Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.</li>
<li>There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. </li>
<li>The funding flows and FAF re-weight flows are bigger than the ADD/DEL flows but there should be ~US$850mm to trade.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. 
The funding flows and FAF re-weight flows are bigger than the ADD/DEL flows but there should be ~US$850mm to trade.


[Quiddity Index] Sep25 HS Internet & IT Index Review; Funding Flows Dominate in $850mm Trade

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

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

<ul>
<li>There will be 3 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the September rebalance. </li>
<li>Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.</li>
<li>There is a huge FAF increase for <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> and that will bring passive buying from the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> trackers too. The stock is being added to a global index on Tuesday.</li>
</ul>


There will be 3 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the September rebalance. 
Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.
There is a huge FAF increase for Horizon Robotics and that will bring passive buying from the HSTECH trackers too. The stock is being added to a global index on Tuesday.


Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <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>, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.</li>
<li>The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> due to a FAF increase.</li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.
The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.
The largest inflows will be in Geely Auto if added to the HSTECH, Pop Mart if added to the HSCEI and HSI, and Horizon Robotics due to a FAF increase.


Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.</li>
<li>The index changes will be announced after the close on Friday 22nd August 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.
The index changes will be announced after the close on Friday 22nd August 2025.


Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

China

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

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Robosense Technology (2498 HK)

[Quiddity Index] Sep25 HS Internet & IT Index Review; Funding Flows Dominate in $850mm Trade

The Hang Seng Internet & InfoTech Index review was announced Friday 22 August. Final weights set on 2 Sep, rebal on 5 Sep. 3 ADDs 3 DELs, mostly...

Travis Lundy

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics

There are 3 changes for the HSIII in Sep. Big FAF increase for Horizon Robotics - a lot to trade in the stock over the next 2 weeks. Estimated 1...

Brian Freitas

Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Hang Seng announces after market close on Friday. The net round-trip trade across the stocks is estimated at HK$54.3bn. There is positioning in the...

Brian Freitas

Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

Expected DEL Netdragon is down 7% vs peers since 15th May. However, there is significant volume buildup. The expectations of an HSIII deletion...

Janaghan Jeyakumar, CFA

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