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

Shanghai United Imaging Health / Index Rebalance

<ul>
<li>Nearly 90% of the way through the review period, we see 4 changes using a 12 month minimum listing history, and 5 changes using a 6 month minimum listing history.</li>
<li>There are overlaps in the inclusions using 6/12 month minimum listing history, so there is less risk if the index committee switches from 6 to 12 months at the review.</li>
<li>Using a 6 month minimum listing history, one-way turnover is estimated at 5.07% and will result in a one-way trade of CNY 2,795m.</li>
</ul>


Nearly 90% of the way through the review period, we see 4 changes using a 12 month minimum listing history, and 5 changes using a 6 month minimum listing history.
There are overlaps in the inclusions using 6/12 month minimum listing history, so there is less risk if the index committee switches from 6 to 12 months at the review.
Using a 6 month minimum listing history, one-way turnover is estimated at 5.07% and will result in a one-way trade of CNY 2,795m.


STAR50 Index Rebalance Preview: Four or Five Changes in December

Thematic (Sector/Industry)

<div>
<p>The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on 22 July 2019 with 25 stocks listed. Currently, there are 123 stocks listed on the STAR Board.</p>
</div>
<div>
<p>Turnover has picked up over the last few months as the market moves higher and tries to reach the highs that it did in August 2019.</p>
<p>To celebrate its first anniversary, there have been a number of announcements made on inclusion eligibility of STAR Board stocks in the Shanghai Stock Exchange Composite index, potential inclusion of STAR Board stocks in the Stock Connect program, and the launch of the STAR 50 index. Put together, this should increase the visibility of the stocks listed on the STAR Board by improving accessibility and bringing passive index flow in to the market.</p>
</div>


The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on 22 July 2019 with 25 stocks listed. Currently, there are 123 stocks listed on the STAR Board.


Turnover has picked up over the last few months as the market moves higher and tries to reach the highs that it did in August 2019.
To celebrate its first anniversary, there have been a number of announcements made on inclusion eligibility of STAR Board stocks in the Shanghai Stock Exchange Composite index, potential inclusion of STAR Board stocks in the Stock Connect program, and the launch of the STAR 50 index. Put together, this should increase the visibility of the stocks listed on the STAR Board by improving accessibility and bringing passive index flow in to the market.


STAR Board: Launch of STAR50 Index and Inclusion in SSE Composite Indices

Quantitative Analysis

<p>The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25 stocks listed.</p>
<p>With two months having passed since the launch of China's STAR market, we take a look at how the stocks have performed, check turnover on the STAR board, new listings, and what comes next for the STAR board that could drive price performance and turnover on the board.</p>

The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25 stocks listed.
With two months having passed since the launch of China's STAR market, we take a look at how the stocks have performed, check turnover on the STAR board, new listings, and what comes next for the STAR board that could drive price performance and turnover on the board.

STAR Board: China STAR Market - Turnover Tapering Off; Impetus Needed

<p>The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25 stocks listed. The day 1 average return across the 25 stocks was 139.55% with  minimum return of 84.22% and a maximum return of 400.15%.</p>
<p>In this note we look at the timeline from announcement to implementation, some of the rules governing listing and trading, a look at the stocks, their valuations, the IPO raise and the first few trading days, how it compares to the ChiNext market, the introduction of indices that could lead to ETFs bringing passive money into the market, and the possibility of these stocks entering global indices.</p>

The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25 stocks listed. The day 1 average return across the 25 stocks was 139.55% with  minimum return of 84.22% and a maximum return of 400.15%.
In this note we look at the timeline from announcement to implementation, some of the rules governing listing and trading, a look at the stocks, their valuations, the IPO raise and the first few trading days, how it compares to the ChiNext market, the introduction of indices that could lead to ETFs bringing passive money into the market, and the possibility of these stocks entering global indices.

STAR Board: A Shooting STAR or Here to Stay?

China

Raytron Technology Co.,Ltd. manufactures electrical components. The Company produces integrated circuits, infrared imaging sensors, micro electromechanical systems sensors, and other products. Raytron Technology supplies its products in industrial temperature measurement, car night driving, security monitoring, forest fire prevention, building energy assessment, and other fields.

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Raytron Technology (688002 CH)

STAR50 Index Rebalance Preview: Four or Five Changes in December

There could be 4/5 changes if a 12/6 month minimum listing history is used. Using a 6 month minimum listing history, one-way turnover is estimated...

Brian Freitas

STAR Board: Launch of STAR50 Index and Inclusion in SSE Composite Indices

The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on 22 July 2019 with 25...

Brian Freitas

STAR Board: China STAR Market - Turnover Tapering Off; Impetus Needed

The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25...

Brian Freitas

STAR Board: A Shooting STAR or Here to Stay?

The China STAR market (or the Science and Technology Innovation Board, or China's reply to the NASDAQ) started trading on Monday, 22 July with 25...

Brian Freitas

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Market Cap (USDm)

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