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/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a> will Dual Primary list on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> by Way of Introduction and the stock is expected to start trading on 30 December.</li>
<li>Following the changes to the handling of Dual-Primary-listed companies, <a href="https://www.smartkarma.com/entities/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a> should be added 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> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a> should also be added to the HSCI at the March rebalance and should be added to Southbound Stock Connect late July/ early August.</li>
</ul>



Futu Holdings Ltd (FUTU US) will Dual Primary list on the HKEX (388 HK) by Way of Introduction and the stock is expected to start trading on 30 December.
Following the changes to the handling of Dual-Primary-listed companies, Futu Holdings Ltd (FUTU US) should be added to the Hang Seng Tech Index (HSTECH INDEX) at the March rebalance.

Futu Holdings Ltd (FUTU US) should also be added to the HSCI at the March rebalance and should be added to Southbound Stock Connect late July/ early August.


Futu (FUTU US / 3588 HK): Dual Primary Listing, Stock Connect & Potential HSCI/HSTECH Inclusion

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;</li>
<li>January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;</li>
<li>BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.</li>
</ul>


Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;
January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;
BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.


[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

<ul>
<li>Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;</li>
<li>Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;</li>
<li>Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.</li>
</ul>


Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;
Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;
Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.


[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Timee IPO Trading - Garnered a Strong Demand, Should Pop

China

Kanzhun Limited provides online recruitment services. The Company connects job seekers and enterprise users through its mobile application. Kanzhun offers a mobile-native product that promotes instant direct chats between enterprise users and job seekers.

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Kanzhun (2076 HK)

Futu (FUTU US / 3588 HK): Dual Primary Listing, Stock Connect & Potential HSCI/HSTECH Inclusion

Futu (FUTU US) will Dual Primary list on the HKEX by Way of Introduction. Stock is expected to start trading on 30 Dec. Futu should be added to...

Brian Freitas

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

Timee IPO Trading - Garnered a Strong Demand, Should Pop

Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Futu (FUTU US / 3588 HK): Dual Primary Listing, Stock Connect & Potential HSCI/HSTECH Inclusion

Futu (FUTU US) will Dual Primary list on the HKEX by Way of Introduction. Stock is expected to start trading on 30 Dec. Futu should be added to...

Brian Freitas

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

​Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

​Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

Timee IPO Trading - Garnered a Strong Demand, Should Pop

Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.

Clarence Chu

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...