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>Post market close on Friday, Hang Seng Indexes will announce the changes for 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 (HSI INDEX)</a> that will be implemented at the close on 6 June.</li>
<li>With no constituent changes, one-way turnover will be 1.9% with 3 stocks being capped and FAF changes for a few stocks due to a methodology change for Secondary Listings. </li>
<li>We highlight 7 stocks that have a higher probability of being added to the index. Everything depends on the index committee, and we would not be surprised by zero changes.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 6 June.
With no constituent changes, one-way turnover will be 1.9% with 3 stocks being capped and FAF changes for a few stocks due to a methodology change for Secondary Listings. 
We highlight 7 stocks that have a higher probability of being added to the index. Everything depends on the index committee, and we would not be surprised by zero changes.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for June25

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.


HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>With policy optimization and market adjustment, the VBP will pay more attention to the balance between quality, supply, and price. So, we think malignant price competition would be avoided.</li>
<li>By 2025, the VBP of biosimilar drugs will gradually cover the major categories such as monoclonal antibody, growth hormone and blood products, with an average price reduction of 30%-50%</li>
<li>Giant Biogene announced a HK$2.294 billion placement with Placing Price of HK$66.65/Share. Investment logic/fundamentals will change after Class III medical device is approved.Based on 2025-2027 forecast, growth will remain strong.</li>
</ul>


With policy optimization and market adjustment, the VBP will pay more attention to the balance between quality, supply, and price. So, we think malignant price competition would be avoided.
By 2025, the VBP of biosimilar drugs will gradually cover the major categories such as monoclonal antibody, growth hormone and blood products, with an average price reduction of 30%-50%
Giant Biogene announced a HK$2.294 billion placement with Placing Price of HK$66.65/Share. Investment logic/fundamentals will change after Class III medical device is approved.Based on 2025-2027 forecast, growth will remain strong.


China Healthcare Weekly (Apr.20)- Giant Biogene Announced a HK$2.3bn Placement, China's VBP Outlook

China

Giant Biogene designs, develops, manufactures, and sells beauty and health products, primarily functional skincare products and medical dressings, utilizing recombinant collagen as a key bioactive ingredient. The company also develops and manufactures functional foods based on rare ginsenosides technology. It was founded in 2000 and is headquartered in Xi'an, People's Republic of China.

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Giant Biogene (2367 HK)

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for June25

We highlight 7 potential inclusions for the HSI in June, though the index committee could make no changes as we have seen in the past. Pop Mart...

Brian Freitas

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

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

China Healthcare Weekly (Apr.20)- Giant Biogene Announced a HK$2.3bn Placement, China's VBP Outlook

VBP policy changes will avoid malignant price competition.Giant Biogene announced HK$2.3bn placement with Placing Price of HK$66.65.Growth will...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for June25

We highlight 7 potential inclusions for the HSI in June, though the index committee could make no changes as we have seen in the past. Pop Mart...

Brian Freitas

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

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

China Healthcare Weekly (Apr.20)- Giant Biogene Announced a HK$2.3bn Placement, China's VBP Outlook

​VBP policy changes will avoid malignant price competition.Giant Biogene announced HK$2.3bn placement with Placing Price of HK$66.65.Growth will...

Xinyao (Criss) Wang

VBP policy changes will avoid malignant price competition.Giant Biogene announced HK$2.3bn placement with Placing Price of HK$66.65.Growth will...