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/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>'s reported sale of its <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> stake led to a selloff on Meituan and on other companies that Tencent has invested in.</li>
<li>There are 10 listed companies where <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>'s holding is over US$1bn. Some stakes are more likely to be sold than others. </li>
<li>A complete stake sale will benefit some companies more than others since they are part of a wider array of indices and that will bring in passive flow.</li>
</ul>



Tencent (700 HK)'s reported sale of its Meituan (3690 HK) stake led to a selloff on Meituan and on other companies that Tencent has invested in.
There are 10 listed companies where Tencent (700 HK)'s holding is over US$1bn. Some stakes are more likely to be sold than others. 
A complete stake sale will benefit some companies more than others since they are part of a wider array of indices and that will bring in passive flow.


Tencent's Potential Sale of Meituan Stake - Read Across to Other Stocks & Index Implications

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Express parcels increased by 8% YoY in China in July.</li>
<li>TikTok was still the top non-game app in the world in July.</li>
<li>Meituan raised its prices of bike sharing on August 10.</li>
</ul>


Express parcels increased by 8% YoY in China in July.
TikTok was still the top non-game app in the world in July.
Meituan raised its prices of bike sharing on August 10.


China Internet Weekly (15Aug2022): Alibaba, Tencent, Meituan, TikTok, JD, NetEase, Dingdong

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for connect holding position as of Aug 12th.</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 weekly inflows into Tencent, China Mobile and outflows from Meituan and Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for connect holding position as of Aug 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly inflows into Tencent, China Mobile and outflows from Meituan and Kuaishou.


Hong Kong Connect Flows: Tencent, China Mobile, Meituan and Kuaishou

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 5th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short covers for Alibaba, AIA and Country Garden.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 5th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short covers for Alibaba, AIA and Country Garden.


HK Short Interest: Alibaba, AIA, Country Garden Short Covers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, China Tourism launched its US$2.5bn IPO. </li>
<li>There were no major placements this week and it likely to remain that way in the near future owing to it being earnings season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism launched its US$2.5bn IPO. 
There were no major placements this week and it likely to remain that way in the near future owing to it being earnings season.


ECM Weekly (14th Aug 2022) - China Tourism, A/H Listing, Hongjiu Fruit, Socar, Betagro, ThaiBev, GQG

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Tencent's Potential Sale of Meituan Stake - Read Across to Other Stocks & Index Implications

A Reuters report that Tencent intended to sell its stake in Meituan led to a selloff across Tencent's investee companies. The impact of passive...

Brian Freitas

China Internet Weekly (15Aug2022): Alibaba, Tencent, Meituan, TikTok, JD, NetEase, Dingdong

Express parcels increased by 8% YoY in China in July. TikTok is still the top non-game app in the world in July. Meituan raised its prices of bike...

Ming Lu

Hong Kong Connect Flows: Tencent, China Mobile, Meituan and Kuaishou

We highlight weekly southbound Hong Kong Connect inflows into Tencent, China Mobile and outflows from Meituan and Kuaishou.

Ke Yan, CFA, FRM

HK Short Interest: Alibaba, AIA, Country Garden Short Covers

We highlight week on week short covers for Alibaba, AIA and Country Garden based on latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

ECM Weekly (14th Aug 2022) - China Tourism, A/H Listing, Hongjiu Fruit, Socar, Betagro, ThaiBev, GQG

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)