Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li><em>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.</em></li>
<li>Last week saw NORTHBOUND net SELL RMB 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. </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 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. 


Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

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 June 28th.</li>
<li>We estimate the weekly outflows to be US$1,763.0 million, led by information technology, consumer staples, consumer discretionary, and offset by utilities.</li>
<li>We highlight flows for Foxconn Industrial Internet, Zhejiang Sanhua Intelligent Controls, Wanhua Chemical, BYD.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 28th.
We estimate the weekly outflows to be US$1,763.0 million, led by information technology, consumer staples, consumer discretionary, and offset by utilities.
We highlight flows for Foxconn Industrial Internet, Zhejiang Sanhua Intelligent Controls, Wanhua Chemical, BYD.


Northbound Flows (Jun 28th): Foxconn Industrial Internet, Wanhua Chemical, BYD

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 19th.</li>
<li>We estimate the weekly outflows to be US$3,217.1 million, led by materials, industrials, and offset by information technology, financials.</li>
<li>We highlight flows for BYD, Chongqing Changan Automobile, and Wuliangye.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 19th.
We estimate the weekly outflows to be US$3,217.1 million, led by materials, industrials, and offset by information technology, financials.
We highlight flows for BYD, Chongqing Changan Automobile, and Wuliangye.


Northbound Flows (Jan 19th): BYD, Chongqing Changan Automobile, Wuliangye

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 8th.</li>
<li>We estimate the weekly outflows to be US$753.7 million, led by financials, consumer discretionary, and offset by information technology, materials, health care.</li>
<li>We highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co., Ltd. Shanghai, Wuxi Apptec, Tianqi Lithium, Wuliangye, Shanghai United Imaging Healthcare, Hygon Information Technology, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 8th.
We estimate the weekly outflows to be US$753.7 million, led by financials, consumer discretionary, and offset by information technology, materials, health care.
We highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co., Ltd. Shanghai, Wuxi Apptec, Tianqi Lithium, Wuliangye, Shanghai United Imaging Healthcare, Hygon Information Technology, Midea.


Northbound Flows (Dec 8th): Moutai, Zhongji Innolight, Will Semiconductor, Shanghai, Wuxi Apptec

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

Hygon Information Technology C / Event-Driven

<ul>
<li>Local indices in China including the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 Index</a> and <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> will rebalance at the close tomorrow.</li>
<li>There are many changes for the indices and there are stocks that are adds and/or deletes from multiple indices which results in cumulative or offsetting flows.</li>
<li>We estimate turnover at the close tomorrow in China will be around US$7.5bn with big impact on a lot of stocks.</li>
</ul>


Local indices in China including the CSI 300 Index, CSI 500 Index, STAR50 Index and SSE50 Index will rebalance at the close tomorrow.
There are many changes for the indices and there are stocks that are adds and/or deletes from multiple indices which results in cumulative or offsetting flows.
We estimate turnover at the close tomorrow in China will be around US$7.5bn with big impact on a lot of stocks.


China: Consolidated Flows at the Close Tomorrow

China

China CSSC Holdings Ltd. offers shipbuilding, ship components, ship repairing and diesel engines manufacturing. The Company distributes its products within the domestic market and to overseas markets.

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China CSSC Holdings Ltd A (600150 CH)

Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

NORTHBOUND net selling continues. It is dominant in the consumer names. Appliances continue to see weakness. Tech is mixed. Renewables are mixed....

Travis Lundy

Northbound Flows (Jun 28th): Foxconn Industrial Internet, Wanhua Chemical, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Foxconn Industrial Internet, Zhejiang Sanhua...

Ke Yan, CFA, FRM

Northbound Flows (Jan 19th): BYD, Chongqing Changan Automobile, Wuliangye

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BYD, Chongqing Changan Automobile, Wuliangye.

Ke Yan, CFA, FRM

Northbound Flows (Dec 8th): Moutai, Zhongji Innolight, Will Semiconductor, Shanghai, Wuxi Apptec

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co.,...

Ke Yan, CFA, FRM

China: Consolidated Flows at the Close Tomorrow

Local indices in China rebalance tomorrow and we estimate passives will need to trade around CNY 54bn (US$7.5bn). There will be big impact on some...

Brian Freitas

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