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

Henderson Land Development / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land Development (12 HK)</a> will be added to a global sector index at the close on 20 June.</li>
<li>Estimated passive buying in <a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land Development (12 HK)</a> is 42m shares (US$131.5m; 7.5x ADV).</li>
<li>The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.</li>
</ul>



Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June.
Estimated passive buying in Henderson Land Development (12 HK) is 42m shares (US$131.5m; 7.5x ADV).
The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.


Henderson Land (12 HK): Large Passive Flow Coming Up as Shorts Cover

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Henderson Land Development / Equity Bottom-Up

<ul><li>Lee Shau-Kee, the founder of Henderson Land, has passed away at the age of 97, leaving a significant legacy in the property industry.</li><li>Despite stimulus efforts, the Chinese property market continued to decline in February, posing challenges for investors and developers in the region.</li><li>Singapore experienced a surge in home sales, driven by demand for suburban projects, while M&amp;G remains optimistic about the Japanese multi-family market and Australian student accommodations.</li></ul>

Lee Shau-Kee, the founder of Henderson Land, has passed away at the age of 97, leaving a significant legacy in the property industry.Despite stimulus efforts, the Chinese property market continued to decline in February, posing challenges for investors and developers in the region.Singapore experienced a surge in home sales, driven by demand for suburban projects, while M&amp;G remains optimistic about the Japanese multi-family market and Australian student accommodations.

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last month, a Cheng family vehicle with 24.06% of <strong><a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a></strong>, requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.</li>
<li>That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. </li>
<li>The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  </li>
</ul>


Last month, a Cheng family vehicle with 24.06% of Giordano (709 HK), requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.
That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. 
The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  


Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Travis Lundy

<ul>
<li>RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. </li>
<li>That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."</li>
<li>This should cause people to get excited short-term about property developers.</li>
</ul>


RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. 
That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."
This should cause people to get excited short-term about property developers.


Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. </li>
<li>The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, and <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets Holdings (6 HK)</a> also have net cash. </li>
</ul>


In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. 
The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.

China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash. 


Hong Kong

Henderson Land Development Company Limited, through its subsidiaries, develops, invests in, and manages properties. The Company also provides project management, construction, and finance services. In addition, Henderson Land Development operates department stores, hotels, and infrastructure business.

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Henderson Land Development (12 HK)

Henderson Land (12 HK): Large Passive Flow Coming Up as Shorts Cover

Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June and passives need to buy a fair bit. Positioning...

Brian Freitas

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

Lee Shau-Kee, founder of Henderson Land, passes away at 97 while Chinese property market struggles, Singapore home sales surge, and M&G shows...

Asia Real Estate Tracker

Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Spilling the board will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these...

David Blennerhassett

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

HK Strategy: Focusing Back on Yields

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Henderson Land (12 HK): Large Passive Flow Coming Up as Shorts Cover

Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June and passives need to buy a fair bit. Positioning...

Brian Freitas

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

Lee Shau-Kee, founder of Henderson Land, passes away at 97 while Chinese property market struggles, Singapore home sales surge, and M&G shows...

Asia Real Estate Tracker

Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Spilling the board will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these...

David Blennerhassett

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

HK Strategy: Focusing Back on Yields

​High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...