Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Beijing Strong Biotechnolo-A / Event-Driven

<ul>
<li>We have already discussed our flow expectations for the mainstream indices in the CSI family such as CSI300/500, SSE50/100, and the STAR50/100 for the June 2024 index rebal event.</li>
<li>In this insight, we take a look at our flow expectations for the ADDs/DELs involved in the rebalance of some of the lesser known indices in the CSI family.</li>
<li>The indices covered in this insight are All Share Brokerage, China Internet, Medical Devices, National Defense, and Livestock Breeding indices.</li>
</ul>


We have already discussed our flow expectations for the mainstream indices in the CSI family such as CSI300/500, SSE50/100, and the STAR50/100 for the June 2024 index rebal event.
In this insight, we take a look at our flow expectations for the ADDs/DELs involved in the rebalance of some of the lesser known indices in the CSI family.
The indices covered in this insight are All Share Brokerage, China Internet, Medical Devices, National Defense, and Livestock Breeding indices.


CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock

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>CSI announced the changes for the June rebalance after market close on 31 May and the changes will be effective after the close of trading on 14 June.</li>
<li>There are 5 adds/deletes - we correctly forecasted 3 adds and all 5 deletes. Passives need to trade 0.5-3x ADV on the adds and 0.5-2.1x ADV on the deletes.</li>
<li>With the index not very widely forecasted, the adds could outperform the deletes over the next week in a repeat of the performance at the December rebalance.</li>
</ul>


CSI announced the changes for the June rebalance after market close on 31 May and the changes will be effective after the close of trading on 14 June.
There are 5 adds/deletes - we correctly forecasted 3 adds and all 5 deletes. Passives need to trade 0.5-3x ADV on the adds and 0.5-2.1x ADV on the deletes.
With the index not very widely forecasted, the adds could outperform the deletes over the next week in a repeat of the performance at the December rebalance.


CSI Medical Service Index Rebalance: Adds Could Outperform Deletes in the Coming Week

<ul>
<li>The December 2024 index review results for the CSI Medical Service Index were announced after market close on Friday 29th November 2024.</li>
<li>There will be 3 changes for the CSI Medical Service index.</li>
<li>We predicted all the changes correctly but we expected a couple of extra changes which did not materialize.</li>
</ul>


The December 2024 index review results for the CSI Medical Service Index were announced after market close on Friday 29th November 2024.
There will be 3 changes for the CSI Medical Service index.
We predicted all the changes correctly but we expected a couple of extra changes which did not materialize.


Quiddity CSI Medical Dec 24 Results: 3 Changes; All Expected; US$362mn One-Way

Inner Mongolia Furui Medical Scie / Event-Driven

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>The reference period for the December 2024 index rebal event ended recently. In this insight, we take a look at our final expected ADDs/DELs.</li>
<li>There has been no change to our list of expected changes presented in my last insight.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
The reference period for the December 2024 index rebal event ended recently. In this insight, we take a look at our final expected ADDs/DELs.
There has been no change to our list of expected changes presented in my last insight.


Quiddity Leaderboard CSI Medical Dec 24: Final Rankings; Exp ADDs Underperforming Exp DELs

Sinopep-Allsino Bio Pharmaceutical / Event-Driven

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.</li>
<li>We expect up to five ADDs and five DELs for the CSI Medical Service index during this index rebal event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
We expect up to five ADDs and five DELs for the CSI Medical Service index during this index rebal event based on the latest available data.


Quiddity Leaderboard CSI Medical Service Dec 24: US$271mn One-Way; 1x-4x ADV to Trade for Most Names

China

Beijing Strong Biotechnologies, Inc. operates in the IVD industry, where they specialize in the manufacturing of clinical chemistry liquid reagents.

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Beijing Strong Biotechnolo-A (300406 CH)

CSI Medical Service Index Rebalance: Adds Could Outperform Deletes in the Coming Week

There are 5 changes for the index in June. We correctly forecast 3 adds and all 5 deletes. The adds outperformed the deletes post announcement in...

Brian Freitas

Quiddity CSI Medical Dec 24 Results: 3 Changes; All Expected; US$362mn One-Way

We estimate one-way flow to be US$362mn. The Inclusion/Exclusion events will take place at the close of trading on 13th December 2024.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Dec 24: Final Rankings; Exp ADDs Underperforming Exp DELs

We expect the index changes to be announced after market close on 29th November 2024. We currently estimate one-way flow to be US$248mn. Most...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Service Dec 24: US$271mn One-Way; 1x-4x ADV to Trade for Most Names

We estimate the CSI Medical December 2024 index rebalance to trigger flows of US$271mn one-way. Most of the expected ADDs/DELs have 1x-4x ADV to...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock

We expect the the CSI Medical Services ADDs to outperform the Medical Services DELs over the next few days. The Inclusion/Exclusion events could...

Janaghan Jeyakumar, CFA

CSI Medical Service Index Rebalance: Adds Could Outperform Deletes in the Coming Week

There are 5 changes for the index in June. We correctly forecast 3 adds and all 5 deletes. The adds outperformed the deletes post announcement in...

Brian Freitas

Quiddity CSI Medical Dec 24 Results: 3 Changes; All Expected; US$362mn One-Way

We estimate one-way flow to be US$362mn. The Inclusion/Exclusion events will take place at the close of trading on 13th December 2024.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Dec 24: Final Rankings; Exp ADDs Underperforming Exp DELs

We expect the index changes to be announced after market close on 29th November 2024. We currently estimate one-way flow to be US$248mn. Most...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Service Dec 24: US$271mn One-Way; 1x-4x ADV to Trade for Most Names

We estimate the CSI Medical December 2024 index rebalance to trigger flows of US$271mn one-way. Most of the expected ADDs/DELs have 1x-4x ADV to...

Janaghan Jeyakumar, CFA