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

Victory Giant Technology (HuiZhou) / Index Rebalance

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

First of all, Merry Christmas and Happy New Year!
1. Industry viewpoints:
<ul>
<li>While we are still waiting for the official results of the volume-based purchase (VBP) negotiations in 2020, let’s take a further look at the competitive landscape of PD-1/L1 in China.</li>
<li>The regenerative medical implant devices would be a development trend of medical implant devices in the future.</li>
<li>Affected by the centralized procurement policy in China, the growth rate of high-value medical consumables market is expected to slow year by year.</li>
</ul>
2. Company news:
News about the progress of new drugs from <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>.
3. Market review:
Last week, stock price for healthcare sector in A share increased 1.1%, while CSI 300 increased 0.84% over the same period of time.
4. Risk Disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

First of all, Merry Christmas and Happy New Year!
1. Industry viewpoints:

While we are still waiting for the official results of the volume-based purchase (VBP) negotiations in 2020, let’s take a further look at the competitive landscape of PD-1/L1 in China.
The regenerative medical implant devices would be a development trend of medical implant devices in the future.
Affected by the centralized procurement policy in China, the growth rate of high-value medical consumables market is expected to slow year by year.

2. Company news:
News about the progress of new drugs from Alphamab Co Ltd (9966 HK), Innovent Biologics Inc (1801 HK), Ascletis Pharma Inc (1672 HK) and Jiangsu Hengrui Medicine (600276 CH).
3. Market review:
Last week, stock price for healthcare sector in A share increased 1.1%, while CSI 300 increased 0.84% over the same period of time.
4. Risk Disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:<ul>
<li>Last week, the negotiations of volume-based purchase 2020 came to a close, and the bidding of PD-1/L1 was the most eye-catching.</li>
<li>In the future, with the rapid release of radiotherapy equipment in China, the penetration rate of radiotherapy is expected to be accelerated.</li>
<li>The use of traditional Chinese medicine in hospital is facing severe challenges.</li>
</ul>2. Company news:News about the updated progress of new drugs and cooperation from <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a>, <a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed (2142 HK)</a> and <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a>.3. Market review:Last week, stock price for healthcare sector in A share increased 4.25%, while CSI 300 increased 2.26% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
Last week, the negotiations of volume-based purchase 2020 came to a close, and the bidding of PD-1/L1 was the most eye-catching.
In the future, with the rapid release of radiotherapy equipment in China, the penetration rate of radiotherapy is expected to be accelerated.
The use of traditional Chinese medicine in hospital is facing severe challenges.
2. Company news:News about the updated progress of new drugs and cooperation from Ascletis Pharma Inc (1672 HK), Harbour Biomed (2142 HK) and Luye Pharma (2186 HK).3. Market review:Last week, stock price for healthcare sector in A share increased 4.25%, while CSI 300 increased 2.26% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints: <ul>
<li>For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.</li>
<li>Vaccine is a hot topic in 2020, so it deserves further discussion.</li>
<li>In terms of future trend, the IVD industry will undergo profound changes in the next five years.</li>
</ul>2. Company news:News about the new agreement and the progress of new drugs from <a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>, <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a>, and <a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK).</a>3. Market review:Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints: 
For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.
Vaccine is a hot topic in 2020, so it deserves further discussion.
In terms of future trend, the IVD industry will undergo profound changes in the next five years.
2. Company news:News about the new agreement and the progress of new drugs from Ascentage Pharma Group Corp (6855 HK), CSPC Pharmaceutical Group (1093 HK), Ascletis Pharma Inc (1672 HK), and Antengene (6996 HK).3. Market review:Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints<ul>
<li>Although China's medical device market share is just a small piece on a global scale, in recent years, its YoY growth rate remains above 15%, and it still has large growth potential.</li>
<li>With favorable policies to encourage the prescription outflow, it is estimated that the out-of-hospital market of prescription drugs will reach nearly RMB250 billion in 2020.</li>
<li>The market size of minimally invasive interventional medical devices in China is expected to reach RMB142.13 billion yuan by 2023, with a large growth potential for import substitution.</li>
</ul>2. Company newsNews of <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a> , AffaMed Therapeutics and <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> on the progress of new drug, merger agreement and the co-development and exclusive license agreement.3. Market reviewLast week, stock price for healthcare sector rose 3.23%, while CSI 300 rose 2.36% over the same period of time.4. Risk DisclosurePolicy risk, R&amp;D risk, Company risk and COVID-19 risk

1. Industry viewpoints
Although China's medical device market share is just a small piece on a global scale, in recent years, its YoY growth rate remains above 15%, and it still has large growth potential.
With favorable policies to encourage the prescription outflow, it is estimated that the out-of-hospital market of prescription drugs will reach nearly RMB250 billion in 2020.
The market size of minimally invasive interventional medical devices in China is expected to reach RMB142.13 billion yuan by 2023, with a large growth potential for import substitution.
2. Company newsNews of Ascletis Pharma Inc (1672 HK) , AffaMed Therapeutics and Shanghai Henlius Biotech (2696 HK) on the progress of new drug, merger agreement and the co-development and exclusive license agreement.3. Market reviewLast week, stock price for healthcare sector rose 3.23%, while CSI 300 rose 2.36% over the same period of time.4. Risk DisclosurePolicy risk, R&amp;D risk, Company risk and COVID-19 risk

China

Ascletis Pharma is a fully integrated biotechnology company focused on the research, development, production, marketing, and sale of innovative pharmaceutical products. The company's marketed products include Ritonavir tablets, GANOVO®, and ASCLEVIR® for Hepatitis C, and it has a robust pipeline primarily in metabolic diseases, viral diseases, and oncology. Ascletis Pharma is headquartered in Hangzhou, China, and was founded in 2011.

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Ascletis Pharma (1672 HK)

HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

There could be 80 changes for the HSCI in March. That could result in 70 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

China Healthcare Weekly (Dec.25)

This article analyzed healthcare industry viewpoints such as competitive landscape of PD-1/L1 in China, news of Alphamab, Hengrui, Innovent and...

Xinyao (Criss) Wang

China Healthcare Weekly (Dec.18)

The article analyzed the news about the negotiation result of PD-1/L1 in China VBP, industry viewpoints about radiotherapy and traditional Chinese...

Xinyao (Criss) Wang

China Healthcare Weekly (Dec.4)

This article summarized the updated news in China volume-based purchase policy, industry viewpoints, company news, and capital market review for...

Xinyao (Criss) Wang

China Healthcare Weekly (Oct.16)

This article summarized major industry viewpoints, company news, and capital market review for China healthcare industry last week.

Xinyao (Criss) Wang

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