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/china-tower-corp-ltd" target="_blank" data-smartkarma-citation="entities:27037:1" rel="noopener">China Tower (788 HK)</a> will replace <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a> in 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> at the close on 20 September.</li>
<li>The appears to be a lot more positioning and short interest in <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a> compared to <a href="https://www.smartkarma.com/entities/china-tower-corp-ltd" target="_blank" data-smartkarma-citation="entities:27037:1" rel="noopener">China Tower (788 HK)</a>. </li>
<li>The listing of <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> H-shares could result in another change for the ETF prior to the next scheduled rebalance in December.</li>
</ul>



China Tower (788 HK) will replace China International Capital Corporation (3908 HK) in the iShares China Large-Cap (FXI) (FXI US) at the close on 20 September.
The appears to be a lot more positioning and short interest in China International Capital Corporation (3908 HK) compared to China Tower (788 HK). 
The listing of Midea Group Co Ltd A (000333 CH) H-shares could result in another change for the ETF prior to the next scheduled rebalance in December.


FXI Rebalance: China Tower (788 HK) Will Replace CICC (3908 HK)

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/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> aims to raise up to US$3bn in its H-share listing, as per media reports.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.</li>
</ul>



Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.


Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Estimated take rate up vs year ago and vs Q124, and EBITA margin turned +ive</li>
<li>However, revenue growth in core China market slowed considerably in Q224</li>
<li>Cash Flow and Liquidity both appear ample, little pressure to raise new funds</li>
</ul>


Estimated take rate up vs year ago and vs Q124, and EBITA margin turned +ive
However, revenue growth in core China market slowed considerably in Q224
Cash Flow and Liquidity both appear ample, little pressure to raise new funds


Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Polish semiconductor suppliers are gearing up for SEMICON Taiwan 2024, showcasing their capabilities and technologies on an international platform.</li><li>Kaynes in India is continuing its investment and commitment to Telangana, highlighting its dedication to the region despite recent project approvals in Gujarat.</li><li>The sales success of Black Myth: Wukong in China's gaming market has the potential to create significant disruption, with Google also rumored to be planning a major data center in Vietnam. Broadcomm's purchase of VMware signals a strategic growth move with synergies. Tamil Nadu's partnership with US companies aims to boost the manufacturing industry, positioning the region as a hub for production.</li></ul>

Polish semiconductor suppliers are gearing up for SEMICON Taiwan 2024, showcasing their capabilities and technologies on an international platform.Kaynes in India is continuing its investment and commitment to Telangana, highlighting its dedication to the region despite recent project approvals in Gujarat.The sales success of Black Myth: Wukong in China's gaming market has the potential to create significant disruption, with Google also rumored to be planning a major data center in Vietnam. Broadcomm's purchase of VMware signals a strategic growth move with synergies. Tamil Nadu's partnership with US companies aims to boost the manufacturing industry, positioning the region as a hub for production.

Tech Supply Chain Tracker (04-Sep-2024): Polish suppliers prepare for SEMICON Taiwan 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The close of 3 September 2024 was the final price to determine capping for the Hang Seng Index Rebalances which will take place this Friday 6 September 2024 at close.</li>
<li>The numbers are <em>largely</em> unchanged, though price changes in the interim cause more <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> to be bought, and more <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> to be sold.</li>
<li>The biggest name in flows is, of course, <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> which sees 15 days to buy.</li>
</ul>


The close of 3 September 2024 was the final price to determine capping for the Hang Seng Index Rebalances which will take place this Friday 6 September 2024 at close.
The numbers are largely unchanged, though price changes in the interim cause more Kuaishou Technology (1024 HK) to be bought, and more Xiaomi Corp (1810 HK) to be sold.
The biggest name in flows is, of course, ASM Pacific Technology (522 HK) which sees 15 days to buy.


Hang Seng, HSCEI, HSTECH Sep24 Rebal Final Capping Flows

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)

FXI Rebalance: China Tower (788 HK) Will Replace CICC (3908 HK)

China Tower will replace CICC in the FXI at the close on 20 Sep. Passives need to buy 2x ADV in China Tower. Cumulative excess volume and short...

Brian Freitas

Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports. In this note, we talk about the likely A...

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Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably

In this insight we review Q224 financial and operating performance of China's largest ridehailing firm, Didi Global. Despite slower top-line...

Tracking Traffic

Tech Supply Chain Tracker (04-Sep-2024): Polish suppliers prepare for SEMICON Taiwan 2024

Semiconductor industry news includes preparations for SEMICON Taiwan 2024, Kaynes staying committed to Telangana, Black Myth: Wukong's anticipated...

Tech Supply Chain Tracker

Hang Seng, HSCEI, HSTECH Sep24 Rebal Final Capping Flows

The final capping levels for the major Hang Seng indices were set based off today's closing prices. The rebalance is at the close on Friday 6...

Travis Lundy

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