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

Zijin Gold International / Index Rebalance

<ul>
<li>There are 9 additions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in June. Plus, one listing switch and a whole bunch of float and capping changes.</li>
<li>Estimated one-way turnover is 6.2% and that leads to a round-trip trade of US$3.4bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international-company-limited" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold International (2259 HK)</a> has been added following an increase in free float, and the passive buying could provide short-term support for the stock.</li>
</ul>


There are 9 additions for the VanEck Gold Miners ETF/USA (GDX US) in June. Plus, one listing switch and a whole bunch of float and capping changes.
Estimated one-way turnover is 6.2% and that leads to a round-trip trade of US$3.4bn. There are many stocks with multiple days of ADV to trade from passive trackers.

Zijin Gold International (2259 HK) has been added following an increase in free float, and the passive buying could provide short-term support for the stock.


Gold Miners ETF (GDX US) June Rebalance: 9 Adds and US$3.4bn Trade

<ul>
<li>There could be 3 inclusions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in June. There are 3 more stocks that are close on free float market cap.</li>
<li>Following the lock-up expiry in March, <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>'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. </li>
<li>With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.</li>
</ul>


There could be 3 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in June. There are 3 more stocks that are close on free float market cap.
Following the lock-up expiry in March, Zijin Gold (2259 HK)'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. 
With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.


Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with a reasonably high likelihood of being involved in index changes during the next review in June 2026.</li>
<li>The index changes are expected to be confirmed on 22nd May 2026.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with a reasonably high likelihood of being involved in index changes during the next review in June 2026.
The index changes are expected to be confirmed on 22nd May 2026.


Quiddity Leaderboard Hang Seng Index Jun26: BeOne, Zijin, Cosco Shipping Among Our Top 10 Picks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. We expect 2-3 ADDs on average each quarter.</li>
<li>Based on the latest data, we now see five ADDs in June 2026 and we have a little over a month to the base date. </li>
<li>We expect one-way flow of US$1.2bn for the June 2026 rebal. </li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. We expect 2-3 ADDs on average each quarter.
Based on the latest data, we now see five ADDs in June 2026 and we have a little over a month to the base date. 
We expect one-way flow of US$1.2bn for the June 2026 rebal. 


[Quiddity Index] MV Global Gold Miners Jun26: Five ADDs Possible; US$1.2bn+ One-Way Flows

<ul>
<li>There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.</li>
<li>The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> making up the bulk of it. <a href="https://www.smartkarma.com/entities/butong-group" target="_blank" data-smartkarma-citation="entities:44212:1" rel="noopener">Butong</a> and Jiaxin International have a lock-up for pre-IPO investors too.</li>
<li>The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.</li>
</ul>


There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with Zijin Gold making up the bulk of it. Butong and Jiaxin International have a lock-up for pre-IPO investors too.
The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.


HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Hong Kong

Zijin Gold International Company Limited is a Hong Kong-based subsidiary of Zijin Mining Group, primarily engaged in the exploration, mining, processing, and sale of gold and other mineral resources. Its main products include gold bullion, gold alloy, and gold concentrate, with a focus on developing high-quality global gold assets. The company was incorporated in 2007 and is headquartered in Hong Kong.

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Zijin Gold International (2259 HK)

Gold Miners ETF (GDX US) June Rebalance: 9 Adds and US$3.4bn Trade

9 adds, float and capping changes result in an estimated one-way turnover of 6.2% and to a round-trip trade of US$3.4bn. There are many stocks with...

Brian Freitas

Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

The June changes for GDX will be announced after market close today and implemented after market close on 19 June. We forecast 5 adds: Zijin Gold,...

Brian Freitas

Quiddity Leaderboard Hang Seng Index Jun26: BeOne, Zijin, Cosco Shipping Among Our Top 10 Picks

The Hang Seng Index June 2026 index review results will be publicly announced after market close on 22nd May 2026. In this insight, we have...

Janaghan Jeyakumar, CFA

[Quiddity Index] MV Global Gold Miners Jun26: Five ADDs Possible; US$1.2bn+ One-Way Flows

One month left on the observation period for the Market Vector Global Gold Miners Index rebal. We expect Zijin Gold to be added but we see three...

Travis Lundy

HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Butong is down 12% today as the cornerstone investor shares become freely tradeable. Bigger cornerstone lock-up expiries this week for Chery Auto...

Brian Freitas

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