Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play <strong><a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a></strong>, a 33.04% premium to last close.</li>
<li>Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.</li>
<li>Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?</li>
</ul>


Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play Jinke Smart Services (9666 HK), a 33.04% premium to last close.
Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.
Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?


Jinke Smart (9666 HK): Boyu Returns To The Well?

Travis Lundy

Semiconductor Manufacturing International Corp (SMIC) / Event-Driven

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>SOUTHBOUND had a huge week on a net basis on smallest gross in weeks. Last week I said I expected High-div SOEs to continue being sold. They were sold again.</li>
<li>Consumer Discretionary, Healthcare, Utilities saw big buying as a percentage of volume traded. Only China Mobile and CNOOC were net sold. Even <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> was bought.</li>
<li>There is clearly a HK Risk On angle to the flows this week and last.</li>
</ul>


SOUTHBOUND had a huge week on a net basis on smallest gross in weeks. Last week I said I expected High-div SOEs to continue being sold. They were sold again.
Consumer Discretionary, Healthcare, Utilities saw big buying as a percentage of volume traded. Only China Mobile and CNOOC were net sold. Even China Traditional Chinese Medicine (570 HK) was bought.
There is clearly a HK Risk On angle to the flows this week and last.


HK Connect SOUTHBOUND Flows (To 25 Oct 2024); Everything Bought in BIG Week

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

Index Rebalance

<ul>
<li>There could be 25 inclusions, including many new listings, to the Hang Seng Composite Index (HSCI) in September. Another 6 stocks are close adds on liquidity and market cap.</li>
<li>We see 19 potential deletes and 2 close deletes on market cap, 5 potential deletes on prolonged trading suspension, and 2 close deletes on liquidity.</li>
<li>There are 8 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.</li>
</ul>


There could be 25 inclusions, including many new listings, to the Hang Seng Composite Index (HSCI) in September. Another 6 stocks are close adds on liquidity and market cap.
We see 19 potential deletes and 2 close deletes on market cap, 5 potential deletes on prolonged trading suspension, and 2 close deletes on liquidity.
There are 8 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.


HSCI Index Rebalance Preview and Stock Connect: The Final List for September

<ul>
<li>The changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a>, <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300 Index</a>, <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">STAR50 INDEX</a> and a bunch of other onshore China indices were implemented last week.</li>
<li>The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.</li>
<li>AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.</li>
</ul>


The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.
AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.


Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> was added to the Hang Seng Composite Index (HSCI) at the close Friday and will be added to Southbound Stock Connect from open of trading today.</li>
<li>We see 22 potential adds, 19 potential deletes, couple of close deletes, 5 deletes on prolonged suspension and 4 close liquidity deletes for the HSCI in September.</li>
<li>There are 11 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.</li>
</ul>



Fenbi Ltd (2469 HK) was added to the Hang Seng Composite Index (HSCI) at the close Friday and will be added to Southbound Stock Connect from open of trading today.
We see 22 potential adds, 19 potential deletes, couple of close deletes, 5 deletes on prolonged suspension and 4 close liquidity deletes for the HSCI in September.
There are 11 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

Hong Kong

Jiayuan International Group Ltd is a property developer. The Company develops large-scale residential and integrated commercial buildings.

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Jiayuan International (2768 HK)

Jinke Smart (9666 HK): Boyu Returns To The Well?

And it's a possible unconditional MGO take-under at HK$6.67/share. The Boyu-backed Offeror and Concert Parties holding 37.86%, have bought Jinke...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 25 Oct 2024); Everything Bought in BIG Week

SOUTHBOUND investors go big this week buying everything but China Mobile and CNOOC. Every sector was positive. This is a risk-on move in large net...

Travis Lundy

HSCI Index Rebalance Preview and Stock Connect: The Final List for September

There could be nearly 50 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

A month out from review cutoff, there are 22 potential adds and 19 potential deletes for the HSCI in Sep. Most stocks will then be added to or...

Brian Freitas

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