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

GigaDevice Semiconductor / Index Rebalance

<ul>
<li>There could be 2 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETF in June.</li>
<li>One of the inclusions will also have inflows from the FGlobal Index at the same time, leading to increased flow and impact.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-cable-joint-stock-ltd-co-class-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre and Cable (6869 HK)</a>'s discount has widened versus its A-shares, while <a href="https://www.smartkarma.com/entities/crrc-corporation-limited-class-h" target="_blank" data-smartkarma-citation="entities:124:1" rel="noopener">CRRC (1766 HK)</a>'s discount has narrowed versus its A-shares. </li>
</ul>


There could be 2 constituent changes for the iShares China Large-Cap (FXI) (FXI US) ETF in June.
One of the inclusions will also have inflows from the FGlobal Index at the same time, leading to increased flow and impact.

Yangtze Optical Fibre and Cable (6869 HK)'s discount has widened versus its A-shares, while CRRC (1766 HK)'s discount has narrowed versus its A-shares. 


FXI Rebalance Preview: Two Changes Likely in June

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/dajin-heavy-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:239207" rel="noopener">Dajin Heavy H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Dajin Heavy Industry (1081 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.
I discussed the H Share listing in Dajin Heavy H Share Listing: The Investment Case. 
The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.


Dajin Heavy H Share Listing (1081 HK): Valuation Insights

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

DZT Research

DZT 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.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

Huagong Tech Co Ltd A / Equity Capital Markets

<ul>
<li>HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.
We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


Shenzhen Inovance Technology Co., / Equity Capital Markets

Shenzhen Inovance Technology Co., (300124 CH)

<ul>
<li>Inovance is seeking to raise at least USD 100m via a Hong Kong listing. MS, CICC, GTJA, and BOA are the sponsors.</li>
<li>This note covers Inovance's industrial automation and NEV businesses, peer valuation.</li>
<li>We also discussed our preliminary thoughts on valuation, mainly drive by A-H premium.</li>
</ul>


Inovance is seeking to raise at least USD 100m via a Hong Kong listing. MS, CICC, GTJA, and BOA are the sponsors.
This note covers Inovance's industrial automation and NEV businesses, peer valuation.
We also discussed our preliminary thoughts on valuation, mainly drive by A-H premium.


Shenzhen Inovance A+H Pre-IPO: Early Thought

China

Zhejiang Sanhua Intelligent Controls Co., Ltd. researches, manufactures, and sells refrigeration and air-conditioning electrical parts and auto parts. The company specializes in environmentally friendly thermal management solutions, developing HVAC systems, home appliance equipment, and thermal management solutions for new energy vehicles. It was founded in 1994 and is headquartered in Shaoxing, China.

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Sanhua Intelligent Controls (2050 HK)

FXI Rebalance Preview: Two Changes Likely in June

There could be 2 changes for the FXI in June. One of the adds will also be added to a global index at the same time. The H/A discount has widened...

Brian Freitas

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Shenzhen Inovance A+H Pre-IPO: Early Thought

Shenzhen Inovance is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FXI Rebalance Preview: Two Changes Likely in June

There could be 2 changes for the FXI in June. One of the adds will also be added to a global index at the same time. The H/A discount has widened...

Brian Freitas

Dajin Heavy H Share Listing (1081 HK): Valuation Insights

Dajin Heavy, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million. In this...

Arun George

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Shenzhen Inovance A+H Pre-IPO: Early Thought

Shenzhen Inovance is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM