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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

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>Falling implied vols contrasted with deteriorating breadth and relative weakness in HSI versus global peers such as SPX.</li>
<li>Single stock option volumes remained firm even without major contribution from recent high-volume names, with Calls continuing to dominate overall activity.</li>
<li>HSI implied vols moved closer to one-year lows while average single stock implied vols also declined across most sectors and constituents.</li>
</ul>


Falling implied vols contrasted with deteriorating breadth and relative weakness in HSI versus global peers such as SPX.
Single stock option volumes remained firm even without major contribution from recent high-volume names, with Calls continuing to dominate overall activity.
HSI implied vols moved closer to one-year lows while average single stock implied vols also declined across most sectors and constituents.


Hong Kong Single Stock Options Weekly (May 15 – 21): Stocks Lags as Rates Continue Rising

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap global gold and silver mining companies. We expect 2-3 ADDs on average each quarter.</li>
<li>Based on the latest data, we now see six ADDs in June 2026 and a one-way flow of US$1.1bn.</li>
<li>The Regis-Vault merger could have consequences for the index in September 2026.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap global gold and silver mining companies. We expect 2-3 ADDs on average each quarter.
Based on the latest data, we now see six ADDs in June 2026 and a one-way flow of US$1.1bn.
The Regis-Vault merger could have consequences for the index in September 2026.


[Quiddity Index] MV Global Gold Miners Jun26: Six ADDs Likely; Base Date Approaching

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Bidu, CATL, Midea, Meituan, Anta.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 8th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Bidu, CATL, Midea, Meituan, Anta.


HK Short Interest Weekly: Tencent, Bidu, CATL, Midea, Meituan, Anta

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 30th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina.


HK Short Interest Weekly: CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina

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 IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (May 15 – 21): Stocks Lags as Rates Continue Rising

Weak internals and lower implied vols contrasted with resilient single stock option activity as HSI continued to underperform against a backdrop of...

John Ley

[Quiddity Index] MV Global Gold Miners Jun26: Six ADDs Likely; Base Date Approaching

The MV Global Gold Miners base date approaches. It is 8 days away. There is one high conviction ADD, and a medium. Lows are 40% likely in our model...

Travis Lundy

HK Short Interest Weekly: Tencent, Bidu, CATL, Midea, Meituan, Anta

We analyzed the latest HK SFC report for aggregate short position as of May 8th and highlight short interest changes in Tencent, Bidu, CATL, Midea,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Apr 30th and highlight short interest changes in CATL, Alibaba, CMB,...

Ke Yan, CFA, FRM

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