Quantitative Governance Data · Asia

The governance signal
that leads the financial signal.

The first quantitative governance framework with a single comparable scale across Asian capital markets. Eight markets live, two more in development. Built entirely from publicly verifiable regulatory filings.

TROPIC · 23.5°N Korea KR · SEOUL Japan JP · TOKYO India IN · NSE Taiwan TW · TAIPEI Hong Kong HK · HKEX Philippines PH · MANILA Thailand TH · BANGKOK Malaysia MY · PIPELINE Singapore SG · SGX Indonesia ID · PIPELINE View coverage →
Issuers Scored
0
Across eight Asian capital markets, each on a single 100-point scale
Distress Events Validated
0
Governance-driven events flagged by the framework across Asian markets
Single-Day Crash Odds
0
Higher likelihood of a 30%+ single-day stock collapse for Kill Switch firms (Hong Kong)

Governance risk hides in plain sight.

Across Asia’s capital markets — from Seoul to Manila — corporate governance failures follow a consistent pattern. Information is disclosed, but not in a form that enables shareholders to act. Institutions exist on paper, but power remains concentrated. Conflicts of interest are individually legal, collectively erosive.

Existing governance frameworks were built for a different set of markets — typically US, UK, and continental Europe, where ownership is dispersed and disclosure norms are assumed. Asia’s ownership structures require measurement designed for them: controlling-shareholder pledges, promoter family concentrations, cross-shareholding networks, and related-party intensity.

The Apex G-Score was built to measure what matters in Asia — and to predict the governance-driven events that follow.

The governance signal led the financial signal — across every market we tested.

Each market has its own governance pathology. The framework does not predict the same thing everywhere — it predicts what matters locally, within a single 100-point scale.

KR · Korea
Chaebol tunneling
Cross-shareholding networks, insider transactions, majority-minority conflicts embedded in family-controlled conglomerates.
Embezzlement detected
4 quarters early
IN · India
Promoter pledge risk
Promoter family share pledging, auditor resignations, and disclosure gaps at NSE-listed private conglomerates.
Kingfisher detected
7 quarters early
TW · Taiwan
KY shell tunneling
Foreign-registered (Cayman / BVI) shells used to route related-party transactions opaque to TWSE disclosure rules.
Yingrui detected
2 quarters early
TH · Thailand
NVDR dilution
Non-Voting Depositary Receipt structures, Sino-Thai family extraction, opaque subsidiary governance.
MORE Return detected
81 events validated
— Additional validation
JP Japan
Cross-shareholding depth and independent-director gaps surfaced at TSE Prime issuer level.
HK Hong Kong
Huishan · Hanergy · Evergrande — all detected pre-crisis via H-share pledge and VIE opacity signals.
SG Singapore
Hyflux detected two years early · CDL flagged real-time · Kill Switch accuracy 8/8.
PH Philippines
Calata retrospectively detected pre-delisting · UPM currently on forward watchlist.

What ignoring the signal costs.

Governance risk is not abstract. It shows up in returns, in volatility, in capital permanently destroyed. The question is not whether the signal exists — it is whether your portfolio is screened for it.

KOSDAQ Excluded Cohort
−33%
Cumulative return of companies flagged by the G-Score versus −6% for alert-grade companies over the same window.
India Kill Switch Cohort
+46pp
Excess annual volatility versus non-Kill-Switch firms. Grade A firms: 64% lower volatility than market average.

Cross-market validation extends the pattern: in Hong Kong, Kill Switch firms exhibit the same volatility spread within 4 percentage points of India — independent evidence that the mechanism is structural, not market-specific.

Three axes.
One scale.
Eight markets live.

The G-Score decomposes governance into three independent axes — each measuring a distinct risk driver, each predicting a different type of failure. The structure is universal. The variables are local. R-axis carries the largest weight, reflecting the empirical dominance of conflict-of-interest signals across Asian markets.

T
Transparency
Does the company disclose honestly, consistently, and on time?
Filing timeliness · audit opinion · disclosure quality · CG code compliance
B
Balance of Power
Is decision-making power distributed — or concentrated?
Controlling shareholder · board independence · CEO–chair separation · committee composition
R
Conflict-of-Interest Risk
Are shareholders exposed to structural conflicts that erode value?
Related-party transactions · intercompany loans · director interlocks · auditor patterns
No surveys. No self-assessments. No management interviews. Only publicly verifiable regulatory filings.

Institutional investors navigating Asia’s ownership structures.

The G-Score is not a trading signal. It is a pre-analysis filter and early warning system — designed to help allocators decide where to direct analytical resources, and where not to.

01 · For
Asset Managers
Screen portfolios for governance risk before it becomes financial risk. Identify which holdings warrant deeper due diligence — and which do not.
02 · For
Pension Funds
Quantify governance exposure across Asia allocations. Stewardship reporting backed by structural data, not subjective assessments or survey-based ratings.
03 · For
Index & Data Providers
Integrate governance risk signals into existing screening infrastructure. Dataset licensing available for systematic integration and factor model inclusion.
04 · For
Governance Researchers
Access the first cross-market governance dataset built on comparable methodology. Academic licensing available for peer-reviewed work.

Eight markets live.
Two in development.

Each market is scored on the same 100-point TBR scale. The only quantitative system enabling direct cross-market governance comparison across Asian capital markets.

A proprietary high-risk watchlist — including Kill Switch firms and forward-watch candidates across all eight markets — is available to qualified institutional investors under NDA.