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>We expect one change to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng Tech Index (HSTECH INDEX)</a> in September - though there could be a second change as well.</li>
<li>Estimated one-way turnover is 2.13% resulting in a one-way trade of HK$2.01bn in case there are two index changes. Turnover will be lower if there is only one change.</li>
<li>Short interest on some of the potential changes is over 15% of float and there could be big moves on the stocks post announcement of the changes.</li>
</ul>


We expect one change to the Hang Seng Tech Index (HSTECH INDEX) in September - though there could be a second change as well.
Estimated one-way turnover is 2.13% resulting in a one-way trade of HK$2.01bn in case there are two index changes. Turnover will be lower if there is only one change.
Short interest on some of the potential changes is over 15% of float and there could be big moves on the stocks post announcement of the changes.


HSTECH Index Rebalance Preview (Sep): One Change or Two?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We estimate the total short interest to decrease by 4.2% WoW and highlight short changes in CK Asset, Alibaba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 25th.
Top short increases and decreases were tabulated for one week and four week period. 
We estimate the total short interest to decrease by 4.2% WoW and highlight short changes in CK Asset, Alibaba.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>On the 19 May, Hong Kong's Securities and Futures Commission (SFC) released a 145-page consultation paper on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs.</li>
<li>The paper proposes amendments to various provisions of the Codes together with the reasons for such changes.</li>
<li>The consultation will last for five weeks until 23 June 2023.</li>
</ul>


On the 19 May, Hong Kong's Securities and Futures Commission (SFC) released a 145-page consultation paper on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs.
The paper proposes amendments to various provisions of the Codes together with the reasons for such changes.
The consultation will last for five weeks until 23 June 2023.


SFC's Consultation Paper On Proposed Amendments To The Takeovers Code

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.


Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Longfor, Cosco Ship Holding, CCB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Longfor, Cosco Ship Holding, CCB.


HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

Hong Kong

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong.  The Company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades.

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HKEX (388 HK)

HSTECH Index Rebalance Preview (Sep): One Change or Two?

We forecast 1 change in September, though there be another change as well. Short interest is high on the potential deletes & there could be...

Brian Freitas

HK Short Interest Weekly: CK Asset, Baba

We analyzed the latest HK SFC report for aggregate short position as of May 25th and highlight short interest changes in Ck Asset, Baba.

Ke Yan, CFA, FRM

SFC's Consultation Paper On Proposed Amendments To The Takeovers Code

My read is that there are no startling revisions/revelations. More of clarity and fleshing out additional detail to address likely scenarios/outcomes.

David Blennerhassett

Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

We analyzed the latest HK SFC report for aggregate short position as of May 12th and highlight short interest changes in Longfor, Cosco Ship...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)