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>There could be 3 constituent changes for the HSIII Index in March along with capping changes for the largest index members.</li>
<li>Estimated one-way turnover is 3.3% resulting in a round-trip trade of HK$2.77bn. There are a few stocks with over 1x ADV to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc-f40ea771-20a4-48e1-9405-0a35b4c4aadb" target="_blank" data-smartkarma-citation="entities:46237:1" rel="noopener">Pony AI (2026 HK)</a> has been trading higher over the last several weeks on expectations of large passive buying over the next couple of months.</li>
</ul>


There could be 3 constituent changes for the HSIII Index in March along with capping changes for the largest index members.
Estimated one-way turnover is 3.3% resulting in a round-trip trade of HK$2.77bn. There are a few stocks with over 1x ADV to trade.

Pony AI (2026 HK) has been trading higher over the last several weeks on expectations of large passive buying over the next couple of months.


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: 3 Changes as Pony AI Jumps

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

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 2nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics, Ck Infrastructure.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics, Ck Infrastructure.


HK Connect Flows Weekly (Jan 2nd): China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK)</a> raised US$183m in its Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>



CiDi Inc (CIDI HK) raised US$183m in its Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In this note, we will talk about the demand and trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.


HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

China

Black Sesame International Holding Limited is a semiconductor company that provides automotive-grade computing System-on-Chips (SoC) and SoC-based intelligent vehicle solutions. Its product portfolio includes the Huashan series for autonomous driving and the Wudang series for cross-domain computing platforms, alongside supporting software and IP licensing. The company was founded in 2016 and is headquartered in Wuhan, China.

Price Gauge
52-week Range	0.00 - 0.00
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Black Sesame International (2533 HK)

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: 3 Changes as Pony AI Jumps

There could be 3 constituent changes in March along with capping changes. Estimated one-way turnover is 3.3% resulting in a round-trip trade of...

Brian Freitas

HK Connect Flows Weekly (Jan 2nd): China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent...

Ke Yan, CFA, FRM

CiDi IPO Trading - Subdued Insti Demand

CiDi Inc. raised around US$183m in its Hong Kong IPO. In this note, we will talk about the IPO and demand and trading dynamics.

Akshat Shah

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)