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>Meeting the Fast Entry threshold for inclusion, <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> will be added to the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> at the close on 9 October.</li>
<li>The stock is down 32% from its IPO price, and the passive buying could provide a short-term boost to the stock price.</li>
<li>There could be more index inclusions for the stock between December and March but watch out for the big unlock at the end of February.</li>
</ul>


Meeting the Fast Entry threshold for inclusion, SHEIN Global Holdings (625 HK) will be added to the KraneShares CSI China Internet ETF (KWEB US) at the close on 9 October.
The stock is down 32% from its IPO price, and the passive buying could provide a short-term boost to the stock price.
There could be more index inclusions for the stock between December and March but watch out for the big unlock at the end of February.


KWEB Ad Hoc Index Rebalance: SHEIN (625 HK) Will Be Added Tomorrow

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.</li>
<li>While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.</li>
<li>The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.</li>
</ul>


Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.
While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.
The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.


Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>TOP STORIES In Depth: How China’s Migrant Students End Up Locked Out of Local High School Ninth-grader Liu Yu is facing a future-defining decision.</li><li>Liu, now attending a school for migrant children on Beijing’s urban fringes, lacks Beijing household registration, leaving her with only one education path in the capital: vocational school.</li><li>If she wants to attend a regular high school to prepare for university, she must leave the only home she has ever known.</li></ul>

TOP STORIES In Depth: How China’s Migrant Students End Up Locked Out of Local High School Ninth-grader Liu Yu is facing a future-defining decision.Liu, now attending a school for migrant children on Beijing’s urban fringes, lacks Beijing household registration, leaving her with only one education path in the capital: vocational school.If she wants to attend a regular high school to prepare for university, she must leave the only home she has ever known.

CX Daily: How China’s Migrant Students End Up Locked Out of Local High School 

<ul>
<li>Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  </li>
<li>The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.</li>
<li>Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.</li>
</ul>


Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  
The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.
Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.


Asian Equities: What's Being Discounted Now, After the Carnage?

<ul>
<li>With free float not meeting the thresholds, <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> missed Fast Entry to all major local and global indexes at the time of listing.</li>
<li>We forecast local and global index inclusions for <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> in a 3-week period starting end November that will require passives to buy US$1bn of stock.</li>
<li>The passive buying is around 20% of H-share float and is partly responsible for <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> trading at a 13% premium to <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a>. </li>
</ul>


With free float not meeting the thresholds, Zhongji InnoLight (3308 HK) missed Fast Entry to all major local and global indexes at the time of listing.
We forecast local and global index inclusions for Zhongji InnoLight (3308 HK) in a 3-week period starting end November that will require passives to buy US$1bn of stock.
The passive buying is around 20% of H-share float and is partly responsible for Zhongji InnoLight (3308 HK) trading at a 13% premium to Zhongji Innolight (300308 CH). 


Zhongji Innolight (3308 HK): Upcoming Index Inclusions Drive H-Shares to Premium Vs A-Shares

Hong Kong

Hong Kong Exchanges and Clearing Limited (HKEX) operates a range of equity, commodity, fixed income, and currency markets, providing listing, trading, clearing, and settlement services for securities and derivatives. It also functions as a frontline regulator for companies listed in Hong Kong. HKEX was formally established on March 6, 2000, and is headquartered in Exchange Square, Central, Hong Kong.

Hong Kong Exchanges and Clearing (388 HK)

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Hong Kong Exchanges and Clearing (388 HK)

KWEB Ad Hoc Index Rebalance: SHEIN (625 HK) Will Be Added Tomorrow

SHEIN will be added to the KWEB ETF at the close tomorrow. That brings in passive buying that could provide a short-term boost to the stock. More...

Brian Freitas

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

CX Daily: How China’s Migrant Students End Up Locked Out of Local High School

TOP STORIES In Depth: How China’s Migrant Students End Up Locked Out of Local High School Ninth-grader Liu Yu is facing a future-defining...

Caixin Global

Asian Equities: What's Being Discounted Now, After the Carnage?

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Zhongji Innolight (3308 HK): Upcoming Index Inclusions Drive H-Shares to Premium Vs A-Shares

Zhongji Innolight H-shares will have multiple index inclusions in a 3-week period starting end-Nov that will require passives to buy US$1bn of...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KWEB Ad Hoc Index Rebalance: SHEIN (625 HK) Will Be Added Tomorrow

SHEIN will be added to the KWEB ETF at the close tomorrow. That brings in passive buying that could provide a short-term boost to the stock. More...

Brian Freitas

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

​Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

CX Daily: How China’s Migrant Students End Up Locked Out of Local High School

TOP STORIES In Depth: How China’s Migrant Students End Up Locked Out of Local High School Ninth-grader Liu Yu is facing a future-defining...

Caixin Global

Asian Equities: What's Being Discounted Now, After the Carnage?

​Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Zhongji Innolight (3308 HK): Upcoming Index Inclusions Drive H-Shares to Premium Vs A-Shares

Zhongji Innolight H-shares will have multiple index inclusions in a 3-week period starting end-Nov that will require passives to buy US$1bn of...

Brian Freitas

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...