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>Hang Seng Indexes announces changes to the <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>, <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</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.</li>
<li>The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> if added to the <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/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> due to a FAF increase.</li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.
The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.
The largest inflows will be in Geely Auto if added to the HSTECH, Pop Mart if added to the HSCEI and HSI, and Horizon Robotics due to a FAF increase.


Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.</li>
<li>The index changes are expected to be confirmed on 22nd August 2025.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.
The index changes are expected to be confirmed on 22nd August 2025.


Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.</li>
<li>The index changes will be announced after the close on Friday 22nd August 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.
The index changes will be announced after the close on Friday 22nd August 2025.


Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The official index changes and indicative weights for the September 2025 index rebal event will be announced after the close on Friday 22nd August 2025.</li>
<li>We continue to expect one low-conviction index change for September 2025 and we estimate there to be capping flows of ~US$2.2bn one-way.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The official index changes and indicative weights for the September 2025 index rebal event will be announced after the close on Friday 22nd August 2025.
We continue to expect one low-conviction index change for September 2025 and we estimate there to be capping flows of ~US$2.2bn one-way.


Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon

<ul>
<li>There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.</li>
<li>The largest inflows will go to <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.</li>
<li>There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).</li>
</ul>


There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.
The largest inflows will go to Horizon Robotics (9660 HK) following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.
There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes

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)

Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Hang Seng announces after market close on Friday. The net round-trip trade across the stocks is estimated at HK$54.3bn. There is positioning in the...

Brian Freitas

Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

The official index change results for the Hang Seng index Sep25 review will be announced publicly on Friday (after market close). This might be a...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

Expected DEL Netdragon is down 7% vs peers since 15th May. However, there is significant volume buildup. The expectations of an HSIII deletion...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon

Our expected ADD Geely has outperformed peers by nearly 15% in two months. We continue to see this as a low-conviction expected ADD and we expect...

Janaghan Jeyakumar, CFA

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes

There could be 3 constituent changes in Sep. A big FAF increase is forecast for Horizon Robotics. Plenty of capping changes. Put together, that...

Brian Freitas

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