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

Index Rebalance

<ul>
<li>After a huge upward move earlier this year, <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a>'s stock has started to drop as the sector starts to give back some of its gains. </li>
<li>Despite the recent correction, <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a> should be added to a global index in November and that could help the stock outperform its peers.</li>
<li>There appears to be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.</li>
</ul>


After a huge upward move earlier this year, Remegen (9995 HK)'s stock has started to drop as the sector starts to give back some of its gains. 
Despite the recent correction, Remegen (9995 HK) should be added to a global index in November and that could help the stock outperform its peers.
There appears to be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.


Remegen (9995 HK): Index Inclusion as Sector Starts to Drop

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a> recorded revenue of RMB 1.1B, a 48% rise YoY, driven by robust sales growth of telitacicept (treatment of autoimmune diseases) and disitamab vedotin (treatment of solid tumors).</li>
<li>Remegen entered into a license agreement with Vor Biopharma (telitacicept global rights) and Santen (RC28-E rights in China and other few countries). Upfront payments to reflect in revenues in 2H25.  </li>
<li>Vor Biopharma is conducting a global multi-center Phase III clinical trial (first patient enrolled in August 2024, in U.S) of telitacicept for the treatment of patients with myasthenia gravis (gMG).</li>
</ul>



Remegen (9995 HK) recorded revenue of RMB 1.1B, a 48% rise YoY, driven by robust sales growth of telitacicept (treatment of autoimmune diseases) and disitamab vedotin (treatment of solid tumors).
Remegen entered into a license agreement with Vor Biopharma (telitacicept global rights) and Santen (RC28-E rights in China and other few countries). Upfront payments to reflect in revenues in 2H25.  
Vor Biopharma is conducting a global multi-center Phase III clinical trial (first patient enrolled in August 2024, in U.S) of telitacicept for the treatment of patients with myasthenia gravis (gMG).


Remegen (9995 HK): 2H25 Upfront Boost; Indication Expansion Positive; Overseas Trial Results Awaited

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HUGE, rampaging, "Beautiful Skew"... is flat. Big swings in H/A ratios continue, this time on average with 2.1% H underperformance vs As which is -4.4% on average over two weeks.</li>
<li>Last week's short reco on <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> was up 2.3% on the week in Hs but Hs underperformed the As by 1.86%.</li>
<li>AH premia are in a widening phase. This may continue. New reco this week.</li>
</ul>


HUGE, rampaging, "Beautiful Skew"... is flat. Big swings in H/A ratios continue, this time on average with 2.1% H underperformance vs As which is -4.4% on average over two weeks.
Last week's short reco on Fuyao Glass Industry Group (3606 HK) was up 2.3% on the week in Hs but Hs underperformed the As by 1.86%.
AH premia are in a widening phase. This may continue. New reco this week.


A/H Premium Tracker (To 29 Aug 2025):  AH Premia Expand Again, Beautiful Skew Takes a Breather

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality</li>
<li>The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.</li>
<li>RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.</li>
</ul>


The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.
RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.


China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (9995 HK)

Remegen (9995 HK): Index Inclusion as Sector Starts to Drop

Remegen could be added to a global index in November. The stock has dropped recently and provides a better entry point. Peers have been dropping...

Brian Freitas

Remegen (9995 HK): 2H25 Upfront Boost; Indication Expansion Positive; Overseas Trial Results Awaited

Remegen (9995 HK) posted 48% revenue growth driven by sales of telitacicept and disitamab vedotin. License agreements augur well. Overseas trial...

Tina Banerjee

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 29 Aug 2025): AH Premia Expand Again, Beautiful Skew Takes a Breather

Short version this week. Excellent Pair Alpha last week as Hs underperformed As by 2% but we were up on the week. AH premia up 4.4% in 2 weeks. I...

Travis Lundy

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Remegen (9995 HK): Index Inclusion as Sector Starts to Drop

Remegen could be added to a global index in November. The stock has dropped recently and provides a better entry point. Peers have been dropping...

Brian Freitas

Remegen (9995 HK): 2H25 Upfront Boost; Indication Expansion Positive; Overseas Trial Results Awaited

​Remegen (9995 HK) posted 48% revenue growth driven by sales of telitacicept and disitamab vedotin. License agreements augur well. Overseas trial...

Tina Banerjee

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 29 Aug 2025): AH Premia Expand Again, Beautiful Skew Takes a Breather

Short version this week. Excellent Pair Alpha last week as Hs underperformed As by 2% but we were up on the week. AH premia up 4.4% in 2 weeks. I...

Travis Lundy

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

​Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

Remegen (9995 HK) posted 48% revenue growth driven by sales of telitacicept and disitamab vedotin. License agreements augur well. Overseas trial...

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...