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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> is a potential deletion in December and that could result in <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> being added to the index.</li>
<li>Estimated one-way turnover at the rebalance is 1.36% resulting in a one-way trade of HK$845m. Passives will need to trade over 1x ADV on both stocks.</li>
<li>There is a very small impact on the fair value of the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> 2023 dividend futures but there will be a larger impact on the dividend futures expiring in 2024.</li>
</ul>



Zhongsheng Group (881 HK) is a potential deletion in December and that could result in China Unicom Hong Kong (762 HK) being added to the index.
Estimated one-way turnover at the rebalance is 1.36% resulting in a one-way trade of HK$845m. Passives will need to trade over 1x ADV on both stocks.
There is a very small impact on the fair value of the HSCEI 2023 dividend futures but there will be a larger impact on the dividend futures expiring in 2024.


HSCEI Index Rebalance Preview: China Unicom (762) Could Replace Zhongsheng (881)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Batteries /Cover Story: Chinese battery makers gird for price war in competition to supply EV producers</li><li>G20 /: Chinese premier meets Biden at G20</li><li>China-U.K. /: U.K. welcomes China investment in ‘key areas,’ trade minister says</li></ul>

Batteries /Cover Story: Chinese battery makers gird for price war in competition to supply EV producersG20 /: Chinese premier meets Biden at G20China-U.K. /: U.K. welcomes China investment in ‘key areas,’ trade minister says

CX Daily: Chinese Battery Makers Gird For Price War In Competition To Supply EV Producers

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Baba's recent management change - Daniel Zhang proposed stepping down</li>
<li>NHC Director said healthcare anti-corruption must balance pros and cons, suggesting the campaign might nearing its end</li>
<li>Alibaba's subsidiary, Lingxi Games, has released a self-developed new mobile game called "Forest Kingdom." (森之国度) </li>
</ul>


Baba's recent management change - Daniel Zhang proposed stepping down
NHC Director said healthcare anti-corruption must balance pros and cons, suggesting the campaign might nearing its end
Alibaba's subsidiary, Lingxi Games, has released a self-developed new mobile game called "Forest Kingdom." (森之国度) 


China TMT Update-Baba/Healthcare-Daniel Zhang Stepping Down/ Anti-Corruption Might Nearing Its End

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.</li>
<li>Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.</li>
<li>However, Tuhu sets high standards for workshops, but average standards for mechanics.</li>
</ul>


We contacted drivers here in Shanghai and asked about their experience at Tuhu stores.
Franchised stores are well positioned in the aftermarket and Tuhu is the largest store chain among them.
However, Tuhu sets high standards for workshops, but average standards for mechanics.


Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

HSCEI Index Rebalance Preview: China Unicom (762) Could Replace Zhongsheng (881)

China Unicom could replace Zhongsheng Holdings in the HSCEI in Dec. Passives need to trade over 1x ADV on both stocks. There will be the usual...

Brian Freitas

CX Daily: Chinese Battery Makers Gird For Price War In Competition To Supply EV Producers

Batteries /Cover Story: Chinese battery makers gird for price war in competition to supply EV producers G20 /: Chinese premier meets Biden at...

Caixin Global

China TMT Update-Baba/Healthcare-Daniel Zhang Stepping Down/ Anti-Corruption Might Nearing Its End

Daniel Zhang proposed stepping down;NHC Director said healthcare anti-corruption must balance pros and cons, suggesting the campaign nearing its...

Blue Lotus Research Institute

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

Tuhu Car (途虎) Pre-IPO: Why Sedan Owners Choose Tuhu

We contacted drivers here in Shanghai. Franchised stores are well positioned in the aftermarket. But Tuhu sets overly high standards for workshops.

Ming Lu

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52-week Range

Market Cap (USDm)

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