Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

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>Hang Seng Indexes announces changes to 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 href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index and HSCI Index (among others) post market close today. </li>
<li>The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.</li>
<li>Capping will lead to most inflows to <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index and HSCI Index (among others) post market close today. 
The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.
Capping will lead to most inflows to Meituan (3690 HK) while the largest outflows will be from Alibaba Group Holding (9988 HK) and Xiaomi Corp (1810 HK). 


Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

<ul>
<li>Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).</li>
<li>Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.</li>
<li>Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.</li>
</ul>


Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.


BUY/SELL/HOLD: Hong Kong Market Update (September 10)

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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) Index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.</li>
<li>We expect four changes for the HSIII index in March 2025. </li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) Index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.
We expect four changes for the HSIII index in March 2025. 


Quiddity Leaderboard HSIII Mar25: Couple of Names Have High Impact; Time for a Trade

Hong Kong

GL-Carlink Technology Holding Limited provides in-vehicle hardware and SaaS marketing and management services. The Company offers in-vehicle hardware products, SaaS (software-as-a-service) marketing and management services, and other services. GL-Carlink Technology Holding serves customers in China.

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GL-Carlink Technology Holding (2531 HK)

Robosense Technology, Driving in the Fast Lane While No One Is Looking

In June Robosense became the first company in the world to achieve the production of its 1,000,000th solid state LiDAR unit. The company announces...

David Mudd

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

BUY/SELL/HOLD: Hong Kong Market Update (September 10)

Hong Kong reached the technical resistance level of 27100 targeted in the insight, and promptly reversed. The interday reversal could be the start...

David Mudd

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

Quiddity Leaderboard HSIII Mar25: Couple of Names Have High Impact; Time for a Trade

SUNeVision (1686 HK) and Huitongda (9878 HK) could have 8.8x and 6.9x ADV to buy and sell respectively. SUNeVision (1686 HK) could outperform...

Janaghan Jeyakumar, CFA

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