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

Vcanbio Cell & Gene Engineering / Index Rebalance

<ul>
<li>The review period ends on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.</li>
<li>We forecast 5 potential changes for the index in June where there could be buying of 0.5-2x ADV in the adds and selling of between 0.7-3.8x ADV in the deletes.</li>
<li>The forecast adds and deletes have performed in line over the last few months and there could be outperformance as we near the end of the review period and announcement.</li>
</ul>


The review period ends on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
We forecast 5 potential changes for the index in June where there could be buying of 0.5-2x ADV in the adds and selling of between 0.7-3.8x ADV in the deletes.
The forecast adds and deletes have performed in line over the last few months and there could be outperformance as we near the end of the review period and announcement.


CSI Medical Service Index Rebalance Preview: Five Potential Changes in June

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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

Shanghai Haohai Biological Tec / 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.</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.


Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; US$146mn One-Way; 1x-5x ADV

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)

CSI Medical Service Index Rebalance Preview: Five Potential Changes in June

There could be 5 changes for the index in June. Passives need to buy 0.5-2x ADV in the forecast adds and sell between 0.7-3.8x ADV in the forecast...

Brian Freitas

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

Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; US$146mn One-Way; 1x-5x ADV

We estimate US$146mn one-way flows for the June rebalance. Expected DEL Shanghai Haohai Biological Tec (688366 CH) is the highest-impact name and...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

P/E

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