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>Post market close on Friday, Hang Seng Indexes will announce the changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> that will be implemented at the close on 4 September.</li>
<li>We highlight 7 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.</li>
<li>The Healthcare industry continues to remain the most underweight and there could be more additions from the industry as we near the 100-stock target.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 4 September.
We highlight 7 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
The Healthcare industry continues to remain the most underweight and there could be more additions from the industry as we near the 100-stock target.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep26

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.</li>
<li>Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.</li>
<li>We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.</li>
</ul>


We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.


HS TECH Index Consultation: Rules and Beneficiary Analysis

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The business model of Metis can be summarized as a dual wheel drive model of "platform cooperation + product licensing", with the core competitiveness being AI driven nanomaterial platform NanoForge.</li>
<li>The significant increase in revenue validates the feasibility of its business model. However, the customer concentration, a cumulative loss of RMB1.84 billion, and the uncertainty of R&amp;D pose major risks.</li>
<li>Metis has a prominent scarcity of technology but the commercialization verification is still at an early stage. We think the valuation of Metis would be between <a href="https://www.smartkarma.com/entities/xtalpi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">XtalPi </a>and <a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine</a>.</li>
</ul>


The business model of Metis can be summarized as a dual wheel drive model of "platform cooperation + product licensing", with the core competitiveness being AI driven nanomaterial platform NanoForge.
The significant increase in revenue validates the feasibility of its business model. However, the customer concentration, a cumulative loss of RMB1.84 billion, and the uncertainty of R&amp;D pose major risks.
Metis has a prominent scarcity of technology but the commercialization verification is still at an early stage. We think the valuation of Metis would be between XtalPi and InSilico Medicine.


Pre-IPO Metis TechBio (PHIP Updates) - The Business Model, the Concerns, and Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio (MTB HK)</a> is looking to raise up to US$270m in its upcoming Hong Kong IPO.</li>
<li>It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Metis TechBio (MTB HK) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Metis Techbio Pre-IPO - Trading at a Fraction of InSilico Despite Twice the Revenue Size

China

XtalPi is a biotechnology company that leverages artificial intelligence, quantum physics, and robotics to provide research and development solutions for early-stage drug discovery and material science. Its services include drug discovery solutions and intelligent automation solutions, offering products like XmartChem and PatSight. The company was founded in 2015 and is headquartered in Shenzhen, China.

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XtalPi (2228 HK)

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep26

We highlight 7 potential adds to the HSI in September. Healthcare continues to be underrepresented and that could change as we near 100 members....

Brian Freitas

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Pre-IPO Metis TechBio (PHIP Updates) - The Business Model, the Concerns, and Thoughts on Valuation

The IPO pricing is HK$10.5.If based on 2026 revenue forecast of RMB150-250mn,P/S is 42-70x, falling between the P/S of XtalPi (44x) and Insilico...

Xinyao (Criss) Wang

Aequitas: Metis Techbio Pre-IPO - Trading at a Fraction of InSilico Despite Twice the Revenue Size

Metis Techbio is looking to raise up to US$270m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

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