Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

HSI - Implications of Proposed Changes: WVR, Secondary Listings, Finance Sector Capping

Xiaomi Corp (1810 HK) - Are We There Yet?

HK - Consultation on Corporate WVR Listings

HSI - Potential Impact of WVR Share Inclusion & Finance Sector Capping

HSCEI Dividends - Index Review Could Lower Fair Value

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

Hang Seng China Enterprises Index (HSCEI INDEX)

Hang Seng Indexes Limited (HSIL) released a <a href="https://www.hsi.com.hk/static/uploads/contents/en/news/consultations/20200113T121200.pdf" target="_blank" rel="noopener">consultation paper</a> during the lunch break today on proposed changes to the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI).There are three proposals for the HSCEI: 1. Eligibility of Weighted Voting Rights (WVR) securities in the HSCEI 2. Eligibility of secondary-listing companies in the HSCEI 3. Rationalization of eligibility criteria for Red-chips and P-chips to bring them in line with the criteria for H-sharesIn this Insight, we take a look at the implications of the proposed changes being incorporated into the HSCEI.One of the biggest impacts will be on the HSCEI 2021 dividend futures which should sell off substantially from current levels if all proposals are implemented starting from the September 2020 or December 2020 rebalance.

Hang Seng Indexes Limited (HSIL) released a consultation paper during the lunch break today on proposed changes to the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI).There are three proposals for the HSCEI: 1. Eligibility of Weighted Voting Rights (WVR) securities in the HSCEI 2. Eligibility of secondary-listing companies in the HSCEI 3. Rationalization of eligibility criteria for Red-chips and P-chips to bring them in line with the criteria for H-sharesIn this Insight, we take a look at the implications of the proposed changes being incorporated into the HSCEI.One of the biggest impacts will be on the HSCEI 2021 dividend futures which should sell off substantially from current levels if all proposals are implemented starting from the September 2020 or December 2020 rebalance.

China Overseas Land & Investment (688 HK)

HSCEI - Implications of Proposed Changes: WVR, Secondary Listings, Red/P-Chip Selection Criteria