HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.</li>
<li>Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. </li>
<li>Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.</li>
</ul>


Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.
Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. 
Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.


Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Cloudbreak re-filed for a Hong Kong listing to raise at least USD 100 million.</li>
<li>In this note, we look at updates to the prospectus. We noted delays in its products and downward revisions of prospects.</li>
<li>We checked peer performance and have a negative readthrough for the company.</li>
</ul>


Cloudbreak re-filed for a Hong Kong listing to raise at least USD 100 million.
In this note, we look at updates to the prospectus. We noted delays in its products and downward revisions of prospects.
We checked peer performance and have a negative readthrough for the company.


Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

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

Bluefocus Communication Group Co, Ltd. / Index Rebalance

Bluefocus Communication Group Co, Ltd. (300058 CH)

<ul>
<li>There are 8 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index at the June rebalance.</li>
<li>We correctly forecast 7/8 and 8/8 for the Chinext Index adds/deletes and were 4/5 and 5/5 for the Chinext50 Index adds/deletes.</li>
<li>Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 9.55bn (US$1.33bn).</li>
</ul>


There are 8 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index at the June rebalance.
We correctly forecast 7/8 and 8/8 for the Chinext Index adds/deletes and were 4/5 and 5/5 for the Chinext50 Index adds/deletes.
Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 9.55bn (US$1.33bn).


ChiNext/​​ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

<ul>
<li>With the review period complete, we forecast 10 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index in June.</li>
<li>The largest flows will be in stocks that are adds/deletes for both indices - and there are a few of those. Plus there are some overlaps with other indices.</li>
<li>While the forecast adds have outperformed the forecast deletes for both indices since January, near-term performance has not been great. That could change as we near the announcement date.</li>
</ul>


With the review period complete, we forecast 10 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index in June.
The largest flows will be in stocks that are adds/deletes for both indices - and there are a few of those. Plus there are some overlaps with other indices.
While the forecast adds have outperformed the forecast deletes for both indices since January, near-term performance has not been great. That could change as we near the announcement date.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Whole Lotta Change

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

China

Shenyang Xingqi Pharmaceutical Co., Ltd. is a pharmaceutical company. The Company researches, produces, and distributes ophthalmic medicines including anti-bacterial products, allergy medicines, cataract preventions, and glaucoma treatments.

Shenyang Xingqi Pharmaceutical (300573 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Shenyang Xingqi Pharmaceutical (300573 CH)

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Xinyao (Criss) Wang

Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

Ke Yan, CFA, FRM

ChiNext/ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

There are 8 changes for the ChiNext Index and 5 changes for the ChiNext 50 Index at the June rebalance. The round-trip trade across both indices is...

Brian Freitas

ChiNext/ChiNext50 Index Rebalance Preview: Whole Lotta Change

There could be 10/5 changes for the Chinext/50 in June with 10 stocks having over 1x ADV to trade from passives. Adds have outperformed the deletes...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

There could be roughly US$1.4bn in total one-way flows for ChiNext and ChiNext 50 during the June 2025 index rebalance event. Some expectations...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

​Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Xinyao (Criss) Wang

Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

​Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

Ke Yan, CFA, FRM

ChiNext/​​ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

There are 8 changes for the ChiNext Index and 5 changes for the ChiNext 50 Index at the June rebalance. The round-trip trade across both indices is...

Brian Freitas

ChiNext/​​​ChiNext50 Index Rebalance Preview: Whole Lotta Change

There could be 10/5 changes for the Chinext/50 in June with 10 stocks having over 1x ADV to trade from passives. Adds have outperformed the deletes...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

There could be roughly US$1.4bn in total one-way flows for ChiNext and ChiNext 50 during the June 2025 index rebalance event. Some expectations...

Janaghan Jeyakumar, CFA

Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

ChiNext/ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

ChiNext/ChiNext50 Index Rebalance Preview: Whole Lotta Change