97 reports in the past month · 314 in the past quarter
We lay out MiniMax's September liquidity events, from today's Undertaking (b) unlock through the 21 Sep bond conversion window. We review the stock's post-Connect inclusion trading, including southbound buying, short interest, consensus revisions. We assess the overhang associated with the lock up events.
ClubMed, a premium all-inclusive resort operator, has filed its prospectus with the HKEX. BNP Paribas, HSBC, and JPM are the joint sponsors. We look at the company's core segments: Club Med resort operations and vacation scenario services. We then look at the company's financial profile, profit decline, ownership structure and pre-IPO backing.
China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024. The pace of China game approval appears to have accelerated to the same level as pre-tightening. None of the companies that we are monitoring got approval.
SHEIN, a global online fashion and lifestyle retailer, raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Mech-Mind, a provider of AI and 3D vision-guided robot components, raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026. In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation. In this note, we provide an update for the IPO before its trading debut.
MSCI Japan implements one ADD, Kokusai Electric, and two DELETEs, JFE Holdings and Seibu Holdings, on 1 Sep 2026. We review the completed bridge against nine prior cycles. Kokusai Electric added +2.8% alpha over the bridge on top of its +13.5% pre-announcement run. Both DELETEs were near flat over the bridge after negative announcement days. Historically, positive-bridge ADDs gave back in the first implementation week. The historical DELETE first-week record after a positive bridge is flat.
MSCI China rebalance involved 33 ADDs and 32 DELETEs on 1 Sep 2026. We review the bridge to 31 Aug against the first implementation week record of nine prior cycles. ADDs gave back part of their pre-announcement run over the bridge, down 1.8% on average with 20 of 33 lower. DELETEs fell 5.9%, lower in 25 of 32. Historically, the first implementation week after a negative bridge has been small and mixed on both sides. We map each velocity group to its matching historical record below.
We spoke to the management of CiDi, a leading China-based physical player. Revenue and gross profit both accelerated sharply in 1H2026, extending several years of triple-digit growth, with management citing an approaching first adjusted-breakeven period. Domestic demand is policy-driven while overseas market is still in early stage of development.
Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
We analyzed the August 2026 consensus earnings revisions for HS TECH index component stocks, finding that the index's 2026E EPS fell -5.0% month-on-month to HK$215.5 (from HK$226.7 in July), with individual stock EPS revisions attributing -HK$10.5 to the index EPS change. The HS TECH index itself declined -4.6% over the month, from 4,829 to 4,605, with 13 stocks revised up and 11 revised down. The largest negative drag on index EPS came from Kuaishou (1024 HK, ΔIndex EPS -HK$6.2), followed by BIDU (9888 HK, -HK$2.3) and XIAOMI (1810 HK, -HK$1.9), while SMIC (981 HK, +HK$1.6) provided the largest positive offset. At the stock level, Kuaishou saw the steepest EPS cut at -34.3% month-on-month, while SMIC and LI AUTO posted the strongest upward revisions at +31.4% and +225% respectively; on revenue, MINIMAX led increases at +26.6% while XIAOMI saw the sharpest cut at -5.74%.
We analyzed the earnings revision of HSCEI component stocks for August 2026, estimating the index's 2026E EPS at 795.9 as of end-August, up 0.13% month-on-month from 794.9 in July, with 27 stocks revised up versus 15 revised down. The HSCEI index declined 1.4% over the month from 8,612 to 8,490, while individual stock EPS revisions contributed an estimated HK$1.04 to the index's EPS change. The largest positive contributors to index EPS were China Life (2628 HK, +HK$2.85), Ping An (2318 HK, +HK$1.34), and BeOne Medicines (6160 HK, +HK$1.16), while Kuaishou (1024 HK, -HK$3.61), Xiaomi (1810 HK, -HK$1.88), and Baidu (9888 HK, -HK$1.35) were the largest detractors. On a percentage basis, Li Auto (2015 HK) and Xpeng (9868 HK) saw the sharpest EPS upgrades at +225% and +79.8% respectively, while Kuaishou (-34.3%), Pop Mart (9992 HK, -17.7%), and Baidu (-15.5%) suffered the steepest EPS cuts.
We analyzed the consensus earnings revisions of HSI component stocks for August 2026, finding that the index's 2026E EPS rose 0.50% month-on-month to HK$2,164, even as the HSI index itself declined 1.2% to 25,585. Among the 83 constituents reviewed, 49 stocks saw upward EPS revisions versus 34 downward, with individual stock EPS changes attributing HK$10.0 to the index's EPS movement. The largest positive contributors to index EPS were CHINA LIFE (+HK$5.6), CK HUTCHISON (+HK$4.1), and PING AN (+HK$2.7), while the biggest drags were Kuaishou (-HK$7.1), XIAOMI (-HK$3.7), and BIDU (-HK$2.6). On a stock-level basis, the steepest EPS upgrades went to LI AUTO (+225%), BEONE MEDICINES (+36.2%), and SMIC (+31.4%), while XINYI SOLAR (-44.9%), Kuaishou (-34.3%), and Pop Mart (-17.7%) saw the sharpest cuts.
CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls. Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical. All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.
We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face. China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results. Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.
We analyzed the latest Hong Kong SFC short position report as of August 21, 2026. Aggregate short value for equities increased by $4,409m (+3.1%) week-over-week and by $1,337m (+0.9%) over the preceding four weeks. The largest short build-up over the week was in Alibaba (9988 HK), with short value rising $680m (+25.9%) to $3,303m, followed by Zijin Mining (2899 HK) up $414m (+12.0%) and Xiaomi (1810 HK) up $320m (+6.8%). On the cover side, Lenovo (992 HK) saw the largest short reduction at -$684m (-13.0%), followed by Hua Hong Semi (1347 HK) at -$368m (-30.5%), Kingboard Laminates (1888 HK) at -$115m (-12.1%), and Cspc Pharma (1093 HK) at -$95m (-19.5%). Over four weeks, Wuxi Apptec (2359 HK) and Alibaba led short increases at +$919m (+47.0%) and +$917m (+38.4%) respectively, while CCB (939 HK) and AIA (1299 HK) led covers at -$501m (-27.3%) and -$393m (-27.0%).
We analyzed KRX short interest for stocks with market cap of at least USD 100m as of Aug 28th. Aggregate short interest totaled USD 19.4bn, up 4.3% week-on-week, while the KOSPI index declined 1.8% over the same period. On the increase side, Hyundai Motor led with a USD 174m rise in short value (+20.4%), followed by LG Energy Solution (+USD 124m, +13.2%) and KEPCO E&C, which saw a near-12x surge in short value (+USD 53m, +1,180%) and added 2.4x ADT. On the decrease side, Samsung Electronics saw the largest short cover at -USD 137m (-8.9%), followed by Silicon2 (-USD 41m, -50.3%, -2.8x ADT) and Mobis (-USD 61m, -79.8%).
We analyzed JPX margin trading positions as of Aug 28th, covering stocks with market cap of at least USD 100m. The aggregated net margin trading position stood at USD 29,092m, up 3.2% from USD 28,184m the prior week, outpacing the TOPIX 500 index gain of 2.0%. Net long positions increased for 825 stocks while 1,167 stocks saw net short increases. The largest net long position was held by Kioxia (285A JP) at USD 4,990m, followed by SoftBank (9984 JP) at USD 1,050m and Mitsubishi UFJ Financial (8306 JP) at USD 739m. The biggest weekly net increase was Kioxia (Δ +USD 1,008m), followed by Seikoh Giken (6834 JP) (Δ +USD 144m) and Advantest (6857 JP) (Δ +USD 68m). On the other side, Mitsubishi UFJ Financial saw the largest net weekly decrease (Δ -USD 110m), followed by Sumitomo Mitsui Financial (8316 JP) (Δ -USD 54m) and Nintendo (7974 JP) (Δ -USD 47m).
We analyzed Bursa Malaysia short interest data as of Aug 28th, covering stocks with market cap of at least USD 100m. Aggregate short interest was USD 1,555m, up 4.3% from USD 1,490m a week prior, while the KLSE index declined 0.6% over the same period. The largest short positions by value were in Malayan Banking (USD 201m), Gamuda (USD 174m), and Press Metal (USD 72m). The largest weekly increases in short value were led by Malayan Banking (plus USD 21m), Gamuda (plus USD 7.8m), and Press Metal (plus USD 6.8m), while the largest decreases were in KPJ Healthcare (minus USD 4.4m, down 32.8%), Maxis (minus USD 2.5m), and Frontken (minus USD 1.2m, down 18.1%). Greatech Technology saw the sharpest percentage rise in short value, up 99.7% week-on-week.
We analyzed short interest data for the Stock Exchange of Thailand as of Aug 28th, covering stocks with minimum market capitalization of USD100 million and minimum short interest of USD5 million, finding aggregate short interest of USD3,227m compared to USD3,294m a week prior. Short interest decreased 2.0% over the week, outpacing the SET50 index decline of 1.3%. The largest short positions by value were Delta Electronics (USD392m), PTT E&P (USD172m), and Airports of Thailand (USD162m). The largest weekly decreases in short value were Delta Electronics (down USD37m, -8.6%), Airports of Thailand (down USD17m, -9.5%), Bangkok Bank (down USD12m, -12.6%), and Bumrungrad Hospital (down USD12m, -16.4%). The largest weekly increases were Central Pattana (up USD6m, +11.8%), Global Power Synergy (up USD4m, +19.1%), with Central Pattana also showing the largest increase in short-as-multiple-of-ADT (up 0.47x).
We analyzed foreign holding changes in TWSE-listed stocks as of August 28th. Total foreign holdings stood at USD2,277.2bn, up USD59bn (2.7% WoW), outpacing the TWSE index gain of 2.4% over the same period. We estimate net foreign inflows of USD3,814m for the week. The top weekly inflow recipients were TSMC (+USD696m), E.SUN Financial (+USD436m), Nanya Technology (+USD423m), Unimicron Technology (+USD367m), and MediaTek (+USD243m). The largest weekly outflows were recorded in BizLink (-USD220m), Nan Ya Printed Circuit Board (-USD176m), Wiwynn (-USD158m), Kaori Heat Treatment (-USD144m), and Wistron (-USD141m).
We analyzed TWSE short interest data as of Aug 28th, covering stocks with market cap of at least USD 100m. Aggregate short interest was USD 43,874m, up 3.7% week-on-week, outpacing the TWSE index gain of 2.4%. The largest short positions by value were led by Wiwynn (USD 2,306m), LARGAN Precision (USD 1,560m), and Innolux (USD 1,232m). The biggest weekly increases in short value were Wiwynn (+USD 341m), LARGAN Precision (+USD 202m), Winbond Electronics (+USD 139m), and FOSITEK (+USD 102m). The largest weekly decreases were Jentech Precision Industrial (-USD 185m, -32.9%) and Evergreen Marine (-USD 92m, -31.4%).
We analyzed changes in foreign holdings of KRX stocks as of Aug 28th, with total foreign holdings across stocks with market cap of at least USD100m at USD1,632bn, down from USD1,691bn a week prior. We estimate net foreign flows were outflows of USD5,652m for the week, with foreign holdings declining by USD59bn (3.5% WoW), exceeding the KOSPI index decline of 1.8%. The largest outflows were concentrated in SK Hynix (USD3,766m outflow), Samsung Electronics (USD1,144m outflow), Samsung Elec Pref (USD521m outflow), and Hyundai Motor (USD406m outflow). On the inflow side, Alteogen led with USD620m in weekly inflows, followed by Silicon2 (USD125m), SamsungElecMech (USD86m), and LS Electric (USD82m).
We analyzed A-H premium changes for 196 dual-listed A-H stocks as of August 28th, with the average premium at 81.4%. The average premium rose 1.6ppt week-on-week, with 120 stocks advancing and 76 declining. Consumer Discretionary led sector gains at +9.4ppt and Energy added +4.1ppt, while Health Care saw the steepest decline at -4.4ppt and Utilities fell 1.2ppt. Among individual stocks, Zhejiang Shibao saw the largest absolute increase at +64.5ppt, followed by Nanhua Futures (+28.4ppt) and Gwmotor (+13.4ppt). On a z-score basis, China Mobile (+8.0ppt, z=3.45), Fuyao Glass (+5.6ppt, z=2.2), and Minsheng Bank (+5.1ppt, z=2.2) were the most statistically significant gainers, while Remegen led declines at -18.8ppt (z=-2.93).
We analyzed A-share margin trading positions as of August 28th for stocks with market cap of at least USD 500m, with the aggregate net margin trading position at USD 355,387m. The aggregate net position fell 0.3% week-on-week, slightly underperforming the CSI 300 which declined 0.2%, with 1,064 stocks seeing margin loan positions increase and 1,917 seeing decreases. JENKEM TECHNOLOGY led by relative measure with net margin position rising 212% week-on-week to 4.2x ADT (+2.82x ADT), while ZHONGJI INNOLIGHT, CATL, and INDUSTRIAL BANK posted the largest absolute dollar inflows at +USD 360m, +USD 268m, and +USD 76m respectively. PING AN INSURANCE saw the largest net margin reduction at -USD 359m (-6.4%), followed by MONTAGE at -USD 157m and EAST MONEY INFORMATION at -USD 151m, with HUATAI SECURITIES and Mindray also recording notable outflows of -USD 77m and -USD 79m.
We analyzed southbound Hong Kong Connect flows for the week ending August 28th, estimating net inflows of USD 625.1 million into Hong Kong-listed stocks by mainland investors, against a 1.0% return of the HSCEI over the same period. This represents a reversal from the outflows of USD 1,539.1 million recorded two weeks prior. By sector, Consumer Discretionary (USD 540 million), Communication Services (USD 212 million), and Energy (USD 112 million) led inflows, while Health Care (USD 1,122 million), Information Technology (USD 591 million), and Financials (USD 414 million) saw the largest outflows. The top individual inflows were into Alibaba (9988 HK, USD 523 million), Yofc (6869 HK, USD 186 million), Minimax (100 HK, USD 144 million), Kuaishou (1024 HK, USD 138 million), and Ping An (2318 HK, USD 110 million). The largest outflows were from Smic (981 HK, USD 250 million), Hua Hong Semi (1347 HK, USD 245 million), Akeso (9926 HK, USD 221 million), Cspc Pharma (1093 HK, USD 185 million), and Innovent Bio (1801 HK, USD 181 million).
We analyzed Hong Kong share repurchase activity for the week ended August 28th, covering 69 companies with total buybacks of HKD 2,588 million, up 26.9% from HKD 2,040 million the prior week. The number of active repurchasers rose 109.1% week-on-week. Tencent (700 HK) dominated with HKD 1,501.8 million in weekly buybacks, followed by Kuaishou (1024 HK) at HKD 279.9 million and Link REIT (823 HK) at HKD 138.6 million. Notable first-time buyers in the past four weeks included J&T Express (1519 HK, HKD 66 million) and Tuhu Car (9690 HK, HKD 64 million, representing 1.23% of free float). Over the trailing 30 days, aggregate buybacks reached HKD 5,924 million across 94 companies, led again by Tencent (HKD 2,703.5 million), Link REIT (HKD 610.2 million), and Kuaishou (HKD 579.4 million).
Unitree still trades at 3.9x its IPO price after a strong post-listing move, so we estimate the index ADD timeline below. Unitree's since-listing average total market cap has fallen to 7th on the STAR Market, missing fast-entry thresholds by 8% to 9%. Earliest windows are Dec 2026 for STAR50, Aug 2027 for SSE A Share, Dec 2027 for CSI 300, and Jan 2028 for Connect. MSCI can follow in Feb 2028 if Connect is included before its cutoff.
Baidu announced on 27 Aug 2026 following the EGM and before market open that its dual-primary listing takes effect on 1 Sep 2026. Baidu clears the two WVR first-inclusion thresholds for both market cap and turnover. All five prior conversions saw positive 10-day returns and positive 10-day southbound inflows after Connect ADD.
Zhongan Information, an enterprise AI solutions provider, has filed its prospectus with the HKEX. ICBC International and Guolian International are the joint sponsors. We look at the company's core segments: intelligent marketing and intelligent operation management. We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.
Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors. We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.