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/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).</li>
<li>There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.</li>
<li>Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).
There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.
Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.


Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> is announcing 2024 Full Year Results on March 21, 2025, with historical data showing substantial price movement following earnings.</li>
<li>The options market is pricing a 5-6% post-announcement move (below historical average), with the March 28 ATM straddle priced at 15.4-15.6, implying a 9.0% break-even by expiration.</li>
<li>Three distinct option strategies are evaluated, considering an expected post-announcement drop in implied volatility.</li>
</ul>



Meituan (3690 HK) is announcing 2024 Full Year Results on March 21, 2025, with historical data showing substantial price movement following earnings.
The options market is pricing a 5-6% post-announcement move (below historical average), with the March 28 ATM straddle priced at 15.4-15.6, implying a 9.0% break-even by expiration.
Three distinct option strategies are evaluated, considering an expected post-announcement drop in implied volatility.


Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.</li>
<li>
<strong>Expected Price Movement:</strong> Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.</li>
<li>
<strong>Options Strategies:</strong> Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.</li>
</ul>



Kuaishou Technology (1024 HK) is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.

Expected Price Movement: Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.

Options Strategies: Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.


Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

Equity Bottom-Up

China Construction Bank H / Equity Bottom-Up

<ul>
<li>The Hong Kong earnings season enters its final week with at least 17 <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> companies reporting their 2024 results and announcing dividends.</li>
<li>The proportion of companies reporting in the coming week and the week after is significant at an index level, with notable weightings in the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a>, and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HS TECH </a>indices.</li>
<li>Opportunities to profit from price movement around earnings are manifold and include event-focused trading, statistical arbitrage, hedging, and capitalizing on changes in dividends and implied volatility.</li>
</ul>


The Hong Kong earnings season enters its final week with at least 17 Hang Seng Index companies reporting their 2024 results and announcing dividends.
The proportion of companies reporting in the coming week and the week after is significant at an index level, with notable weightings in the HSI, HSCEI, and HS TECH indices.
Opportunities to profit from price movement around earnings are manifold and include event-focused trading, statistical arbitrage, hedging, and capitalizing on changes in dividends and implied volatility.


Hong Kong Earnings in the Week Commencing March 24

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The investment world has turned upside down where established norms have gone into reverse.</li>
<li>The new investing environment needs to be paid attention to.</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The investment world has turned upside down where established norms have gone into reverse.
The new investing environment needs to be paid attention to.


Hong Kong

The Hang Seng TECH Index aims to represent the 30 largest technology companies listed in Hong Kong which have high business exposure to the Innovative Tech Themes.

Hang Seng TECH Index (HSTECH INDEX EQUITY)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hang Seng TECH Index (HSTECH INDEX EQUITY)

Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Xiaomi is looking to raise US$5bn in a placement at a 4.2-7.4% discount to last. The placement in Dec 2020 did well. The net index buying is only...

Brian Freitas

Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

First post-earnings trading session for Meituan in Asia today. On Friday, after earnings, the stock lost 6.4% in Europe (9MDA.F, -) and 5.1% in the...

Gaudenz Schneider

Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

Gaudenz Schneider

Hong Kong Earnings in the Week Commencing March 24

The Hong Kong earnings season wraps up with 17 Hang Seng Index companies reporting 2024 results and dividends, offering various profit...

Gaudenz Schneider

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Xiaomi is looking to raise US$5bn in a placement at a 4.2-7.4% discount to last. The placement in Dec 2020 did well. The net index buying is only...

Brian Freitas

Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

First post-earnings trading session for Meituan in Asia today. On Friday, after earnings, the stock lost 6.4% in Europe (9MDA.F, -) and 5.1% in the...

Gaudenz Schneider

Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

​Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

Gaudenz Schneider

Hong Kong Earnings in the Week Commencing March 24

​The Hong Kong earnings season wraps up with 17 Hang Seng Index companies reporting 2024 results and dividends, offering various profit...

Gaudenz Schneider

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

The Hong Kong earnings season wraps up with 17 Hang Seng Index companies reporting 2024 results and dividends, offering various profit...