Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Vcanbio Cell & Gene Engineering / Index Rebalance

<ul>
<li>The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.</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 June 2025.</li>
<li>We expect up to three ADDs and three DELs in June 2025 based on the latest available data (where 90% of the reference period is complete).</li>
</ul>


The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
We expect up to three ADDs and three DELs in June 2025 based on the latest available data (where 90% of the reference period is complete).


Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; >2x 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 June 2025.</li>
<li>We expect up to three ADDs and three 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 June 2025.
We expect up to three ADDs and three DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun25: One Change to Expectations; Adjustment to the Trade

<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 June 2025.</li>
<li>We expect up to four ADDs and four 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 June 2025.
We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun 25: 1-5x ADV to Trade; Sector-Neutral Rebal Trade Idea Inside

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 analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).</li>
<li>We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).
We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.


Northbound Flows (December): Five Months of Outflows

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

<p>By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.</p>

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

Falling Fertility Adds to China's Population Woes

China

Vcanbio Cell & Gene Engineering Corp., Ltd provides health care testing services. The Company offers stem cell inspection, detection reagent, gene inspection, and other other services. Vcanbio Cell & Gene Engineering also provides pharmaceutical intermediates research, experimental comprehensive agents development, and other services.

Vcanbio Cell & Gene Engineering (600645 CH)

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Vcanbio Cell & Gene Engineering (600645 CH)

Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; >2x ADV to Trade for Most Names

Most of the expected ADDs/DELs have 2x-6x ADV to trade. We estimate the CSI Medical June 2025 index rebalance to trigger flows of US$166mn one-way.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun25: One Change to Expectations; Adjustment to the Trade

We previously had 4 expected ADDs/DELs but now we have only 3 expected ADDs/DELs. The 3 expected ADDs could outperform the 3 expected DELs over the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun 25: 1-5x ADV to Trade; Sector-Neutral Rebal Trade Idea Inside

We estimate the CSI Medical June 2025 index rebalance to trigger flows of US$178mn one-way. Most of the expected ADDs/DELs have 1x-5x ADV to trade.

Janaghan Jeyakumar, CFA

Northbound Flows (December): Five Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for December and highlight flows for CATL, Mindray, Will Semi, BYD, Wuxi Apptec, CMB, Wuliangye,...

Ke Yan, CFA, FRM

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

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52-week Range

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