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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.</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 Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.


HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

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

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.


HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.</li>
<li>Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.</li>
<li>HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.</li>
</ul>


Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.
Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.
HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.


Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

Hong Kong

Zijin Gold International Company Limited is a Hong Kong-based subsidiary of Zijin Mining Group, primarily engaged in the exploration, mining, processing, and sale of gold and other mineral resources. Its main products include gold bullion, gold alloy, and gold concentrate, with a focus on developing high-quality global gold assets. The company was incorporated in 2007 and is headquartered in Hong Kong.

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Zijin Gold International (2259 HK)

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

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

HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Aug 7th and highlight short interest changes in Wuxi Apptec, Zijin Gold...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

A weaker week for Hong Kong equities brought softer option activity and implied vols, while the recurring weakness later in the trading week...

John Ley

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