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

Hong Kong Exchanges and Clearing / Index Rebalance

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Shenghe Resources Holding / Index Rebalance

<ul>
<li>The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange. </li>
<li>The ChiNext 50 index is a <em>subset</em> of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of ChiNext and ChiNext 50 rebalance baskets.</li>
</ul>


The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange. 
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of ChiNext and ChiNext 50 rebalance baskets.


Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events

Asia Pac ECM and Index Rebal, DZT 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 STAR50 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 Bestechnic, Xinjiang Daqo, UNITED NOVA TECHNOLOGY, TRINA SOLAR, CAMBRICON, JINKO SOLAR.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Bestechnic, Xinjiang Daqo, UNITED NOVA TECHNOLOGY, TRINA SOLAR, CAMBRICON, JINKO SOLAR.


STAR50 Index Earning Revision (May): Bestechnic, Xinjiang Daqo, UNT, TRINA SOLAR

Event-Driven

Hygon Information Technology C / Event-Driven

Hygon Information Technology C (688041 CH)

<ul>
<li>On 26 May, <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology (688041 CH)</a> and <a href="https://www.smartkarma.com/entities/dawning-information-industry-c" target="_blank" data-smartkarma-citation="entities:25380:1" rel="noopener">Dawning Information Industry (603019 CH)</a> announced a merger in a sign of consolidation in China's chipmaking industry.</li>
<li>For each share of <a href="https://www.smartkarma.com/entities/dawning-information-industry-c" target="_blank" data-smartkarma-citation="entities:25380:1" rel="noopener">Dawning</a> held, shareholders will receive 0.5525 shares of <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon</a>. With uncertainty on the timeline for merger completion, <a href="https://www.smartkarma.com/entities/dawning-information-industry-c" target="_blank" data-smartkarma-citation="entities:25380:1" rel="noopener">Dawning</a> is trading at a 10% discount.</li>
<li>On completion of the merger, passive trackers will need to buy over US$1.1bn of <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology C (688041 CH)</a> with nearly of that from local index trackers.</li>
</ul>


On 26 May, Hygon Information Technology (688041 CH) and Dawning Information Industry (603019 CH) announced a merger in a sign of consolidation in China's chipmaking industry.
For each share of Dawning held, shareholders will receive 0.5525 shares of Hygon. With uncertainty on the timeline for merger completion, Dawning is trading at a 10% discount.
On completion of the merger, passive trackers will need to buy over US$1.1bn of Hygon Information Technology C (688041 CH) with nearly of that from local index trackers.


Hygon/Sugon Merger: BIG Index Flows on Completion

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.</li>
<li>The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.</li>
<li>The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   </li>
</ul>


Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.
The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.
The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   


Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

China

Hygon Information Technology Co., Ltd. manufactures and distributes computer components. The Company produces high end processors, deep computing processors, accelerators, calculator chips, and other related products. Hygon Information Technology markets its products worldwide.

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Hygon Information Technology C (688041 CH)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events

Going forward, Quiddity Leaderboard for ChiNext and ChiNext 50 indices will be published on a monthly basis to help readers track the developments...

Janaghan Jeyakumar, CFA

STAR50 Index Earning Revision (May): Bestechnic, Xinjiang Daqo, UNT, TRINA SOLAR

We analyzed STAR50's consensus for May 2026 and highlighted changes of EPS in Bestechnic, Xinjiang Daqo, UNITED NOVA TECHNOLOGY, TRINA SOLAR,...

Ke Yan, CFA, FRM

Hygon/Sugon Merger: BIG Index Flows on Completion

Hygon and Dawning have announced an all-stock merger. Uncertainty over the timeline has Dawning trading at 10% discount to the merger ratio. There...

Brian Freitas

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

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