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>There were 31 new listings on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing-ltd" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">Hong Kong Exchanges and Clearing (388 HK)</a> in Q3, of which 14 were A/H listings.</li>
<li>We forecast 5 additions to the HSCI in December and 2 of those additions will then be added to Southbound Stock Connect. <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN</a> was already added to the index earlier.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a> will need to wait till early February to be added to Southbound Stock Connect.</li>
</ul>


There were 31 new listings on the Hong Kong Exchanges and Clearing (388 HK) in Q3, of which 14 were A/H listings.
We forecast 5 additions to the HSCI in December and 2 of those additions will then be added to Southbound Stock Connect. SHEIN was already added to the index earlier.
As a stock with Weighted Voting Rights (WVR), Momenta Global (6880 HK) will need to wait till early February to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Southbound Stock Connect Additions; Momenta Needs a Moment

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.</li><li>Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.</li><li>China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.</li></ul>

In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.

CX Daily: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts 

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

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/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/mech-mind-robotics-technologies" target="_blank" data-smartkarma-citation="entities:55473:1" rel="noopener">Mech-Mind Robotics Technologies</a>  failed to do much.</li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Hong Kong

SHEIN Global Holdings Limited manufactures and distributes apparel products. The Company produces casual wear, loungewear, swimwear, sports apparel, and formal dress products. SHEIN Global Holdings conducts businesses in Mainland China and Hong Kong.

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SHEIN Global Holdings (625 HK)

HSCI Index Rebalance Preview: Southbound Stock Connect Additions; Momenta Needs a Moment

Of the 31 new HKEX listings in Q3, 5 could be added to the HSCI in Dec. 2 of those will then be added to Stock Connect. Momenta is a WVR security...

Brian Freitas

CX Daily: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts

In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of...

Caixin Global

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)