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

Anker Innovations Technology / Index Rebalance

<ul>
<li>There could be 1 constituent change (maybe 2) for the STAR&amp;CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.</li>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology</a> could replace <a href="https://www.smartkarma.com/entities/suzhou-maxwell-technologies-co" target="_blank" data-smartkarma-citation="entities:29819:1" rel="noopener">Suzhou Maxwell Technologies</a> in the index. If AVIC Chengdu Aircraft is added to the index, <a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment</a> could be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology</a> could have opposite flow and <a href="https://www.smartkarma.com/entities/suzhou-maxwell-technologies-co" target="_blank" data-smartkarma-citation="entities:29819:1" rel="noopener">Suzhou Maxwell Technologies</a> could have same way flow from passive trackers of other indices on the same day.</li>
</ul>


There could be 1 constituent change (maybe 2) for the STAR&amp;CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.

Anker Innovations Technology could replace Suzhou Maxwell Technologies in the index. If AVIC Chengdu Aircraft is added to the index, Wuxi Lead Intelligent Equipment could be deleted.

Anker Innovations Technology could have opposite flow and Suzhou Maxwell Technologies could have same way flow from passive trackers of other indices on the same day.


STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. </li>
<li>We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.</li>
</ul>


We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. 
We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.


Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

<ul>
<li>We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.</li>
<li>We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.</li>
</ul>


We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.
We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.


Northbound Flows (4Q2023): $20bn Outflows in 4Q

<ul>
<li>We analyze the 3Q2024 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 3Q were US$7,684 million and holdings were USD340bn.</li>
<li>We highlight flows for Midea, Moutai, Ping An Insurance, Catl, Yangtze Power.</li>
</ul>


We analyze the 3Q2024 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 3Q were US$7,684 million and holdings were USD340bn.
We highlight flows for Midea, Moutai, Ping An Insurance, Catl, Yangtze Power.


Northbound Flows (3Q2024): Wait and See Mode

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.</li>
<li>PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.</li>
<li>7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.</li>
</ul>


Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.
PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.
7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.


Japan Morning Connection: Sony, PPIH, 7&I

China

Shenzhen Inovance Technology Co., Ltd. develops, manufactures and sells automate control products.  The Company's products include low frequency converter, servo drive, and programmable logic controller (PLC).

Shenzhen Inovance Technology Co., (300124 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Shenzhen Inovance Technology Co., (300124 CH)

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

There should be 1 index change in June. Possibly 2. Anker Innovations is a potential CSI300 delete while Suzhou Maxwell is a global index deletion...

Brian Freitas

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

Northbound Flows (3Q2024): Wait and See Mode

We analyzed Northbound connect data for 3Q2024 and highlight flows for Moutai, Midea, Wuliangye, Catl, Gree Electric Appliances.

Ke Yan, CFA, FRM

Japan Morning Connection: Sony, PPIH, 7&I

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

There should be 1 index change in June. Possibly 2. Anker Innovations is a potential CSI300 delete while Suzhou Maxwell is a global index deletion...

Brian Freitas

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

Northbound Flows (3Q2024): Wait and See Mode

We analyzed Northbound connect data for 3Q2024 and highlight flows for Moutai, Midea, Wuliangye, Catl, Gree Electric Appliances.

Ke Yan, CFA, FRM

Japan Morning Connection: Sony, PPIH, 7&I

​Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.