In today’s briefing:
- Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease
- Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies
- Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected
- Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September
- Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion
- Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols
- NVX: Believe Current Trade Situation Highlights Need for Local Supply Chain for Battery Materials
- Soluna Holdings, Inc: Project Ellen Will Put Another 100 MW Wind- Driven Data Center in Texas
Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease
- The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
- In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
- We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.
Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies
- There has been a big crypto money move in Korea. Market cap of crypto currencies held in crypto exchanges in Korea nearly doubled from October to November 2024.
- We discuss 8 major listed companies in Korea that are major beneficiaries (directly and indirectly) of this big move into crypto currencies in Korea.
- Some of the major beneficiaries include Kakao Corp, KT Corp, Hanwha Securities, Woori Technology Investment, and Vidente.
Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected
- The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
- In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
- We expect no index changes for June 2025 but we estimate there to be US$470mn in one-way flows which translates to a turnover of 4.3%.
Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September
- The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
- In this insight, we take a look at our flow expectations for the June 2025 index rebal event.
- We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).
Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion
- Swiggy (SWIGGY IN) listed in November 2024 and around 85% of the shares outstanding (US$7.6bn) will unlock on 13 May.
- Nearly 80% of the shares that unlock are held by pre-IPO PE/VC investors and they are 100% in the money in most cases. Expect the selldown to commence soon.
- Swiggy (SWIGGY IN) should be added to one global index in June, while inclusion in the other global index will require a small price increase or selling from PE/VC investors.
Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols
- A noticeable shift in tone this week, with participation broadening and price action turning constructive.
- Implied vols declined across most names, unwinding last week’s spike but still sitting above historical medians.
- Call activity bounced back, and the Put/Call ratio suggestive of less defensiveactivity.
NVX: Believe Current Trade Situation Highlights Need for Local Supply Chain for Battery Materials
- NVX believes its strategy aligns with the administration’s goal to secure critical mineral supply chains and support domestic manufacturing.
- Its existing Riverside plant – where production capacity has been pre-sold via multiple offtake agreements – is in Tennessee and NVX plans to construct a 2nd production facility in the state, recently obtaining approval and expected tax credits toward this project.
- Each of NVX’s three operating units is expected to play an important role in its development & growth, as NVX leverages proprietary R&D & patented technology to develop critical materials for the battery sector.
Soluna Holdings, Inc: Project Ellen Will Put Another 100 MW Wind- Driven Data Center in Texas
- Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst.
- The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources.
- Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high performance computing applications including Bitcoin mining, Generative AI, and other compute-intensive applications.
Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
Unlock all research summaries