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

Hong Kong Exchanges and Clearing / Index Rebalance

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/cathay-biotech-inc">Cathay Biotech </a>is a global leader in the synthetic biology space, with a dominant market position in bio-manufactured long-chain dicarboxylic acids (LCDA) and a first-mover advantage in bio-based pentanediamine (DN5), key components for high-performance polyamides.</li>
  <li>The company is in a high-growth phase, driven by strong demand for sustainable, bio-based materials in industries like automotive, textiles, and electronics, and is aggressively expanding its production capacity to meet this demand.</li>
  <li>While the company's technological leadership and market position are strong, it faces risks from potential competition from both petrochemical incumbents and other biotech firms, volatility in feedstock prices, and a current high valuation relative to peers.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Cathay Biotech is a global leader in the synthetic biology space, with a dominant market position in bio-manufactured long-chain dicarboxylic acids (LCDA) and a first-mover advantage in bio-based pentanediamine (DN5), key components for high-performance polyamides.
  The company is in a high-growth phase, driven by strong demand for sustainable, bio-based materials in industries like automotive, textiles, and electronics, and is aggressively expanding its production capacity to meet this demand.
  While the company's technological leadership and market position are strong, it faces risks from potential competition from both petrochemical incumbents and other biotech firms, volatility in feedstock prices, and a current high valuation relative to peers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Cathay Biotech  (688065 CH) - Apr 2026

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

Fujian Haixi Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujian-haixi-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48969:1" rel="noopener">Fujian Haixi Pharmaceuticals (2637 HK)</a> was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.
Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.


STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

<ul>
<li>STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.</li>
<li>Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.</li>
<li>Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.</li>
</ul>


STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.
Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.
Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.


STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

China

Cathay Biotech Inc. engages in synthetic biology, producing new materials on an industrial scale through bio-manufacturing. The Company focuses on polyamide industry's value chain covering biological long-chain dibasic acid, bio-based pentane diamine, bio-based polyamide, and more. Cathay Biotech markets its products worldwide.

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Cathay Biotech (688065 CH)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Primer: Cathay Biotech (688065 CH) - Apr 2026

Cathay Biotech is a global leader in the synthetic biology space, with a dominant market position in bio-manufactured long-chain dicarboxylic...

αSK Primers

Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is...

Sumeet Singh

STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

We analyzed STAR50's consensus for Sep 2026 and highlighted changes of EPS in Biwin Storage (688525 CH), RAYTRON TECHNOLOGY (688002 CH), APT...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

STAR50 enters implementation on 14 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

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