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>With no stocks in inclusion or deletion zone, we do not expect any constituent changes for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in December.</li>
<li>Capping changes will result in a one-way turnover of 2.16% and that will result in a round-trip trade of US$556m.</li>
<li>The impact of capping changes has doubled over the last month and there will be more changes from now till the official capping is done on 28 November.</li>
</ul>


With no stocks in inclusion or deletion zone, we do not expect any constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in December.
Capping changes will result in a one-way turnover of 2.16% and that will result in a round-trip trade of US$556m.
The impact of capping changes has doubled over the last month and there will be more changes from now till the official capping is done on 28 November.


HSTECH Index Rebalance Preview: Round-Trip Trade of US$556m in December

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.


HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We summarize the Sep 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of Aug 2023 retail sales volume for each model, as Sep retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw material price decline. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Sep 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of Aug 2023 retail sales volume for each model, as Sep retail sales volume data have not been released yet.Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw material price decline. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Sep discounts widened again

<ul><li>Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct 2023.</li><li>Sales volume of the nine automakers combined rose 52% YoY (ranged from -27% to +213%) and 5% MoM (ranged from -19% to 18%) in Sep 2023.</li><li>Li Auto slightly beat, NIO missed, Xpeng in line. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct 2023.Sales volume of the nine automakers combined rose 52% YoY (ranged from -27% to +213%) and 5% MoM (ranged from -19% to 18%) in Sep 2023.Li Auto slightly beat, NIO missed, Xpeng in line. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Most NEV Brands’ Sep Sales Volume on Track

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.


Hong Kong Connect Flows: $7.3bn of Inflows in September

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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

Li Auto (2015 HK)

HSTECH Index Rebalance Preview: Round-Trip Trade of US$556m in December

No constituent changes expected in December. Capping changes will result in a one-way turnover of 2.16% (double from a month ago) and that will...

Brian Freitas

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

We analyzed the latest HK SFC report for aggregate short position as of Sep 29th and highlight short interest changes in Wuxi Bio, Xpeng, Mnso,...

Ke Yan, CFA, FRM

China Auto Sector – Sep discounts widened again

Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw...

CMB International

China Auto Sector – Most NEV Brands’ Sep Sales Volume on Track

Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct...

CMB International

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)