one of them high conviction.
We also highlight substantial FF and weight changes for CATL.


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 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.


HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

China

WuXi XDC is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) specializing in antibody-drug conjugates (ADCs) and other bioconjugates. The company offers integrated, end-to-end services for the discovery, process development, and GMP manufacturing of bioconjugates, monoclonal antibody intermediates, and payload-linkers. WuXi XDC was founded in 2013 and is headquartered in Wuxi, China.

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WuXi XDC (2268 HK)

China's Rising Role in Global ADC Partnership Wave - Opportunities and Risks Behind the Gold Rush

As China's ADCs continue to gain recognition from global buyers,the position of Chinese pharmaceutical companies is undergoing fundamental...

Xinyao (Criss) Wang

Quiddity Leaderboard Hang Seng Index Sep26: Industrials, Materials, and Healthcare Names in Focus

We expect the index review results for HSI to be publicly confirmed after market close on Friday 21st August 2026. In this insight, we have...

Janaghan Jeyakumar, CFA

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep26

We highlight 7 potential adds to the HSI in September. Healthcare continues to be underrepresented and that could change as we near 100 members....

Brian Freitas

HSI Sep 2026 Index Rebalance Forecast

We reviewed the HSLMI candidates for the upcoming HSI index review and expect three possible ADDs and no DELETE. We also highlight FF changes in CATL.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 26th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

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