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 KRX Stocks as of Jan 5th which has an aggregated short interest worth USD9.6bn.</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 Sk Hynix, Samsung Electron, Naver, Kia.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jan 5th which has an aggregated short interest worth USD9.6bn.
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 Sk Hynix, Samsung Electron, Naver, Kia.


KRX Short Interest Weekly (Jan 5th): Sk Hynix, Samsung Electron, Naver, Kia

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.</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 Hanwha Solutions, Samsung Electron, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.
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 Hanwha Solutions, Samsung Electron, Hyundai Motor.


KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Two SOL sector ETFs are unique in that they only include companies positioned upstream. This results in a group of smaller-sized constituents, which can have a greater flow impact.</li>
<li>Once the universe is established, constituent selection and weight adjustment are determined exclusively using full/float market capitalization. As a result, flow trading can be highly predictable.</li>
<li>Although they have lower AUM, the five Semiconductor constituents could still face a significant flow impact during this one-day flow event due to their much lower DTV.</li>
</ul>


Two SOL sector ETFs are unique in that they only include companies positioned upstream. This results in a group of smaller-sized constituents, which can have a greater flow impact.
Once the universe is established, constituent selection and weight adjustment are determined exclusively using full/float market capitalization. As a result, flow trading can be highly predictable.
Although they have lower AUM, the five Semiconductor constituents could still face a significant flow impact during this one-day flow event due to their much lower DTV.


Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

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>There are 12 inclusions and 12 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance to be implemented at the close on 9 June.</li>
<li>Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.</li>
<li>The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.</li>
</ul>


There are 12 inclusions and 12 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 9 June.
Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.
The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.


KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

<ul>
<li>Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.</li>
<li>So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.</li>
<li>We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.</li>
</ul>


Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.
So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.
We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.


KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

South Korea

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

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Hana Micron Inc (067310 KS)

KRX Short Interest Weekly (Jan 5th): Sk Hynix, Samsung Electron, Naver, Kia

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix, Samsung Electron, Naver, Kia.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

There are 12 adds/deletes for the KOSDAQ150 in June. Most of the inclusions were expected while there appears to be discretion used in choosing the...

Brian Freitas

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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KRX Short Interest Weekly (Jan 5th): Sk Hynix, Samsung Electron, Naver, Kia

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix, Samsung Electron, Naver, Kia.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

There are 12 adds/deletes for the KOSDAQ150 in June. Most of the inclusions were expected while there appears to be discretion used in choosing the...

Brian Freitas

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...