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

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There are 3 changes for the CNI Semiconductor Chips Index that will be implemented at the close on 9 June.</li>
<li>The inclusions will also be added to other indices over the next couple of weeks and there will be inflows from multiple index trackers.</li>
<li>The adds have outperformed and with 9 trading days to implementation of the changes and the inclusions also being added to other indices, there could be further outperformance near-term.</li>
</ul>


There are 3 changes for the CNI Semiconductor Chips Index that will be implemented at the close on 9 June.
The inclusions will also be added to other indices over the next couple of weeks and there will be inflows from multiple index trackers.
The adds have outperformed and with 9 trading days to implementation of the changes and the inclusions also being added to other indices, there could be further outperformance near-term.


CNI Semiconductor Chips Index Rebalance: Multiple Inflows for the Inclusions

<ul>
<li>There are 6 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 9 June.</li>
<li>All the inclusions are also additions to the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shanghai" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500 Index</a> and the passive flows will come from multiple trackers.</li>
<li>The adds have outperformed the deletes over the last couple of weeks and there could be further outperformance over the next two weeks.</li>
</ul>


There are 6 changes for the CES China Semiconductor Chips Index that will be implemented at the close on 9 June.
All the inclusions are also additions to the CSI 500 Index and the passive flows will come from multiple trackers.
The adds have outperformed the deletes over the last couple of weeks and there could be further outperformance over the next two weeks.


CES China Semiconductor Chips Index Rebalance: Six Changes in June

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 weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 24th.</li>
<li>We estimate the weekly inflows to be US$1,685.1 million, led by industrials, information technology, health care sectors, and offset by energy, financials.</li>
<li>We highlight flows for Boe Technology, Contemporary Amperex Technology, Kweichow Moutai, Shenzhen Inovance Technology, Luxshare Precision Industry, Hithink Royalflush Information Network, China Shenhua Energy, Foxconn Industrial Internet, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 24th.
We estimate the weekly inflows to be US$1,685.1 million, led by industrials, information technology, health care sectors, and offset by energy, financials.
We highlight flows for Boe Technology, Contemporary Amperex Technology, Kweichow Moutai, Shenzhen Inovance Technology, Luxshare Precision Industry, Hithink Royalflush Information Network, China Shenhua Energy, Foxconn Industrial Internet, Ping An Insurance.


Northbound Flows (Mar 24th): Boe, CATL, Moutai, Shenzhen Inovance, Luxshare

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 6th.</li>
<li>We estimate the weekly inflows to be US$2,907.9 million, led by financials, materials, information technology sectors.</li>
<li>We highlight flows for Ping An Insurance, Contemporary Amperex Technology Co.,, Wuliangye Yibin, Kweichow Moutai, East Money Information, Shenzhen Mindray Bio-Medical Electronics, Wuxi Lead Intelligent Equipment</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 6th.
We estimate the weekly inflows to be US$2,907.9 million, led by financials, materials, information technology sectors.
We highlight flows for Ping An Insurance, Contemporary Amperex Technology Co.,, Wuliangye Yibin, Kweichow Moutai, East Money Information, Shenzhen Mindray Bio-Medical Electronics, Wuxi Lead Intelligent Equipment


Northbound Flows (Jan 6th): Ping An Insurance, CATL, Wuliangye, Moutai, East Money

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.</p>

New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

China

Unigroup Guoxin Co., Ltd., formerly Tongfang Guoxin Electronics Co., Ltd., is a China-based company, principally engaged in the design and distribution of integrated circuits (ICs). The Company's IC products consist of smart card chips, special IC products and memory chips. In addition, the Company also engages in the development, manufacture and distribution of quartz crystal components. The Company distributes its products within domestic market and to overseas markets.

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Unigroup Guoxin (002049 CH)

CNI Semiconductor Chips Index Rebalance: Multiple Inflows for the Inclusions

There are 3 changes for the CNI Semiconductor Chips Index. The inclusions will also be added to other indices over the next couple of weeks. The...

Brian Freitas

CES China Semiconductor Chips Index Rebalance: Six Changes in June

There are 6 index changes in June. All the adds are also inclusions for the CSI500 Index, so there will be passive inflows from multiple trackers....

Brian Freitas

Northbound Flows (Mar 24th): Boe, CATL, Moutai, Shenzhen Inovance, Luxshare

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Boe, CATL, Moutai, Shenzhen Inovance, Luxshare.

Ke Yan, CFA, FRM

Northbound Flows (Jan 6th): Ping An Insurance, CATL, Wuliangye, Moutai, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, CALT, Wuliangye, Moutai, East...

Ke Yan, CFA, FRM

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

With interest rates expected to move sideways to lower, we recommend a mix of growth and defensive Sectors. Today we focus on Services/Technology...

Vermilion Research

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