In today’s briefing:
- Quiddity Leaderboard HSTECH Sep 24: Reference Period Over; One Change Likely; US$733mn One-Way
- Shift Up IPO: Final Allocation Results, Lockup Release Schedule, & Index Float Rates
Quiddity Leaderboard HSTECH Sep 24: Reference Period Over; One Change Likely; US$733mn One-Way
- The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
- The reference period for the September 2024 index rebal event is now complete. In this insight, we take a look at our final expectations for index changes.
- Our current estimates suggest one-way flows due to index changes and capping could be around US$733mn but that could change by early September 2024.
Shift Up IPO: Final Allocation Results, Lockup Release Schedule, & Index Float Rates
- Notably, local hedge funds receive significant allocation, nearly 10%, unusual for KOSPI IPOs this size, differing from HD Hyundai Marine Solution.
- KOSPI 200’s initial float rate is 14%, rising to 58% in six months. MSCI starts at 8%, reaching 12% in six months and 25% in a year.
- Differences from HD Hyundai Marine Solution include high short-term strategies among institutions. Unlike before, local pension funds receive substantial allocation, potentially affecting stock price post-listing.
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