In today’s briefing:
- KWEB Index Rebalance: Few Changes at the Close Today
- MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes
- MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes
- Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil
- MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away
- Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible
- Ohayo Japan|SPX Up Again; Fed Pause/Hike? NUGGET: Kyocera ISS Recommended Vote Doomed, But…
- Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially
- Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way
- Weekly Deals Digest (11 Jun) – Toshiba, Chindata, Yitai Coal, Eoflow, Estia, Origin, Amman Mineral
KWEB Index Rebalance: Few Changes at the Close Today
- The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading today.
- There are a couple of deletions and one inclusion. Plus there will be capping changes on the other stocks, but the impact of those changes is not large.
- The stocks have already been moving in the right direction during the day and the pre-positions could be flipped to the ETF at the close.
MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes
- The changes to the MVIS Global Junior Gold Miners Index (MVGDXJ) were announced on 9 June and will be implemented at the close on 16 June.
- Though there are no constituent changes, changes to free floats and capping factors will result in an estimated one-way turnover of 6.26% and in a one-way trade of US$251m.
- The largest passive inflows will be in Alamos Gold (AGI US), Kinross Gold Corp (KGC US), Endeavour Mining (EDV CN), B2Gold Corp (BTG US) and Centerra Gold (CG CN).
MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes
- There are 3 inclusions for the MVIS Global Rare Earth/Strategic Metals Index at the June rebalance. Plus there are free float and capping changes.
- One way turnover is estimated at 10.6% and will result in a one-way trade of US$66m. There are a few stocks with over 0.5 days of ADV to trade.
- Yunnan Chihong Zinc&Germanium Co, Ltd. (600497 CH) was not added to the index while ioneer Ltd (INR AU) has avoided deletion in June.
Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil
- The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
- The coming week has a lot of rebalance implementations on Friday with the S&P/ASX family and the MVIS family, among others.
- AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.
MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away
- The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.
- The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.
- Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.
Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSTECH Index in September 2023.
- Based on the latest available data, I see two ADDs and two DELs.
- For the September 2023 rebalance, I expect one-way capping flows to be around US$234mn.
Ohayo Japan|SPX Up Again; Fed Pause/Hike? NUGGET: Kyocera ISS Recommended Vote Doomed, But…
- OVERSEAS. SPX Closed +0.1% on Friday/WoW +0.4% confirming Bull Market; Fed Decision this week – Market See Pause; TESLA +4.1% Seals Deal with GM on its Super Chargers
- JAPAN. NKY Futs flat vs Cash; Japan Continues to focus on AGMs; Record number Proposals submitted to 90 companies; Buybacks to hit record in 2023 say SMBC Nikko
- NUGGET. Kyocera: ISS recommended AGM vote doomed but there is good news…
Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially
- TSMC is back to an 11.8% ADR premium after dropping to 8%… potentially another good Long/Short point.
- UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.
- ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.
Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way
- In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.
- Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.
- I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade.
Weekly Deals Digest (11 Jun) – Toshiba, Chindata, Yitai Coal, Eoflow, Estia, Origin, Amman Mineral
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Amman Mineral Internasional (1416286D IJ), Tata Technologies (TATATECH IN), JD Industrials (2231713D CH) IPOs.
- Event-Driven developments – Toshiba Corp (6502 JP), Chindata Group (CD US), Eoflow (294090 KS), Inner Mongolia Yitai Coal Company Ltd (3948 HK), Estia Health (EHE AU), Origin Energy (ORG AU).
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