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

Xinjiang Tianshan Cement A / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>There are some changes to the list of expected ADDs/DELs since I published my last insight on this roughly a month ago.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
There are some changes to the list of expected ADDs/DELs since I published my last insight on this roughly a month ago.


Quiddity Leaderboard CSI 300/​​500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Shanghai Rural Commercial Bank / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>Since my <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-csi-300-500-jun-24-109-flow-names-us-2-3bn-one-way" target="_blank" rel="noopener">December 2023 insight</a>, a couple of names have left the CSI 300 Expected ADDs basket and have been replaced by two other names. </li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
Since my December 2023 insight, a couple of names have left the CSI 300 Expected ADDs basket and have been replaced by two other names. 


Quiddity Leaderboard CSI 300/​​500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

<p>This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing, China. No steel production cuts have been made by the government and none are expected in the near term. </p><p>The evidence for this view is clear looking at crude steel production data, we see record high levels of production out of China in September.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/382/original/crude%20steel.png?1479190556" class="editor-image img-responsive" data-smartkarma-image-id="16382"></figure><div class="content-caption">Figure 1: World Crude Steel Production - 139m tonnes in September up 2% YoY</div><div class="content-remarks"><p>Source: <a href="http://www.worldsteel.org/media-centre/press-releases/2016/September-2016-crude-steel-production.html" target="_blank">http://www.worldsteel.o</a>…</p></div>

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing, China. No steel production cuts have been made by the government and none are expected in the near term. The evidence for this view is clear looking at crude steel production data, we see record high levels of production out of China in September.Figure 1: World Crude Steel Production - 139m tonnes in September up 2% YoYSource: http://www.worldsteel.o…

Steel in China- No Government Capacity Shutdown

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

<p>As we have noted numerous time before, the result of so much money and credit creation is that there is a lot more capital chasing fewer and fewer good investment options.  Furthermore, given the spillovers into global markets, bubbles in China can create rapid price increases elsewhere.</p><p>This leads to two specific conclusions when looking for trading opportunities.  First, look for short opportunities in Chinese assets that have seen large rapid price increases.  This has happened repeatedly to…</p>

As we have noted numerous time before, the result of so much money and credit creation is that there is a lot more capital chasing fewer and fewer good investment options.  Furthermore, given the spillovers into global markets, bubbles in China can create rapid price increases elsewhere.This leads to two specific conclusions when looking for trading opportunities.  First, look for short opportunities in Chinese assets that have seen large rapid price increases.  This has happened repeatedly to…

Silver Is the Latest Chinese Little Short

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">The recent rally in bulk commodity miners will end in tears.</li><li class="p1">Iron ore has risen to $60 per tonne from a bottom of $37 in December, with leveraged mining stocks more than doubling from recent lows.</li><li class="p1">We expect falling Chinese steel demand and rising Chinese steel scrap availability to cut iron ore prices by half.</li><li class="p1">Shares of several heavily indebted producers are likely to fall by more than 50%.</li><li class="p1">Our long-run forecasts are $30 per tonne for iron ore (versus consensus $55) and $75 per tonne for metallurgical coal (versus consensus $110).</li></ul><p><em>Analysts: David Wang, Daniel Rohr, Mathew Hodge &amp; Andrew Lane</em></p>

The recent rally in bulk commodity miners will end in tears.Iron ore has risen to $60 per tonne from a bottom of $37 in December, with leveraged mining stocks more than doubling from recent lows.We expect falling Chinese steel demand and rising Chinese steel scrap availability to cut iron ore prices by half.Shares of several heavily indebted producers are likely to fall by more than 50%.Our long-run forecasts are $30 per tonne for iron ore (versus consensus $55) and $75 per tonne for metallurgical coal (versus consensus $110).Analysts: David Wang, Daniel Rohr, Mathew Hodge &amp; Andrew Lane

Dawn of the Scrap Age: Iron Ore and Met Coal Will Suffer as China's Scrap Supply Rises.

China

Cofco Biochemical Company, Ltd. develops and manufactures citric acid, citrate products, related byproducts, and cooking oil.

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Cofco Biochemical Co Ltd A (000930 CH)

Quiddity Leaderboard CSI 300/500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Significant amounts of new passive money has flowed into the CSI 300 and CSI 500 index resulting in a sharp increase in our one-way flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

Collectively, the CSI 300 and CSI 500 expected changes basket can result in ~US$2.3bn index flows one-way. Around 70% of the reference period is...

Janaghan Jeyakumar, CFA

Steel in China- No Government Capacity Shutdown

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing,...

Scott Laprise/ 乐天虎

Silver Is the Latest Chinese Little Short

As we have noted numerous time before, the result of so much money and credit creation is that there is a lot more capital chasing fewer and fewer...

Christopher Balding

Dawn of the Scrap Age: Iron Ore and Met Coal Will Suffer as China's Scrap Supply Rises.

The recent rally in bulk commodity miners will end in tears. Iron ore has risen to $60 per tonne from a bottom of $37 in December, with leveraged...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard CSI 300/​​500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Significant amounts of new passive money has flowed into the CSI 300 and CSI 500 index resulting in a sharp increase in our one-way flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

Collectively, the CSI 300 and CSI 500 expected changes basket can result in ~US$2.3bn index flows one-way. Around 70% of the reference period is...

Janaghan Jeyakumar, CFA

Steel in China- No Government Capacity Shutdown

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing,...

Scott Laprise/ 乐天虎

Silver Is the Latest Chinese Little Short

As we have noted numerous time before, the result of so much money and credit creation is that there is a lot more capital chasing fewer and fewer...

Christopher Balding

Dawn of the Scrap Age: Iron Ore and Met Coal Will Suffer as China's Scrap Supply Rises.

The recent rally in bulk commodity miners will end in tears. Iron ore has risen to $60 per tonne from a bottom of $37 in December, with leveraged...

Morningstar, Inc.

Quiddity Leaderboard CSI 300/500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Quiddity Leaderboard CSI 300/500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way