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>
<a href="https://www.smartkarma.com/entities/ke-holdings-inc-897e2a03-d4ba-4c49-ac07-1f74df96fdbf" target="_blank" data-smartkarma-citation="entities:40644:1" rel="noopener">KE Holdings</a> and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> will replace <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in March.</li>
<li>Estimated one-way turnover at the rebalance is 2.8% resulting in a round-trip trade of HK$3.6bn (US$461m). The final capping will use the close of trading on 3 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/ke-holdings-inc-897e2a03-d4ba-4c49-ac07-1f74df96fdbf" target="_blank" data-smartkarma-citation="entities:40644:1" rel="noopener">KE Holdings (2423 HK)</a> has been added after passing the Velocity Test and could be a surprise to some market participants.</li>
</ul>



KE Holdings and Horizon Robotics will replace China Resources Beer and China Mengniu Dairy in the Hang Seng China Enterprises Index (HSCEI INDEX) in March.
Estimated one-way turnover at the rebalance is 2.8% resulting in a round-trip trade of HK$3.6bn (US$461m). The final capping will use the close of trading on 3 March.

KE Holdings (2423 HK) has been added after passing the Velocity Test and could be a surprise to some market participants.


HSCEI Index Rebalance: BEKE, Horizon Robotics In; CR Beer, Mengniu Out

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>The official index changes and indicative weights for the March 2026 index rebal event will be announced publicly after the close on Friday 13th February 2026.</li>
<li>We continue to expect one index change for March 2026 and we estimate there to be capping flows of US$114mn one-way.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
The official index changes and indicative weights for the March 2026 index rebal event will be announced publicly after the close on Friday 13th February 2026.
We continue to expect one index change for March 2026 and we estimate there to be capping flows of US$114mn one-way.


Quiddity Leaderboard HSCEI Mar26: One Index Change Likely; Announcement Soon

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 30th.</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, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 30th.
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, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.


HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a> , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Hong Kong

China Resources Beer (Holdings) Co. Ltd. manufactures, distributes, and sells alcoholic beverages, primarily beer, in Mainland China. Its product portfolio includes popular brands like Snow Beer, Heineken, Lao Xue, Amstel, and baijiu products under the Guizhou and Jinsha Huisha brands. The company is headquartered in Wan Chai, Hong Kong, and was founded in 1992.

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China Resources Beer (291 HK)

HSCEI Index Rebalance: BEKE, Horizon Robotics In; CR Beer, Mengniu Out

KE Holdings and Horizon Robotics replace CR Beer and Mengniu in March. We see underpositioning in BEKE and CR Beer. Big increase in shorts for...

Brian Freitas

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Quiddity Leaderboard HSCEI Mar26: One Index Change Likely; Announcement Soon

We see China Mengniu Dairy Co (2319 HK) as a high-conviction DEL and Horizon Robotics (9660 HK) as the replacement ADD in March 2026.

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Pop Mart Intl (9992 HK), Tencent...

Ke Yan, CFA, FRM

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)