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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Xiaomi, Meituan, China Mobile, Tencent, CMB.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Xiaomi, Meituan, China Mobile, Tencent, CMB.


Hong Kong Connect Flows (December): Lowest Monthly Inflows in a Year

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>There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

<ul>
<li>We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 69.1% as of Jan 2nd.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by consumer staples, materials, health care and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile, Zijin Mining, Cmoc.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 69.1% as of Jan 2nd.
The average A-H premium changed by 1.3ppt week-on-week, led by consumer staples, materials, health care and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile, Zijin Mining, Cmoc.


A-H Premium Weekly (Jan 2nd): Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.
Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

China

Yangtze Optical Fibre and Cable is a global leader in the research, development, production, and sale of optical fiber preforms, optical fibers, optical cables, and related optical communication products and solutions. The company offers a wide range of products including specialty optical fibers, submarine cables, and optical transceivers, along with system integration and communication engineering design services. Headquartered in Wuhan, Hubei, China, the company was founded in May 1988.

Yangtze Optical Fibre and Cable (6869 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Yangtze Optical Fibre and Cable (6869 HK)

Hong Kong Connect Flows (December): Lowest Monthly Inflows in a Year

We analyzed Hong Kong Connect flows for December. While we highlight flows for Xiaomi, Meituan, China Mobile, Tencent and CMB, we also note that...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

There could be 74 changes for the HSCI in March. That could result in 64 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

A-H Premium Weekly (Jan 2nd): Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

SOUTHBOUND flows are still low in a year-end-lull but net flows are back to positive. High-div SOEs are seeing outflow. TECH and CONSUMER seeing...

Travis Lundy

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)