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.

Equity Capital Markets

<ul>
<li>SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.</li>
<li>We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.
We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

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

Suzhou Dongshan Precision A / Index Rebalance

<ul>
<li>Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>. </li>
<li>Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.</li>
</ul>


Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK). 
Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.
The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.


China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.


A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

China

Montage Technology Co., Ltd. manufactures electronic components. The Company produces memory interface chips, consumer electronics cores, and other products. Montage Technology supplies its products in memory, server, cloud computing, and other fields.

Price Gauge
52-week Range	0.00 - 0.00
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Montage Technology (688008 CH)

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

There could be 5 changes in June as the AI theme rolls on and beneficiaries replace old economy stocks. The recent pullback after the earlier...

Brian Freitas

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

There could be 5 changes in June as the AI theme rolls on and beneficiaries replace old economy stocks. The recent pullback after the earlier...

Brian Freitas

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE,...

Ke Yan, CFA, FRM