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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Heat wave /: Historic China heat wave takes toll on lives and crops</li><li>Hong Kong /: Hong Kong may lower the bar for top talent visas</li><li>Funds /Chart of the Day: Chinese mutual funds reap rewards from AI, offshore investments</li></ul>

Heat wave /: Historic China heat wave takes toll on lives and cropsHong Kong /: Hong Kong may lower the bar for top talent visasFunds /Chart of the Day: Chinese mutual funds reap rewards from AI, offshore investments

CX Daily: Historic China Heat Wave Takes Toll on Lives and Crops

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

Event-Driven

Foxconn Industrial Internet / Event-Driven

<ul>
<li>Two thirds of the way through the review period, we see 10 potential adds/8 potential deletes in December. However, there can be a maximum of 5 changes at a review.</li>
<li>We estimate a one-way turnover of 5.8% at the December rebalance leading to a one-way trade of CNY 4.67bn. Index arb balances could increase the impact on the stocks.</li>
<li>The potential adds have outperformed the potential deletes over the last six months and there has been renewed outperformance over the last month.</li>
</ul>


Two thirds of the way through the review period, we see 10 potential adds/8 potential deletes in December. However, there can be a maximum of 5 changes at a review.
We estimate a one-way turnover of 5.8% at the December rebalance leading to a one-way trade of CNY 4.67bn. Index arb balances could increase the impact on the stocks.
The potential adds have outperformed the potential deletes over the last six months and there has been renewed outperformance over the last month.


SSE50 Index Rebalance Preview: Potential Adds Powering Higher

Equity Capital Markets

Black Sesame Technologies / Equity Capital Markets

<ul><li>Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a Hong Kong IPO</li><li>Black Sesame, which also counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip (SoC) designs and software for intelligent vehicles in the next three years.</li><li>Bloomberg in January reported that the company expects to raise $200 million through the share sale, citing people familiar with the matter.</li></ul>

Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a Hong Kong IPOBlack Sesame, which also counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip (SoC) designs and software for intelligent vehicles in the next three years.Bloomberg in January reported that the company expects to raise $200 million through the share sale, citing people familiar with the matter.

China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO

<ul>
<li>There are 5 changes for the <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> that will be implemented at the close on 9 June. There is over 1x ADV to sell on a few deletions.</li>
<li>We estimate a one-way turnover of 5.3% at the June rebalance leading to a one-way trade of CNY 3.84bn. Index arb activity could add to the impact on the stocks.</li>
<li>The adds outperformed the deletes from February to April but have given up a lot of the outperformance over the last month.</li>
</ul>


There are 5 changes for the SSE50 Index that will be implemented at the close on 9 June. There is over 1x ADV to sell on a few deletions.
We estimate a one-way turnover of 5.3% at the June rebalance leading to a one-way trade of CNY 3.84bn. Index arb activity could add to the impact on the stocks.
The adds outperformed the deletes from February to April but have given up a lot of the outperformance over the last month.


SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains

<ul><li>China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.</li><li>The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.</li><li>The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.</li></ul>

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.

China Cuts Automakers a Break on New Emission Rules

China

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

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SAIC Motor (600104 CH)

CX Daily: Historic China Heat Wave Takes Toll on Lives and Crops

Heat wave /: Historic China heat wave takes toll on lives and crops Hong Kong /: Hong Kong may lower the bar for top talent visas Funds /Chart of...

Caixin Global

SSE50 Index Rebalance Preview: Potential Adds Powering Higher

Two thirds of the way through the review period, we see 10 potential adds/8 potential deletes in December. Turnover is over 5% and the potential...

Brian Freitas

China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO

Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a...

Caixin Global

SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains

There are 5 changes for the SSE50 Index in June. The adds outperformed from Feb-April but have underperformed since then. The Anhui Conch Cement...

Brian Freitas

China Cuts Automakers a Break on New Emission Rules

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with...

Caixin Global

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