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

JD Health International  / Index Rebalance

<ul>
<li>The Hang Seng index committee has added four stocks to take the number of <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a> constituents to 80. A year late, but we're there!</li>
<li>The next leg of the increase in the number of index constituents will take us up to 100. There is no timeline, so this should take a couple of years.</li>
<li>Estimated one-way turnover is 2.93% leading to a one-way trade of HK$5.7bn (US$730m). All adds will have over 2x ADV to buy from passive trackers.</li>
</ul>


The Hang Seng index committee has added four stocks to take the number of Hong Kong Hang Seng Index (HSI INDEX) constituents to 80. A year late, but we're there!
The next leg of the increase in the number of index constituents will take us up to 100. There is no timeline, so this should take a couple of years.
Estimated one-way turnover is 2.93% leading to a one-way trade of HK$5.7bn (US$730m). All adds will have over 2x ADV to buy from passive trackers.


HSI Index Rebalance: Yippee! Finally at 80!

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Mengniu Dairy (2319 HK), Haier Smart Home (6690 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Mengniu Dairy (2319 HK), Haier Smart Home (6690 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (May 12th): Aia, China Mengniu Dairy, Haier Smart Home

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Shein/PDD: Our check and local media reports of Shein's newly-launched marketplace, and implication to PDD (-)</li>
<li>PDD/700.HK/BABA/JD: China major Ecommerce platform's low price strategy in 6/18 promotion (-/+/+/+)</li>
<li>ZLAB：ZLAB revenue met our expectation while loss greatly beat our expectation on reduced R&amp;D</li>
</ul>


Shein/PDD: Our check and local media reports of Shein's newly-launched marketplace, and implication to PDD (-)
PDD/700.HK/BABA/JD: China major Ecommerce platform's low price strategy in 6/18 promotion (-/+/+/+)
ZLAB：ZLAB revenue met our expectation while loss greatly beat our expectation on reduced R&amp;D


China TMT Update (May.12) - Shein/PDD/700.HK/BABA/JD/ZLAB:Shein's Newly-Launched Marketplace

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>As of Dec 22, its container shipping network covers a total of 24 countries and regions, 63 major ports and 42 services globally.</li>
</ul>



T.S. Lines (TSL HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
As of Dec 22, its container shipping network covers a total of 24 countries and regions, 63 major ports and 42 services globally.


Guoquan Food (Shanghai) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guoquan-food-shanghai" target="_blank" data-smartkarma-citation="entities:36899:1" rel="noopener">Guoquan Food (Shanghai) (1786512D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>Guoquan Food (Shanghai) is a home meal solutions provider in China.</li>
<li>Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. </li>
</ul>



Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. 


Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

HSI Index Rebalance: Yippee! Finally at 80!

The 4 adds get us to 80 members. The next leg up to 100 members should take a few years. 1-way turnover in June is 2.9% resulting in a 1-way trade...

Brian Freitas

Hong Kong Buybacks Weekly (May 12th): Aia, China Mengniu Dairy, Haier Smart Home

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

China TMT Update (May.12) - Shein/PDD/700.HK/BABA/JD/ZLAB:Shein's Newly-Launched Marketplace

Shein's newly-launched marketplace、China major Ecommerce platform's low price strategy in 6/18 promotion，ZLAB revenue met our expectation while...

Blue Lotus Research Institute

T.S. Lines Pre-IPO Tearsheet

T.S. Lines (TSL HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. T.S. Lines (TSL) is a container shipping firm primarily...

Clarence Chu

Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. Guoquan Food (Shanghai) is a home meal...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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