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

<ul>
<li>Nearly US$20bn has flowed into mainland China listed ETFs since 18 July and could be driven by the National Team supporting the market.</li>
<li>Most of the inflows have been focused on large cap indices including <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a>, <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext</a> and other sectoral and thematic ETFs.</li>
<li>The largest impact has been on the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> constituents, but that has not stopped the slide in the stocks.</li>
</ul>


Nearly US$20bn has flowed into mainland China listed ETFs since 18 July and could be driven by the National Team supporting the market.
Most of the inflows have been focused on large cap indices including CSI 300, STAR50, CSI 500, SSE50, ChiNext and other sectoral and thematic ETFs.
The largest impact has been on the SSE STAR50 (STAR50 INDEX) constituents, but that has not stopped the slide in the stocks.


China: Huge ETF Inflows & Impact on Stocks

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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 Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs from 2019-2022. </li>
<li>The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs from 2019-2022. 
The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 105.7% as of Jul 12th.</li>
<li>The average A-H premium changed by -2.5ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by real estate, utilities, information technology.</li>
<li>We highlight weekly changes in A-H premium for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 105.7% as of Jul 12th.
The average A-H premium changed by -2.5ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by real estate, utilities, information technology.
We highlight weekly changes in A-H premium for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .


A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.</li>
<li>After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.</li>
<li>Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.</li>
</ul>


Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.
After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.
Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.


Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

<ul>
<li>The changes to the CSI All Share Investment Banking &amp; Brokerage Index were announced after market close on 31 May and will be implemented at the close on 14 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/guosen-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:27486:1" rel="noopener">Guosen Securities (002736 CH)</a> will be added to the index while <a href="https://www.smartkarma.com/entities/northeast-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:6022:1" rel="noopener">Northeast Securities (000686 CH)</a> will be deleted from the index.</li>
<li>There is a lot of flow and impact for both stocks and the stocks could outperform/underperform their peers over the next couple of weeks.</li>
</ul>


The changes to the CSI All Share Investment Banking &amp; Brokerage Index were announced after market close on 31 May and will be implemented at the close on 14 June.

Guosen Securities (002736 CH) will be added to the index while Northeast Securities (000686 CH) will be deleted from the index.
There is a lot of flow and impact for both stocks and the stocks could outperform/underperform their peers over the next couple of weeks.


CSI All Share IB & Brokerage Index Rebalance: Couple of Large Flow & Impact Names

China

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

CSC Financial Co., Ltd. provides investment management services. The Company offers investment banking, wealth management, and trading and institutional client services. CSC Financial conducts its business in Hong Kong.

Guotai Junan Securities Co.,Ltd. provides financial services. The Company offers corporate finance, fixed income securities, asset management, risk management, and other services. Guotai Junan Securities Company serves clients throughout China.

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

Guosen Securities Co.,Ltd offers securities services. The Company provides securities brokerage, securities investment, securities consulting, and other services. Guosen Securities provides its services throughout China.

Shenwan Hongyuan Group Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities investment fund agency, securities asset management, and other services. Shenwan Hongyuan Group provides services in China.

China Galaxy Securities Co., Ltd. provides securities services. The Company provides securities underwriting, securities brokerage, securities investment advisory, securities transaction, and other services. China Galaxy Securities provides its services throughout China.

Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.

State Street Corporation services institutional investors and manages financial assets worldwide.  The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

Tradeweb Markets Inc. builds and operates electronic marketplaces for rates, credit, equities/ETFs and money markets. The company serves institutional, wholesale and retail clients in 62 countries including large global asset managers, insurance companies, central banks, financial advisory firms, proprietary trading firms, hedge funds, banks and dealers.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust's banking operations are its primary operations.

LPL Financial Holdings, Inc. offers technology, brokerage and investment advisory services through business relationships with all types of financial advisors. Through proprietary technology, custody and clearing platforms, the Company offers access to financial products and services that enable them to provide financial advice and brokerage services to retail investors.

Raymond James Financial, Inc. provides financial services to individuals, corporations, and municipalities through its subsidiary investment firms. The Company operates throughout the United States, Canada and overseas.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

Cboe Global Markets, Inc. operates a marketplace for the trading of standardized, listed options on equity securities. The Company is recognized for its role in the trading of options on individual equities, market indexes and exchange-traded funds, their suite of products, their markets and their hybrid trading model.

Brookfield Asset Management Ltd. operates as an investment management firm. The Company focuses on property development, renewable energy, infrastructure, insurance, and private equity. Brookfield Asset Management serves customers worldwide.

Yuanta Financial Holding Co., Ltd. is a holding company. Its main businesses include brokerage, margin financing, domestic and overseas issuance, financial and M&A advisory, primary listings, corporate financial, securities underwriting and placements, etc. The company also holds the leading position in the derivatives business.

Daiwa Securities Group Inc. is a holding company. The Group provides a comprehensive financial services including dealing, brokerage, underwriting, and distribution of securities.  Other services are research & systems development, custody service, and asset management. Daiwa has subsidiaries in US, Europe, Asia, and Middle East.

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

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Citic Securities (H) (6030 HK)

China: Huge ETF Inflows & Impact on Stocks

Nearly US$20bn has flowed into mainland China ETFs and could be driven by National Team supporting the market. There are many stocks where the ETFs...

Brian Freitas

A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .

Ke Yan, CFA, FRM

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China: Huge ETF Inflows & Impact on Stocks

Nearly US$20bn has flowed into mainland China ETFs and could be driven by National Team supporting the market. There are many stocks where the ETFs...

Brian Freitas

Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

In this note, we will take a look at broker performance for HK IPOs from 2019-2022. The following dataset includes all HK IPOs above US$100m for...

Ethan Aw

A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .

Ke Yan, CFA, FRM

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

CSI All Share IB & Brokerage Index Rebalance: Couple of Large Flow & Impact Names

Guosen Securities will be added to the index while Northeast Securities will be deleted. There is decent flow on both stocks and 4x ADV to trade...

Brian Freitas