Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Hyundai Construction Equipment / Index Rebalance

Hyundai Construction Equipment (267270 KS)

<ul>
<li>With over 90% of the review period complete, there could be 4 constituent changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a>  in June.</li>
<li>The changes are driven mainly by the direct deletions with balancing adds to maintain the number of index constituents at 200.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months, but the gap has narrowed in the last few weeks. Positioning will pick-up in the near term.</li>
</ul>


With over 90% of the review period complete, there could be 4 constituent changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)  in June.
The changes are driven mainly by the direct deletions with balancing adds to maintain the number of index constituents at 200.
The forecast adds have outperformed the forecast deletes over the last few months, but the gap has narrowed in the last few weeks. Positioning will pick-up in the near term.


KOSPI200 Index Rebalance Preview: Positioning Expected to Pick Up

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Hyundai Construction Equipment / Event-Driven

<ul>
<li>This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.</li>
<li>Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.</li>
<li>One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.</li>
</ul>


This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.
Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.
One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.


HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li><em><strong>On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June 2026.   </strong></em></li>
<li>In KOSPI 200 index, four stocks were added and four were removed. Four stocks that are newly added include Hyundai Construction Equipment, d'Alba Global, OCI Co, and DB Hitek. </li>
<li>There were 16 new inclusions and 16 exclusions in the KOSDAQ 150 index rebalance changes. </li>
</ul>


On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June 2026.   
In KOSPI 200 index, four stocks were added and four were removed. Four stocks that are newly added include Hyundai Construction Equipment, d'Alba Global, OCI Co, and DB Hitek. 
There were 16 new inclusions and 16 exclusions in the KOSDAQ 150 index rebalance changes. 


KOSPI 200 and KOSDAQ 150 Indices Rebalance Announcements for June 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). </li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.</li>
<li>With approximately 95% of the reference period now complete, up to 4 ADDs and 4 DELs are expected in the June 2026 rebalance.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). 
In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.
With approximately 95% of the reference period now complete, up to 4 ADDs and 4 DELs are expected in the June 2026 rebalance.


[Quiddity Index] KOSPI 200 Leaderboard for Jun26: Final Predictions; 4 ADDs, 4 DELs

Asia Pac ECM and Index Rebal, DZT 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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.
We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

South Korea

Hyundai Construction Equipment Corporation manufactures construction equipment. Hyundai Construction Equipment Corporation is located in South Korea. Hyundai Construction Equipment Corporation operates independently of Hyundai Heavy Industries Co., Ltd. as of April 1, 2017.

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Hyundai Construction Equipment (267270 KS)

KOSPI200 Index Rebalance Preview: Positioning Expected to Pick Up

The 4 forecast adds have outperformed the forecast deletes and there has been a big move in the stocks over the last month. With the review period...

Brian Freitas

HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

This post dives into the HD HCE–Infracore merger—breaking down the deal mechanics and laying out the key trading angles.

Sanghyun Park

KOSPI 200 and KOSDAQ 150 Indices Rebalance Announcements for June 2026

On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June...

Douglas Kim

[Quiddity Index] KOSPI 200 Leaderboard for Jun26: Final Predictions; 4 ADDs, 4 DELs

We still see 4 ADDs and 4 DELs for the June 2026 KOSPI rebal but one of the ADDs has changed. The pairs trades recommended at end-March are up on...

Travis Lundy

KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, KorZinc,...

Ke Yan, CFA, FRM

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