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>There could be 2 constituent changes for the STAR Chip Index at the March rebalance. There will also be a few capping changes.</li>
<li>Estimated one-way turnover is 5% resulting in a round-trip trade of CNY 6.5bn (US$934m). Passives need to trade between 0.3-1x ADV in the forecast changes.</li>
<li>The forecast adds have outperformed the forecast deletes over the last month, while both sets of changes have underperformed the STAR Chip Index.</li>
</ul>


There could be 2 constituent changes for the STAR Chip Index at the March rebalance. There will also be a few capping changes.
Estimated one-way turnover is 5% resulting in a round-trip trade of CNY 6.5bn (US$934m). Passives need to trade between 0.3-1x ADV in the forecast changes.
The forecast adds have outperformed the forecast deletes over the last month, while both sets of changes have underperformed the STAR Chip Index.


STAR Chip Index Rebalance Preview: Two Changes for March

<ul>
<li>There could be 1 constituent change for the STAR Chip Index at the December rebalance. There will also be a few capping changes.</li>
<li>Estimated one-way turnover is 2.3% resulting in a round-trip trade of CNY 2.5bn (US$352m). Passives need to trade between 0.3-0.4x ADV in the potential changes.</li>
<li>The forecast add and delete will have same-way flows from passive trackers of other indices and that will increase the impact on the stocks.</li>
</ul>


There could be 1 constituent change for the STAR Chip Index at the December rebalance. There will also be a few capping changes.
Estimated one-way turnover is 2.3% resulting in a round-trip trade of CNY 2.5bn (US$352m). Passives need to trade between 0.3-0.4x ADV in the potential changes.
The forecast add and delete will have same-way flows from passive trackers of other indices and that will increase the impact on the stocks.


STAR Chip Index Rebalance Preview: One Change for December

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

Shenton Research

Shenton 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.

Equity Capital Markets

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: memory ICs and computing ICs.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.
We look at the company's core segments: memory ICs and computing ICs.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

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.

Yangtze Optical Fibre & Cable / Index Rebalance

Yangtze Optical Fibre & Cable (601869 CH)

<ul>
<li>MS-China June 2026 added 21 stocks and deleted 24. With the first implementation week complete, we review current-cycle performance vs history.</li>
<li>A-Share ADDs split by velocity. High-vel gains centered on Yangtze, while Mid- and Low-vel names fell further after implementation.</li>
<li>HK DELETEs had the weakest bridge return in the study history and partially recovered in the first implementation week. The recovery came from two names and was not basket-wide.</li>
</ul>


MS-China June 2026 added 21 stocks and deleted 24. With the first implementation week complete, we review current-cycle performance vs history.
A-Share ADDs split by velocity. High-vel gains centered on Yangtze, while Mid- and Low-vel names fell further after implementation.
HK DELETEs had the weakest bridge return in the study history and partially recovered in the first implementation week. The recovery came from two names and was not basket-wide.


MS-China June 2026 Rebalance: Post-Implementation Review

<ul>
<li>MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.</li>
<li>DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.</li>
</ul>


MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.
ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.
DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.


MS-China June 2026 Rebalance: Pre-Implementation Update

China

Giantec Semiconductor Corporation manufactures and distributes chips. The Company develops and sells contact electronic engineering secured chips, contactless read-only memory central processing unit chips, output amplifiers, and other products. Giantec Semiconductor provides its products for smart phones, computers, medical equipment, and automotive electronic areas.

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Giantec Semiconductor (688123 CH)

STAR Chip Index Rebalance Preview: Two Changes for March

There could be 2 changes for the index in March. Estimated one-way turnover is 5% resulting in a round-trip trade of US$934m. Passives need to...

Brian Freitas

STAR Chip Index Rebalance Preview: One Change for December

Giantec Semi could replace Grandit in the index in Dec. There will be capping changes for 3 of the large index weights. Estimated one-way turnover...

Brian Freitas

Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

Ingenic Semiconductor is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Post-Implementation Review

MS-China June 2026 implementation is complete. We review the bridge window and first-week performance across 21 ADDs and 24 DELETEs vs 8 prior cycles.

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Pre-Implementation Update

MSCI China enters implementation phase on June 1st. We provides an update to stock's performance and discussed implementation trades.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)