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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.</li>
<li>There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.</li>
<li>Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.</li>
</ul>



Sany Heavy Industry (600031 CH) could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.


Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion

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

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.</li>
</ul>



Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.


Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Jun 2026.</li><li>Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.</li><li>Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Jun 2026.Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Strong Growth of Crane Exports in Jun; AWP Continues to See Surprise

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.</li><li>Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.</li><li>For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators

<ul><li>China Construction Machinery Association (CCMA) has just released the full set of construction machinery sales data for Oct.</li><li>Domestic sales of truck cranes and crawler cranes remained strong (+42%/+54% YoY in Oct), which we believe were driven by energy projects and wind power installation.</li><li>Exports in Oct were strong across different types of machinery (except AWPs &amp; truck cranes). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) has just released the full set of construction machinery sales data for Oct.Domestic sales of truck cranes and crawler cranes remained strong (+42%/+54% YoY in Oct), which we believe were driven by energy projects and wind power installation.Exports in Oct were strong across different types of machinery (except AWPs &amp; truck cranes). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Domestic crane demand continues to recover

China

SANY Heavy Industry Co., Ltd manufactures and markets construction and engineering machinery and related parts. The Company produces and sells concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry markets its products worldwide.

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Sany Heavy Industry (600031 CH)

Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion

Sany Heavy could raise US$2.1bn in its HK IPO. Inclusion in Southbound Connect from 24 Nov. Global index and FXI inclusions in June and August next...

Brian Freitas

Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. In this note, we talk about its recent updates and likely A...

Sumeet Singh

Capital Goods - Strong Growth of Crane Exports in Jun; AWP Continues to See Surprise

Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for...

CMB International

Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.

CMB International

Capital Goods - Domestic crane demand continues to recover

China Construction Machinery Association (CCMA) has just released the full set of construction machinery sales data for Oct.

CMB International

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