Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<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 expect one index change in December 2025 translating to capping flows of US$530mn one-way.</li>
<li>We also expect seven index changes for the next semiannual index review which will take place in March 2026.</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 expect one index change in December 2025 translating to capping flows of US$530mn one-way.
We also expect seven index changes for the next semiannual index review which will take place in March 2026.


Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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

<ul>
<li>Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.</li>
<li>Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.</li>
</ul>


Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.
Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).

Xiaomi (1810 HK) is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Some of Hong Kong’s largest and most prominent companies will report in the coming days, representing 20% of 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 (HSI INDEX)</a> </li>
<li>
Highlight: This Insight quantifies option-implied swings which serve as a gauge for post-earnings reactions.</li>
<li>
Why Read: Prepare for a busy earnings week by understanding where single-stock and broader market volatility may be elevated.</li>
</ul>



Context: Some of Hong Kong’s largest and most prominent companies will report in the coming days, representing 20% of the Hang Seng Index (HSI INDEX) 

Highlight: This Insight quantifies option-implied swings which serve as a gauge for post-earnings reactions.

Why Read: Prepare for a busy earnings week by understanding where single-stock and broader market volatility may be elevated.


Earnings Volatility Preview: Options Price Sharp Swings in China Tech Earnings Week

<ul>
<li>
HKEX Expands Weekly Options: Five new single-stock weeklies debut on 10 November, broadening Hong Kong’s fast-growing short-dated options market.</li>
<li>
Why It Matters: Weeklies let traders and investors hedge or speculate around key events with precision, lower premiums, and higher gamma exposure.</li>
<li>
Momentum: Trading volumes in existing weeklies have surged—up nearly fourfold since launch—underscoring rising investor adoption and liquidity.</li>
</ul>



HKEX Expands Weekly Options: Five new single-stock weeklies debut on 10 November, broadening Hong Kong’s fast-growing short-dated options market.

Why It Matters: Weeklies let traders and investors hedge or speculate around key events with precision, lower premiums, and higher gamma exposure.

Momentum: Trading volumes in existing weeklies have surged—up nearly fourfold since launch—underscoring rising investor adoption and liquidity.


HKEX Adds Five New Weekly Options on 10 Nov: AIA, China Mobile, Xiaomi Join Fast-Growing Line-Up

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

We now see new listings Pony AI (2026 HK), Mininglamp Technology (2718 HK), and Deepexi Technology (1384 HK) to be expected ADDs in March 2026.

Janaghan Jeyakumar, CFA

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

The methodology update could result in 5 changes in Dec. Estimated one-way turnover is 12.8% resulting in a round-trip trade of US$1.25bn. There...

Brian Freitas

Earnings Volatility Preview: Options Price Sharp Swings in China Tech Earnings Week

Option markets hint at sharp post-earnings reactions in some of China's top tech companies. Prepare for elevated volatility.

Gaudenz Schneider

HKEX Adds Five New Weekly Options on 10 Nov: AIA, China Mobile, Xiaomi Join Fast-Growing Line-Up

Today, Weekly Options debut in Xiaomi (1810 HK), AIA Group (1299 HK), SMIC (981 HK), China Mobile (941 HK), and CNOOC (883 HK).

Gaudenz Schneider

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52-week Range

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