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>The ex-date for <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a>'s spinoff from <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> is 29 September. There will be passive flows at the close on the day.</li>
<li>There will be no selling from the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX Index</a> and Fglobal trackers. There will be selling from <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> trackers and potentially from Mglobal trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a> has announced a buyback of up to 1bn shares (13.99% of shares out) over the next year and that will support the stock.</li>
</ul>


The ex-date for Sony Financial Group (8729 JP)'s spinoff from Sony Corp (6758 JP) is 29 September. There will be passive flows at the close on the day.
There will be no selling from the TOPIX Index and Fglobal trackers. There will be selling from Nikkei 225 (NKY INDEX) trackers and potentially from Mglobal trackers.

Sony Financial Group (8729 JP) has announced a buyback of up to 1bn shares (13.99% of shares out) over the next year and that will support the stock.


Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review strategies to hedge <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> exposure, examine signficant Asian spin-offs, and explore engaging activist situations in Japan </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
In this cut, we review strategies to hedge Alibaba (9988 HK) exposure, examine signficant Asian spin-offs, and explore engaging activist situations in Japan 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: BABA Hedges, Substantive Spin-Offs & Japanese Activist Situations

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Trading in <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> with <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a> spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.</li>
<li>
<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> outperforms.</li>
<li>The <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> bubble has finally popped. Now what?</li>
</ul>


Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.

Naspers (NPN SJ)'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?


Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul>
<li>Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.</li>
<li>Sony Financial Group Inc. is the financial services arm of Sony, comprised of three main businesses</li>
<li>The spin-off will generate ~ ¥100BN in the current fiscal year and pay a ¥50BN annual dividend.</li>
</ul>


Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.
Sony Financial Group Inc. is the financial services arm of Sony, comprised of three main businesses
The spin-off will generate ~ ¥100BN in the current fiscal year and pay a ¥50BN annual dividend.


Sony Spin-off (Sony Financial Group) Spin-off Deep Dive

Travis Lundy

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> (now called Sony Financial Group Inc ("SFGI")) spinoff approaches. It will start trading 20 days from now.</li>
<li>Yesterday, the TSE confirmed approval (<a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-OutlineEN.pdf" target="_blank" rel="noopener">outline</a>, <a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-1s.pdf" target="_blank" rel="noopener">Securities Report</a> (J), <a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-cg.pdf" target="_blank" rel="noopener">Corporate Governance Report</a> (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.</li>
<li>The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.</li>
</ul>


The Sony Financial Holdings (8729 JP) (now called Sony Financial Group Inc ("SFGI")) spinoff approaches. It will start trading 20 days from now.
Yesterday, the TSE confirmed approval (outline, Securities Report (J), Corporate Governance Report (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.
The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.


[Japan Event/Buyback] The Sony Financial Spinoff - 'Maybe' BUYBACK Complicates Planning

Japan

Sony Financial Group Inc. provides insurance services. The Company offers life and non-life insurance, banking, and other financial services. Sony Financial Group serves customers across worldwide.

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Sony Financial Group (8729 JP)

Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows

Sony Financial starts trading today. Nikkei 225 index trackers will sell at the close and the buyback could mop up some of that selling.

Brian Freitas

Curator's Cut: BABA Hedges, Substantive Spin-Offs & Japanese Activist Situations

In this cut, we look at different approaches to hedge BABA exposure, review large recent spin-offs in Asia, and get a download of interesting...

Pranav Rao

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Sony Spin-off (Sony Financial Group) Spin-off Deep Dive

Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.

Richard Howe

[Japan Event/Buyback] The Sony Financial Spinoff - 'Maybe' BUYBACK Complicates Planning

SFGI (8729 JP) spinoff is now TSE-approved. Sony board approved last week. This is a go. Index impact mostly known. We wait on M. SFGI's TN-3 news...

Travis Lundy

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