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>With the review cutoff done, there could be one change for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a> ETFs in June.</li>
<li>As the highest ranked non-ETF member, <a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a> could replace <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a> in the ETF at the close on 20 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a> was added to the ETF in March, so this could be a very short stint in the ETF for the stock.</li>
</ul>


With the review cutoff done, there could be one change for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK) ETFs in June.
As the highest ranked non-ETF member, Seres Group (601127 CH) could replace China United Network A (600050 CH) in the ETF at the close on 20 June.

China United Network A (600050 CH) was added to the ETF in March, so this could be a very short stint in the ETF for the stock.


China A50 ETFs Rebalance Preview: One Change Highly Likely

<ul>
<li>Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.</li>
<li>We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.</li>
<li>The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.</li>
</ul>


Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.
We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.
The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.


SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

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 analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.


CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$860m and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> raised around US$310m in their HK Secondary offering.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the trading dynamics for the two deals.</li>
</ul>



Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.


PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-9927-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:207355" rel="noopener">Seres Group H Share Listing (9927 HK): Valuation Insights</a>.</li>
<li>The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.</li>
</ul>



Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.


Seres Group H Share Listing (9927 HK): Trading Debut

China

Seres Group Co.,ltd. manufactures and distributes automotive and parts. The Company produces sport utility vehicles, new energy vehicles, electric commercial automobiles, engines, and other products. Seres Group markets its products worldwide.

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Seres Group (601127 CH)

China A50 ETFs Rebalance Preview: One Change Highly Likely

Seres could replace China United Network in the ETFs in June. This is the latest index/ETF inclusion for Seres. China United Network was added to...

Brian Freitas

SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

There could be 5 changes for the SSE50 in June. Estimate one-way turnover is 5.07% and the one-way trade is CNY 3.97bn. The potential adds have...

Brian Freitas

CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

We analyzed CSI 300's consensus for Nov 2025 and highlighted changes of EPS in DAWNING INFORMATION INDUSTRY (603019 CH), PING AN INSURANCE (601318...

Ke Yan, CFA, FRM

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China A50 ETFs Rebalance Preview: One Change Highly Likely

Seres could replace China United Network in the ETFs in June. This is the latest index/ETF inclusion for Seres. China United Network was added to...

Brian Freitas

SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

There could be 5 changes for the SSE50 in June. Estimate one-way turnover is 5.07% and the one-way trade is CNY 3.97bn. The potential adds have...

Brian Freitas

CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

We analyzed CSI 300's consensus for Nov 2025 and highlighted changes of EPS in DAWNING INFORMATION INDUSTRY (603019 CH), PING AN INSURANCE (601318...

Ke Yan, CFA, FRM

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Seres Group H Share Listing (9927 HK): Trading Debut

The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH...

Arun George