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 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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short covering.</li>
<li>Rising turnover, a supportive tech narrative from Beijing and increased southbound flows indicate that the rally may have legs.  Consumer discretionary and energy sectors have been the top sector performers.</li>
<li>There is evidence that some short covering catalyzed the rally during the normal June/July tight liquidity period, with low volatility and quality factors outperforming in the broader market.</li>
</ul>


The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short covering.
Rising turnover, a supportive tech narrative from Beijing and increased southbound flows indicate that the rally may have legs.  Consumer discretionary and energy sectors have been the top sector performers.
There is evidence that some short covering catalyzed the rally during the normal June/July tight liquidity period, with low volatility and quality factors outperforming in the broader market.


Hong Kong Market Catches a Bid: What's Going On? (July 20)

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asia has corrected 10%, propelled by Korea, Taiwan and Onshore China. AI capex anxiety, concerns about spike in inflation and interest rates and Middle East tensions are the main drivers.</li>
<li>Analysis of last 20 years' bear market shows that monetary policy tightening has been a regular feature of bear markets, unless severe macro-economic retrenchment (like in GFC) triggers the drawdown.</li>
<li>Asian policy rates are increasing but we don't think severe inflation spike is likely yet, unless the Iran war escalates sharply. We like materials, energy, AI "picks and shovels", financials.</li>
</ul>


Asia has corrected 10%, propelled by Korea, Taiwan and Onshore China. AI capex anxiety, concerns about spike in inflation and interest rates and Middle East tensions are the main drivers.
Analysis of last 20 years' bear market shows that monetary policy tightening has been a regular feature of bear markets, unless severe macro-economic retrenchment (like in GFC) triggers the drawdown.
Asian policy rates are increasing but we don't think severe inflation spike is likely yet, unless the Iran war escalates sharply. We like materials, energy, AI "picks and shovels", financials.


Asian Equities: Not a Forthcoming Collapse; Inflation and Rates the Key Issues

<ul>
<li>Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.</li>
<li>While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.</li>
<li>The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.</li>
</ul>


Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.
While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.
The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.


Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

<ul>
<li>In March till date, FIIs have sold an enormous US$58.6bn of Asian equities - the highest ever monthly sale - US$26bn in Taiwan, US$20.25bn in Korea and US$12.3bn in India.</li>
<li>On 6-monthly cumulative buying/selling as proportion of market cap, Asia is near its "most-sold" level. The ongoing Middle-East conflict could drive more selling, but Asia is rapidly entering oversold territory.</li>
<li>Korea is oversold, Taiwan is nearly there and India is not quite in oversold territory. ASEAN markets are far from oversold, implying that they could see lot more FII selling.</li>
</ul>


In March till date, FIIs have sold an enormous US$58.6bn of Asian equities - the highest ever monthly sale - US$26bn in Taiwan, US$20.25bn in Korea and US$12.3bn in India.
On 6-monthly cumulative buying/selling as proportion of market cap, Asia is near its "most-sold" level. The ongoing Middle-East conflict could drive more selling, but Asia is rapidly entering oversold territory.
Korea is oversold, Taiwan is nearly there and India is not quite in oversold territory. ASEAN markets are far from oversold, implying that they could see lot more FII selling.


Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

China

Zijin Mining Group is a large global mining company primarily engaged in the exploration, extraction, and refining of metallic mineral resources. Its key products include copper, gold, zinc, lithium, silver, and molybdenum. The company was founded in 1986 and is headquartered in Longyan, Fujian, China.

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Zijin Mining (2899 HK)

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

Hong Kong Market Catches a Bid: What's Going On? (July 20)

The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short...

David Mudd

Asian Equities: Not a Forthcoming Collapse; Inflation and Rates the Key Issues

AI anxiety, inflation fear, Iran war driving Asia's drop. Monetary policy tightening triggers bear markets, but severe inflation unlikely unless...

Manishi Raychaudhuri

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

As we expected, FIIs are buying back the oversold Asian markets. Till April 27, FIIs have bought $2.5 bn Korean equities & $12.25 bn Taiwanese...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Hong Kong Market Catches a Bid: What's Going On? (July 20)

The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short...

David Mudd

Asian Equities: Not a Forthcoming Collapse; Inflation and Rates the Key Issues

AI anxiety, inflation fear, Iran war driving Asia's drop. Monetary policy tightening triggers bear markets, but severe inflation unlikely unless...

Manishi Raychaudhuri

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

​Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

As we expected, FIIs are buying back the oversold Asian markets. Till April 27, FIIs have bought $2.5 bn Korean equities & $12.25 bn Taiwanese...

Manishi Raychaudhuri

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...