Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.</li>
<li>We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.</li>
<li>The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.</li>
</ul>


The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.


Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 118.6% as of Oct 13th.</li>
<li>The average A-H premium changed by -6.8ppt week on week, led by energy, health care, materials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Wuapptec, Tsingtao Brew, China Telecom and China Southern.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 118.6% as of Oct 13th.
The average A-H premium changed by -6.8ppt week on week, led by energy, health care, materials and offset by consumer staples.
We highlight weekly changes in A-H premium for Wuapptec, Tsingtao Brew, China Telecom and China Southern.


A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> is in deletion zone and could be deleted. <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> could be added to the index as the highest ranked non-index constituent.</li>
<li>Estimated one-way turnover at the rebalance is 2.14% resulting in a one-way trade of HK$1.38bn. <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> will be capped higher.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> is supported on its 50/100 day moving averages and could move higher. <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> has been trading below its moving averages.</li>
</ul>



Zhongsheng Group (881 HK) is in deletion zone and could be deleted. China Unicom Hong Kong (762 HK) could be added to the index as the highest ranked non-index constituent.
Estimated one-way turnover at the rebalance is 2.14% resulting in a one-way trade of HK$1.38bn. Meituan (3690 HK), Alibaba Group (9988 HK) and Tencent (700 HK) will be capped higher.

China Unicom Hong Kong (762 HK) is supported on its 50/100 day moving averages and could move higher. Zhongsheng Group (881 HK) has been trading below its moving averages.


HSCEI Index Rebalance Preview: One Change; Capping Impact Increases

<ul>
<li>The Brand-Spanking New (7 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.</li>
<li>We used to do it and brought it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 47 Trade Recommendations.</li>
<li>The last 6 weeks (since the start of the new Monitor and Portfolio 7 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%.</li>
</ul>


The Brand-Spanking New (7 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
We used to do it and brought it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 47 Trade Recommendations.
The last 6 weeks (since the start of the new Monitor and Portfolio 7 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%.


Quiddity A/H Premium Weekly (To 22Sep23):  Financials & Communications Dominate Flows

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> is a potential deletion in December and that could result in <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> being added to the index.</li>
<li>Estimated one-way turnover at the rebalance is 1.36% resulting in a one-way trade of HK$845m. Passives will need to trade over 1x ADV on both stocks.</li>
<li>There is a very small impact on the fair value of the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> 2023 dividend futures but there will be a larger impact on the dividend futures expiring in 2024.</li>
</ul>



Zhongsheng Group (881 HK) is a potential deletion in December and that could result in China Unicom Hong Kong (762 HK) being added to the index.
Estimated one-way turnover at the rebalance is 1.36% resulting in a one-way trade of HK$845m. Passives will need to trade over 1x ADV on both stocks.
There is a very small impact on the fair value of the HSCEI 2023 dividend futures but there will be a larger impact on the dividend futures expiring in 2024.


HSCEI Index Rebalance Preview: China Unicom (762) Could Replace Zhongsheng (881)

China

China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Telecom (H) (728 HK)

Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

The Quiddity A-H Monitor, tracking A/H premium positioning, with interactive tables, charts, and trade recommendations. A bad week as pairwise vol...

Travis Lundy

A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

We analyzed A-H premium changes in the past week and highlight A-H premium changes for　Wuapptec, Tsingtao Brew, China Telecom and China Southern.

Ke Yan, CFA, FRM

HSCEI Index Rebalance Preview: One Change; Capping Impact Increases

China Unicom IN, Zhongsheng Group OUT likely. Passive trackers will need to trade over 2x ADV on both stocks. Meituan, Alibaba, Tencent capped...

Brian Freitas

Quiddity A/H Premium Weekly (To 22Sep23): Financials & Communications Dominate Flows

Quiddity A-H Premia Monitor with interactive tables/charts, and trade recos. Net portfolio performance has been positive every week since re...

Travis Lundy

HSCEI Index Rebalance Preview: China Unicom (762) Could Replace Zhongsheng (881)

China Unicom could replace Zhongsheng Holdings in the HSCEI in Dec. Passives need to trade over 1x ADV on both stocks. There will be the usual...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

The Quiddity A-H Monitor, tracking A/H premium positioning, with interactive tables, charts, and trade recommendations. A bad week as pairwise vol...

Travis Lundy

A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, Tsingtao Brew, China Telecom and China Southern.

Ke Yan, CFA, FRM

HSCEI Index Rebalance Preview: One Change; Capping Impact Increases

China Unicom IN, Zhongsheng Group OUT likely. Passive trackers will need to trade over 2x ADV on both stocks. Meituan, Alibaba, Tencent capped...

Brian Freitas

Quiddity A/H Premium Weekly (To 22Sep23): Financials & Communications Dominate Flows

Quiddity A-H Premia Monitor with interactive tables/charts, and trade recos. Net portfolio performance has been positive every week since re...

Travis Lundy

HSCEI Index Rebalance Preview: China Unicom (762) Could Replace Zhongsheng (881)

China Unicom could replace Zhongsheng Holdings in the HSCEI in Dec. Passives need to trade over 1x ADV on both stocks. There will be the usual...

Brian Freitas

We analyzed A-H premium changes in the past week and highlight A-H premium changes for　Wuapptec, Tsingtao Brew, China Telecom and China Southern.