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>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> / <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is looking to raise up to US$1.15bn, including the overallotment option, in an equity offering across Hong Kong and the U.S.</li>
<li>The HK offering is priced at HK$43.36/share and the ADR pricing is US$5.57/share. <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> closed at US$5.72/share overnight, so expect <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> to open around HK$44.55/share.</li>
<li>There will be buying from global index trackers at the time of settlement of the offering shares. The buying from <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> trackers is more nuanced.</li>
</ul>



NIO (9866 HK) / NIO (NIO US) is looking to raise up to US$1.15bn, including the overallotment option, in an equity offering across Hong Kong and the U.S.
The HK offering is priced at HK$43.36/share and the ADR pricing is US$5.57/share. NIO (NIO US) closed at US$5.72/share overnight, so expect NIO (9866 HK) to open around HK$44.55/share.
There will be buying from global index trackers at the time of settlement of the offering shares. The buying from Hang Seng TECH Index (HSTECH INDEX) trackers is more nuanced.


NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

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>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is looking to raise around US$1bn via a primary placement in Hong Kong and US.</li>
<li>The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US.
The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> is looking to raise around US$450m via a primary placement in Hong Kong.</li>
<li>The shares haven’t done much this year or ever since they were listed.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.</li>
<li>Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.</li>
<li>Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.</li>
</ul>


Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.
Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.
Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.


CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
This Insight analyzes sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, executed over the period from 2 June to 9 June on the HKEX</li>
<li>
Highlights: Discover a range of noteworthy strategies, from an in-the-money bear put spread, to a bold short-term bullish iron condor, and a butterfly aiming at a narrow price target.</li>
<li>
Why read: In-depth breakdown of complex option strategies, shedding light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



This Insight analyzes sophisticated, live, multi-leg options strategies on BYD (1211 HK), executed over the period from 2 June to 9 June on the HKEX

Highlights: Discover a range of noteworthy strategies, from an in-the-money bear put spread, to a bold short-term bullish iron condor, and a butterfly aiming at a narrow price target.

Why read: In-depth breakdown of complex option strategies, shedding light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Options: Unpacking the Top Trades of the Week

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (9866 HK)

NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

NIO (9866 HK) is looking to raise up to US$1.15bn in an equity offering across HK/US. Global passive trackers will buy around 13% of the offering....

Brian Freitas

NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US. In this note, we talk about the deal dynamics.

Sumeet Singh

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

BYD (1211 HK) Options: Unpacking the Top Trades of the Week

Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

NIO (9866 HK) is looking to raise up to US$1.15bn in an equity offering across HK/US. Global passive trackers will buy around 13% of the offering....

Brian Freitas

NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US. In this note, we talk about the deal dynamics.

Sumeet Singh

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

BYD (1211 HK) Options: Unpacking the Top Trades of the Week

​Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...

Gaudenz Schneider

Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...