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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Solar / In Depth: China’s polysilicon majors plan to bail out rest of glut-stricken industry</li><li>Tariffs /: Vietnam imposes anti-dumping tariffs on Chinese steel amid rising U.S. pressure</li><li>Alzheimer /: China halts experimental Alzheimer’s surgery, leaving patients in limbo</li></ul>

Solar / In Depth: China’s polysilicon majors plan to bail out rest of glut-stricken industryTariffs /: Vietnam imposes anti-dumping tariffs on Chinese steel amid rising U.S. pressureAlzheimer /: China halts experimental Alzheimer’s surgery, leaving patients in limbo

CX Daily: China’s Polysilicon Majors Plan to Bail Out Rest of Glut-Stricken Industry 

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 analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Cosco Shipping, Longi Green, Tongwei, China Railway, Trina Solar, Xinjiang Daqo, TCL Zhonghuan, Jiangsu Eastern Shenghong.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Cosco Shipping, Longi Green, Tongwei, China Railway, Trina Solar, Xinjiang Daqo, TCL Zhonghuan, Jiangsu Eastern Shenghong.


CSI 300 Earning Revision Analysis (May): Cosco Shipping, Longi Green, Tongwei, China Railway

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

<ul>
<li>There are 4 changes for the <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index (SSE50 INDEX)</a> and 18 changes for the SSE180 Index that will be implemented at the close on 13 June.</li>
<li>The <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index (SSE50 INDEX)</a> deletes were in line with forecasts, and the index committee has used some discretion while picking the index inclusions.</li>
<li>The <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> adds have outperformed the deletes over the last few months and there could be a further move higher in the 'surprise' adds to the index.</li>
</ul>


There are 4 changes for the SSE50 Index (SSE50 INDEX) and 18 changes for the SSE180 Index that will be implemented at the close on 13 June.
The SSE50 Index (SSE50 INDEX) deletes were in line with forecasts, and the index committee has used some discretion while picking the index inclusions.
The SSE50 Index adds have outperformed the deletes over the last few months and there could be a further move higher in the 'surprise' adds to the index.


SSE50/SSE180 Index Rebalance: Some Surprises Among the Adds; Deletes as Expected

Dawning Information Industry C / Index Rebalance

<ul>
<li>With the review period complete, there are 2 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone.</li>
<li>4 changes result in a one-way turnover of 5.7%, leading to a round-trip trade of CNY 21.8bn (US$3bn). Index arb balances will increase the impact on the stocks.</li>
<li>After drifting in a range, the forecast adds have outperformed the forecast deletes over the last month. There could be further outperformance as we near the announcement date.</li>
</ul>


With the review period complete, there are 2 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone.
4 changes result in a one-way turnover of 5.7%, leading to a round-trip trade of CNY 21.8bn (US$3bn). Index arb balances will increase the impact on the stocks.
After drifting in a range, the forecast adds have outperformed the forecast deletes over the last month. There could be further outperformance as we near the announcement date.


SSE50 Index Rebalance Preview: 4 Potential Changes in June

China

Tongwei Co., Ltd. produces and markets aquatic and animal feeds. The Company also sells animal medicines.

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Tongwei Co Ltd A (600438 CH)

CX Daily: China’s Polysilicon Majors Plan to Bail Out Rest of Glut-Stricken Industry

TOP STORIES Solar / In Depth: China’s polysilicon majors plan to bail out rest of glut-stricken industry China’s largest producers of...

Caixin Global

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

CSI 300 Earning Revision Analysis (May): Cosco Shipping, Longi Green, Tongwei, China Railway

We analyzed CSI 300's consensus for May 2025 and highlighted changes of EPS in Cosco Shipping (601919 CH), Longi Green (601012 CH), Tongwei (600438...

Ke Yan, CFA, FRM

SSE50/SSE180 Index Rebalance: Some Surprises Among the Adds; Deletes as Expected

There are 4 changes for the SSE50 and 18 for the SSE180. There are a couple of surprise adds for the SSE50. Basket performance has been consistent...

Brian Freitas

SSE50 Index Rebalance Preview: 4 Potential Changes in June

There could be up to 4 changes for the SSE50 in June. Estimated 1-way turnover is 5.7% leading to a round-trip trade of US$3bn. The forecast adds...

Brian Freitas

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