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>We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Nanjing Leads Biolabs / Equity Capital Markets

<ul>
<li>Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Leads Biolabs (维立志生物) Trading Update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Everest Medicines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> aims to raise around US$200m via a top-up placement.</li>
<li>This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

<ul>
<li>Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and compare the listing with the Duality listing.</li>
<li>The deal values the companies fairly but we see strong sentiment towards quality biotech names.</li>
</ul>


Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
We look at the deal dynamics and compare the listing with the Duality listing.
The deal values the companies fairly but we see strong sentiment towards quality biotech names.


Leads Biolabs (维立志生物) IPO: A Duality Repeat?

Jiangsu Hengrui Pharmaceuticals / Index Rebalance

<ul>
<li>We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.</li>
<li>There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025

Hong Kong

Duality Biotherapeutics, Inc. develops antibody drug conjugate products. The Company produces duality immune toxin antibody conjugates, duality innovative bispecific antibody conjugates, modulating antibody conjugates, duality unique payload antibody conjugates, and others. Duality Biotherapeutics markets its products throughout Japan.

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Duality Biotherapeutics (9606 HK)

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

Leads Biolabs (维立志生物) Trading Update

Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.

Ke Yan, CFA, FRM

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

Leads Biolabs (维立志生物) IPO: A Duality Repeat?

China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025

There could be 55 changes for the HSCI in September. That could result in 46 changes to the Southbound Stock Connect list and also have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

Leads Biolabs (维立志生物) Trading Update

​Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.

Ke Yan, CFA, FRM

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

Leads Biolabs (维立志生物) IPO: A Duality Repeat?

​China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025

There could be 55 changes for the HSCI in September. That could result in 46 changes to the Southbound Stock Connect list and also have...

Brian Freitas

Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.

China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...