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>Following the short sell ban announced on the weekend, the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> opened higher on Monday and rallied through the day.</li>
<li>A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.</li>
<li>Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.</li>
</ul>


Following the short sell ban announced on the weekend, the KOSPI 200 and KOSDAQ 150 opened higher on Monday and rallied through the day.
A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.
Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.


Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> reported preliminary 2Q26 result, marking the highest Q2 performance in its history. Greater contribution from high-margin young products and structurally improved cost base drove 2Q26 performance.</li>
<li>Newer products including Remsima SC, Yuflyma, and Steqeyma continued to deliver strong growth across major markets, with the newer portfolio accounting for 60%+ of total revenue (versus 51% in 1Q26).</li>
<li>Major tender opportunities and continued momentum from newly launched products are expected to support stronger performance in 2H26. Thus, sales growth is expected to accelerate further.</li>
</ul>



Celltrion Inc (068270 KS) reported preliminary 2Q26 result, marking the highest Q2 performance in its history. Greater contribution from high-margin young products and structurally improved cost base drove 2Q26 performance.
Newer products including Remsima SC, Yuflyma, and Steqeyma continued to deliver strong growth across major markets, with the newer portfolio accounting for 60%+ of total revenue (versus 51% in 1Q26).
Major tender opportunities and continued momentum from newly launched products are expected to support stronger performance in 2H26. Thus, sales growth is expected to accelerate further.


Celltrion (068270 KS): New Products Drive Record High 2Q Performance; Growth to Accelerate in 2H

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, I discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2026.</li>
<li>I provide a list of 59 companies in the Korean stock market that have announced share buyback programs in the past two months.</li>
<li>There were eight companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.</li>
</ul>


In this insight, I discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2026.
I provide a list of 59 companies in the Korean stock market that have announced share buyback programs in the past two months.
There were eight companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May & June 2026)

<ul>
<li><em><strong>Celltrion announced that it plans to cancel 9.11 million treasury shares (representing 3.9% of its outstanding shares) and worth about 1.7 trillion won on 1 April 2026.</strong></em></li>
<li>This marks the largest scale of treasury share cancellation in the company's history. From end of 2023 to 1 April 2026, Celltrion's outstanding shares are expected to decline by 7.4%.</li>
<li>Celltrion plans to increase the size of its cash dividends to 30% of its earnings (EBITDA-CAPEX) in the mid-to-long term, up from 22% in 2025.</li>
</ul>


Celltrion announced that it plans to cancel 9.11 million treasury shares (representing 3.9% of its outstanding shares) and worth about 1.7 trillion won on 1 April 2026.
This marks the largest scale of treasury share cancellation in the company's history. From end of 2023 to 1 April 2026, Celltrion's outstanding shares are expected to decline by 7.4%.
Celltrion plans to increase the size of its cash dividends to 30% of its earnings (EBITDA-CAPEX) in the mid-to-long term, up from 22% in 2025.


Celltrion: Cancellation of 1.7 Trillion Won of Treasury Shares

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Not a lot of shorts were covered on Monday. There could be more covering in the near term as the market drifts lower. KOSPI200 underperformed...

Brian Freitas

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

Celltrion (068270 KS): New Products Drive Record High 2Q Performance; Growth to Accelerate in 2H

Celltrion reported record-breaking Q2 result, driven by high-margin new products and structurally improved cost base. 2H sales will outpace 1H,...

Tina Banerjee

Celltrion: Cancellation of 1.7 Trillion Won of Treasury Shares

Celltrion announced that it plans to cancel 9.11 million treasury shares (representing 3.9% of its outstanding shares) and worth about 1.7 trillion...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Not a lot of shorts were covered on Monday. There could be more covering in the near term as the market drifts lower. KOSPI200 underperformed...

Brian Freitas

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

Celltrion (068270 KS): New Products Drive Record High 2Q Performance; Growth to Accelerate in 2H

​Celltrion reported record-breaking Q2 result, driven by high-margin new products and structurally improved cost base. 2H sales will outpace 1H,...

Tina Banerjee

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May & June 2026)

​Analysis of alpha generation through share buybacks in Korean stock market, highlighting 59 companies with buyback programs in May and June 2026.

Douglas Kim

Celltrion: Cancellation of 1.7 Trillion Won of Treasury Shares

Celltrion announced that it plans to cancel 9.11 million treasury shares (representing 3.9% of its outstanding shares) and worth about 1.7 trillion...

Douglas Kim

Celltrion reported record-breaking Q2 result, driven by high-margin new products and structurally improved cost base. 2H sales will outpace 1H,...

Analysis of alpha generation through share buybacks in Korean stock market, highlighting 59 companies with buyback programs in May and June 2026.