HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai United Imaging Health / Equity Bottom-Up

<ul>
<li>Benefiting from changes in pandemic prevention policies and favorable reimbursement policy support, TCM injections market would end its years of continuous decline and enter a period of rapid growth again.</li>
<li>After Novo Nordisk acquires Catalent, China CXOs would be less likely to obtain the global GLP-1 orders. As MNCs rethink supply chain issues, China CXOs would face more challenges.</li>
<li>Against the backdrop of anti-corruption/import substitution, investment logic of United Imaging is solid. However, the biggest issue is high valuation. Fundamentals're difficult to support more than RMB100 billion market value.</li>
</ul>


Benefiting from changes in pandemic prevention policies and favorable reimbursement policy support, TCM injections market would end its years of continuous decline and enter a period of rapid growth again.
After Novo Nordisk acquires Catalent, China CXOs would be less likely to obtain the global GLP-1 orders. As MNCs rethink supply chain issues, China CXOs would face more challenges.
Against the backdrop of anti-corruption/import substitution, investment logic of United Imaging is solid. However, the biggest issue is high valuation. Fundamentals're difficult to support more than RMB100 billion market value.


China Healthcare Weekly (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Shanghai United Imaging Health / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.</li>
<li>A couple of baskets I suggested in my last insight have both outperformed the CSI 300 index by more than 2% in less than a month.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.
A couple of baskets I suggested in my last insight have both outperformed the CSI 300 index by more than 2% in less than a month.


Quiddity Leaderboard CSI 300/​​500 Dec 23: Basket Trade Off to A Positive Start; US$2.8bn One-Way

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.</li>
<li>Our latest estimates show that the combined one-way flow for CSI 300 and CSI 500 could be around US$2.8bn.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.
Our latest estimates show that the combined one-way flow for CSI 300 and CSI 500 could be around US$2.8bn.


Quiddity Leaderboard CSI 300/​​500 Dec 23:  US$2.8bn One-Way; Might Be Time for a Basket Trade

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.</li>
<li>I currently expect 14 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. </li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.
I currently expect 14 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. 


Quiddity Leaderboard CSI 300/​​500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.</li>
<li>I currently expect 13 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. </li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.
I currently expect 13 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. 


Quiddity Leaderboard CSI 300/​500 Dec 23: Massive Baskets, US$2.5bn One-Way

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

Shanghai United Imaging Health (688271 CH)

Shanghai United Imaging Health (688271 CH)

China Healthcare Weekly (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

TCM injection market would end its years of decline and enter a period of rapid growth again. As MNCs rethink supply chain issues, China CXOs would...

Xinyao (Criss) Wang

Quiddity Leaderboard CSI 300/500 Dec 23: Basket Trade Off to A Positive Start; US$2.8bn One-Way

There could be 12 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500 and I see combined one-way flow for CSI 300 and CSI 500 of around US$2.8bn...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec 23: US$2.8bn One-Way; Might Be Time for a Basket Trade

The Names directly moving into CSI 300 and CSI 500 without previously being members of either of these indices could outperform the CSI 300 index...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

The 13 CSI 300 Expected ADDs and DELs could see US$824mn index buying and US$534mn index selling. The 50 CSI 500 Expected ADDs and DELs could see...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec 23: Massive Baskets, US$2.5bn One-Way

Collectively, the CSI 300 and CSI 500 ADDs could see one-way flows of more than US$2.5bn. However, the flow patterns are complex and it is...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

TCM injection market would end its years of decline and enter a period of rapid growth again. As MNCs rethink supply chain issues, China CXOs would...

Xinyao (Criss) Wang

Quiddity Leaderboard CSI 300/​​500 Dec 23: Basket Trade Off to A Positive Start; US$2.8bn One-Way

There could be 12 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500 and I see combined one-way flow for CSI 300 and CSI 500 of around US$2.8bn...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Dec 23: US$2.8bn One-Way; Might Be Time for a Basket Trade

The Names directly moving into CSI 300 and CSI 500 without previously being members of either of these indices could outperform the CSI 300 index...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

The 13 CSI 300 Expected ADDs and DELs could see US$824mn index buying and US$534mn index selling. The 50 CSI 500 Expected ADDs and DELs could see...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​500 Dec 23: Massive Baskets, US$2.5bn One-Way

Collectively, the CSI 300 and CSI 500 ADDs could see one-way flows of more than US$2.5bn. However, the flow patterns are complex and it is...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec 23: Basket Trade Off to A Positive Start; US$2.8bn One-Way

Quiddity Leaderboard CSI 300/500 Dec 23: US$2.8bn One-Way; Might Be Time for a Basket Trade

Quiddity Leaderboard CSI 300/500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

Quiddity Leaderboard CSI 300/500 Dec 23: Massive Baskets, US$2.5bn One-Way