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

Henderson Land Development / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land Development (12 HK)</a> will be added to a global sector index at the close on 20 June.</li>
<li>Estimated passive buying in <a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land Development (12 HK)</a> is 42m shares (US$131.5m; 7.5x ADV).</li>
<li>The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.</li>
</ul>



Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June.
Estimated passive buying in Henderson Land Development (12 HK) is 42m shares (US$131.5m; 7.5x ADV).
The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.


Henderson Land (12 HK): Large Passive Flow Coming Up as Shorts Cover

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>LHN Group intends to list Coliwoo Co-Living on SGX, expanding their presence in the real estate market.</li><li>C&amp;W reports a significant 42% drop in office rents in Hong Kong, reflecting the changing landscape post-Q1 2019.</li><li>PGIM Real Estate promotes David Fassbender to Deputy Head of APAC, indicating a shift in leadership within the company.</li></ul>

LHN Group intends to list Coliwoo Co-Living on SGX, expanding their presence in the real estate market.C&amp;W reports a significant 42% drop in office rents in Hong Kong, reflecting the changing landscape post-Q1 2019.PGIM Real Estate promotes David Fassbender to Deputy Head of APAC, indicating a shift in leadership within the company.

Asia Real Estate Tracker (16-Apr-2025): Singapore's LHN Group wants SGX listing for Coliwoo Co-Living.

Henderson Land Development / Equity Bottom-Up

<ul><li>Lee Shau-Kee, the founder of Henderson Land, has passed away at the age of 97, leaving a significant legacy in the property industry.</li><li>Despite stimulus efforts, the Chinese property market continued to decline in February, posing challenges for investors and developers in the region.</li><li>Singapore experienced a surge in home sales, driven by demand for suburban projects, while M&amp;G remains optimistic about the Japanese multi-family market and Australian student accommodations.</li></ul>

Lee Shau-Kee, the founder of Henderson Land, has passed away at the age of 97, leaving a significant legacy in the property industry.Despite stimulus efforts, the Chinese property market continued to decline in February, posing challenges for investors and developers in the region.Singapore experienced a surge in home sales, driven by demand for suburban projects, while M&amp;G remains optimistic about the Japanese multi-family market and Australian student accommodations.

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> has entered a trading halt “<em>pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.</em>” </li>
<li>It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. </li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.</li>
</ul>



Soundwill Holdings (878 HK) has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” 
It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.


Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

Central China Real Estate / Equity Bottom-Up

<ul><li>CPPIB is set to sell a China mall to Dajia Insurance for $163M, showcasing a significant real estate deal in Asia.</li><li>GDS announces rebranding of its international unit as DayOne, reflecting a strategic shift within the company.</li><li>Henderson Land plans expansion in Mid-Levels, Hong Kong, while Schroders markets Kowloon Complex floor after canceled auction. Singapore private home prices surge in Q4 with 3-5% growth predicted for 2025.</li></ul>

CPPIB is set to sell a China mall to Dajia Insurance for $163M, showcasing a significant real estate deal in Asia.GDS announces rebranding of its international unit as DayOne, reflecting a strategic shift within the company.Henderson Land plans expansion in Mid-Levels, Hong Kong, while Schroders markets Kowloon Complex floor after canceled auction. Singapore private home prices surge in Q4 with 3-5% growth predicted for 2025.

Asia Real Estate Tracker (06-Jan-2025): Asia Real Estate News 2025-01-06

Hong Kong

Henderson Land Development is a leading property developer with core businesses in property development, property investment, project management, construction, property management, and financial services. The company creates high-quality new homes and commercial developments, including city landmarks such as The Henderson and the International Finance Centre complex in Hong Kong, and World Financial Centre (WFC) in Beijing. It was founded in 1976 and is headquartered in Hong Kong.

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Henderson Land Development (12 HK)

Henderson Land (12 HK): Large Passive Flow Coming Up as Shorts Cover

Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June and passives need to buy a fair bit. Positioning...

Brian Freitas

Asia Real Estate Tracker (16-Apr-2025): Singapore's LHN Group wants SGX listing for Coliwoo Co-Living.

LHN Group plans SGX listing for Coliwoo Co-Living, Hong Kong office rents dropped 42%, David Fassbender promoted at PGIM Real Estate, Goodman...

Asia Real Estate Tracker

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

Lee Shau-Kee, founder of Henderson Land, passes away at 97 while Chinese property market struggles, Singapore home sales surge, and M&G shows...

Asia Real Estate Tracker

Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

The controlling shareholder is likely considering a Bermuda scheme. While no disinterested shareholder holds a blocking stake, the headcount test...

Arun George

Asia Real Estate Tracker (06-Jan-2025): Asia Real Estate News 2025-01-06

CPPIB sells China mall to Dajia Insurance, GDS rebrands international unit, Henderson Land expanding in Mid-Levels, Schroders markets Kowloon...

Asia Real Estate Tracker

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