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

<ul>
<li>There are 4 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 14 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/biwin-storage-technology-co-lt" target="_blank" data-smartkarma-citation="entities:40391:1" rel="noopener">Biwin Storage Technology Lt (688525 CH)</a> and <a href="https://www.smartkarma.com/entities/beijing-yandong-microelectroni" target="_blank" data-smartkarma-citation="entities:36653:1" rel="noopener">Beijing Yandong Microelectroni (688172 CH)</a> are also inclusions to other indices too and the multiple flows will increase the impact on the stocks.</li>
<li>The adds have underperformed the deletes. If things go the way of the December rebalance, a long adds/ short deletes trade could do well from now to implementation.</li>
</ul>


There are 4 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 14 June.

Biwin Storage Technology Lt (688525 CH) and Beijing Yandong Microelectroni (688172 CH) are also inclusions to other indices too and the multiple flows will increase the impact on the stocks.
The adds have underperformed the deletes. If things go the way of the December rebalance, a long adds/ short deletes trade could do well from now to implementation.


CES China Semiconductor Chips Index Rebalance: Adding to Impact for Some Stocks

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 weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.</li>
<li>We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.</li>
<li>We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.
We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.
We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.


Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Financials, Materials, Health Care led the inflows while Consumer Discretionary, Communication Services led the outflows (first chart below).</li>
<li>We highlight inflows into CATL, CMB, BOE, Haier Smart Home, and outflows from China Tourism, Moutai, Nari Technology, Focus Media and Seres</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Financials, Materials, Health Care led the inflows while Consumer Discretionary, Communication Services led the outflows (first chart below).
We highlight inflows into CATL, CMB, BOE, Haier Smart Home, and outflows from China Tourism, Moutai, Nari Technology, Focus Media and Seres


Northbound Flows (April): CATL, CMB, BOE, Haier Smart Home, China Tourism, Moutai, Nari Technology

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 11.5bn of A-shares on low-ish volume. A-shares underperformed H-shares quite dramatically, giving back gains from two weeks ago.</li>
<li>This week saw considerable net buying of semiconductor technology names. I expect that to continue.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 11.5bn of A-shares on low-ish volume. A-shares underperformed H-shares quite dramatically, giving back gains from two weeks ago.
This week saw considerable net buying of semiconductor technology names. I expect that to continue.


Mainland Connect NORTHBOUND Flows (To 12 Apr 2024): NB A Net Seller; Flows See Semi/Tech Buys

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.</li>
<li>We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.</li>
<li>We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.
We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.
We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.


China

Will Semiconductor Co.,Ltd. Shanghai manufactures image sensor products and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. Will Semiconductor Shanghai markets its products worldwide.

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Will Semiconductor Shan (603501 CH)

CES China Semiconductor Chips Index Rebalance: Adding to Impact for Some Stocks

There are 4 changes for the index in June. Biwin Storage and Beijing Yandong are adds to other indices too. If this rebalance is a repeat of...

Brian Freitas

Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari...

Ke Yan, CFA, FRM

Northbound Flows (April): CATL, CMB, BOE, Haier Smart Home, China Tourism, Moutai, Nari Technology

We analyzed the Shanghai/Shenzhen Connect Scheme for April and highlight flows for CATL, CMB, BOE, Haier Smart Home, and outflows from China...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 12 Apr 2024): NB A Net Seller; Flows See Semi/Tech Buys

NORTHBOUND Connect flows are again to the sell side (they were a sell in last week's shortened week too). Kweichow was a BIG net sell. Semi tech...

Travis Lundy

Northbound Flows (Apr 3rd): CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Moutai. Not e that connect scheme was closed...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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