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>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD HK)</a> is looking to raise up to HK$3.99bn (US$508m) in its IPO, valuing the company at HK$48.82bn (US$6.22bn).</li>
<li>Cornerstone investors will take up more than half the base offering and that will delay index inclusion to well into 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD HK)</a> could be added to the HSCI Index and Southbound Stock Connect in December. That could bring some buying into the stock from mainland investors.</li>
</ul>



FWD Group Holdings (FWD HK) is looking to raise up to HK$3.99bn (US$508m) in its IPO, valuing the company at HK$48.82bn (US$6.22bn).
Cornerstone investors will take up more than half the base offering and that will delay index inclusion to well into 2026.

FWD Group Holdings (FWD HK) could be added to the HSCI Index and Southbound Stock Connect in December. That could bring some buying into the stock from mainland investors.


FWD Group (1828 HK): Offering Details & Index Entry Timeline

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Zhejiang Sanhua Intellignt Controls / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co. (002050 CH)</a>'s global offering opens today and the raise could reach up to US$1.4bn if the offer-size adjustment option and the overallotment option are exercised.  </li>
<li>There is a large allocation to cornerstone investors. The discount of around 22.7% to the A-shares is attractive given the recent trend for <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea (300 HK)</a> and <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>. </li>
<li>The H-shares should be added to Southbound Stock Connect in July, to the HSCI in September, and to a global index in December.</li>
</ul>



Zhejiang Sanhua Intellignt Controls Co. (002050 CH)'s global offering opens today and the raise could reach up to US$1.4bn if the offer-size adjustment option and the overallotment option are exercised.  
There is a large allocation to cornerstone investors. The discount of around 22.7% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK). 
The H-shares should be added to Southbound Stock Connect in July, to the HSCI in September, and to a global index in December.


Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones

<ul>
<li>
Context: Over the past five trading days, <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> live multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy popularity. Strategies tend to have a short-term horizon and exhibit a slightly bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Alibaba Group Holding (9988 HK) live multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy popularity. Strategies tend to have a short-term horizon and exhibit a slightly bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Alibaba (9988 HK): Top Trades and Strategic Insights from Options Trading

<ul>
<li>
Context: Analysis of <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's (9988 HK)</a> implied volatility surface as of June 20, 2025, examining implied volatility patterns, skew structures, and open interest distribution across various expiry dates.</li>
<li>
Highlights: One-month implied volatility at 31.6% is trading at historically cheap levels (13th percentile), while the skew shows a pronounced volatility smile favoring spreads.</li>
<li>
Why Read: Essential for options traders and volatility strategists looking to capitalize on the historical cheapness of current implied volatility levels, particularly given the favorable skew structure for spread strategies.</li>
</ul>



Context: Analysis of Alibaba's (9988 HK) implied volatility surface as of June 20, 2025, examining implied volatility patterns, skew structures, and open interest distribution across various expiry dates.

Highlights: One-month implied volatility at 31.6% is trading at historically cheap levels (13th percentile), while the skew shows a pronounced volatility smile favoring spreads.

Why Read: Essential for options traders and volatility strategists looking to capitalize on the historical cheapness of current implied volatility levels, particularly given the favorable skew structure for spread strategies.


Alibaba (9988 HK) Options Insights: Navigating Contango and Skew for Profitable Trades

China

The Hang Seng China Enterprises Index is a free-float capitalization-weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index. The base value of this index is 2000 as of Jan 3, 2000. This index replaced the old HSCE index on Oct. 3, 2001.

Hang Seng China Enterprises Index (HSCEI INDEX)

Hang Seng China Enterprises Index (HSCEI INDEX)

FWD Group (1828 HK): Offering Details & Index Entry Timeline

FWD Group is looking to raise up to HK$3.99bn valuing the company at HK$48.82bn. The low float will keep the stock out of global indices till early...

Brian Freitas

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones

Zhejiang Sanhua (2050 HK) lists today after raising close to US$1.4bn (including the overallotment option). The raise at HK$22.53/share is a 17.38%...

Brian Freitas

Alibaba (9988 HK): Top Trades and Strategic Insights from Options Trading

Insights on market sentiment and actionable examples. Alibaba multi-leg option strategies show popularity of Diagonal Spreads with short-term...

Gaudenz Schneider

Alibaba (9988 HK) Options Insights: Navigating Contango and Skew for Profitable Trades

Analysis of Alibaba's implied volatility surface shows historically cheap implied volatility and favorable skew structure for spread strategies.

Gaudenz Schneider

FWD Group (1828 HK): Offering Details & Index Entry Timeline

FWD Group is looking to raise up to HK$3.99bn valuing the company at HK$48.82bn. The low float will keep the stock out of global indices till early...

Brian Freitas

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

​Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones

Zhejiang Sanhua (2050 HK) lists today after raising close to US$1.4bn (including the overallotment option). The raise at HK$22.53/share is a 17.38%...

Brian Freitas

Alibaba (9988 HK): Top Trades and Strategic Insights from Options Trading

Insights on market sentiment and actionable examples. ​Alibaba multi-leg option strategies show popularity of Diagonal Spreads with short-term...

Gaudenz Schneider

Alibaba (9988 HK) Options Insights: Navigating Contango and Skew for Profitable Trades

​Analysis of Alibaba's implied volatility surface shows historically cheap implied volatility and favorable skew structure for spread strategies.

Gaudenz Schneider

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Insights on market sentiment and actionable examples. Alibaba multi-leg option strategies show popularity of Diagonal Spreads with short-term...

Analysis of Alibaba's implied volatility surface shows historically cheap implied volatility and favorable skew structure for spread strategies.