107 reports in the past month · 318 in the past quarter
We tracked AI models, infrastructure and M&A this week, led by Kimi K3, Grok 4.5 and new financing plans from DeepSeek. China approved Apple Intelligence, while Zhipu expanded sales and Tencent released smaller Hunyuan Hy3 variants. Anthropic prepared for an IPO, TSMC raised capital spending, and Databricks, Helsing and Fireworks AI announced new funding.
We analyzed the latest HK SFC short position report as of July 10th, covering aggregate short interest across Hong Kong-listed equities. The aggregate short value increased by $3,848m (+2.9%) week-on-week and by $1,361m (+1.0%) over the preceding four weeks. On the short increase side, Alibaba (9988 HK) led with a surge of +$928m (+60.8% WoW), followed by Tencent (700 HK) at +$657m (+20.2%), Lenovo (992 HK) at +$600m (+19.0%), Xiaomi (1810 HK) at +$546m (+12.7%), and CCB (939 HK) at +$269m (+21.5%). On the short cover side, Kingboard Laminates (1888 HK) saw the largest reduction at -$551m (-36.8% WoW), followed by Knowledge Atlas (2513 HK) at -$341m (-23.6%), Catl (3750 HK) at -$296m (-9.0%), and Yofc (6869 HK) at -$212m (-25.2%).
We analyzed Hong Kong Exchange buyback activity for the week ended July 17th, covering 124 companies that repurchased a combined HKD 1,245 million in shares. This total was 58.8% lower than the HKD 3,019 million repurchased in the prior week, though the number of participating companies rose 2.5% week-on-week. The top three repurchasers for the week were Xiaomi (1810 HK) at HKD 100.7 million, J&T Express (1519 HK) at HKD 93.4 million, and Gcl Technology (3800 HK) at HKD 84.2 million. Over the trailing 30 days, Tencent (700 HK) led all companies with HKD 6,226 million in buybacks, followed by Xiaomi at HKD 1,245 million and Li Auto (2015 HK) at HKD 1,143 million, out of a total HKD 17,036 million across 186 companies.
Primary conversion. Baidu (9888 HK) announced on 16 Jul 2026 that its board approved pursuing dual-primary conversion. This note assesses the Connect path, conditions, and timeline. ADD timing. Baidu retains WVR through conversion, so the ADD path runs through the regular semi-annual cycle. We assess whether the September 2026 regular batch ADD is attainable. Trading perspective. Prior Connect ADD cases show positive southbound flows in all five peers and positive 10-day returns in all five.
We analyzed southbound Hong Kong Connect flows for the week ending July 17th, estimating total inflows of USD 4,192.1 million into Hong Kong stocks by mainland investors, which was 14.3% lower than the USD 4,889.8 million recorded two weeks prior. These inflows occurred against a 5.3% return of the HSCEI over the same period, representing the second consecutive week of net inflows. By sector, Information Technology led inflows at USD 3,010 million, followed by Health Care at USD 941 million, while Funds saw the largest outflows at USD 1,564 million. The top inflow stocks were Knowledge Atlas (2513 HK, +USD 2,198m), Alibaba (9988 HK, +USD 803m), Ntes (9999 HK, +USD 698m), Iluvatar Corex (9903 HK, +USD 462m), and Gigadevice (3986 HK, +USD 433m). The top outflow stocks were TraHK HSI ETF (2800 HK, -USD 757m), Kingboard Laminates (1888 HK, -USD 417m), HSCEI ETF (2828 HK, -USD 403m), HSTECH ETF (3033 HK, -USD 391m), and Tencent (700 HK, -USD 330m).
We analyzed A-H premium changes across 195 dual-listed stocks for the week ending July 17th. The average A-H premium stood at 83.0%, declining 1.9 percentage points week-on-week, with 105 stocks seeing premiums narrow versus 90 widening. Real Estate led sector declines at -9.8ppt, while Financials was the sole sector with a premium increase at +0.6ppt. Among individual stocks, the largest premium expansions were in Drinda (+38.7ppt), Fibocom (+34.6ppt), Holly Futures (+31.4ppt), Cig (+28.2ppt), and Hua Hong Semi (+27.0ppt), while the sharpest contractions were in Lens (-40.9ppt, z-score -4.3), Datang Power (-39.6ppt), Shandong Molong (-39.0ppt), Sicc (-38.1ppt), and Innocare (-24.2ppt). On a z-score basis, China Life (+18.3ppt, z=2.9) and Zijin Mining (+4.8ppt, z=1.9) recorded statistically notable premium increases, while Lens and Innocare showed the most extreme premium compressions relative to historical norms. Yofc reached a 52-week high premium of 219.9% after expanding 20.3ppt on the week.
We analyzed foreign holding changes across TWSE-listed stocks as of July 17th, with aggregate foreign holdings at USD2,070bn, down from USD2,220bn the prior week. We estimate net foreign outflows of USD5,447m for the week, with total foreign holdings declining 6.8% week-on-week, slightly underperforming the TWSE index which fell 5.9%. The largest outflow was in TSMC (2330 TT) at -USD4,799m, followed by Nan Ya Plastics (1303 TT) at -USD1,031m, Nanya Technology (2408 TT) at -USD551m, and Delta Electronics (2308 TT) at -USD440m. On the inflow side, Unimicron Technology (3037 TT) led with +USD814m, followed by Wistron (3231 TT) at +USD217m and Novatek Microelectronics (3034 TT) at +USD202m. We also tabulate league tables for top foreign holding changes over 1-week, 4-week, and 1-year horizons, as well as the top stocks held by foreign institutions, where TSMC remains dominant at USD1,276bn.
We analyzed TWSE short interest for stocks with market capitalization of at least USD 100m as of Jul 17th. Aggregate short interest stood at USD 42,419m, down 6.5% from USD 45,377m the prior week, while the TWSE index fell 5.9%, indicating short covering outpaced the index decline. The largest short positions by value were led by Quanta Computer (USD 2,483m), Wiwynn (USD 1,512m), and Innolux (USD 1,319m). The biggest weekly increases in short value were Nanya Technology (+USD 250m), LARGAN Precision (+USD 193m), and Hon Hai Precision (+USD 179m), while the largest decreases were Innolux (-USD 325m), Alchip Technologies (-USD 259m), and Realtek Semiconductor (-USD 207m).
We analyzed Bursa Malaysia short interest data as of July 17th, covering stocks with market cap of at least USD 100m. Aggregate short interest stood at USD 493m, down from USD 523m a week ago. Short interest decreased 5.9% over the week while the KLSE index rose 2.4%, with the largest short positions concentrated in Gamuda (USD 35.5m), Top Glove (USD 32.2m), and Sime Darby Property (USD 32.1m). On the increase side, Gamuda saw the largest rise in short value (up USD 1.5m, +4.3%) and Datasonic added USD 0.78m (+70.1%). On the decrease side, Inari Amertron saw short interest fall USD 3.5m (-22.3%), Petronas Chemicals dropped USD 1.7m (-41.3%), and YTL fell USD 2.2m (-40.9%), while Sunway REIT saw the sharpest ADT-multiple reduction at -1.95x.
We analyzed SET short interest data as of July 17th, covering stocks with minimum market capitalization of USD100 million and minimum short interest of USD5 million. Aggregated short interest stood at USD3,137m, up 1.3% week-on-week, while the SET50 index rose 2.0%, indicating short interest grew against a rising market. The largest short positions by value were Delta Electronics (USD415m), Airports of Thailand (USD229m), and PTT E&P (USD170m). On the increases side, Krung Thai Bank saw the largest weekly rise in short value (+USD13m, +16.9%), followed by PTT E&P (+USD12m, +7.9%), Bumrungrad Hospital (+USD9m, +13.4%), and CP Foods (+USD8m, +19.1%). SCB X recorded the largest short cover, with short value falling by USD11m (-14.8%), followed by Bangkok Dusit (-USD9m) and Advanced Info Service (-USD9m).
We analyzed A-share margin trading positions for stocks with market cap of at least USD 500m as of July 17th. The aggregated net margin trading position stood at USD 381,388m, down 4.0% week-on-week, compared to a 5.3% decline in the CSI 300 index, with 1,662 stocks seeing margin loan positions increase and 1,337 seeing decreases. Among top positions by value, Zhongji Innolight (300308 CH) led at USD 6,271m, followed by Ping An Insurance (601318 CH) at USD 5,487m and Eoptolink Technology (300502 CH) at USD 4,627m, while Ping An Insurance and Moutai (600519 CH) saw the largest weekly decreases in net margin positions of USD 288m and USD 193m respectively. On the buying side, Gigadevice Semiconductor (603986 CH) recorded the largest weekly increase of USD 721m, followed by Montage (688008 CH) at USD 660m and BOE (000725 CH) at USD 391m. By ADT multiple, China Minsheng Banking (600016 CH) stood out at 12.9x, while Zhangzhou Pientzehuang Pharmaceutical (600436 CH) saw the sharpest ADT-multiple decline of 1.2x amid a 25.3% weekly price rally.
We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters. 2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened. International-sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.
We analyzed changes in foreign holdings of KRX stocks as of Jul 17th, with total foreign holdings at USD1,555bn across stocks with market cap of at least USD100m, down USD124bn (7.4% WoW) from USD1,679bn the prior week, outperforming the KOSPI index which fell 8.8% over the same period. We estimate net foreign flows were inflows of USD23,200m for the week. On a weekly basis, the top inflow was SK Hynix (000660 KS) at +USD21,698m, followed by Samsung Electronics (005930 KS) at +USD357m, SKSQUARE (402340 KS) at +USD312m, Samsung Elec Pref (005935 KS) at +USD292m, and LG Innotek (011070 KS) at +USD222m. The largest weekly outflows were in DaeduckElectronics (353200 KS) at -USD164m, WONIK IPS (240810 KS) at -USD162m, and PSK (319660 KS) at -USD150m. Over a 4-week horizon, SK Hynix led inflows at +USD6,131m while Samsung Electronics saw the largest outflows at -USD12,371m. Over one year, KorZinc (010130 KS) attracted the most foreign inflows at +USD3,962m while Samsung Electronics recorded the largest outflows at -USD49,380m.
Following HSCI's May 2026 review, six names became HK Connect eligible in the June 2026 implementation, with no deletions. All post-implementation windows through weeks 2 to 4 are complete. ADD first-week returns fell, but less than the historical first-week decline. Breadth was better than the historical base rate, and weeks 2 to 4 turned positive. Our pre-implementation first-week decline read held for the positive-bridge names, while the negative-bridge group split against its severe-decline precedent.
CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete. Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4. Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4, and the historical weeks 2 to 4 rebound did not appear.
Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors. In our previous note, we looked at the company's core products MHB018A and MHB036C, as well as its management and investor backings. In this note, we look at the developments in the company's assets and the competitive landscape.
CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history. ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains. DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.
Megmeet, a power supply manufacturer, is seeking an A+H listing. Huatai and Citi are the sponsors. We look at the company's core segments: smart home appliances and power supplies. We discuss preliminary thoughts on the company's valuation based on A-H premiums.
We tracked AI models, infrastructure, and M&A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements. Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5. SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.
We analyzed the latest HK SFC report for aggregate short positions as of July 3rd. The aggregate short value for equities increased by $6,647m (+5.2%) week-on-week but decreased by $1,967m (-1.4%) over the preceding four weeks. On the short increase side, Tencent (700 HK) led with +$517m (+18.9% WoW), followed by Zijin Mining (+$356m, +15.0%), BYD (+$354m, +13.5%), Xl2Csophynix (+$294m, +19.6%), Alibaba (+$293m, +23.8%), and Ntes (+$281m, +33.1%). The largest short covers over the week were Kingboard Laminates (1888 HK) at -$503m (-25.1%), Hua Hong Semi (1347 HK) at -$312m (-19.9%), Lenovo at -$296m (-8.6%), and Kingboard (148 HK) at -$246m (-59.8%). Over four weeks, Kingboard Laminates reversed to a +$834m (+125.9%) short build, while Xiaomi and Ping An saw the largest four-week covers at -$1,157m and -$1,017m respectively.
We analyzed ASX short interest as of July 10th, covering stocks with market cap of at least USD 100m, and found aggregated short interest of USD 45,433m. Short interest increased 0.7% over the week while the ASX200 index fell 0.4%, indicating shorts moved against the broader market direction. On the increase side, ANZ (ANZ AU) saw short value rise USD 120m (+23.3%), and Fortescue (FMG AU) rose USD 109m (+11.5%), while Atlas Arteria (ALX AU) saw short value decline USD 70m (-38.5%, also -5.4x ADT) and Megaport (MP1 AU) fell USD 47m (-33.6%). Whitehaven Coal and the largest short by value, Rio Tinto (RIO AU) at USD 3,894m, saw short interest decline USD 67m (-1.7%) on the week.
We analyzed KRX short interest for stocks with market capitalization of at least USD 100m as of July 10th. Aggregated short interest stood at USD 15,108m, down 11.1% from USD 16,998m the prior week, outpacing the KOSPI index decline of 7.6%. The largest short position by value was Hyundai Motor at USD 1,405m, followed by Hanmi Semi at USD 846m and HD Hyundai Heavy Industries at USD 812m. The biggest weekly increase in short value was Samsung Electronics, up USD 174m, while SK Hynix saw the largest decrease, falling USD 711m, followed by SamsungElecMech (down USD 159m) and SAMSUNG C&T (down USD 54m). By days-to-cover, SAMBO CORR led at 34.6x ADT, while Gwangju Shinsegae recorded the largest weekly ADT multiple increase at plus 6.1x.
We analyzed JPX margin trading positions as of Jul 10th, covering stocks with market cap of at least USD 100m. The aggregated net margin trading position stood at USD 30,748m, down from USD 31,784m the prior week, a decrease of 3.3%, while the TOPIX 500 index fell a more modest 0.7%. Among individual names, 941 stocks saw margin loan positions increase while 1,027 saw decreases. On the long side, Taiyo Yuden (6976 JP) led weekly net margin loan increases at +USD 133m, followed by Fast Retailing (9983 JP) at +USD 123m and Kioxia (285A JP) at +USD 78m. On the short side, SoftBank (9984 JP) saw the largest weekly net margin loan decrease at -USD 220m, followed by Advantest (6857 JP) at -USD 95m and Tokyo Electron (8035 JP) at -USD 71m. By absolute net position, Kioxia topped the league table at USD 5,996m, with SoftBank second at USD 1,190m.
Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 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.
We analyzed Hong Kong Exchange buyback statistics for the week ended July 10th, covering 1-week, 1-month, 1-quarter, and 1-year periods. Total buybacks last week amounted to HKD 3,019 million across 121 companies, down 36.3% from HKD 4,740 million the prior week, with participating company count also falling 15.4%. The top 3 weekly repurchasers were Tencent (700 HK) at HKD 1,219 million, Kuaishou (1024 HK) at HKD 399 million, and GCL Technology (3800 HK) at HKD 101 million. Over the past 30 days, Tencent led with HKD 8,730 million, followed by Li Auto (2015 HK) at HKD 1,621 million and Xiaomi (1810 HK) at HKD 1,546 million, with total 30-day buybacks reaching HKD 21,454 million across 185 companies. Over the trailing 12 months, Tencent dominated with HKD 66,622 million in repurchases, followed by Xiaomi at HKD 16,737 million and AIA (1299 HK) at HKD 14,394 million, bringing total annual market buybacks to HKD 161,229 million across 315 companies.
We analyzed southbound Hong Kong Connect flows for the week ending July 10th, estimating total net inflows of USD 4,428.3 million into Hong Kong stocks by mainland investors, against a 7.0% return of the HSCEI over the same period. This represented a reversal from outflows of USD 321.9 million two weeks prior. The leading sectors by inflows were Communication Services (USD 1,380 million), Funds (USD 1,266 million), and Health Care (USD 778 million), while Information Technology led outflows at USD 750 million. On the inflow side, the top movers were TraHK HSI ETF (USD 910 million), Tencent (USD 903 million), Knowledge Atlas (USD 748 million), and Alibaba (USD 726 million). The largest outflows were concentrated in Kingboard Laminates (USD 445 million, down 32.7% on the week), Smic (USD 419 million, down 15.2%), and Yangtze Optical Fibre (USD 375 million, down 40.5%).
We analyzed A-H premium changes across 190 dual-listed China stocks for the week ending July 10th, with the average A-H premium at 85.5%, up 0.3ppt week-on-week and up 9.0ppt over the past four weeks. Premiums rose for 103 stocks and fell for 87, with Real Estate posting the largest sector gain at +7.1ppt and Utilities the largest sector decline at -10.8ppt. The top increases by magnitude were Hua Hong Semi (+45.1ppt to 130.0%, z-score 4.8), Hans Cnc (+35.4ppt to 182.9%), Estun (+27.4ppt to 130.1%), Smic (+27.3ppt to 136.1%, z-score 3.4), and Yangtze Optical Fibre And-H (+26.9ppt to 199.6%). The largest declines were Datang Power (-41.3ppt to 223.2%, z-score -2.7), Drinda (-40.8ppt to 178.1%), Biocytogen (-38.0ppt to 148.4%), and Innocare (-20.7ppt to 145.7%, z-score -2.9).
We analyzed Bursa Malaysia short interest for stocks with market cap of at least USD 100m as of Jul 10th, covering aggregate short interest of USD 523m, down 1.1% week-on-week while the KLSE index rose 0.7%. The largest short positions by value were Top Glove (USD 37m), MY EG Services (USD 35m), Sime Darby Property (USD 34m), and Gamuda (USD 34m). The biggest weekly increases in short value were Gamuda (+USD 1.8m), MY EG Services (+USD 1.4m), IJM (+USD 0.79m), and Datasonic (+USD 0.78m, +70.1%). The largest weekly decreases were Sime Darby Property (-USD 4.7m, -12.0%), YTL (-USD 2.2m, -40.9%), CIMB (-USD 1.7m, -39.6%), and Dagang Nexchange (-USD 0.88m, -21.5%).
We analyzed short interest on the Stock Exchange of Thailand as of Jul 10th, covering stocks with minimum market capitalization of USD100 million and minimum short interest of USD5 million, finding aggregate short interest of USD3,085 million. Short interest decreased 1.7% over the past week while the SET50 index rose 0.4%, indicating shorts moved against the broader market direction. The largest weekly increases in short value were led by PTT E&P (+USD30 million, +23.2%) and SCC (+USD14 million, +15.4%), while the largest decreases were in Airports of Thailand (-USD20 million, -7.8%), Minor International (-USD19 million, -16.0%), and CP ALL (-USD14 million, -9.1%). By ADT multiple, Minor International saw the sharpest short cover at -0.78x ADT, while Amata's short shares fell 22.2% week on week. The most shorted stock by value remains Delta Electronics at USD406 million, followed by Airports of Thailand at USD230 million.
We analyzed A-share margin trading positions for stocks with market cap of at least USD 500m as of July 10th, covering 2,999 stocks with an aggregated net margin trading position of USD 397,076m. The aggregate position decreased 2.3% week-on-week, underperforming the CSI 300 index which fell 1.3%, with 1,830 stocks seeing margin loan increases versus 1,169 with decreases. On the buy side, Biwin Storage led inflows with a weekly increase of USD 319m (+17.1%), followed by Hengtong Optic-Electric (+USD 318m, +29.0%) and GigaDevice Semiconductor (+USD 287m, +10.1%). On the sell side, Cambricon saw the largest outflow at -USD 548m (-13.5%), followed by SMIC (-USD 436m, -18.8%) and Dawning Information Industry (-USD 268m, -16.2%). By absolute position, Zhongji Innolight held the largest net margin loan at USD 6,551m, while Guangzhou Automobile remained the most crowded name relative to turnover at 24.9x ADT.