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

<ul>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.</li>
<li>Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.</li>
<li>I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade. </li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.
Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.
I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade. 


Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Inner Mongolia Yitai Coal Company Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  </li>
<li>The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   </li>
</ul>



Inner Mongolia Yitai Coal Company Ltd (3948 HK)'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  
The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   


Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight flows for Tencent, CNPC, CNOOC, Meituan, CCB, HKEX, BYD, ABC, CR Beer.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows for Tencent, CNPC, CNOOC, Meituan, CCB, HKEX, BYD, ABC, CR Beer.


Hong Kong Connect Flows Monthly: $2.7 Bn of Inflows in May

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>The June rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.</li>
<li>The largest inflows will be on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining (2899 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a>. </li>
<li>The largest outflows will be on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/china-construction-bank-h" target="_blank" data-smartkarma-citation="entities:45:1" rel="noopener">China Construction Bank H (939 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>. </li>
</ul>


The June rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.
The largest inflows will be on Meituan (3690 HK), JD.com (9618 HK), Zijin Mining (2899 HK), Baidu (9888 HK), Trip.com (9961 HK) and JD Logistics (2618 HK). 
The largest outflows will be on HSBC Holdings (5 HK), Li Auto (2015 HK), Kuaishou Technology (1024 HK), China Construction Bank H (939 HK) and NetEase (9999 HK). 


HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (June 2023)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 25th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank.


Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

China

China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China.  The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

China Shenhua Energy Co H (1088 HK)

Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way

I see BeiGene Ltd (6160 HK) and Trip.com (9961 HK) as ADDs and Country Garden Services (6098 HK) and Zhongsheng Group (881 HK) as DELs.

Janaghan Jeyakumar, CFA

Hong Kong Connect Flows Monthly: $2.7 Bn of Inflows in May

We analyzed the Hong Kong Connect Scheme for May and highlight flows for Tencent, CNPC, CNOOC, Meituan, CCB, HKEX, BYD, ABC, CR Beer.

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (June 2023)

The June rebalance of the Hang Seng family of indices will use todays closing prices for capping. The one-way trade across all stocks across the...

Brian Freitas

Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank。

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way

I see BeiGene Ltd (6160 HK) and Trip.com (9961 HK) as ADDs and Country Garden Services (6098 HK) and Zhongsheng Group (881 HK) as DELs.

Janaghan Jeyakumar, CFA

Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the...

Arun George

Hong Kong Connect Flows Monthly: $2.7 Bn of Inflows in May

We analyzed the Hong Kong Connect Scheme for May and highlight flows for Tencent, CNPC, CNOOC, Meituan, CCB, HKEX, BYD, ABC, CR Beer.

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (June 2023)

The June rebalance of the Hang Seng family of indices will use todays closing prices for capping. The one-way trade across all stocks across the...

Brian Freitas

Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank。

Ke Yan, CFA, FRM