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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

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 main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.</li>
<li>The results are expected to be confirmed publicly on 20th November 2026.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.
The results are expected to be confirmed publicly on 20th November 2026.


Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

Equity Long-Short

Mo Aziz

Equity Bottom-Up

Yangtze Optical Fibre and Cable / Equity Bottom-Up

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.</li>
<li>After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.</li>
<li>We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).</li>
</ul>


The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.
After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.
We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).


Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.


HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Yangtze Optical Fibre and Cable (6869 HK)

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

We have presented our top 10 picks for addition for HSI in Dec26. In the last 5 rebalances, at least one name has been added from our top 10 picks...

Janaghan Jeyakumar, CFA

Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash

Fibre maker with top global share transitions to AI infrastructure, operating margin triples in 1Q26. Initiating BUY with TP HK$170 on DCF-led blend.

Mo Aziz

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

We have presented our top 10 picks for addition for HSI in Dec26. In the last 5 rebalances, at least one name has been added from our top 10 picks...

Janaghan Jeyakumar, CFA

Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash

​Fibre maker with top global share transitions to AI infrastructure, operating margin triples in 1Q26. Initiating BUY with TP HK$170 on DCF-led blend.

Mo Aziz

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Fibre maker with top global share transitions to AI infrastructure, operating margin triples in 1Q26. Initiating BUY with TP HK$170 on DCF-led blend.