HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Chengdu Olymvax Biopharmaceuticals / Equity Capital Markets

Chengdu Olymvax Biopharmaceuticals (COB HK)

<ul>
<li>Olymvax faces single product risks. The trend of “increasing revenue but no increase in profit” has not been reversed. The actual "gold content" of the meager profits is relatively low.</li>
<li>Controlling shareholders’ reduction in holdings reflect their lack of confidence in the Company, and there could be a mismatch between the Olymvax's real value and its valuation.</li>
<li>Among domestic vaccine companies, CanSino's technology platforms are very valuable, and are above average level, which makes CanSino's pipeline value higher. Valuation of Olymvax could be lower than CanSino.</li>
</ul>


Olymvax faces single product risks. The trend of “increasing revenue but no increase in profit” has not been reversed. The actual "gold content" of the meager profits is relatively low.
Controlling shareholders’ reduction in holdings reflect their lack of confidence in the Company, and there could be a mismatch between the Olymvax's real value and its valuation.
Among domestic vaccine companies, CanSino's technology platforms are very valuable, and are above average level, which makes CanSino's pipeline value higher. Valuation of Olymvax could be lower than CanSino.


Pre-IPO Chengdu Olymvax Biopharmaceuticals (A/H Lising) - Low Profitability Is a Pain Point

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<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 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.</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 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

<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 6 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 6 changes for the ChiNext Index and 5 changes for the ChiNext 50 Index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: ~US$1.86bn Combined One-Way Flow; Ranks Can Change

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

Guotai Haitong Securities / Index Rebalance

<ul>
<li>There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.</li>
<li>There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.</li>
<li>The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.</li>
</ul>


There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.


CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

Jiangsu Hoperun Software / Index Rebalance

<ul>
<li>The December 2024 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.</li>
<li>There will be seven changes for the ChiNext index and five changes for the ChiNext 50 index. Some of these names surprised us.</li>
<li>In this insight, we take a look at our final flow expectations for the confirmed index changes.</li>
</ul>


The December 2024 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.
There will be seven changes for the ChiNext index and five changes for the ChiNext 50 index. Some of these names surprised us.
In this insight, we take a look at our final flow expectations for the confirmed index changes.


Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

China

Shenzhen Kangtai Biological Products Co., Ltd. operates biological product manufacturing businesses. The Company produces biological vaccines and other vaccine products. Shenzhen Kangtai Biological Products conducts businesses in China.

Shenzhen Kangtai Biological Pr (300601 CH)

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Shenzhen Kangtai Biological Pr (300601 CH)

Pre-IPO Chengdu Olymvax Biopharmaceuticals (A/H Lising) - Low Profitability Is a Pain Point

Olymvax faces profit challenges due to low "gold content" in profits.Controlling shareholders’ reduction in holdings reflect their lack of...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

We see one-way flows of US$1.2bn and US$341mn for the ChiNext index and ChiNext 50 index respectively. Some names have multiple days of volume to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: ~US$1.86bn Combined One-Way Flow; Ranks Can Change

We see US$1.86bn in combined one-way flow for the ChiNext and ChiNext 50 June 2025 index rebal events. With more time left in the reference period,...

Janaghan Jeyakumar, CFA

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

There could be 23 changes for the CSI A500 Index at the Dec rebal. Estimated turnover is 2.9% and round-trip trade is US$1.6bn. Adds outperformed...

Brian Freitas

Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

We estimate US$851mn and US$191mn one-way flows for the ChiNext and ChiNext 50 December 2024 index rebal events respectively.

Janaghan Jeyakumar, CFA

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52-week Range

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Pre-IPO Chengdu Olymvax Biopharmaceuticals (A/H Lising) - Low Profitability Is a Pain Point

​Olymvax faces profit challenges due to low "gold content" in profits.Controlling shareholders’ reduction in holdings reflect their lack of...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

We see one-way flows of US$1.2bn and US$341mn for the ChiNext index and ChiNext 50 index respectively. Some names have multiple days of volume to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: ~US$1.86bn Combined One-Way Flow; Ranks Can Change

We see US$1.86bn in combined one-way flow for the ChiNext and ChiNext 50 June 2025 index rebal events. With more time left in the reference period,...

Janaghan Jeyakumar, CFA

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

There could be 23 changes for the CSI A500 Index at the Dec rebal. Estimated turnover is 2.9% and round-trip trade is US$1.6bn. Adds outperformed...

Brian Freitas

Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

We estimate US$851mn and US$191mn one-way flows for the ChiNext and ChiNext 50 December 2024 index rebal events respectively.

Janaghan Jeyakumar, CFA

Olymvax faces profit challenges due to low "gold content" in profits.Controlling shareholders’ reduction in holdings reflect their lack of...