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

Sinopep-Allsino Bio Pharmaceutical / Event-Driven

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.</li>
<li>We expect up to five ADDs and five DELs for the CSI Medical Service index during this index rebal event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
We expect up to five ADDs and five DELs for the CSI Medical Service index during this index rebal event based on the latest available data.


Quiddity Leaderboard CSI Medical Service Dec 24: US$271mn One-Way; 1x-4x ADV to Trade for Most Names

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.</li>
<li>We expect up to five ADDs and five DELs for the CSI Medical Service index during this index review event based on the latest available data.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
We expect up to five ADDs and five DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Dec 24: 5 Changes Possible; Exp ADDs yet to Outperform Exp DELs

Xiamen Amoytop Biotech Co Ltd / Event-Driven

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the March 2025 index rebal event and suggest a high impact trade idea.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the March 2025 index rebal event and suggest a high impact trade idea.


Quiddity Leaderboard STAR 50/100 Mar25: Multiple Changes, Large Flows; High-Impact Trade Idea

<ul>
<li>The December 2024 index review results for the CSI Medical Service Index were announced after market close on Friday 29th November 2024.</li>
<li>There will be 3 changes for the CSI Medical Service index.</li>
<li>We predicted all the changes correctly but we expected a couple of extra changes which did not materialize.</li>
</ul>


The December 2024 index review results for the CSI Medical Service Index were announced after market close on Friday 29th November 2024.
There will be 3 changes for the CSI Medical Service index.
We predicted all the changes correctly but we expected a couple of extra changes which did not materialize.


Quiddity CSI Medical Dec 24 Results: 3 Changes; All Expected; US$362mn One-Way

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

Hainan Jinpan Smart Technology / Event-Driven

<ul>
<li>As forecast, there are no changes for the <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">SSE STAR50 (STAR50 INDEX)</a> in December while there are 4 changes for the STAR100 Index.</li>
<li>There will be big outflows for <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC) (688981 CH)</a> due to <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">SSE STAR50 (STAR50 INDEX)</a> capping. There will be selling from other index trackers too.</li>
<li>
<a href="https://www.smartkarma.com/entities/hainan-jinpan-smart-technology" target="_blank" data-smartkarma-citation="entities:40864:1" rel="noopener">Hainan Jinpan Smart Technology (688676 CH)</a> had been ignored by the index committee at the September rebalance, so this inclusion in the STAR100 Index could come as a surprise.</li>
</ul>


As forecast, there are no changes for the SSE STAR50 (STAR50 INDEX) in December while there are 4 changes for the STAR100 Index.
There will be big outflows for Semiconductor Manufacturing International Corporation (SMIC) (688981 CH) due to SSE STAR50 (STAR50 INDEX) capping. There will be selling from other index trackers too.

Hainan Jinpan Smart Technology (688676 CH) had been ignored by the index committee at the September rebalance, so this inclusion in the STAR100 Index could come as a surprise.


STAR50/STAR100 Index Rebalance: No Changes for STAR50; 4 Changes for STAR100

China

Sinopep-Allsino Bio Pharmaceutical Co.,Ltd. researches, develops, manufactures, and sells peptide drugs and small molecule drugs. The Company produces liraglutide, somalutide, alogliptin benzoate, bivalirudin, eptifibatide, and more. Sinopep-Allsino Bio Pharmaceutical applies its products in treatment of diabetes, cardiovascular diseases, tumors, and other fields.

Sinopep-Allsino Bio Pharmaceutical (688076 CH)

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Sinopep-Allsino Bio Pharmaceutical (688076 CH)

Quiddity Leaderboard CSI Medical Service Dec 24: US$271mn One-Way; 1x-4x ADV to Trade for Most Names

We estimate the CSI Medical December 2024 index rebalance to trigger flows of US$271mn one-way. Most of the expected ADDs/DELs have 1x-4x ADV to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Dec 24: 5 Changes Possible; Exp ADDs yet to Outperform Exp DELs

We expect US$187mn one-way flows. Most of the expected ADDs/DELs have 1x-4x ADV to trade. The expected ADDs have failed to outperform the the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Mar25: Multiple Changes, Large Flows; High-Impact Trade Idea

We believe the STAR 50 expected ADDs could continue to outperform the STAR 50 expected DELs over the next few weeks. All of these names have 3.5x...

Janaghan Jeyakumar, CFA

Quiddity CSI Medical Dec 24 Results: 3 Changes; All Expected; US$362mn One-Way

We estimate one-way flow to be US$362mn. The Inclusion/Exclusion events will take place at the close of trading on 13th December 2024.

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: No Changes for STAR50; 4 Changes for STAR100

As forecast, there are no changes for STAR50 and 4 for STAR100. Big selling in SMIC due to capping. Hainan Jinpan's inclusion could surprise the...

Brian Freitas

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