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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Ruyi (136 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), AIA (1299 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Ruyi (136 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), AIA (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (May 22nd): Tencent, AIA, China Ruyi, Jd Health, Wanguo Gold

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>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will use the close from 11 March to cap the stocks. The constituent changes will be based off the close on 27 February.</li>
<li>If there are 6 inclusions to the index, the estimated one-way turnover is 7.8% and the round-trip trade is US$5.7bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources</a> and Greatland Resources are adds to the ASX100 Index and there will be increased flow and impact if they are added to the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a>.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will use the close from 11 March to cap the stocks. The constituent changes will be based off the close on 27 February.
If there are 6 inclusions to the index, the estimated one-way turnover is 7.8% and the round-trip trade is US$5.7bn.

Regis Resources and Greatland Resources are adds to the ASX100 Index and there will be increased flow and impact if they are added to the VanEck Gold Miners ETF.


Gold Miners ETF (GDX US) March Rebalance Preview: Capping Finalised; Announcement on Friday

<ul>
<li>There could be up to 6 inclusions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in March. There are some big capping changes too.</li>
<li>With float estimated at less than 10%, <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s wait for index inclusion continues. <a href="https://www.smartkarma.com/entities/gold-fields-ltd-434088e3-4626-4b0b-a6ec-acfc202c86d8" target="_blank" data-smartkarma-citation="entities:28563:1" rel="noopener">Gold Fields (GFI US)</a> currently moves from Large Weight to Small Weight.</li>
<li>The capping changes and the 6 adds will lead to an estimated one-way turnover of 8.5% and a round-trip trade of US$6.7bn.</li>
</ul>


There could be up to 6 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in March. There are some big capping changes too.
With float estimated at less than 10%, Zijin Gold (2259 HK)'s wait for index inclusion continues. Gold Fields (GFI US) currently moves from Large Weight to Small Weight.
The capping changes and the 6 adds will lead to an estimated one-way turnover of 8.5% and a round-trip trade of US$6.7bn.


Gold Miners ETF (GDX US) March Rebalance Preview: 6 Adds & US$6.7bn Trade

<ul>
<li>There could be 3 inclusions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in March. There is 1 stock that is close on free float market cap.</li>
<li>If <a href="https://www.smartkarma.com/entities/gold-fields-ltd-434088e3-4626-4b0b-a6ec-acfc202c86d8" target="_blank" data-smartkarma-citation="entities:28563:1" rel="noopener">Gold Fields (GFI US)</a> outperforms the other stocks in the index and is classified as a Large Weight, flows will drop off significantly.</li>
<li>The capping changes and the 3 adds will lead to an estimated one-way turnover of 6.6% and a round-trip trade of US$4.68bn.</li>
</ul>


There could be 3 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in March. There is 1 stock that is close on free float market cap.
If Gold Fields (GFI US) outperforms the other stocks in the index and is classified as a Large Weight, flows will drop off significantly.
The capping changes and the 3 adds will lead to an estimated one-way turnover of 6.6% and a round-trip trade of US$4.68bn.


Gold Miners ETF (GDX US) March Rebalance: 3 Adds and US$4.7bn Trade for Now

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Alibaba, Meituan, China Life, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Meituan, China Life, CNOOC.


HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

China

Wanguo Gold Group Limited is primarily engaged in mining, ore processing, and the sale of concentrate products, including copper, iron, zinc, sulfur, lead, and gold and silver by-products. The company also processes and sells gold dore. It was founded in 2011 and is headquartered in Yichun, China.

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Wanguo Gold (3939 HK)

Hong Kong Buybacks Weekly (May 22nd): Tencent, AIA, China Ruyi, Jd Health, Wanguo Gold

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Gold Miners ETF (GDX US) March Rebalance Preview: Capping Finalised; Announcement on Friday

There could be 6 adds resulting in an estimated one-way turnover of 7.8% and a round-trip trade of US$5.7bn. There will be capping inflows to the...

Brian Freitas

Gold Miners ETF (GDX US) March Rebalance Preview: 6 Adds & US$6.7bn Trade

There could be 6 adds and big capping changes for the GDX in March. Estimated one-way turnover is 8.5% and round-trip trade is US$6.7bn. Some of...

Brian Freitas

Gold Miners ETF (GDX US) March Rebalance: 3 Adds and US$4.7bn Trade for Now

There could be 3 adds for the index in March. Coincidentally, all 3 are potential ASX100 adds. Gold Fields is one to watch out for since...

Brian Freitas

HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, China Life, CNOOC.

Ke Yan, CFA, FRM

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