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 review period for the June rebalance of 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</a> ended on 31 March, the changes will be announced on 22 May and implemented on 5 June.</li>
<li>2 constituent changes and capping changes will result in a one-way turnover of 3.5% resulting in a round-trip trade of HK$24bn (US$3.1bn).</li>
<li>The forecast adds have benefited from the AI theme while the forecast deletes have dropped as software application companies continue to be hit by expected AI disruption to business models.</li>
</ul>


The review period for the June rebalance of the Hang Seng TECH Index ended on 31 March, the changes will be announced on 22 May and implemented on 5 June.
2 constituent changes and capping changes will result in a one-way turnover of 3.5% resulting in a round-trip trade of HK$24bn (US$3.1bn).
The forecast adds have benefited from the AI theme while the forecast deletes have dropped as software application companies continue to be hit by expected AI disruption to business models.


HSTECH Index Rebalance Preview: Style Rotation Drives AI Additions & Software Deletions

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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.

Equity Bottom-Up

<ul>
<li>We tracked AI models, infrastructure, and capital markets this week: a leaked OpenAI memo reopens the Anthropic-vs-OpenAI revenue debate ahead of both listings.</li>
<li>Claude Opus 4.7 shipped and continues Opus 4.6's top SWE-bench Pro position, with a silent API price lift via a new tokenizer; OpenAI lost three senior executives.</li>
<li>Cerebras filed publicly for a Nasdaq IPO; DeepSeek opened its first external fundraise; SenseTime placed HK$32bn; Stepfun restructured to list in Hong Kong.</li>
</ul>


We tracked AI models, infrastructure, and capital markets this week: a leaked OpenAI memo reopens the Anthropic-vs-OpenAI revenue debate ahead of both listings.
Claude Opus 4.7 shipped and continues Opus 4.6's top SWE-bench Pro position, with a silent API price lift via a new tokenizer; OpenAI lost three senior executives.
Cerebras filed publicly for a Nasdaq IPO; DeepSeek opened its first external fundraise; SenseTime placed HK$32bn; Stepfun restructured to list in Hong Kong.


This Week in AI (Apr 12-18): Anthropic/OpenAI Rivalry Intensifies; Opus 4.7; Cerebras IPO Filing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> listed on 9 January and should be included in one global index and one local index in June.</li>
<li>Lockup expiry in July and September should increase float significantly and there will be more passive buying in November and December.</li>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> should be added to the HSCI in June and to Southbound Stock Connect in August.</li>
</ul>



MiniMax Group (100 HK) listed on 9 January and should be included in one global index and one local index in June.
Lockup expiry in July and September should increase float significantly and there will be more passive buying in November and December.

MiniMax Group (100 HK) should be added to the HSCI in June and to Southbound Stock Connect in August.


MiniMax (100 HK): Index Inclusion Timeline/Flows & Stock Connect Entry

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.</li>
<li>Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.</li>
<li>Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.
Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.
Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.


This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The correction in momentum is done as index moves mask the price action underneath</li>
<li>Will the Bank of Japan finally hike rates again ?</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The correction in momentum is done as index moves mask the price action underneath
Will the Bank of Japan finally hike rates again ?


China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

HSTECH Index Rebalance Preview: Style Rotation Drives AI Additions & Software Deletions

The 2 constituent changes and capping changes will result in a one-way turnover of 3.5% and in a round-trip trade of HK$24bn as the market rotates...

Brian Freitas

This Week in AI (Apr 12-18): Anthropic/OpenAI Rivalry Intensifies; Opus 4.7; Cerebras IPO Filing

This week in AI: leaked OpenAI memo alleged Anthropic inflated revenue; Opus 4.7 continues the Opus series top benchmark spot with a silent API...

Ke Yan, CFA, FRM

MiniMax (100 HK): Index Inclusion Timeline/Flows & Stock Connect Entry

MiniMax (100 HK)'s stock price has continued to run up, and the increased market cap will now ensure inclusion in all major indices by year-end...

Brian Freitas

This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

This week in AI: OpenAI filed for IPO; Anthropic's first profitable quarter; Nvidia guided without China data-center revenue.

Ke Yan, CFA, FRM

Overview #61- Back to the Races

A review of recent events/data impacting our investment themes and outlook. We look at the momentum correction and expectations for what happens next

Rikki Malik

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