Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The KOSPI is rolling over again, with foreign selling accelerating and technical indicators weakening.  Rising bond yields and massive retail losses from leveraged ETFs are adding to selling pressure.</li>
<li>The dominant technical picture is bearish, with the index in a confirmed downtrend across all major timeframes.  Momentum and trend indicators, Bollinger Bands, and Fibonacci levels are breaking down simultaneously.</li>
<li>The weight of evidence strongly supports the view that, for institutional allocators with risk management constraints, Korea is materially less investable today than at any point in the past decade.</li>
</ul>


The KOSPI is rolling over again, with foreign selling accelerating and technical indicators weakening.  Rising bond yields and massive retail losses from leveraged ETFs are adding to selling pressure.
The dominant technical picture is bearish, with the index in a confirmed downtrend across all major timeframes.  Momentum and trend indicators, Bollinger Bands, and Fibonacci levels are breaking down simultaneously.
The weight of evidence strongly supports the view that, for institutional allocators with risk management constraints, Korea is materially less investable today than at any point in the past decade.


KOSPI CRASHING AGAIN: S.O.S. - Save Our Seouls !!

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Yuan’s Global Role Is Expanding Beyond Trade, StanChart Execs Say</li><li>The yuan is playing a growing role in cross-border trade and financing, but its global footprint remains limited, leaving substantial room to expand as Chinese companies deepen their overseas operations, Standard Chartered executives said at a recent forum in Singapore.</li><li>China Says It Has No Intention of Depreciating Yuan to Boost Exports</li></ul>

Yuan’s Global Role Is Expanding Beyond Trade, StanChart Execs SayThe yuan is playing a growing role in cross-border trade and financing, but its global footprint remains limited, leaving substantial room to expand as Chinese companies deepen their overseas operations, Standard Chartered executives said at a recent forum in Singapore.China Says It Has No Intention of Depreciating Yuan to Boost Exports

CX Daily: Yuan’s Global Role Is Expanding Beyond Trade, StanChart Execs Say 

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>G5 reaches mass production at 11.95nm active-area half-pitch, with ≥50% more gross dies/wafer and two 24Gb LPDDR5X products.</li>
<li>G5 is unlikely to move FY26 earnings, but 2027 capacity growth could accelerate commodity DRAM pricing normalisation into 2H27.</li>
<li>
Maintain BEARISH/REDUCE: RMB31.40 FV is 44.9% below spot; use G5-driven strength to reduce exposure.</li>
</ul>


G5 reaches mass production at 11.95nm active-area half-pitch, with ≥50% more gross dies/wafer and two 24Gb LPDDR5X products.
G5 is unlikely to move FY26 earnings, but 2027 capacity growth could accelerate commodity DRAM pricing normalisation into 2H27.

Maintain BEARISH/REDUCE: RMB31.40 FV is 44.9% below spot; use G5-driven strength to reduce exposure.


CXMT Corp (688825 CH): G5 Mass Production, Technology Milestone That Shortens the DRAM Pricing Cycle

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.</li>
<li>We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.
We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> listed on 27 July after selling 10% of the company and is now the largest listed company in China (by far!) by full market cap.</li>
<li>There will be a few mainland index inclusions this year and passives will need to buy over 11% of the free float.</li>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> should be added to Northbound Stock Connect in November and global index inclusions will follow starting next February. That will further reduce real float.</li>
</ul>



CXMT Corporation (688825 CH) listed on 27 July after selling 10% of the company and is now the largest listed company in China (by far!) by full market cap.
There will be a few mainland index inclusions this year and passives will need to buy over 11% of the free float.

CXMT Corporation (688825 CH) should be added to Northbound Stock Connect in November and global index inclusions will follow starting next February. That will further reduce real float.


CXMT (688825 CH): Index Inclusions & Passive Buying This Year & Next for China's Largest Stock

China

CXMT Corporation develops, manufactures, and distributes integrated circuit products. The Company produces dynamic random-access memory chips. CXMT conducts businesses in China.

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CXMT Corporation (688825 CH)

KOSPI CRASHING AGAIN: S.O.S. - Save Our Seouls !!

The KOSPI is rolling over again, with foreign selling accelerating and technical indicators weakening. Rising bond yields and massive retail...

David Mudd

CX Daily: Yuan’s Global Role Is Expanding Beyond Trade, StanChart Execs Say

TOP STORIES Yuan’s Global Role Is Expanding Beyond Trade, StanChart Execs Say The yuan is playing a growing role in cross-border trade and...

Caixin Global

CXMT Corp (688825 CH): G5 Mass Production, Technology Milestone That Shortens the DRAM Pricing Cycle

CXMT’s G5 cuts cost per bit but adds supply to the shortage it profits from. Immaterial to FY26, material to 2H27 pricing. FV RMB31.40 unchanged;...

Mo Aziz

Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

Recent Chinese megacap IPO name CXMT (688825 CH) could get added to STAR 50 in the upcoming index rebalance event which could be a multibillion...

Janaghan Jeyakumar, CFA

CXMT (688825 CH): Index Inclusions & Passive Buying This Year & Next for China's Largest Stock

CXMT is now the largest listed company in China. Mainland trackers will buy stock in Dec, and global trackers will buy in Feb/March. Passives will...

Brian Freitas

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