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 analyzed the changes in foreign holdings of TWSE Stocks as of May 9th which has an aggregated holding worth USD969.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,132mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, SCSB, Asustek Computer, Ctbc Financial, Quanta Computer, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 9th which has an aggregated holding worth USD969.9bn.
We estimate that foreign flows to be inflows of USD4,132mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, SCSB, Asustek Computer, Ctbc Financial, Quanta Computer, Fubon Financial.


TWSE Foreign Holding Weekly (May 9th): Reversal to Inflows, Led by TSMC

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.
Currently, we see one change for T50 and one change for T100.


Quiddity Leaderboard T50/​​​100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.


TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 28th which has an aggregated short interest worth USD20.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Quanta Computer, Eva Airways, Macronix International, Sinopac Financial, Largan Precision, Chang Hwa Commercial Bank.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 28th which has an aggregated short interest worth USD20.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Quanta Computer, Eva Airways, Macronix International, Sinopac Financial, Largan Precision, Chang Hwa Commercial Bank.


TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

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>
<a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in March, replacing <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a>. </li>
<li>Passive trackers will have 2 days of ADV to buy in <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> and 3 days of ADV to sell in <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a>. </li>
<li>Positioning does not appear to be high in <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> while any price declines in <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a> could be bought.</li>
</ul>



Wan Hai Lines (2615 TT) is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in March, replacing Formosa Chemicals &amp; Fibre (1326 TT). 
Passive trackers will have 2 days of ADV to buy in Wan Hai Lines (2615 TT) and 3 days of ADV to sell in Formosa Chemicals &amp; Fibre (1326 TT). 
Positioning does not appear to be high in Wan Hai Lines (2615 TT) while any price declines in Formosa Chemicals &amp; Fibre (1326 TT) could be bought.


Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Taiwan

EVA Airways Corp. is an air carrier that transports passengers and cargos. The Company operates primarily in Taiwan and serves international route networks in North America, Asia, Europe, and Australasia.

Price Gauge
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Eva Airways (2618 TT)

TWSE Foreign Holding Weekly (May 9th): Reversal to Inflows, Led by TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, SCSB, Asustek Computer, Ctbc Financial,...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

Shin Kong could get added to T50 in June and then get deleted from T50 in July when the Taishin-Shin Kong merger becomes effective. This could...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Eva Airways, Macronix...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Wan Hai Lines could replace Formosa Chem in the Top50 ETF in March. Passives need to buy 2x ADV in Wan Hai and sell 3x ADV in Formosa Chem....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (May 9th): Reversal to Inflows, Led by TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, SCSB, Asustek Computer, Ctbc Financial,...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/​​​100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

Shin Kong could get added to T50 in June and then get deleted from T50 in July when the Taishin-Shin Kong merger becomes effective. This could...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Eva Airways, Macronix...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Wan Hai Lines could replace Formosa Chem in the Top50 ETF in March. Passives need to buy 2x ADV in Wan Hai and sell 3x ADV in Formosa Chem....

Brian Freitas

Quiddity Leaderboard T50/100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes