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

Generation Development Group L / Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 6th June 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. 
The official index changes will be announced after the close on Friday 6th June 2025.


Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

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 analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in National Australia Bank, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in National Australia Bank, Wesfarmers.


ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.</li>
<li>We expect one change for ASX 20, one change for ASX 50, two changes for ASX 100, and one change for ASX 200. One month left in the reference period.</li>
<li>Our long basket is up 14% vs shorts in a month. Index Rebal is coming back. ASX Index final index changes will be announced publicly on 6th June 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
We expect one change for ASX 20, one change for ASX 50, two changes for ASX 100, and one change for ASX 200. One month left in the reference period.
Our long basket is up 14% vs shorts in a month. Index Rebal is coming back. ASX Index final index changes will be announced publicly on 6th June 2025.


Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations

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

Northern Star Resources / Index Rebalance

<ul>
<li>With <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> shareholders approving the acquisition by <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>, we move to the phase of passive index flows. </li>
<li>As expected, <a href="https://www.smartkarma.com/entities/generation-development-group-l" target="_blank" data-smartkarma-citation="entities:14945:1" rel="noopener">Generation Development Group (GDG AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the close on 23 April to replace <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a>. </li>
<li>There will be passive inflows for <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> from some local and global index trackers due to the increase in the number of shares outstanding.</li>
</ul>


With De Grey Mining (DEG AU) shareholders approving the acquisition by Northern Star Resources (NST AU), we move to the phase of passive index flows. 
As expected, Generation Development Group (GDG AU) will be added to the S&amp;P/ASX 200 (AS51 INDEX) at the close on 23 April to replace De Grey Mining (DEG AU). 
There will be passive inflows for Northern Star Resources (NST AU) from some local and global index trackers due to the increase in the number of shares outstanding.


De Grey Mining/Northern Star Resources: The Passive Flows

<ul>
<li>
<a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>'s acquisition of <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> is expected to complete in the next 3 weeks.</li>
<li>There will be an ad hoc inclusion to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and passive buying in <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> from a bunch of trackers of different indices.</li>
<li>The acquisition brings <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> close to inclusion in the S&amp;P/ASX 20 Index, but it's not there yet.</li>
</ul>



Northern Star Resources (NST AU)'s acquisition of De Grey Mining (DEG AU) is expected to complete in the next 3 weeks.
There will be an ad hoc inclusion to the S&amp;P/ASX 200 (AS51 INDEX) and passive buying in Northern Star Resources (NST AU) from a bunch of trackers of different indices.
The acquisition brings Northern Star Resources (NST AU) close to inclusion in the S&amp;P/ASX 20 Index, but it's not there yet.


Northern Star's Acquisition of De Grey Mining: The Many Index Implications & Flows

Australia

Generation Development Group Limited operates as an investment company. The Company provides tax effective investment solutions and development capital to financial sector businesses. Generation Development Group serves customers in Australia.

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Generation Development Group L (GDG AU)

Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

The last day of trading for De Grey Mining will be 23rd April. There will be an ASX 200 replacement for De Grey mining. For the Acquirer Northern...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Wesfarmers.

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations

Collectively, there could be US$416mn one-way flow for the ASX index family in June 2025. Most of the expected index changes could have multiple...

Janaghan Jeyakumar, CFA

De Grey Mining/Northern Star Resources: The Passive Flows

There will be passive buying in Northern Star Resources (NST) today at the close following the acquisition of De Grey Mining. The stock is up a lot...

Brian Freitas

Northern Star's Acquisition of De Grey Mining: The Many Index Implications & Flows

The Scheme Meeting is being held today. Proxy votes in favour make up 65.5% of shares outstanding and 99.38% of total proxy votes received. This...

Brian Freitas

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