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

Contemporary Amperex Technology / Index Rebalance

Contemporary Amperex Technology (3750 HK)

<ul>
<li>On 10 August, Hang Seng Index launched a market consultation on potential changes to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> methodology.</li>
<li>If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.</li>
<li>One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.</li>
</ul>


On 10 August, Hang Seng Index launched a market consultation on potential changes to the Hang Seng TECH Index (HSTECH INDEX) methodology.
If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.
One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.


HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.</li>
<li>We also have a look at some of the factors that might impact the post deal performance.</li>
</ul>


With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.
We also have a look at some of the factors that might impact the post deal performance.


Aequitas: A/H Premiums and Recent 48 Deals Performance  - Better Performance, a Look at Correlations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>In this note, we talk about the company background and its ground breaking space segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
In this note, we talk about the company background and its ground breaking space segment.


Aequitas: SpaceX IPO - Space - The Breakthrough Segment but with Low/No Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We will undertake our more serious analysis in the coming days. This note is a lighthearted look at some of the other worldly claims and Grok’s view on SpaceX valuation.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We will undertake our more serious analysis in the coming days. This note is a lighthearted look at some of the other worldly claims and Grok’s view on SpaceX valuation.


Aequitas: SpaceX IPO- A Lighthearted Take on Some of the Claims - Grok Speaks the Truth on Valuation

<ul>
<li>2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.</li>
<li>We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

China

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company specializing in lithium-ion batteries for electric vehicles and energy storage systems. It is the world's largest producer of EV and energy storage batteries, also offering battery materials and recycling services. The company was founded in 2011 and is headquartered in Ningde, Fujian province, China.

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Contemporary Amperex Technology (3750 HK)

HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

Following a market consult, there could be 20 adds for the index in Dec leading to a one-way turnover of 13.4% and a round-trip trade of US$9.3bn....

Brian Freitas

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

Aequitas: SpaceX IPO - Space - The Breakthrough Segment but with Low/No Growth

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we look at its ground breaking...

Sumeet Singh

Aequitas: SpaceX IPO- A Lighthearted Take on Some of the Claims - Grok Speaks the Truth on Valuation

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. This note is a lighthearted look at some of the...

Sumeet Singh

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)