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

<ul>
<li>The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.</li>
<li>The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.</li>
</ul>


The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.
The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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.

Thematic (Sector/Industry)

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.</li>
<li>MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.</li>
<li>Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.
MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.
Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.


This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 2nd Jan 2026, <strong><a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a></strong> announced the proposed listing of subsidiary Kunlunxin on the HKEx. The Street promptly bumped its fair values. Shares gained a punchy 9.4%. </li>
<li>Kunlunxin is Baidu's AI chip subsidiary, held as to ~59.45%.  Baidu’s stake is expected to fall to 51% after the spinoff.</li>
<li>What is Kunlunxin worth? ~US$3bn if using recent founding rounds; up to US$16-US$23bn according to some Street analysts. Baidu's market cap is ~US$52bn.</li>
</ul>


On the 2nd Jan 2026, Baidu (9888 HK) announced the proposed listing of subsidiary Kunlunxin on the HKEx. The Street promptly bumped its fair values. Shares gained a punchy 9.4%. 
Kunlunxin is Baidu's AI chip subsidiary, held as to ~59.45%.  Baidu’s stake is expected to fall to 51% after the spinoff.
What is Kunlunxin worth? ~US$3bn if using recent founding rounds; up to US$16-US$23bn according to some Street analysts. Baidu's market cap is ~US$52bn.


Baidu (9888 HK)'s Spin-Off And Listing Of Kunlunxin

China

Baidu is a Chinese multinational technology company specializing in Internet services and artificial intelligence. Its core business includes its dominant search engine, online marketing services, cloud computing, and autonomous driving technologies. Key products and services include Baidu Search, Baidu App, Baidu Maps, Baidu Baike, iQIYI, and the Apollo autonomous driving platform. The company was founded in January 2000 and is headquartered in Beijing, China.

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Baidu (9888 HK)

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

The June rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use 2 June closing prices for capping. The round-trip trade across the...

Brian Freitas

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

Baidu (9888 HK)'s Spin-Off And Listing Of Kunlunxin

This development serves to underscore the growing emphasis on Baidu’s AI and cloud capabilities. What Kunlunxin is worth is anyone's guess. But it...

David Blennerhassett

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