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>There are no constituent changes for 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> in June but there are some free float changes and a bunch of capping changes.</li>
<li>Estimated one-way turnover is 3.2% leading to a one-way trade of HK$3bn (US$384m). There are 3 stocks with over 1 day of ADV to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> has over 1x ADV to buy from <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)</a> trackers. The stock is also an add to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI)</a>.</li>
</ul>


There are no constituent changes for the Hang Seng Tech Index (HSTECH INDEX) in June but there are some free float changes and a bunch of capping changes.
Estimated one-way turnover is 3.2% leading to a one-way trade of HK$3bn (US$384m). There are 3 stocks with over 1 day of ADV to trade.

Trip.com (9961 HK) has over 1x ADV to buy from Hang Seng Tech Index (HSTECH) trackers. The stock is also an add to the Hong Kong Hang Seng Index (HSI).


HSTECH Index Rebalance: Float & Capping Changes Lead to US$768m Two-Way 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

Equity Bottom-Up

<ul>
<li>We think G6 has reasonable opportunities to win market share from Tesla Model. We estimate G6’s monthly delivery to reach 10%-15% of Model Y. </li>
<li>Our latest channel check found that Xpeng’s monthly order intake rebounded to a 10k level in April, higher than 6k-8k of NIO. </li>
<li>We dial up 2023 GPM estimate to 11.0%, which is 0.75ppt higher than consensus. UG to BUY due to recovered growth and margin outlook starting from 2Q23</li>
</ul>


We think G6 has reasonable opportunities to win market share from Tesla Model. We estimate G6’s monthly delivery to reach 10%-15% of Model Y. 
Our latest channel check found that Xpeng’s monthly order intake rebounded to a 10k level in April, higher than 6k-8k of NIO. 
We dial up 2023 GPM estimate to 11.0%, which is 0.75ppt higher than consensus. UG to BUY due to recovered growth and margin outlook starting from 2Q23


[XPeng (XPEV US, BUY, TP US$11.5) Rating Change]: G6 Is a Superb Answer to Tesla Model Y…UG to BUY

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

iMotion Automotive Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imotion-automotive-technology" target="_blank" data-smartkarma-citation="entities:36900:1" rel="noopener">IMotion Automotive Technology (1812706D CH)</a> is looking to raise about US$300m in its upcoming HK IPO. </li>
<li>The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series. </li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. 
The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series. 
In this note, we talk about the not-so-positive aspects of the deal.


IMotion Automotive Technology Pre-IPO - The Negatives - But Profitability Still a Black Box

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imotion-automotive-technology" target="_blank" data-smartkarma-citation="entities:36900:1" rel="noopener">IMotion Automotive Technology (1812706D CH)</a> is looking to raise about US$300m in its upcoming HK IPO. </li>
<li>The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. 
The company possesses advanced full-stack R&amp;D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series. 
In this note, we talk about the positive aspects of the deal.


IMotion Automotive Technology Pre-IPO - The Positives - Strong Growth Ahead with Some Big Names

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

Thematic (Sector/Industry)

<ul><li>Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly cars outperforming their rivals amid a raging price war across the industry.</li><li>Last month, NEV sales of BYD Co. Ltd., Guangzhou Automobile Group Co. Ltd., Li Auto Inc. and Nio Inc. grew 97.5%, 89.8%, 88.7% and 3.9% year-on-year, respectively, according to company statements.</li><li>The NEV category mainly covers pure electric and plug-in hybrid vehicles.</li></ul>

Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly cars outperforming their rivals amid a raging price war across the industry.Last month, NEV sales of BYD Co. Ltd., Guangzhou Automobile Group Co. Ltd., Li Auto Inc. and Nio Inc. grew 97.5%, 89.8%, 88.7% and 3.9% year-on-year, respectively, according to company statements.The NEV category mainly covers pure electric and plug-in hybrid vehicles.

China’s NEV Sales Are Both Surging and Sinking, Depending on the Company

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (9868 HK)

HSTECH Index Rebalance: Float & Capping Changes Lead to US$768m Two-Way Trade

Estimated one-way turnover is 3.2% leading to a one-way trade of HK$3bn (US$384m). There are 3 stocks with over 1 day of ADV to trade. Trip.com is...

Brian Freitas

[XPeng (XPEV US, BUY, TP US$11.5) Rating Change]: G6 Is a Superb Answer to Tesla Model Y…UG to BUY

We think G6 has reasonable opportunities to win market share from Tesla Model Y. We estimate G6’s monthly delivery to reach 10%-15% of Model Y.

Blue Lotus Research Institute

IMotion Automotive Technology Pre-IPO - The Negatives - But Profitability Still a Black Box

IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. In this note, we talk about the not-so...

Ethan Aw

IMotion Automotive Technology Pre-IPO - The Positives - Strong Growth Ahead with Some Big Names

IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. In this note, we talk about the positive...

Ethan Aw

China’s NEV Sales Are Both Surging and Sinking, Depending on the Company

Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly...

Caixin Global

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52-week Range

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