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Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

China CSSC Holdings Ltd A / Equity Bottom-Up

<ul><li><strong>China State Shipbuilding Corp. Ltd. (CSSC) </strong>and <strong>China Shipbuilding Industry Corp. (CSIC) </strong>on Wednesday announced a stock exchange proposal in their merger deal.</li><li>Analysts said the proposed exchange terms are not favorable for shareholders of China Shipbuilding Industry.</li><li>The two largest state-owned shipbuilding conglomerates determined the exchange ratio at 0.1335 shares of CSSC for each share of CSIC.</li></ul>

China State Shipbuilding Corp. Ltd. (CSSC) and China Shipbuilding Industry Corp. (CSIC) on Wednesday announced a stock exchange proposal in their merger deal.Analysts said the proposed exchange terms are not favorable for shareholders of China Shipbuilding Industry.The two largest state-owned shipbuilding conglomerates determined the exchange ratio at 0.1335 shares of CSSC for each share of CSIC.

China’s Two Largest Shipbuilders Set Stock Swap Terms For $38 Billion Merger 

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

<ul>
<li>Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.</li>
<li>We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.</li>
<li>The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.</li>
</ul>


Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.
We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.
The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.


SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Shanghai Rural Commercial Bank / Index Rebalance

<ul>
<li>The June 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.</li>
<li>There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.</li>
<li>The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.</li>
</ul>


The June 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.
There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.


Quiddity CSI 300/​​500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</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>Currently, we see 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
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.
Currently, we see 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Jun25: End of Reference Period Soon; ~US$6bn Total One-Way

Event-Driven

Quiddity Leaderboard CSI 300/​​500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

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)

China’s Two Largest Shipbuilders Set Stock Swap Terms For $38 Billion Merger

China State Shipbuilding Corp. Ltd. (CSSC) and China Shipbuilding Industry Corp. (CSIC) on Wednesday announced a stock exchange proposal in their...

Caixin Global

SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

There could be 5 changes for the SSE50 in June. Estimate one-way turnover is 5.07% and the one-way trade is CNY 3.97bn. The potential adds have...

Brian Freitas

Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

We got 100 out of the 114 changes correct. Most of the misses were in our final Leaderboard but were ruled out as False Positives or were just...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun25: End of Reference Period Soon; ~US$6bn Total One-Way

Collectively, for CSI 300 and CSI 500 there could be one-way flows of US$6bn during the June 2025 index rebal event. The reference period for final...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

There could be US$2.2bn and US$4.1bn one-way flows for CSI 300 and CSI 500 respectively. Some CSI 500 ADDs could outperform the CSI 300 index over...

Janaghan Jeyakumar, CFA

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China’s Two Largest Shipbuilders Set Stock Swap Terms For $38 Billion Merger

China State Shipbuilding Corp. Ltd. (CSSC) and China Shipbuilding Industry Corp. (CSIC) on Wednesday announced a stock exchange proposal in their...

Caixin Global

SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

There could be 5 changes for the SSE50 in June. Estimate one-way turnover is 5.07% and the one-way trade is CNY 3.97bn. The potential adds have...

Brian Freitas

Quiddity CSI 300/​​500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

We got 100 out of the 114 changes correct. Most of the misses were in our final Leaderboard but were ruled out as False Positives or were just...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun25: End of Reference Period Soon; ~US$6bn Total One-Way

Collectively, for CSI 300 and CSI 500 there could be one-way flows of US$6bn during the June 2025 index rebal event. The reference period for final...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

There could be US$2.2bn and US$4.1bn one-way flows for CSI 300 and CSI 500 respectively. Some CSI 500 ADDs could outperform the CSI 300 index over...

Janaghan Jeyakumar, CFA

Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

Quiddity Leaderboard CSI 300/500 Jun25: End of Reference Period Soon; ~US$6bn Total One-Way

Quiddity Leaderboard CSI 300/500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon