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

TransThera Sciences (Nanjing) / Index Rebalance

<ul>
<li>Following the completion of the review period, there could be one set of changes for the Hang Seng Biotech Index (HSHKBIO Index) in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/transthera-sciences-nanjing-inc" target="_blank" data-smartkarma-citation="entities:34404:1" rel="noopener">TransThera Sciences (Nanjing) (2617 HK)</a> could replace <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> and there will be capping changes for the largest index constituents.</li>
<li>Both stocks have dropped over the past few months as interest in the sector has cooled and some of the steam is let out. </li>
</ul>


Following the completion of the review period, there could be one set of changes for the Hang Seng Biotech Index (HSHKBIO Index) in March.

TransThera Sciences (Nanjing) (2617 HK) could replace Everest Medicines (1952 HK) and there will be capping changes for the largest index constituents.
Both stocks have dropped over the past few months as interest in the sector has cooled and some of the steam is let out. 


Hang Seng Biotech Index Rebalance Preview: One Set of Changes in March

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.</li>
<li>Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.
Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.
In this note, we will talk about the lockup dynamics and possible placement.


Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Equity Capital Markets

MicroPort Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.</li>
<li>In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.</li>
<li>In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.</li>
</ul>



Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.


Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

TenNor Therapeutics (Suzhou) Limited / Equity Capital Markets

TenNor Therapeutics (Suzhou) Limited (TEN123 HK)

<ul>
<li>China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.</li>
<li>The NMPA's approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies' evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. </li>
<li>Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.</li>
</ul>


China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.
The NMPA's approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies' evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch. 
Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.


Pre-IPO TenNor Therapeutics (Suzhou) Limited - The Pipelines and the Concerns

China

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative pharmaceutical products and vaccines. The company has a product pipeline across renal, anti-infective, autoimmune, critical care, cardiovascular, and ophthalmic diseases, including products like Nefecon (TarpeyoTM) and Eravacycline (Xerava). Everest Medicines was founded in 2017 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Everest Medicines (1952 HK)

Hang Seng Biotech Index Rebalance Preview: One Set of Changes in March

TransThera Sciences could replace Everest Medicines in the index in March. Plus some capping changes. Estimated one-way turnover is 2.1% and the...

Brian Freitas

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Pre-IPO TenNor Therapeutics (Suzhou) Limited - The Pipelines and the Concerns

China has vigorously restricted the use of antibiotics.TenNor's product won’t replace old ones completely due to higher price/difficulty of...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hang Seng Biotech Index Rebalance Preview: One Set of Changes in March

TransThera Sciences could replace Everest Medicines in the index in March. Plus some capping changes. Estimated one-way turnover is 2.1% and the...

Brian Freitas

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

​Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Pre-IPO TenNor Therapeutics (Suzhou) Limited - The Pipelines and the Concerns

China has vigorously restricted the use of antibiotics.TenNor's product won’t replace old ones completely due to higher price/difficulty of...

Xinyao (Criss) Wang

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...