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

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>Today's NBS data for September points to further weakening in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis</li>
<li>It's in line with our forecast from Dec 2022 data, and also consistent with what the weekly data suggested earlier</li>
<li>But the main caveat persists - the 2022 data (May-Sep) continued to be revised down (officially) for some key metrics like new home sales</li>
</ul>


Today's NBS data for September points to further weakening in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis
It's in line with our forecast from Dec 2022 data, and also consistent with what the weekly data suggested earlier
But the main caveat persists - the 2022 data (May-Sep) continued to be revised down (officially) for some key metrics like new home sales


China Property - Today's NBS Macro-Property Data for September 2023

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

<ul>
<li>Historically, the "housing market" in China largely meant the market for the development of new homes, with the secondary market playing a much smaller role</li>
<li>But this has changed in the past 2 years, with a greater shift of demand to secondary, given the risks of developers not delivering, and the lower prices in secondary</li>
<li>Based on the data for both segments, for 10 major cities, we illuminate in this note the 'primary vs secondary' dynamics and its implications</li>
</ul>


Historically, the "housing market" in China largely meant the market for the development of new homes, with the secondary market playing a much smaller role
But this has changed in the past 2 years, with a greater shift of demand to secondary, given the risks of developers not delivering, and the lower prices in secondary
Based on the data for both segments, for 10 major cities, we illuminate in this note the 'primary vs secondary' dynamics and its implications


China Housing: Primary Vs Secondary Markets (2019-2024) - An Increasingly Important Distinction

<ul>
<li>The average of the y/y growth rates of new home prices across 70 cities in December 2024 turned less negative -5.7% vs -6.1% for November, continuing the recent trend</li>
<li>What lies beneath - a more complex picture across cities, with a continued gap between the new and secondary home prices</li>
<li>In this note, we present the REF Data Update on NBS House Prices for December 2024 data released last Friday</li>
</ul>


The average of the y/y growth rates of new home prices across 70 cities in December 2024 turned less negative -5.7% vs -6.1% for November, continuing the recent trend
What lies beneath - a more complex picture across cities, with a continued gap between the new and secondary home prices
In this note, we present the REF Data Update on NBS House Prices for December 2024 data released last Friday


China Property: A Closer Look At The House Price Dynamics Across 70 Cities (Dec 2024 Data)

Hong Kong

Gemdale Properties and Investment Corporation Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also develops and manages business parks, invests in info-communications and education projects, and provides technology services.

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Gemdale Properties And Inv Corp (535 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

China Property - Today's NBS Macro-Property Data for September 2023

We slice and dice various metrics for China 'macro-property' data with today's NBS release of the new data for September 2023.

Robert Ciemniak

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

China Housing: Primary Vs Secondary Markets (2019-2024) - An Increasingly Important Distinction

China Property: We point out an important distinction between the Primary and Secondary Housing Markets and the implications; based on the data for...

Robert Ciemniak

China Property: A Closer Look At The House Price Dynamics Across 70 Cities (Dec 2024 Data)

In this note, we present the Real Estate Foresight's Data Update on NBS House Prices for December 2024 data released last Friday.

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)