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

Caliway Biopharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> replace <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> and <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> in the Yuanta/P-Shares Taiwan Top 50 ETF in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> were added to a global index in August and that resulted in a large percentage of float being bought.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> will be added to another global index in September and that will further reduce the real float of the stock.</li>
</ul>



Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) replace Taiwan Cement (1101 TT) and Pharmaessentia Corp (6446 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF in September.

Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) were added to a global index in August and that resulted in a large percentage of float being bought.

Caliway Biopharmaceuticals (6919 TT) will be added to another global index in September and that will further reduce the real float of the stock.


Taiwan Top 50 ETF Rebalance: Another Inclusion for Caliway Biopharma & King Slide

<ul>
<li>There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - both changes are high probability.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> are being added to a global index at the close today and are potential inclusions to the ETF in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> will also be added to another global index at the close on 19 September, so more passive inflows for the stock. Reversion thereafter?</li>
</ul>


There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - both changes are high probability.

Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) are being added to a global index at the close today and are potential inclusions to the ETF in September.

Caliway Biopharmaceuticals (6919 TT) will also be added to another global index at the close on 19 September, so more passive inflows for the stock. Reversion thereafter?


Taiwan Top 50 ETF Rebalance Preview: Hat Trick for Caliway Biopharma?

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the <em>next</em> 100 largest names (51-150 ranks).</li>
<li>Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.


Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.</li>
<li>Currently, we see no changes for T50 and two changes for T100 in September.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
Currently, we see no changes for T50 and two changes for T100 in September.


Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

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

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.


TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

Taiwan

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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Pharmaessentia Corp (6446 TT)

Taiwan Top 50 ETF Rebalance: Another Inclusion for Caliway Biopharma & King Slide

Caliway Biopharma and King Slide are adds at the close on 19 Sep. Both stocks were added to a global index end August and Caliway has another...

Brian Freitas

Taiwan Top 50 ETF Rebalance Preview: Hat Trick for Caliway Biopharma?

There could be 2 changes for the ETF in Sep. Caliway and King Slide are inclusions to a global index at the close today. Passive trackers of...

Brian Freitas

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 ETF Rebalance: Another Inclusion for Caliway Biopharma & King Slide

Caliway Biopharma and King Slide are adds at the close on 19 Sep. Both stocks were added to a global index end August and Caliway has another...

Brian Freitas

Taiwan Top 50 ETF Rebalance Preview: Hat Trick for Caliway Biopharma?

There could be 2 changes for the ETF in Sep. Caliway and King Slide are inclusions to a global index at the close today. Passive trackers of...

Brian Freitas

Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before