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

Event-Driven

<ul>
<li>Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, a review of the seven Industry Groups and number of HK constituents.</li>
<li>We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.</li>
<li>There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.</li>
</ul>


Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the Hang Seng Index, a review of the seven Industry Groups and number of HK constituents.
We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.
There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.


HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Longfor, Cosco Ship Holding, CCB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Longfor, Cosco Ship Holding, CCB.


HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ganfenglithium, Picc P&amp;C, Jd, Bidu, Manulife.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 5th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ganfenglithium, Picc P&amp;C, Jd, Bidu, Manulife.


HK Short Interest Weekly: Ganfeng Lithium, Picc P&C, Jd, Bidu, Manulife

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Genscript Bio, China Merchants Bank, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 28th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Genscript Bio, China Merchants Bank, Baba.


HK Short Interest Weekly: Genscript Bio, CMB, Alibaba

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Pharmaron’s disappointing 2022 performance is just a start.Its business layout has always been "one step behind". CGT cannot become the main cornerstone business supporting valuation growth for the next stage.</li>
<li>The overall environment of CXO is different from that of the past. Even if Pharmaron finally achieves end-to-end integration,whether the prosperity of CXO industry still exists is a question mark.</li>
<li>Pharmaron may have entered a vicious circle, so that it is very challenging to generate the expected results no matter which direction the Company tries to break through.  </li>
</ul>


Pharmaron’s disappointing 2022 performance is just a start.Its business layout has always been "one step behind". CGT cannot become the main cornerstone business supporting valuation growth for the next stage.
The overall environment of CXO is different from that of the past. Even if Pharmaron finally achieves end-to-end integration,whether the prosperity of CXO industry still exists is a question mark.
Pharmaron may have entered a vicious circle, so that it is very challenging to generate the expected results no matter which direction the Company tries to break through.  


Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - Start to Enter a Vicious Circle

China

GenScript Biotech is a global biotechnology company providing life science research services and products, including gene synthesis, peptide synthesis, protein production, and antibody development. It also offers biologics contract development and manufacturing (CDMO) services and industrial synthetic biology products. The company was founded in 2002 and is headquartered in Nanjing, China.

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GenScript Biotech (1548 HK)

HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

The conclusions of the market consultation have been announced. Primary-listed foreign companies will be eligible for inclusion in the HSI and...

Brian Freitas

HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

We analyzed the latest HK SFC report for aggregate short position as of May 12th and highlight short interest changes in Longfor, Cosco Ship...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Ganfeng Lithium, Picc P&C, Jd, Bidu, Manulife

We analyzed the latest HK SFC report for aggregate short position as of May 5th and highlight short interest changes in Ganfenglithium, Picc P&C,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Genscript Bio, CMB, Alibaba

We analyzed the latest HK SFC report for aggregate short position as of Apr 28th and highlight short interest changes in Genscript Bio, CMB, Alibaba.

Ke Yan, CFA, FRM

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - Start to Enter a Vicious Circle

Due to slow layout in end-to-end integration/high uncertainty in CGT, Pharmaron has entered a vicious circle as CXO's fast-growing dividend period...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)