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

Dawning Information Industry C / Index Rebalance

Dawning Information Industry C (603019 CH)

<ul>
<li>With the review period complete, there are 2 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone.</li>
<li>4 changes result in a one-way turnover of 5.7%, leading to a round-trip trade of CNY 21.8bn (US$3bn). Index arb balances will increase the impact on the stocks.</li>
<li>After drifting in a range, the forecast adds have outperformed the forecast deletes over the last month. There could be further outperformance as we near the announcement date.</li>
</ul>


With the review period complete, there are 2 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone.
4 changes result in a one-way turnover of 5.7%, leading to a round-trip trade of CNY 21.8bn (US$3bn). Index arb balances will increase the impact on the stocks.
After drifting in a range, the forecast adds have outperformed the forecast deletes over the last month. There could be further outperformance as we near the announcement date.


SSE50 Index Rebalance Preview: 4 Potential Changes in June

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>  , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we talk about the IPO pricing and how it compares to some of the past listings.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH)  , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we talk about the IPO pricing and how it compares to some of the past listings.


CATL A/H Listing - More like ADR Secondary Listing than an A/H Listing - Performance & Subscription

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.


CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">JHP</a> has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the past performance and other dynamics in our previous note. In this note, we talk about the updates and provide our thoughts on the A/H premium.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.

JHP has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the past performance and other dynamics in our previous note. In this note, we talk about the updates and provide our thoughts on the A/H premium.


Jiangsu Hengrui Pharma A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.


CATL A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

China

Foshan Haitian Flavouring & Food Company Ltd. manufactures food seasonings. The Company develops, produces, and distributes condiments including soy sauce, oyster sauce, vinegar, flavoring sauce, chicken stock, monosodium glutamate, and oil.

Foshan Haitian Flavouring & Food (603288 CH)

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

Foshan Haitian Flavouring & Food (603288 CH)

SSE50 Index Rebalance Preview: 4 Potential Changes in June

There could be up to 4 changes for the SSE50 in June. Estimated 1-way turnover is 5.7% leading to a round-trip trade of US$3bn. The forecast adds...

Brian Freitas

CATL A/H Listing - More like ADR Secondary Listing than an A/H Listing - Performance & Subscription

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

Jiangsu Hengrui Pharma A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing. In this note,...

Sumeet Singh

CATL A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)