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 short interest of TWSE Stocks as of Jan 3rd which has an aggregated short interest worth USD21.1bn.</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 Realtek Semiconductor, Wisdom Marine Lines, Wiwynn, Eva Airways, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 3rd which has an aggregated short interest worth USD21.1bn.
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 Realtek Semiconductor, Wisdom Marine Lines, Wiwynn, Eva Airways, Yang Ming Marine.


TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / Index Rebalance

<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 March 2025 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.</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 March 2025 index rebal event.
Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.


Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,768mln. 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, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.
We estimate that foreign flows to be inflows of USD1,768mln. 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, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.


TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

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>There are 8 changes a side for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF (00919TW) has an AUM of US$9.3bn.</li>
<li>Estimated one-way turnover is 17.2% and that will result in a round-trip trade of US$3.2bn. All adds and deletes have over 5x ADV to trade from passive trackers.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF started trading some stocks late last week and the rest from 17 December.</li>
</ul>


There are 8 changes a side for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF (00919TW) has an AUM of US$9.3bn.
Estimated one-way turnover is 17.2% and that will result in a round-trip trade of US$3.2bn. All adds and deletes have over 5x ADV to trade from passive trackers.
The rebalance will be implemented over 8 trading days and the ETF started trading some stocks late last week and the rest from 17 December.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.</li>
<li>There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. </li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.
There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. 
In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

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.

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Eva Airways (2618 TT)

TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Realtek Semiconductor, Wisdom Marine Lines,...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

There are 8 changes for the index. Estimated one-way turnover is 17.2% and round-trip trade is US$3.2bn. All add/deletes have over 5x ADV to trade...

Brian Freitas

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jan 3rd): Realtek Semiconductor, Wisdom Marine Lines, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Realtek Semiconductor, Wisdom Marine Lines,...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: US$3.2bn Trade with BIG Impact

There are 8 changes for the index. Estimated one-way turnover is 17.2% and round-trip trade is US$3.2bn. All add/deletes have over 5x ADV to trade...

Brian Freitas

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close