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>There could be 2 changes for the <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 (HSCEI INDEX)</a> in March. Announcement is on 13 February with implementation at the close on 5 March.</li>
<li>The forecast adds have outperformed the forecast deletes and the index over the last couple of months and there could be more upside over the near-term.</li>
<li>Estimated one-way turnover at the rebalance is 1.8% resulting in a round-trip trade of HK$2.3bn. There is more than 1x ADV to trade in a few stocks.</li>
</ul>


There could be 2 changes for the Hang Seng China Enterprises Index (HSCEI INDEX) in March. Announcement is on 13 February with implementation at the close on 5 March.
The forecast adds have outperformed the forecast deletes and the index over the last couple of months and there could be more upside over the near-term.
Estimated one-way turnover at the rebalance is 1.8% resulting in a round-trip trade of HK$2.3bn. There is more than 1x ADV to trade in a few stocks.


HSCEI Index Rebalance Preview: 2 Sets of Changes Likely in March

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in March 2026.</li>
<li>We expect one index change for March 2026 and we estimate there to be capping flows of around US$96mn one-way.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in March 2026.
We expect one index change for March 2026 and we estimate there to be capping flows of around US$96mn one-way.


Quiddity Leaderboard HSCEI Mar26: Final Ranks; One Change Likely

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.


HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Xiaomi, CATL, AIA, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 19th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Xiaomi, CATL, AIA, TraHK HSI ETF.


HK Short Interest Weekly: Tencent, Xiaomi, CATL, AIA, TraHK HSI ETF

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

HSCEI Index Rebalance Preview: 2 Sets of Changes Likely in March

There could be 2 changes for the HSCEI in March. Estimated turnover is 1.8% and round-trip trade is HK$2.3bn. KE Holdings could potentially be...

Brian Freitas

Quiddity Leaderboard HSCEI Mar26: Final Ranks; One Change Likely

These are our final expectations for HSCEI for the March 2026 index review. We expect the ADDs/DELs and indicative weights for HSCEI to be publicly...

Janaghan Jeyakumar, CFA

HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

We analyzed HS TECH's consensus for Dec 2025 and highlighted changes of EPS in Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Xiaomi, CATL, AIA, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Dec 19th and highlight short interest changes in Tencent, Xiaomi, CATL,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

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