HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hebei Titans Medical Supply Technology Group / Equity Capital Markets

Hebei Titans Medical Supply Technology Group (TMS HK)

Hebei Titans Medical Supply Technology Group

On June 30, 2021, <a href="https://www.smartkarma.com/entities/hebei-titans-medical-supply-technology-group-co-limited" target="_blank" data-smartkarma-citation="entities:33780:1" rel="noopener">Hebei Titans Medical Supply Technology Group (TMS HK)</a> submitted its listing application to the HKEX and officially started the IPO process. Titans is a leading high-end personal hand protection products manufacturer in China with advanced production technologies and global sales network. The main products of the Company are the nitrile gloves. This insight mainly analyses the industry characteristics, the business and the concerns of Titans.

On June 30, 2021, Hebei Titans Medical Supply Technology Group (TMS HK) submitted its listing application to the HKEX and officially started the IPO process. Titans is a leading high-end personal hand protection products manufacturer in China with advanced production technologies and global sales network. The main products of the Company are the nitrile gloves. This insight mainly analyses the industry characteristics, the business and the concerns of Titans.

Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Intco Medical Technology  Lt / Equity Capital Markets

In the evening of June 1st, <a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> released a pre-sell down disclosure stating that the key shareholder Frank Liu and other management plan to collectively sell 22 million shares of the company.
Intco is ambitious to become the world' number one glove players, but we view this event as negative catalyst for Intco's A-share price and believe it will plague its Hong Kong listing. 
<h2>Our previous coverage on Intco A+H</h2>
<ul>
<li><a href="https://www.smartkarma.com/insights/intco-medical-a-h-from-china-no-1-to-global-no-1" target="_blank" rel="noopener">Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1</a></li>
</ul>

In the evening of June 1st, Intco Medical Technology Co., Ltd-A (300677 CH) released a pre-sell down disclosure stating that the key shareholder Frank Liu and other management plan to collectively sell 22 million shares of the company.
Intco is ambitious to become the world' number one glove players, but we view this event as negative catalyst for Intco's A-share price and believe it will plague its Hong Kong listing. 
Our previous coverage on Intco A+H

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1


Intco Medical (英科医疗) A+H: A-Share Sell-Down a Red Flag

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Post market close on 28 May, the China Securities Index Company announced the changes to the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> that will be effective after the close of trading on 11 June.There are 25 inclusions and exclusions in the review with an estimated one-way turnover of 3.67%.There are 10 trading days to implementation of the changes. There are 4 inclusions that will have over 1 day of ADV to buy from passive funds while there are 15 deletions that will have over 1 day of ADV to sell. The actual impact could be higher as cash and carry baskets are rebalanced and active managers reposition their portfolios to no deviate too far from their benchmark.The inclusions have outperformed the deletions by 15% over the last month and while there could be a pop in the returns over the next few sessions, we recommend gradually exiting existing positions and re-entering prior to implementation on a selloff in the trade.

Post market close on 28 May, the China Securities Index Company announced the changes to the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) that will be effective after the close of trading on 11 June.There are 25 inclusions and exclusions in the review with an estimated one-way turnover of 3.67%.There are 10 trading days to implementation of the changes. There are 4 inclusions that will have over 1 day of ADV to buy from passive funds while there are 15 deletions that will have over 1 day of ADV to sell. The actual impact could be higher as cash and carry baskets are rebalanced and active managers reposition their portfolios to no deviate too far from their benchmark.The inclusions have outperformed the deletions by 15% over the last month and while there could be a pop in the returns over the next few sessions, we recommend gradually exiting existing positions and re-entering prior to implementation on a selloff in the trade.

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

On January 29th, 2021, the A-share listed company <a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

On January 29th, 2021, the A-share listed company Intco Medical Technology Co., Ltd-A (300677 CH) submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

Beijing Kingsoft Office Softwa / Index Rebalance

Beijing Kingsoft Office Softwa (688111 CH)

We are nearly 95% through the review period for the June review of the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a>. With a large AUM in ETFs tracking the index, large open interest on the CFFEX listed futures, and volatile stocks, it could pay to look at the potential changes to the index.China Securities Index Co (CSI) will announce the changes end May/beginning June and the changes will be effective after the close of trading on 11 June.We expect 30 changes at the upcoming June 2021 index review - this is the maximum number of changes that are permitted at a single review. Estimated one-way turnover is 4.08% and will result in a one-way trade of CNY 10.8bn.The expected inclusions have outperformed the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> on a year to date basis even post the momentum selloff that started in February. Buying the inclusion basket vs selling the CSI300 futures as a hedge could provide good market neutral returns over the next few weeks.

We are nearly 95% through the review period for the June review of the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX). With a large AUM in ETFs tracking the index, large open interest on the CFFEX listed futures, and volatile stocks, it could pay to look at the potential changes to the index.China Securities Index Co (CSI) will announce the changes end May/beginning June and the changes will be effective after the close of trading on 11 June.We expect 30 changes at the upcoming June 2021 index review - this is the maximum number of changes that are permitted at a single review. Estimated one-way turnover is 4.08% and will result in a one-way trade of CNY 10.8bn.The expected inclusions have outperformed the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) on a year to date basis even post the momentum selloff that started in February. Buying the inclusion basket vs selling the CSI300 futures as a hedge could provide good market neutral returns over the next few weeks.

CSI300 Index Rebalance Preview: Recovering from the Growth Sell-Off

China

Intco Medical Technology Co.,Ltd. manufactures and distributes medical supplies. The Company produces disposable gloves, wheelchairs, gauzes, electrodes, and other products. Intco Medical Technology markets its products throughout China.

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Intco Medical Technology Lt (300677 CH)

Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

The article analyzed Titans in terms of its the industry characteristics (the development pattern, the outlook), the business (compared with peers)...

Xinyao (Criss) Wang

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

There are 25 changes to the CSI300 Index that will be implemented at the close on 11 June. One-way turnover is 3.67% and the adds have outperformed...

Brian Freitas

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

The article analyzed Intco Medical in terms of market potential, business (entry barrier, technology, capacity), financial position compared with...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview: Recovering from the Growth Sell-Off

We forecast 30 changes to the CSI300 Index at the June review that will be announced at the end of May and effective 11 June. The expected...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Pre-IPO Hebei Titans Medical Supply Technology Group - Insights on the Business and the Concerns

The article analyzed Titans in terms of its the industry characteristics (the development pattern, the outlook), the business (compared with peers)...

Xinyao (Criss) Wang

Intco Medical (英科医疗) A+H: A-Share Sell-Down a Red Flag

Intco's shareholders are selling down their stake in the A-share market. We view this as negative catalyst for Intco's A-share price and believe it...

Ke Yan, CFA, FRM

CSI300 Index Rebalance: 25 Changes as Long/Short Trade Does Well

There are 25 changes to the CSI300 Index that will be implemented at the close on 11 June. One-way turnover is 3.67% and the adds have outperformed...

Brian Freitas

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

The article analyzed Intco Medical in terms of market potential, business (entry barrier, technology, capacity), financial position compared with...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview: Recovering from the Growth Sell-Off

We forecast 30 changes to the CSI300 Index at the June review that will be announced at the end of May and effective 11 June. The expected...

Brian Freitas