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

Hygon Information Technology C / Event-Driven

<ul>
<li>As of the review cutoff date of 19 February, there could be four changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a> in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/shaanxi-coal-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:11254:1" rel="noopener">Shaanxi Coal Industry</a>, <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology</a>, <a href="https://www.smartkarma.com/entities/cgn-power-co-ltd" target="_blank" data-smartkarma-citation="entities:29504:1" rel="noopener">CGN Power</a> and <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd-675cb9b4-f4fb-4317-9df7-75e3849a2f5a" target="_blank" data-smartkarma-citation="entities:885:1" rel="noopener">China Everbright Bank</a> could replace <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group</a>, <a href="https://www.smartkarma.com/entities/bank-of-ningbo-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4452:1" rel="noopener">Bank Of Ningbo</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec</a> and <a href="https://www.smartkarma.com/entities/jiangsu-yanghe-brewery-a" target="_blank" data-smartkarma-citation="entities:1275:1" rel="noopener">Jiangsu Yanghe Brewery</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a> is a potential <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> inclusion while <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology C (688041 CH)</a> is an inclusion to a global index in March.</li>
</ul>


As of the review cutoff date of 19 February, there could be four changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK) in March.

Shaanxi Coal Industry, Hygon Information Technology, CGN Power and China Everbright Bank could replace Aier Eye Hospital Group, Bank Of Ningbo, WuXi AppTec and Jiangsu Yanghe Brewery.

CGN Power (1816 HK) is a potential iShares China Large-Cap (FXI) (FXI US) inclusion while Hygon Information Technology C (688041 CH) is an inclusion to a global index in March.


Offshore China ETFs Rebalance Preview: Big Price Moves Could Lead to Four Changes

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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 Bottom-Up

<ul>
<li>In Apr 2023, <a href="https://www.smartkarma.com/entities/zjld-group-inc" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (6979 HK)</a> raised around US$676m in its HK IPO. While it initially had a turbulent listing, the shares are now trading above its IPO price.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu. </li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


In Apr 2023, ZJLD Group (6979 HK) raised around US$676m in its HK IPO. While it initially had a turbulent listing, the shares are now trading above its IPO price.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu. 
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - ZJLD - Buoyed by a Premiumisation Shift

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group-inc" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (6979 HK)</a> raised US$676m in its Hong Kong IPO in April 2023. Its six-month lockup will expire on 26th Oct 2023.</li>
<li>ZJLD is a Chinese liquor company producing baijiu. As per F&amp;S, the firm ranked third among all baijiu companies with three or more aroma types in terms of FY21 sales.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



ZJLD Group (6979 HK) raised US$676m in its Hong Kong IPO in April 2023. Its six-month lockup will expire on 26th Oct 2023.
ZJLD is a Chinese liquor company producing baijiu. As per F&amp;S, the firm ranked third among all baijiu companies with three or more aroma types in terms of FY21 sales.
In this note, we will talk about the lock-up dynamics and updates since our last note.


ZJLD Lock-Up - KKR’s US$680m Stake to Be Unlocked, Although the PE Could Opt to Wait

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 15th.</li>
<li>We estimate the weekly outflows to be US$2,170.6 million, led by industrials, information technology, and offset by health care, consumer discretionary, utilities.</li>
<li>We highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi Green, Boe Technology, China Tourism, China Petroleum And Chemical.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 15th.
We estimate the weekly outflows to be US$2,170.6 million, led by industrials, information technology, and offset by health care, consumer discretionary, utilities.
We highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi Green, Boe Technology, China Tourism, China Petroleum And Chemical.


Northbound Flows (Sep 15th): Six Weeks of Outflows

Equity Capital Markets

Guoquan Food (Shanghai) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guoquan-food-shanghai" target="_blank" data-smartkarma-citation="entities:36899:1" rel="noopener">Guoquan Food (Shanghai) (1786512D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>Guoquan Food (Shanghai) is a home meal solutions provider in China.</li>
<li>Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. </li>
</ul>



Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. 


Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

China

Jiangsu Yanghe Brewery Joint-Stock Company Ltd. manufactures spirits. The Company's products include white spirits, top-graded gifts liquor, and liquor for daily consumption.

Price Gauge
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Jiangsu Yanghe Brewery A (002304 CH)

Offshore China ETFs Rebalance Preview: Big Price Moves Could Lead to Four Changes

There could be 4 changes for the 2822/2823 ETFs in March and passive trackers will need to trade 0.16-0.79 days of ADV on the stocks. Some stocks...

Brian Freitas

2024 High Conviction - ZJLD - Buoyed by a Premiumisation Shift

In Apr 2023, ZJLD Group (6979 HK) raised around US$676m in its HK IPO. While it initially had a turbulent listing, the shares are now trading above...

Clarence Chu

ZJLD Lock-Up - KKR’s US$680m Stake to Be Unlocked, Although the PE Could Opt to Wait

ZJLD Group (6979 HK) raised US$676m in its Hong Kong IPO in April 2023. Its six-month lockup will expire on 26th Oct 2023.

Clarence Chu

Northbound Flows (Sep 15th): Six Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi...

Ke Yan, CFA, FRM

Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. Guoquan Food (Shanghai) is a home meal...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)