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

Shenyang Xingqi Pharmaceutical / Index Rebalance

<ul>
<li>Nearing the end of the review period, we forecast 8 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX)</a> and 5 changes for the ChiNext 50 Index in June.</li>
<li>There are overlapping names for the two indices and some of the stocks will also have flows from the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index - Shang (SH000905 INDEX)</a> trackers.</li>
<li>The potential adds have outperformed the potential deletes between 9-10% for both indices over the last month with the deletes dropping a lot more than the adds.</li>
</ul>


Nearing the end of the review period, we forecast 8 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in June.
There are overlapping names for the two indices and some of the stocks will also have flows from the CSI Smallcap 500 Index - Shang (SH000905 INDEX) trackers.
The potential adds have outperformed the potential deletes between 9-10% for both indices over the last month with the deletes dropping a lot more than the adds.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

CSPC Innovation Pharmaceutical-A / Index Rebalance

<ul>
<li>The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.</li>
</ul>


The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Bullish Names Outperform Bearish Names Again

<ul>
<li>The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.</li>
</ul>


The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Multiple Changes to Expectations; US$481mn One-Way

<ul>
<li>The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a <em>subset</em> of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.</li>
</ul>

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: US$313mn One-Way, Four Names with Double-Impacts

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

CSPC Innovation Pharmaceutical-A / Equity Bottom-Up

<ul>
<li>If there’s ultimately substantial negative policies in the field of biopharmaceuticals between China and US, APIs will be the segment with the highest risk. But CXO would also be affected.</li>
<li>Now we have entered the harvest period after the previous peak of financing round in China's biotech industry, which has become a concentrated "peach picking period" for foreign pharmaceutical enterprises.</li>
<li>Considering the low market sentiment, we’re cautious on companies with high valuation elasticity before they come up with convincing products. So, we don’t recommend investors rush to bottom-fish CSPC Innovation.</li>
</ul>


If there’s ultimately substantial negative policies in the field of biopharmaceuticals between China and US, APIs will be the segment with the highest risk. But CXO would also be affected.
Now we have entered the harvest period after the previous peak of financing round in China's biotech industry, which has become a concentrated "peach picking period" for foreign pharmaceutical enterprises.
Considering the low market sentiment, we’re cautious on companies with high valuation elasticity before they come up with convincing products. So, we don’t recommend investors rush to bottom-fish CSPC Innovation.


China Healthcare Weekly (Feb.2) - US Strike on China CXOs, CSPC Innovation, Peach Picking Period

China

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CSPC Innovation Pharmaceutical-A (300765 CH)

ChiNext/ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices

Nearing the end of the review period, we forecast 8 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in June...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Bullish Names Outperform Bearish Names Again

The Bullish Names have outperformed the Bearish Names in successive insights. There were 5.75% and 4.18% outperformances in the periods between Mid...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Multiple Changes to Expectations; US$481mn One-Way

I estimate the one-way index flows for ChiNext and ChiNext 50 to collectively be around US$481mn. Three names have double inclusions expected and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: US$313mn One-Way, Four Names with Double-Impacts

I see five ADDs/DELs for the ChiNext index and four ADDs/DELs for the ChiNext 50 index. A couple of expected ADDs and a couple of expected DELs...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (Feb.2) - US Strike on China CXOs, CSPC Innovation, Peach Picking Period

Debate about restricting China CXO has never gone away in US politics. MNCs have entered a concentrated "peach picking period" of China biotech....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ChiNext/​​​ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices

Nearing the end of the review period, we forecast 8 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in June...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Bullish Names Outperform Bearish Names Again

The Bullish Names have outperformed the Bearish Names in successive insights. There were 5.75% and 4.18% outperformances in the periods between Mid...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Multiple Changes to Expectations; US$481mn One-Way

I estimate the one-way index flows for ChiNext and ChiNext 50 to collectively be around US$481mn. Three names have double inclusions expected and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: US$313mn One-Way, Four Names with Double-Impacts

I see five ADDs/DELs for the ChiNext index and four ADDs/DELs for the ChiNext 50 index. A couple of expected ADDs and a couple of expected DELs...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (Feb.2) - US Strike on China CXOs, CSPC Innovation, Peach Picking Period

Debate about restricting China CXO has never gone away in US politics. MNCs have entered a concentrated "peach picking period" of China biotech....

Xinyao (Criss) Wang

ChiNext/ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices