Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Sunac Services (融创服务) IPO Trading - Subscription Rate Similar to Jinke Svcs

Sunac Services (融创服务) IPO - Better Towards the Low-End

Sunac Services (1516 HK): Lofty Metrics In A Congested Space

Sunac Services (融创服务) Pre-IPO - Thoughts on Valuation

Event-Driven

<a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services (1516 HK)</a> has <a href="http://www.iporesults.hkex.com.hk/listedco/listconews/sehk/2020/1118/9516503/2020111800032.pdf" target="_blank" rel="noopener">announced</a> that the offer price has been determined at HK$11.60/share and trading will start on 19 November. The offer price is the middle of the indicated range of HK$10.55-12.65 per share.Based on the offer price of HK$11.6/share, the net proceeds from the global offering are estimated to be HK$7,859.7m. The company will receive additional net proceeds of HK$1,182.5m if the overallotment option is exercised.<a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> trackers will receive shares in <a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services (1516 HK)</a> by virtue of their holding of <a href="https://www.smartkarma.com/entities/sunac-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:240:1" rel="noopener">Sunac China Holdings (1918 HK)</a>. We estimate passive trackers will need to sell around 1.1m shares at the close of trading on 19 November, though some of the selling could be done prior to the close.Index arb traders will need to adjust their index compositions since the traded price of <a href="https://www.smartkarma.com/entities/sunac-services-holdings" target="_blank" data-smartkarma-citation="entities:29239:1" rel="noopener">Sunac Services (1516 HK)</a> will be used in the calculation of the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> level and will result in the index moving 1.5bps higher.

Sunac Services (1516 HK) has announced that the offer price has been determined at HK$11.60/share and trading will start on 19 November. The offer price is the middle of the indicated range of HK$10.55-12.65 per share.Based on the offer price of HK$11.6/share, the net proceeds from the global offering are estimated to be HK$7,859.7m. The company will receive additional net proceeds of HK$1,182.5m if the overallotment option is exercised.Hang Seng China Enterprises Index (HSCEI INDEX) trackers will receive shares in Sunac Services (1516 HK) by virtue of their holding of Sunac China Holdings (1918 HK). We estimate passive trackers will need to sell around 1.1m shares at the close of trading on 19 November, though some of the selling could be done prior to the close.Index arb traders will need to adjust their index compositions since the traded price of Sunac Services (1516 HK) will be used in the calculation of the Hang Seng China Enterprises Index (HSCEI INDEX) level and will result in the index moving 1.5bps higher.

Hang Seng China Enterprises Index (HSCEI INDEX)

Shimao Services Holdings Limited (873 HK)

Sunac Services (1516 HK) - Listing Tomorrow; Passives Need to Sell at the Close

Sunac Services Holdings

Sunac Services (1516 HK) - Listing Tomorrow; Passives Need to Sell at the Close