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 <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.</li>
<li>Passive Hang Seng trackers need to sell <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> at the close on 4 January following <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> in-specie distribution.</li>
<li>We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.</li>
</ul>


The Stock Exchange of Thailand SET 50 Index (SET50 INDEX) rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.
Passive Hang Seng trackers need to sell Meituan (3690 HK) at the close on 4 January following Tencent (700 HK) in-specie distribution.
We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.


Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Productive Technologies (650 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Productive Technologies (650 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).


Hong Kong Buybacks Weekly (Dec 30th): Tencent, AIA, Productive Technologies

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>DingTalk /: Alibaba’s DingTalk hits 15 million paying users as it tries to climb out of the red</li><li>Flights /: China drops Covid curbs on international flights</li><li>Personnel /: China appoints new Taiwan Affairs Office head</li></ul>

DingTalk /: Alibaba’s DingTalk hits 15 million paying users as it tries to climb out of the redFlights /: China drops Covid curbs on international flightsPersonnel /: China appoints new Taiwan Affairs Office head

CX Daily: Alibaba’s DingTalk Hits 15 Million Paying Users As It Tries To Climb Out Of The Red

Equity Bottom-Up

<ul>
<li>China just announced game approval for December batch. The number of games approved is slightly higher than the previous three months.</li>
<li>Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>In both December batch, as well as over the past year, we see Tencent behind its smaller peers in terms of receiving game approval. </li>
</ul>


China just announced game approval for December batch. The number of games approved is slightly higher than the previous three months.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
In both December batch, as well as over the past year, we see Tencent behind its smaller peers in terms of receiving game approval. 


Tencent/Netease: Tencent Behind Smaller Peers in This Year Game Approval

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-cloud" target="_blank" data-smartkarma-citation="entities:28835:1" rel="noopener">Kingsoft Cloud (KC US)</a> shares will begin trading on the Main Board of the HKEx on Friday, 30th December by way of an introduction.</li>
<li>The company’s competitive pricing strategy to onboard customers has impacted its profitability, however, KC has begun to shift focus on profitability by raising prices in the medium term.</li>
<li>Raising prices in the medium term will likely support KC’s profitability and we have valued the company using potential price hikes to non-key customers. </li>
</ul>



Kingsoft Cloud (KC US) shares will begin trading on the Main Board of the HKEx on Friday, 30th December by way of an introduction.
The company’s competitive pricing strategy to onboard customers has impacted its profitability, however, KC has begun to shift focus on profitability by raising prices in the medium term.
Raising prices in the medium term will likely support KC’s profitability and we have valued the company using potential price hikes to non-key customers. 


Kingsoft Cloud HK Listing: Significant Upside in the Medium Term

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A changes). We also highlight large...

Brian Freitas

Hong Kong Buybacks Weekly (Dec 30th): Tencent, AIA, Productive Technologies

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

CX Daily: Alibaba’s DingTalk Hits 15 Million Paying Users As It Tries To Climb Out Of The Red

Alibaba’s DingTalk hits 15 million paying users as it tries to climb out of the red. China drops Covid curbs on international flights.China...

Caixin Global

Tencent/Netease: Tencent Behind Smaller Peers in This Year Game Approval

China just announced game approval for December batch. We see Tencent behind its smaller peers in terms of receiving game approval for both...

Ke Yan, CFA, FRM

Kingsoft Cloud HK Listing: Significant Upside in the Medium Term

Kingsoft's competitive pricing strategy is the reason for its lower profits. Our valuation based on potential price hikes to non-key customers...

Shifara Samsudeen, ACMA, CGMA

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52-week Range

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