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>We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.</li>
<li>There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.</li>
<li>After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.</li>
</ul>


The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.


China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is looking to raise about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

Singapore

IFBH Limited manufactures and distributes beverage. The Company mainly provides coconut water-related beverage. IFBH markets its products across worldwide.

Price Gauge
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IFBH (6603 HK)

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

​Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...