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>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The October rebalance will result in a one-way turnover of ~16% and in a one-way trade of US$329m. There are 16 stocks with over US$3m to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> will be added to the index while there will be selling in <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The October rebalance will result in a one-way turnover of ~16% and in a one-way trade of US$329m. There are 16 stocks with over US$3m to trade.

HDFC Bank (HDFCB IN) will be added to the index while there will be selling in Taiwan Semiconductor (TSMC) (2330 TT).


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: 16% Turnover, US$660m Trade

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：SME merchants benefited from new Taobao rules ( + )</li>
<li>LI/NIO/XPEV: The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)</li>
<li>Gaming Industry: August Market Sustains Ongoing Recovery with Impressive 46% YoY Growth in Domestic Market(+)</li>
</ul>


BABA：SME merchants benefited from new Taobao rules ( + )
LI/NIO/XPEV: The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)
Gaming Industry: August Market Sustains Ongoing Recovery with Impressive 46% YoY Growth in Domestic Market(+)


China TMT Update-Oct.10-Baba/LI/NIO/XPEV/Tencent/NetEase-Huawei Wenjie's New M7/New Taobao Rules

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc.</li>
<li>Ownership levels are at 4-year highs, with Baidu one of the key beneficiaries of manager rotation this year.</li>
<li>Baidu is the 3rd largest holding in the Communication Services sector, but there a plenty of funds with a history of ownership who remain on the sidelines for now.</li>
</ul>


After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc.
Ownership levels are at 4-year highs, with Baidu one of the key beneficiaries of manager rotation this year.
Baidu is the 3rd largest holding in the Communication Services sector, but there a plenty of funds with a history of ownership who remain on the sidelines for now.


<ul>
<li>HK 700/NTES US/HK 02400: NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list (-)/(-)/(+).   </li>
<li>ZTO/002352.CH/BABA/PDD: Parcel volume remains strong, grew 23% YoY last week (+)</li>
<li>U: Unity Issues Formal Apology and Adjusts Previous Runtime Fee Plans (-)</li>
</ul>


HK 700/NTES US/HK 02400: NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list (-)/(-)/(+).   
ZTO/002352.CH/BABA/PDD: Parcel volume remains strong, grew 23% YoY last week (+)
U: Unity Issues Formal Apology and Adjusts Previous Runtime Fee Plans (-)


China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong

<ul>
<li>NTES US/HK 700: NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show (+)/(-)</li>
<li>3690.HK/TCOM: Meituan publishes early consumption data for the upcoming “Golden Week” Holiday (+)</li>
<li>Futu Holdings : Futu Japan launched U.S. stock trading service</li>
</ul>


NTES US/HK 700: NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show (+)/(-)
3690.HK/TCOM: Meituan publishes early consumption data for the upcoming “Golden Week” Holiday (+)
Futu Holdings : Futu Japan launched U.S. stock trading service


China TMT Update-NTES/HK700/3690.HK/FUTU- NetEase Pipeline In Tokyo Game Show/Golden Week/Futu Japan

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NetEase (9999 HK)

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: 16% Turnover, US$660m Trade

There are 157 adds/79 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. One-way turnover is 16% resulting in a one-way...

Brian Freitas

China TMT Update-Oct.10-Baba/LI/NIO/XPEV/Tencent/NetEase-Huawei Wenjie's New M7/New Taobao Rules

SME merchants benefited from new Taobao rules/The cumulative large deposit order volume of Wenjie’s new M7 has exceeded 50,000 units(-)/ August...

Blue Lotus Research Institute

Baidu: Back in the Mix

After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc..

Steven Holden

China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong

NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list. Parcel volume remains strong; U: Unity Adjusts...

Blue Lotus Research Institute

China TMT Update-NTES/HK700/3690.HK/FUTU- NetEase Pipeline In Tokyo Game Show/Golden Week/Futu Japan

NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show; Meituan publishes data for the “Golden Week” Holiday;Futu Holdings...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)