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

Event-Driven

Luxshare Precision Industry / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12310:1" rel="noopener">Luxshare Precision Industry (002475 CH)</a> could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.</li>
<li>The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.</li>
<li>The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.</li>
</ul>



Luxshare Precision Industry (002475 CH) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.
The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.
The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.


Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare has adopted a dual-drive strategy of internal growth and external acquisition - The automotive and AI computing power businesses are the fruits of its twelve-year-long early planning.</li>
<li>New businesses are in the investment stage and their short-term contribution to profits is limited.There’s a time lag in the transmission of cost pressure caused by the upstream price hikes.</li>
<li>Luxshare's profit CAGR of next three years is 22%. A conservative scenario is P/E of 20x. A neutral scenario is P/E of 25x. An optimistic scenario is P/E of 30x.</li>
</ul>


Luxshare has adopted a dual-drive strategy of internal growth and external acquisition - The automotive and AI computing power businesses are the fruits of its twelve-year-long early planning.
New businesses are in the investment stage and their short-term contribution to profits is limited.There’s a time lag in the transmission of cost pressure caused by the upstream price hikes.
Luxshare's profit CAGR of next three years is 22%. A conservative scenario is P/E of 20x. A neutral scenario is P/E of 25x. An optimistic scenario is P/E of 30x.


Pre-IPO Luxshare Precision Industry (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12310:1" rel="noopener">Luxshare Precision Industry (002475 CH)</a> (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn in its H-share listing.</li>
<li>LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn in its H-share listing.
LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Luxshare Precision A/H Listing - Strong Cornerstone, Tight Pricing

Index Rebalance

<ul>
<li>There were 31 new listings on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing-ltd" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">Hong Kong Exchanges and Clearing (388 HK)</a> in Q3, of which 14 were A/H listings.</li>
<li>We forecast 5 additions to the HSCI in December and 2 of those additions will then be added to Southbound Stock Connect. <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN</a> was already added to the index earlier.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a> will need to wait till early February to be added to Southbound Stock Connect.</li>
</ul>


There were 31 new listings on the Hong Kong Exchanges and Clearing (388 HK) in Q3, of which 14 were A/H listings.
We forecast 5 additions to the HSCI in December and 2 of those additions will then be added to Southbound Stock Connect. SHEIN was already added to the index earlier.
As a stock with Weighted Voting Rights (WVR), Momenta Global (6880 HK) will need to wait till early February to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Southbound Stock Connect Additions; Momenta Needs a Moment

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We screen third-quarter listings ahead of the HSCI fast-entry result, due on 20 Nov 2026 after market close.</li>
<li>Unlike September, the December cycle adds only third-quarter listings, by market value coverage within the HSCI.</li>
<li>Three stocks are screened as high-conviction ADD candidates this cycle.</li>
</ul>


We screen third-quarter listings ahead of the HSCI fast-entry result, due on 20 Nov 2026 after market close.
Unlike September, the December cycle adds only third-quarter listings, by market value coverage within the HSCI.
Three stocks are screened as high-conviction ADD candidates this cycle.


HSCI / HK Connect Dec 2026 Index Rebalance Forecast

China

Luxshare Precision Industry Co., Ltd. provides intelligent manufacturing solutions. The Company offers integrated intelligent solutions, parts, modules and systems for enterprise communication products, consumer electronic products, and automobile systems. Luxshare Precision Industry conducts businesses worldwide.

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Luxshare Precision Industry (2475 HK)

Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

Luxshare's H-share offering is a 22.2% discount to the A-shares last close and the company could raise US$3.6bn if the overallotment option is...

Brian Freitas

Pre-IPO Luxshare Precision Industry (PHIP Updates) - Some Points Worth the Attention

Luxshare's dual-drive strategy of internal growth and external acquisition has positioned it for success in automotive/AI computing power...

Xinyao (Criss) Wang

Aequitas: Luxshare Precision A/H Listing - Strong Cornerstone, Tight Pricing

Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn in its H-share listing. In this...

Sumeet Singh

HSCI Index Rebalance Preview: Southbound Stock Connect Additions; Momenta Needs a Moment

Of the 31 new HKEX listings in Q3, 5 could be added to the HSCI in Dec. 2 of those will then be added to Stock Connect. Momenta is a WVR security...

Brian Freitas

HSCI / HK Connect Dec 2026 Index Rebalance Forecast

We expect three third-quarter listings to be added as high-conviction ADDs, all inside the 93% MidCap line by market value coverage within the HSCI.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

Luxshare's H-share offering is a 22.2% discount to the A-shares last close and the company could raise US$3.6bn if the overallotment option is...

Brian Freitas

Pre-IPO Luxshare Precision Industry (PHIP Updates) - Some Points Worth the Attention

​Luxshare's dual-drive strategy of internal growth and external acquisition has positioned it for success in automotive/AI computing power...

Xinyao (Criss) Wang

Aequitas: Luxshare Precision A/H Listing - Strong Cornerstone, Tight Pricing

Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn in its H-share listing. In this...

Sumeet Singh

HSCI Index Rebalance Preview: Southbound Stock Connect Additions; Momenta Needs a Moment

Of the 31 new HKEX listings in Q3, 5 could be added to the HSCI in Dec. 2 of those will then be added to Stock Connect. Momenta is a WVR security...

Brian Freitas

HSCI / HK Connect Dec 2026 Index Rebalance Forecast

We expect three third-quarter listings to be added as high-conviction ADDs, all inside the 93% MidCap line by market value coverage within the HSCI.

Ke Yan, CFA, FRM

Luxshare's dual-drive strategy of internal growth and external acquisition has positioned it for success in automotive/AI computing power...