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

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> listed in May 2025 by selling 135.579m shares at HK$263/share. The overallotment option of 20.337m shares was also exercised fully. The stock is up 151% since then.</li>
<li>Media reports indicate that <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> could use the recent runup in the stock price to raise up to US$5bn in a share sale.</li>
<li>Passives will mop up around 15% of the offering. Southbound investors have been selling, shorts are rising, and the H/A premium could move sharply lower from here.</li>
</ul>



CATL (3750 HK) listed in May 2025 by selling 135.579m shares at HK$263/share. The overallotment option of 20.337m shares was also exercised fully. The stock is up 151% since then.
Media reports indicate that CATL (3750 HK) could use the recent runup in the stock price to raise up to US$5bn in a share sale.
Passives will mop up around 15% of the offering. Southbound investors have been selling, shorts are rising, and the H/A premium could move sharply lower from here.


CATL (3750 HK): Implications of Potential US$5bn Offering

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

Contemporary Amperex Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> managed to perform well in HK's larget listing so far this year.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> witnessed selldowns on its A-share and H-shares line.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Victory Giant (2476 HK) managed to perform well in HK's larget listing so far this year.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.


Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

<ul>
<li>Sinopec is looking to raise around US$780m via selling most of its stake in <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a>’s H-shares.</li>
<li>Last week we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place, including this one.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>


Sinopec is looking to raise around US$780m via selling most of its stake in Contemporary Amperex Technology (CATL) (3750 HK)’s H-shares.
Last week we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place, including this one.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Aequitas: CATL H-Share Placement - Has Seen Nearly US$5bn Worth of Wrong Deals

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all eyes will on <a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> as it completes one of the largest A/H listings.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL(300750 CH)</a>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all eyes will on Victory Giant Technology -A (300476 CH) as it completes one of the largest A/H listings.
On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by CATL(300750 CH).


Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

Equity Long-Short

Mo Aziz

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

<ul>
<li>CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.</li>
<li>Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. </li>
<li>Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. </li>
</ul>


CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.
Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. 
Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. 


CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

CATL (3750 HK): Implications of Potential US$5bn Offering

CATL has reportedly launched a placement to raise around US$5bn. The price range is HK$628.20 to HK$$651.80 per share, a 3.5%–7% discount to the...

Brian Freitas

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

CATL’s strong earnings face dilution risk from a potential US$5bn raise funding its mining pivot, shifting to a lower-ROIC model. Near-term sell;...

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL (3750 HK): Implications of Potential US$5bn Offering

CATL has reportedly launched a placement to raise around US$5bn. The price range is HK$628.20 to HK$$651.80 per share, a 3.5%–7% discount to the...

Brian Freitas

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: CATL H-Share Placement - Has Seen Nearly US$5bn Worth of Wrong Deals

Sinopec is looking to raise around US$780m via selling most of its stake in Contemporary Amperex Technology (CATL) (3750 HK)’s H-shares. In this...

Sumeet Singh

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

CATL’s strong earnings face dilution risk from a potential US$5bn raise funding its mining pivot, shifting to a lower-ROIC model. Near-term sell;...

Mo Aziz