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>The changes to the CSI All Share Semiconductors &amp; Semiconductor Equipment Index were announced after market close on 31 May and will be implemented at the close on 14 June.</li>
<li>There are 17 adds and 5 deletes for the index.</li>
<li>The adds and deletes have underperformed the index over the last 6 months but the adds have outperformed the deletes over the last 3 months.</li>
</ul>


The changes to the CSI All Share Semiconductors &amp; Semiconductor Equipment Index were announced after market close on 31 May and will be implemented at the close on 14 June.
There are 17 adds and 5 deletes for the index.
The adds and deletes have underperformed the index over the last 6 months but the adds have outperformed the deletes over the last 3 months.


CSI All Share Semiconductor Index Rebalance: Lots of Changes in June

<ul>
<li>There are 4 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 14 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/biwin-storage-technology-co-lt" target="_blank" data-smartkarma-citation="entities:40391:1" rel="noopener">Biwin Storage Technology Lt (688525 CH)</a> and <a href="https://www.smartkarma.com/entities/beijing-yandong-microelectroni" target="_blank" data-smartkarma-citation="entities:36653:1" rel="noopener">Beijing Yandong Microelectroni (688172 CH)</a> are also inclusions to other indices too and the multiple flows will increase the impact on the stocks.</li>
<li>The adds have underperformed the deletes. If things go the way of the December rebalance, a long adds/ short deletes trade could do well from now to implementation.</li>
</ul>


There are 4 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 14 June.

Biwin Storage Technology Lt (688525 CH) and Beijing Yandong Microelectroni (688172 CH) are also inclusions to other indices too and the multiple flows will increase the impact on the stocks.
The adds have underperformed the deletes. If things go the way of the December rebalance, a long adds/ short deletes trade could do well from now to implementation.


CES China Semiconductor Chips Index Rebalance: Adding to Impact for Some Stocks

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The June 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 31st May 2024.</li>
<li>There will be 3 changes for the STAR 50 index and 9 changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$750mn and US$314mn for the STAR 50 and STAR 100 index rebal events in June 2024.</li>
</ul>


The June 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 31st May 2024.
There will be 3 changes for the STAR 50 index and 9 changes for the STAR 100 index.
We expect one-way flows of approximately US$750mn and US$314mn for the STAR 50 and STAR 100 index rebal events in June 2024.


Quiddity STAR 50/100 Jun 24 Rebalance: US$1bn+ One-Way Flow; Some Surprises; New Trade

<ul>
<li>There are 3 changes for 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> and 9 changes for the STAR100 Index. Implementation will take place at the close on 14 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/united-nova-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40389:1" rel="noopener">United Nova Technology (688469 CH)</a> and <a href="https://www.smartkarma.com/entities/biwin-storage-technology-co-lt" target="_blank" data-smartkarma-citation="entities:40391:1" rel="noopener">Biwin Storage Technology (688525 CH)</a> were not added at the March rebalance since they were consistently loss-making. But they have been added this time.</li>
<li>
<a href="https://www.smartkarma.com/entities/united-nova-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40389:1" rel="noopener">United Nova Technology (688469 CH)</a> had been trading poorly and then the stock dropped further after non-inclusion in March. That could change now with inclusion confirmed.</li>
</ul>


There are 3 changes for the SSE STAR50 (STAR50 INDEX) and 9 changes for the STAR100 Index. Implementation will take place at the close on 14 June.

United Nova Technology (688469 CH) and Biwin Storage Technology (688525 CH) were not added at the March rebalance since they were consistently loss-making. But they have been added this time.

United Nova Technology (688469 CH) had been trading poorly and then the stock dropped further after non-inclusion in March. That could change now with inclusion confirmed.


STAR50/STAR100 Index Rebalance: Index Committee Flip-Flops on Profitability

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In my last insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-star-50-jun-24-3-adds-dels-possible-but-should-be-monitored-closely" target="_blank" rel="noopener">link</a>), I discussed how the rankings had to be monitored closely before finalizing the index change expectations for the June 2024 index rebal event.</li>
<li>Now that the reference period is complete, I have discussed my final expectations for the June 2024 review. The official index changes will be announced later this month.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In my last insight (link), I discussed how the rankings had to be monitored closely before finalizing the index change expectations for the June 2024 index rebal event.
Now that the reference period is complete, I have discussed my final expectations for the June 2024 review. The official index changes will be announced later this month.


Quiddity Leaderboard STAR 50 Jun 24: SHORTs Down 12% Vs Peers in 1 Month; Final Ranks & New Trade

China

Biwin Storage Technology Co., Ltd. researches, develops, manufactures, and sells memory chip application products. The Company produces smart terminal storage chips, consumer-grade storage modules,  industrial-grade storage modules, and provides advanced packaging and testing services. Biwin Storage Technology conducts businesses in China.

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Biwin Storage Technology (688525 CH)

CES China Semiconductor Chips Index Rebalance: Adding to Impact for Some Stocks

There are 4 changes for the index in June. Biwin Storage and Beijing Yandong are adds to other indices too. If this rebalance is a repeat of...

Brian Freitas

Quiddity STAR 50/100 Jun 24 Rebalance: US$1bn+ One-Way Flow; Some Surprises; New Trade

There are 9 inflow names and 10 outflow names in the June 2024 STAR 50/100 index rebal event. The inflow names could outperform the outflow names...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Index Committee Flip-Flops on Profitability

There are 3 changes for the STAR50 index and 9 for the STAR100. Some stocks will have same way flows from other index trackers. United Nova Tech is...

Brian Freitas

Quiddity Leaderboard STAR 50 Jun 24: SHORTs Down 12% Vs Peers in 1 Month; Final Ranks & New Trade

I see 3 expected ADDs/DELs for the June 2024 review and I believe the expected ADDs will outperform the expected DELs over the next few weeks.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI All Share Semiconductor Index Rebalance: Lots of Changes in June

There are 17 adds and 5 deletes for the CSI All Share Semiconductors & Semiconductor Equipment Index in June. Biwin Storage is an add here apart...

Brian Freitas

CES China Semiconductor Chips Index Rebalance: Adding to Impact for Some Stocks

There are 4 changes for the index in June. Biwin Storage and Beijing Yandong are adds to other indices too. If this rebalance is a repeat of...

Brian Freitas

Quiddity STAR 50/100 Jun 24 Rebalance: US$1bn+ One-Way Flow; Some Surprises; New Trade

There are 9 inflow names and 10 outflow names in the June 2024 STAR 50/100 index rebal event. The inflow names could outperform the outflow names...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Index Committee Flip-Flops on Profitability

There are 3 changes for the STAR50 index and 9 for the STAR100. Some stocks will have same way flows from other index trackers. United Nova Tech is...

Brian Freitas

Quiddity Leaderboard STAR 50 Jun 24: SHORTs Down 12% Vs Peers in 1 Month; Final Ranks & New Trade

I see 3 expected ADDs/DELs for the June 2024 review and I believe the expected ADDs will outperform the expected DELs over the next few weeks.

Janaghan Jeyakumar, CFA