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>Nearing the end of the review period for the December rebalance, there could be three changes 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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply</a>, <a href="https://www.smartkarma.com/entities/cmoc-group-ltd" target="_blank" data-smartkarma-citation="entities:28168:1" rel="noopener">CMOC Group</a> and <a href="https://www.smartkarma.com/entities/china-cssc-holdings-ltd-a" target="_blank" data-smartkarma-citation="entities:2464:1" rel="noopener">China CSSC Holdings</a> could replace <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding</a>, <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd-675cb9b4-f4fb-4317-9df7-75e3849a2f5a" target="_blank" data-smartkarma-citation="entities:885:1" rel="noopener">China Everbright Bank</a> and <a href="https://www.smartkarma.com/entities/bank-of-jiangsu-co-ltd" target="_blank" data-smartkarma-citation="entities:27216:1" rel="noopener">Bank of Jiangsu</a> in the ETF at the close on 19 December.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 3 months and it is not even close as the gap has kept getting wider</li>
</ul>


Nearing the end of the review period for the December rebalance, there could be three changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK). 

Sungrow Power Supply, CMOC Group and China CSSC Holdings could replace S.F. Holding, China Everbright Bank and Bank of Jiangsu in the ETF at the close on 19 December.
The forecast adds have outperformed the forecast deletes over the last 3 months and it is not even close as the gap has kept getting wider


China A50 ETFs Rebalance Preview: Three Changes in December

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

InnoScience Suzhou Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innoscience-suzhou-technology" target="_blank" data-smartkarma-citation="entities:44185:1" rel="noopener">InnoScience Suzhou Technology (2577 HK)</a> aims to raise around US$200m in its Hong Kong placement.</li>
<li>Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
In this note, we will talk about the placement and run the deal through our ECM framework.


Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

Zijin Gold International / 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, this week saw a few good listings across the region while the spotlight will be on <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> in the coming week.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Qingdao Port International  / Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.</li>
<li>Currently, we see 9 ADDs/DELs for the CSI 300 index and 45 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 45 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Dec25: Some Changes to Expectations; Large Index Flows

Victory Giant Technology -A / Index Rebalance

<ul>
<li>With 70% of the review period now complete, we forecast 50 changes (the maximum permitted) for the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index</a> at the close on 13 December.</li>
<li>We estimate a one-way turnover of 11.3% at the rebalance resulting in a one-way trade of CNY12.08bn (US$1.7bn). The Information Technology and HealthCare sectors gain at the expense of Industrials.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index (SH000905 INDEX</a>) since the start of the year with the outperformance gradually picking up.</li>
</ul>


With 70% of the review period now complete, we forecast 50 changes (the maximum permitted) for the CSI Smallcap 500 Index at the close on 13 December.
We estimate a one-way turnover of 11.3% at the rebalance resulting in a one-way trade of CNY12.08bn (US$1.7bn). The Information Technology and HealthCare sectors gain at the expense of Industrials.
The potential adds have outperformed the potential deletes and the CSI Smallcap 500 Index (SH000905 INDEX) since the start of the year with the outperformance gradually picking up.


CSI500 Index Rebalance Preview: 50 Changes; 11% Turnover; US$3.4bn Round-Trip Trade

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

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Victory Giant Technology -A (300476 CH)

China A50 ETFs Rebalance Preview: Three Changes in December

There could be 3 changes in Dec - that could increase to 4. Passive impact is 0.1-0.45x ADV but momentum has led to the forecast adds outperforming...

Brian Freitas

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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

Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows

The 9 expected changes for CSI 300 could trigger US$3bn index flows one-way. Separately, the 45 expected changes for CSI 500 could also trigger...

Janaghan Jeyakumar, CFA

CSI500 Index Rebalance Preview: 50 Changes; 11% Turnover; US$3.4bn Round-Trip Trade

We forecast 50 changes in December leading to one-way turnover of 11.3% and one-way trade of CNY12bn. There will be over 1x ADV to trade on 53...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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China A50 ETFs Rebalance Preview: Three Changes in December

There could be 3 changes in Dec - that could increase to 4. Passive impact is 0.1-0.45x ADV but momentum has led to the forecast adds outperforming...

Brian Freitas

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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

Quiddity Leaderboard CSI 300/​​500 Dec25: Some Changes to Expectations; Large Index Flows

The 9 expected changes for CSI 300 could trigger US$3bn index flows one-way. Separately, the 45 expected changes for CSI 500 could also trigger...

Janaghan Jeyakumar, CFA

CSI500 Index Rebalance Preview: 50 Changes; 11% Turnover; US$3.4bn Round-Trip Trade

We forecast 50 changes in December leading to one-way turnover of 11.3% and one-way trade of CNY12bn. There will be over 1x ADV to trade on 53...

Brian Freitas

Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows