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>Following a rally in the stock over the last 4 months, <a href="https://www.smartkarma.com/entities/gf-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:338:1" rel="noopener">GF Securities (H) (1776 HK)</a> could be added to a global index in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/gf-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:338:1" rel="noopener">GF Securities (H) (1776 HK)</a>' peers have also rallied over the same time frame and the stock trades in line with its peers on various valuation metrics.</li>
<li>Positioning in the stock is in line with its peers and shorts have continued to increase as the stock price has moved higher.</li>
</ul>


Following a rally in the stock over the last 4 months, GF Securities (H) (1776 HK) could be added to a global index in August.

GF Securities (H) (1776 HK)' peers have also rallied over the same time frame and the stock trades in line with its peers on various valuation metrics.
Positioning in the stock is in line with its peers and shorts have continued to increase as the stock price has moved higher.


GF Securities (1776 HK): Global Index Inclusion as Sector Rallies

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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.</li>
<li>The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.


A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.</li>
<li>The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.
The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.
We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.


A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China

China International Capital Corporation Ltd. (CICC) operates as an international investment bank. The Company provides financial services, including investment banking, capital markets, securities sales and trading, fixed income, asset management, and private equity. China International Capital also offers individual wealth management and research services.

China International Capital Corporation (3908 HK)

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China International Capital Corporation (3908 HK)

GF Securities (1776 HK): Global Index Inclusion as Sector Rallies

GF Securities could be added to a global index in August. GF Sec has outperformed most of its peers but still trades at cheaper valuations than...

Brian Freitas

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Central China Securities, China Energy Engineering, Guolian...

Ke Yan, CFA, FRM

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

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52-week Range

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