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>We see 28 potential inclusions to the HSCI in September, plus another 9 stocks that are close to the inclusion cutoff. Some stocks are already a part of Stock Connect.</li>
<li>There could be 22 deletions from the index on market cap, liquidity and prolonged suspension. Most of the deletions would be moved to the 'sell-only' Southbound Stock Connect list.</li>
<li>Some of the stocks that remain in the HSCI could move to the 'sell-only' Southbound Stock Connect list since their average market cap drops below HKD 5bn.</li>
</ul>


We see 28 potential inclusions to the HSCI in September, plus another 9 stocks that are close to the inclusion cutoff. Some stocks are already a part of Stock Connect.
There could be 22 deletions from the index on market cap, liquidity and prolonged suspension. Most of the deletions would be moved to the 'sell-only' Southbound Stock Connect list.
Some of the stocks that remain in the HSCI could move to the 'sell-only' Southbound Stock Connect list since their average market cap drops below HKD 5bn.


HSCI Index Rebalance and Stock Connect: Potential Changes in September

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Jinmao Property Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinmao-property-services" target="_blank" data-smartkarma-citation="entities:34170:1" rel="noopener">Jinmao Property Services (816 HK)</a> raised around US$105m in its Hong Kong IPO. </li>
<li>In our view, the firm doesn’t deserve to trade at a premium to peers given its weaker margins and slower growth in FY20. </li>
<li>In this note, we will look at the trading dynamics and current valuation.</li>
</ul>



Jinmao Property Services (816 HK) raised around US$105m in its Hong Kong IPO. 
In our view, the firm doesn’t deserve to trade at a premium to peers given its weaker margins and slower growth in FY20. 
In this note, we will look at the trading dynamics and current valuation.


Jinmao Property Services IPO Trading - Expect a Modest Debut with Low Liquidity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinmao-property-services" target="_blank" data-smartkarma-citation="entities:34170:1" rel="noopener">Jinmao Property Services (JM HK)</a> is looking to raise around US$105m in its Hong Kong IPO.</li>
<li>At listing, it is asking for a steep premium and 82% of the deal size has already been taken up by cornerstones, not leaving a whole lot for other investors.</li>
<li>In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.</li>
</ul>



Jinmao Property Services (JM HK) is looking to raise around US$105m in its Hong Kong IPO.
At listing, it is asking for a steep premium and 82% of the deal size has already been taken up by cornerstones, not leaving a whole lot for other investors.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.


Jinmao Property Services IPO - Premium Asking Valuation and Cornerstones Took up 80% of Deal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Wanda Commercial Management Group / Equity Capital Markets

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the not so positive aspects of the deal.


Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

<ul>
<li>The Shanghai Housing Administration reportedly held two small, closed-door meetings with some local developers on 9 and 15 December</li>
<li>According to the meeting, the Shanghai government would coordinate with financial institutions in a bid to extend loans for the key projects</li>
<li>This comes as <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Property Holdings (813 HK)</a> , a Shanghai-based developer, has seen increasing negative reports concerning its financial conditions recently</li>
</ul>


The Shanghai Housing Administration reportedly held two small, closed-door meetings with some local developers on 9 and 15 December
According to the meeting, the Shanghai government would coordinate with financial institutions in a bid to extend loans for the key projects
This comes as Shimao Property Holdings (813 HK) , a Shanghai-based developer, has seen increasing negative reports concerning its financial conditions recently


Shanghai Encourages Banks to Extend Loans to Critical Property Projects

China

SSH is the property management unit of Shimao Group Holdings.

Shimao Services Holdings Limited (873 HK)

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Shimao Services Holdings Limited (873 HK)

HSCI Index Rebalance and Stock Connect: Potential Changes in September

We see 28 potential adds and 9 close adds for the HSCI in September. There are 22 potential deletes on market cap, liquidity and prolonged...

Brian Freitas

Jinmao Property Services IPO Trading - Expect a Modest Debut with Low Liquidity

Jinmao Property Services (816 HK) raised around US$105m in its Hong Kong IPO. In this note, we will look at the trading dynamics and current...

Clarence Chu

Jinmao Property Services IPO - Premium Asking Valuation and Cornerstones Took up 80% of Deal

Jinmao Property Services (JM HK) is looking to raise around US$105m in its Hong Kong IPO. In this note, we will look at deal dynamics, assumptions,...

Clarence Chu

Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the not so...

Sumeet Singh

Shanghai Encourages Banks to Extend Loans to Critical Property Projects

Shanghai said relevant departments would help coordinate with financial institutions in a bid to extend loans for the key projects, in order to...

Li Tang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)