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

Contemporary Amperex Technology / Index Rebalance

Contemporary Amperex Technology (3750 HK)

<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 March.</li>
<li>We highlight 8 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> and <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> have better odds than others of being added to the index.</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 March.
We highlight 8 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.

CATL (3750 HK), Yum China Holdings (9987 HK), WuXi XDC Cayman (2268 HK) and 3SBio Inc (1530 HK) have better odds than others of being added to the index.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Mar26

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.


MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).


Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

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

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

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 Mar26

We highlight 8 potential adds to the HSI in March. CATL is still a high prob add along with Healthcare names. Estimated turnover is 4.1% and trade...

Brian Freitas

Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zto Express (2057...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Sunny Optical,...

Ke Yan, CFA, FRM

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

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