Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.</li>
<li>Based on the latest data, we see three ADDs and three DELs.</li>
</ul>


The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.
Based on the latest data, we see three ADDs and three DELs.


Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).


HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

<ul>
<li>Fosun has a clear plan for Henlius’ future development. This seems to hint at "an internal consensus" - Fosun seems to have persuaded major shareholders to vote for the privatization.</li>
<li>The privatization of Henlius will make positive contributions to Fosun Pharma's revenue/profit, but this impact is limited.  What Fosun really wants is to obtain huge investment income from another spin-off/re-listed.</li>
<li>For investors who are interested in the Share Alternative, they're advised to figure out whether the Rollover Entities/Securities is relevant to the <strong>new entity</strong>.If not, the Share Alternative is worthless.</li>
</ul>


Fosun has a clear plan for Henlius’ future development. This seems to hint at "an internal consensus" - Fosun seems to have persuaded major shareholders to vote for the privatization.
The privatization of Henlius will make positive contributions to Fosun Pharma's revenue/profit, but this impact is limited.  What Fosun really wants is to obtain huge investment income from another spin-off/re-listed.
For investors who are interested in the Share Alternative, they're advised to figure out whether the Rollover Entities/Securities is relevant to the new entity.If not, the Share Alternative is worthless.


Shanghai Henlius Biotech (2696.HK) Privatization Update- Looks Like "An Agreement" Has Been Reached?

China

YSB Inc. operates as a digital pharmaceutical platform outside of hospitals in China.. The Company provides outside of hospital pharmaceutical circulation services. YSB mainly offers services to pharmaceutical companies, distributors, vendors, pharmacies, primary healthcare institutions, and others.

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YSB (9885 HK)

Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

Index member Yichang HEC Changjiang Pharma (1558 HK) is involved in a takeover situation which is expected to complete in 2Q 2025. This could...

Janaghan Jeyakumar, CFA

Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Meituan, CCB.

Ke Yan, CFA, FRM

Shanghai Henlius Biotech (2696.HK) Privatization Update- Looks Like "An Agreement" Has Been Reached?

All Pre-Conditions have been fulfilled and the document is out. The Offeror needs to meet the obligations, which means that Fosun needs to solve...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

P/E

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