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>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Amid fierce low-price competition in 1H24, low-end couriers  benefited from merchant demand for cheap logistics. However, new platform policies suggest greater emphasis on quality logistics and O2O in 2H24;</li>
<li>The shift towards higher-end logistics is manifesting through O2O. Spearheaded by Meituan, O2O is an experiment to copy Coupang's business model in China. We believe there is a sizable market;</li>
<li>We see ZTO as best positioned amid the changing environment, JDL least impacted, with J&amp;T and SFE in the least favorable positions.</li>
</ul>


Amid fierce low-price competition in 1H24, low-end couriers  benefited from merchant demand for cheap logistics. However, new platform policies suggest greater emphasis on quality logistics and O2O in 2H24;
The shift towards higher-end logistics is manifesting through O2O. Spearheaded by Meituan, O2O is an experiment to copy Coupang's business model in China. We believe there is a sizable market;
We see ZTO as best positioned amid the changing environment, JDL least impacted, with J&amp;T and SFE in the least favorable positions.


Logistics Shift to Quality Amid Evolved Ecommerce Plans

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Thematic (Sector/Industry)

<ul>
<li>JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)</li>
<li>BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)</li>
<li>PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)</li>
</ul>


JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)
BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)
PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>August parcel volume growth moderated, but easing price pressure matters more</li>
<li>In July &amp; August, Chinese X-border parcel volume growth re-accelerated</li>
<li>We believe easing price pressure should lead to express margin expansion</li>
</ul>


August parcel volume growth moderated, but easing price pressure matters more
In July &amp; August, Chinese X-border parcel volume growth re-accelerated
We believe easing price pressure should lead to express margin expansion


Monthly Chinese Express Tracker | Price Pressures Ease | X-Border Re-Accelerates | (September 2024)

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>ATAT US/TCOM US:Travel Volume During Mid-Autumn Holiday Slightly Increased Compared to 2019(+/+)</li>
<li>1519 HK/ZTO US: Parcel volume collection +28% yoy in prior week (+/+)</li>
<li>XPEV US/LI US:Xpeng is rumored to launch an extended-range PHEV SUV next year.(///)</li>
</ul>


ATAT US/TCOM US:Travel Volume During Mid-Autumn Holiday Slightly Increased Compared to 2019(+/+)
1519 HK/ZTO US: Parcel volume collection +28% yoy in prior week (+/+)
XPEV US/LI US:Xpeng is rumored to launch an extended-range PHEV SUV next year.(///)


[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

J&T Global Express (1519 HK)

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

Logistics Shift to Quality Amid Evolved Ecommerce Plans

In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

Monthly Chinese Express Tracker | Price Pressures Ease | X-Border Re-Accelerates | (September 2024)

Heavy price pressure from 2023 and the first half of 2024 has eased, which is positive for margins at all of the listed Chinese express companies....

Tracking Traffic

[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

Logistics Shift to Quality Amid Evolved Ecommerce Plans

​In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

​NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

Monthly Chinese Express Tracker | Price Pressures Ease | X-Border Re-Accelerates | (September 2024)

Heavy price pressure from 2023 and the first half of 2024 has eased, which is positive for margins at all of the listed Chinese express companies....

Tracking Traffic

[Blue Lotus Daily]:ATAT US/TCOM US/1519 HK/ZTO US/XPEV US/LI US/LKNCY US

​Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...

Blue Lotus Research Institute

In 2H24, low-end couriers face shift towards quality logistics and O2O, with ZTO and Meituan best positioned and SFE most negatively affected

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Travel volume during Mid-Autumn holiday slightly increased compared to 2019, parcel volume collection up 28% year over year, Xpeng rumored to...