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

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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).</li>
<li>We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).
We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.


Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.</li>
<li>Based on the latest data, we see three ADDs and three DELs.</li>
</ul>


The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.
Based on the latest data, we see three ADDs and three DELs.


Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

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>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/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics </a>delivered a strong listing, while <a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies</a> was still holding on to its deal price.</li>
<li>On the placements front, we looked at number of upcoming lockup expiries.</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, Duality Biotherapeutics delivered a strong listing, while Jiangsu Zenergy Battery Technologies was still holding on to its deal price.
On the placements front, we looked at number of upcoming lockup expiries.


ECM Weekly (22 Apr 2025) - Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi

Contemporary Amperex Technology (CATL) / 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, we looked at the possible A/H premium for <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, along with two live deals in Hong Kong . </li>
<li>On the placements front, only <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>'s shareholders were brave enough to launch a placement in the turbulent markets. </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, we looked at the possible A/H premium for Jiangsu Hengrui Medicine (600276 CH), along with two live deals in Hong Kong . 
On the placements front, only Suzuki Motor (7269 JP)'s shareholders were brave enough to launch a placement in the turbulent markets. 


ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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: 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

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

Index member Yichang HEC Changjiang Pharma (1558 HK) is involved in a takeover situation which is expected to complete in 2Q 2025. This could...

Janaghan Jeyakumar, CFA

ECM Weekly (22 Apr 2025) - Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi

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

ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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

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