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>There are no constituent changes for the Hang Seng Internet &amp; IT Index (HSIII) in June but there will be float and capping changes.</li>
<li>Estimated one-way turnover is 5.95% and that leads to a round-trip trade of HK$3.2bn (US$410m). There are a few stocks with over 0.5x ADV to trade from passive trackers.</li>
<li>The inflows to <a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> and the outflows from <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili (9626 HK)</a> will add to the flows from other indices.</li>
</ul>


There are no constituent changes for the Hang Seng Internet &amp; IT Index (HSIII) in June but there will be float and capping changes.
Estimated one-way turnover is 5.95% and that leads to a round-trip trade of HK$3.2bn (US$410m). There are a few stocks with over 0.5x ADV to trade from passive trackers.
The inflows to NetEase (9999 HK) and Baidu (9888 HK) and the outflows from Kuaishou Technology (1024 HK) and Bilibili (9626 HK) will add to the flows from other indices.


Hang Seng Internet & IT Index (HSIII) Rebalance: Float & Capping Changes

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Hospitals /In Depth: China’s public hospitals face debt crisis amid health care reforms</li><li>Rare earth /China resumes rare earth exports under tight controls as global prices soar</li><li>Autos /China’s auto boom in Russia cools as tariffs, taxes and geopolitics bite</li></ul>

Hospitals /In Depth: China’s public hospitals face debt crisis amid health care reformsRare earth /China resumes rare earth exports under tight controls as global prices soarAutos /China’s auto boom in Russia cools as tariffs, taxes and geopolitics bite

CX Daily: China’s Public Hospitals Face Debt Crisis Amid Health Care Reforms 

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Thematic (Sector/Industry)

<ul>
<li>BABA US: Alibaba’s Qwen Team to Launch AGI-like Deep Research Functionality for Free User Access(+)</li>
<li>BABA US: Ele.me's Retail Digital System Integrated into Taobao Instashopping (+)</li>
<li>JD US/3690 HK: JD, Meituan, Ele.me Summoned by Government (///)</li>
</ul>


BABA US: Alibaba’s Qwen Team to Launch AGI-like Deep Research Functionality for Free User Access(+)
BABA US: Ele.me's Retail Digital System Integrated into Taobao Instashopping (+)
JD US/3690 HK: JD, Meituan, Ele.me Summoned by Government (///)


[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/PDD US/Red Note/BILI US/1810 HK

<ul><li>Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war</li><li>China-U.S. /: U.S. tariff relief offers limited reprieve for Chinese small-parcel exporters</li><li>Takeaway /In Depth: JD.com wants to unseat China’s takeout king</li></ul>

Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade warChina-U.S. /: U.S. tariff relief offers limited reprieve for Chinese small-parcel exportersTakeaway /In Depth: JD.com wants to unseat China’s takeout king

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War 

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

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.


Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

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.

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

JD.com (9618 HK)

Hang Seng Internet & IT Index (HSIII) Rebalance: Float & Capping Changes

No constituent changes for the HSIII in June but there will be float and capping changes. Estimated one-way turnover is 5.95% leading to a round...

Brian Freitas

CX Daily: China’s Public Hospitals Face Debt Crisis Amid Health Care Reforms

TOP STORIES Hospitals / In Depth: China’s public hospitals face debt crisis amid health care reforms In the autumn of 2024, a public hospital in...

Caixin Global

[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/PDD US/Red Note/BILI US/1810 HK

Alibaba's Qwen Team to offer AGI-like deep research for free, Ele.me's retail system integrated into Taobao Instashopping, JD, Meituan, Ele.me...

Blue Lotus Research Institute

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War

TOP STORIES Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war Uncertainty over the outlook for China’s exports...

Caixin Global

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hang Seng Internet & IT Index (HSIII) Rebalance: Float & Capping Changes

No constituent changes for the HSIII in June but there will be float and capping changes. Estimated one-way turnover is 5.95% leading to a round...

Brian Freitas

CX Daily: China’s Public Hospitals Face Debt Crisis Amid Health Care Reforms

TOP STORIES Hospitals / In Depth: China’s public hospitals face debt crisis amid health care reforms In the autumn of 2024, a public hospital in...

Caixin Global

[Blue Lotus Daily-TMT Update]:BABA US/JD US/3690 HK/PDD US/Red Note/BILI US/1810 HK

​Alibaba's Qwen Team to offer AGI-like deep research for free, Ele.me's retail system integrated into Taobao Instashopping, JD, Meituan, Ele.me...

Blue Lotus Research Institute

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War

TOP STORIES Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war Uncertainty over the outlook for China’s exports...

Caixin Global

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh

Alibaba's Qwen Team to offer AGI-like deep research for free, Ele.me's retail system integrated into Taobao Instashopping, JD, Meituan, Ele.me...