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 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.</li>
<li>We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.</li>
</ul>


We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.
We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.


Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

Index Rebalance

Sichuan Biokin Pharmaceutical / Index Rebalance

Sichuan Biokin Pharmaceutical (688506 CH)

<ul>
<li>We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).</li>
<li>We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.</li>
<li>We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.</li>
</ul>


We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).
We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.
We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.


MS-China March 2026 Rebalance: Post-Event Review

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on PDD, UNITED NOVA TECHNOLOGY, MEITUAN, TENCENT, ALIBABA, TCL Zhonghuan, Biwin Storage, XIAOMI.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on PDD, UNITED NOVA TECHNOLOGY, MEITUAN, TENCENT, ALIBABA, TCL Zhonghuan, Biwin Storage, XIAOMI.


MS-China Index Earning Revision (Mar): PDD, UNITED NOVA TECHNOLOGY, MEITUAN, TENCENT, ALIBABA

China

Yuanjie Semiconductor Technology Co., Ltd. manufactures and distributes semiconductor devices. The Company produces laser chips, automation chips, and other products. Yuanjie Semiconductor Technology also operates import and export businesses.

Yuanjie Semiconductor Technology (688498 CH)

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

Yuanjie Semiconductor Technology (688498 CH)

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

MS-China March 2026 Rebalance: Post-Event Review

A retrospective look at the MSCI China Feb 2026 rebalance: cross-window alpha, FF/ADV bucket cuts for ADD and DELETE, and the implementation-day...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Mar): PDD, UNITED NOVA TECHNOLOGY, MEITUAN, TENCENT, ALIBABA

We analyzed MS-China's consensus for Mar 2026 and highlighted changes of EPS in PDD, UNITED NOVA TECHNOLOGY, MEITUAN, TENCENT, ALIBABA, TCL...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)