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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

Index Rebalance

China Tungsten And Hightech Ma / Index Rebalance

China Tungsten And Hightech Ma (000657 CH)

<ul>
<li>CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026.</li>
<li>ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average.</li>
<li>Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.</li>
</ul>


CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026.
ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average.
Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.


CSI 300 June 2026 Rebalance: Pre-Implementation Update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>IFM has responded to <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.</li>
<li>IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.</li>
<li>By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. </li>
</ul>


IFM has responded to Atlas Arteria (ALX AU) Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.
IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.
By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. 


Atlas Arteria (ALX AU): IFM Comes Out Swinging

Yangtze Optical Fibre & Cable / Index Rebalance

Yangtze Optical Fibre & Cable (601869 CH)

<ul>
<li>MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.</li>
<li>DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.</li>
</ul>


MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.
ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.
DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.


MS-China June 2026 Rebalance: Pre-Implementation Update

<ul>
<li>The <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> target’s statement recommends rejecting IFM’s takeover offer. The IE opines that the offer is neither fair nor reasonable.</li>
<li>The IE valuation range is A$5.39 to A$6.20 per share. IFM will have several reasons to take issue with the IE’s valuation, particularly relating to the Chicago Skyway.</li>
<li>Despite the Board’s assertions, it could be commercially prudent for OTPP to waive the put option. It is also possible that IFM waives the maximum offer acceptance threshold.</li>
</ul>


The Atlas Arteria (ALX AU) target’s statement recommends rejecting IFM’s takeover offer. The IE opines that the offer is neither fair nor reasonable.
The IE valuation range is A$5.39 to A$6.20 per share. IFM will have several reasons to take issue with the IE’s valuation, particularly relating to the Chicago Skyway.
Despite the Board’s assertions, it could be commercially prudent for OTPP to waive the put option. It is also possible that IFM waives the maximum offer acceptance threshold.


Atlas Arteria (ALX AU): Target’s Statement Makes Good and Bad Points

China

Jiangsu Expressway Company Limited operates highway businesses. The Company provides toll highway investment, construction, and maintenance services. Jiangsu Expressway also conducts highway passenger transportation, refueling, catering, car repair, and advertisement businesses.

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Jiangsu Expressway (600377 CH)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

CSI 300 June 2026 Rebalance: Pre-Implementation Update

CSI 300 enters implementation on 15 Jun 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Atlas Arteria (ALX AU): IFM Comes Out Swinging

IFM has responded to Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is...

Arun George

MS-China June 2026 Rebalance: Pre-Implementation Update

MSCI China enters implementation phase on June 1st. We provides an update to stock's performance and discussed implementation trades.

Ke Yan, CFA, FRM

Atlas Arteria (ALX AU): Target’s Statement Makes Good and Bad Points

The AFR reports that IFM is considering waiving the condition related to the OTPP put option. If waived, it will remove a key deal risk. IFM will...

Arun George

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