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 38 potential and close adds and 51 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.</li>
<li>There have been many new listings in the last weeks of December. Some of them are fairly large and will be added and 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 38 potential and close adds and 51 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.
There have been many new listings in the last weeks of December. Some of them are fairly large and will be added and 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: Updated Potential Changes in March 2025

<ul>
<li>We see 32 potential and close adds and 44 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.</li>
<li>We expect 29 stocks to be added to Southbound Stock Connect following the rebalance while 31 stocks could be deleted from the trading link and become Sell-only.</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 32 potential and close adds and 44 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.
We expect 29 stocks to be added to Southbound Stock Connect following the rebalance while 31 stocks could be deleted from the trading link and become Sell-only.
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 March 2025

<ul>
<li>There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.</li>
<li>We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.</li>
<li>19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.</li>
</ul>


There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.
We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.
19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.


HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gaush-meditech-ltd" target="_blank" data-smartkarma-citation="entities:35250:1" rel="noopener">Gaush Meditech (GMT HK)</a> is a leading total solution provider of ophthalmic medical devices industry.</li>
<li>The irreplaceability of Gaush in the whole industrial chain is actually not high based on its current business model.The proprietary product business may also need to face different policy risks.</li>
<li>Together with other uncertainties such as increasing market competition and medical reform policy in China, we are conservative about Gaush’s outlook at the current stage.  </li>
</ul>



Gaush Meditech (GMT HK) is a leading total solution provider of ophthalmic medical devices industry.
The irreplaceability of Gaush in the whole industrial chain is actually not high based on its current business model.The proprietary product business may also need to face different policy risks.
Together with other uncertainties such as increasing market competition and medical reform policy in China, we are conservative about Gaush’s outlook at the current stage.  


Pre-IPO Gaush Meditech - The "Middlemen" Have Many Challenges

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Gaush Meditech is a leading distributor of ophthalmic medical device in China. The company is looking to raise up to USD 200m via a Hong Kong listing.</li>
<li>We look at the company's key segments and products. The company's story of being a comprehensive distributor and R&amp;D does not impress us.</li>
<li>The company is mainly held by the founder's family. We think the company should be valued as a distributor and not innovative medical device company.</li>
</ul>


Gaush Meditech is a leading distributor of ophthalmic medical device in China. The company is looking to raise up to USD 200m via a Hong Kong listing.
We look at the company's key segments and products. The company's story of being a comprehensive distributor and R&amp;D does not impress us.
The company is mainly held by the founder's family. We think the company should be valued as a distributor and not innovative medical device company.


Gaush Meditech (高视医疗科技) Pre-IPO: Need a Very Convincing Story

China

Gaush Meditech Ltd. is an investment holding company primarily engaged in the research and development, manufacture, and sale of ophthalmic medical devices and consumables. The company offers a broad spectrum of ophthalmic medical devices, including diagnostic equipment, surgical and treatment instruments, and consumables, along with technical services. It was founded in 1998 and is headquartered in Beijing, China.

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Gaush Meditech (2407 HK)

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

There could be 89 changes for the HSCI in March. That could result in 73 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

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

There could be 78 changes for the HSCI in March. That could result in 57 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

There are 35 adds & 28 deletes for the HSCI in March leading to 29 adds & 20 deletes for Stock Connect. 19 index constituents could be dropped from...

Brian Freitas

Pre-IPO Gaush Meditech - The "Middlemen" Have Many Challenges

The irreplaceability of Gaush in the whole industrial chain is not high based on its business model. Gaush's business has to face various policy...

Xinyao (Criss) Wang

Gaush Meditech (高视医疗科技) Pre-IPO: Need a Very Convincing Story

Gaush Meditech is a leading distributor of ophthalmic medical device in China, looking to raise up to USD 200m. We look at its product lines of...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)