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 150 stocks over the last week. The average A-H premium was 97.3% as of Dec 27th.</li>
<li>The average A-H premium changed by -3.2ppt week-on-week, led by consumer staples, information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for China Southern Air, Guolian Securities, GWM, SMIC, Pharmaron, ZTE, Tigermed.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 97.3% as of Dec 27th.
The average A-H premium changed by -3.2ppt week-on-week, led by consumer staples, information technology, real estate.
We highlight weekly changes in A-H premium for China Southern Air, Guolian Securities, GWM, SMIC, Pharmaron, ZTE, Tigermed.


A-H Premium Weekly (Dec 27th): China Southern Air, Guolian Securities, GWM, SMIC, Pharmaron, ZTE

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 104.4% as of Jul 5th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by consumer staples, information technology, health care and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Ganfeng Lithium, China East Air, Petrochina.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 104.4% as of Jul 5th.
The average A-H premium changed by -1.2ppt week-on-week, led by consumer staples, information technology, health care and offset by communication services, real estate.
We highlight weekly changes in A-H premium for China Tourism, Ganfeng Lithium, China East Air, Petrochina.


A-H Premium Weekly (Jul 5th): China Tourism, Ganfeng Lithium, China East Air, Petrochina

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 14th.</li>
<li>We estimate the weekly outflows to be US$3,126.0 million, led by consumer staples, consumer discretionary, financials, and offset by information technology.</li>
<li>We highlight flows for CATL, Mindray, Luxshare Precision, Shanxi Xinghuacun Fen Wine Factory, China Citic Bank, Moutai, Bank Of Communications, Wuliangye, China Yangtze Power, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 14th.
We estimate the weekly outflows to be US$3,126.0 million, led by consumer staples, consumer discretionary, financials, and offset by information technology.
We highlight flows for CATL, Mindray, Luxshare Precision, Shanxi Xinghuacun Fen Wine Factory, China Citic Bank, Moutai, Bank Of Communications, Wuliangye, China Yangtze Power, Midea.


Northbound Flows (Jun 14th): CATL, Mindray, Luxshare Precision, Xinghuacun Fen Wine

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

China Northern Rare Earth Group High-Tech / Index Rebalance

China Northern Rare Earth Group High-Tech (600111 CH)

China Northern Rare Earth Group High-Tech

<ul>
<li>The June 2024 index review results for the SSE 50 and SSE 180 indices were announced after market close on Friday 31st May 2024.</li>
<li>There will be 5 changes for the SSE 50 index and 18 changes for the SSE 180 index.</li>
<li>These changes could collectively cause one-way index flows of ~US$1.8bn during the June 2024 index rebal event. In this insight, we take a look at our final flow expectations.</li>
</ul>


The June 2024 index review results for the SSE 50 and SSE 180 indices were announced after market close on Friday 31st May 2024.
There will be 5 changes for the SSE 50 index and 18 changes for the SSE 180 index.
These changes could collectively cause one-way index flows of ~US$1.8bn during the June 2024 index rebal event. In this insight, we take a look at our final flow expectations.


Quiddity SSE50/180 Jun 24 Rebalance: US$1.8bn One-Way Flow; LONGs up 8.6% Vs SHORTs in a Month

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

Bank of Communications   / Index Rebalance

<ul>
<li>There are 5 changes for the <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index (SSE50 INDEX)</a> that will be implemented at the close on 14 June. There is over 1x ADV to trade on most stocks.</li>
<li>The index committee has focused on sector balance with higher ranked stocks from the Financials sector ignored and lower ranked stocks from other sectors included.</li>
<li>The adds have outperformed the deletes over the last 6 months and positioning (especially on the surprises) could lead to further upside for a long/short trade.</li>
</ul>


There are 5 changes for the SSE50 Index (SSE50 INDEX) that will be implemented at the close on 14 June. There is over 1x ADV to trade on most stocks.
The index committee has focused on sector balance with higher ranked stocks from the Financials sector ignored and lower ranked stocks from other sectors included.
The adds have outperformed the deletes over the last 6 months and positioning (especially on the surprises) could lead to further upside for a long/short trade.


SSE50/SSE180 Index Rebalance: Heavy Focus on Sector Balance

China

Postal Savings Bank of China Co., Ltd. provides banking services. The Company offers deposits, loans, fund settlement, and other services. Postal Savings Bank of China provides its services to individuals, enterprises, and other clients.

Postal Savings Bank of China C (601658 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Postal Savings Bank of China C (601658 CH)

A-H Premium Weekly (Dec 27th): China Southern Air, Guolian Securities, GWM, SMIC, Pharmaron, ZTE

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Southern Air, Guolian Securities, GWM, SMIC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 5th): China Tourism, Ganfeng Lithium, China East Air, Petrochina

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism,Ganfeng Lithium,China East Air,Petrochina.

Ke Yan, CFA, FRM

Northbound Flows (Jun 14th): CATL, Mindray, Luxshare Precision, Xinghuacun Fen Wine

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Mindray, Luxshare Precision, Xinghuacun Fen...

Ke Yan, CFA, FRM

Quiddity SSE50/180 Jun 24 Rebalance: US$1.8bn One-Way Flow; LONGs up 8.6% Vs SHORTs in a Month

On average, the LONGs are up 5.6% and the SHORTs are down 3.0% since the pair trades were suggested (on 6th May 2024). Some of these have to be...

Janaghan Jeyakumar, CFA

SSE50/SSE180 Index Rebalance: Heavy Focus on Sector Balance

There are 5 changes for the SSE50 Index that will be implemented at the close on 14 June. Sector balance was a big consideration at the review....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)