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>CSI announced the changes for the June rebalance after market close on 30 May and the changes will be effective after the close of trading on 13 June.</li>
<li>There are 6 changes for the index and we estimate passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the deletes.</li>
<li>There will be capping inflows for <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> and capping outflows for <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec (603259 CH)</a>. </li>
</ul>


CSI announced the changes for the June rebalance after market close on 30 May and the changes will be effective after the close of trading on 13 June.
There are 6 changes for the index and we estimate passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the deletes.
There will be capping inflows for Shenzhen Mindray Bio-Medical Electronics (300760 CH) and capping outflows for WuXi AppTec (603259 CH). 


CSI Medical Service Index Rebalance: Six Changes with Decent Impact

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.</li>
<li>Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.</li>
<li>The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than <a href="https://www.smartkarma.com/entities/winner-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:35839:1" rel="noopener">Winner Medical</a>.</li>
</ul>


The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.
Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.


Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Shanghai Haohai Biological Tec / Index Rebalance

<ul>
<li>The June 2025 index review results for the CSI Medical Service Index were announced after market close on Friday 30th May 2025.</li>
<li>There will be 6 changes for the CSI Medical Service index.</li>
<li>We expect one-way flows of approximately US$286mn in the June 2025 index rebal event.</li>
</ul>


The June 2025 index review results for the CSI Medical Service Index were announced after market close on Friday 30th May 2025.
There will be 6 changes for the CSI Medical Service index.
We expect one-way flows of approximately US$286mn in the June 2025 index rebal event.


Quiddity CSI Medical Jun25 Results: 6 ADDs/DELs Confirmed; US$286mn One-Way Flows

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> has launched its HKEx listing atHK$24.30-27.70 per share to raise up to US$80 million, materially below previous expectations of a US$500 million raise.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:81963" rel="noopener">Giant Biogene IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82037" rel="noopener">Giant Biogene IPO: The Bear Case</a> and<a href="https://www.smartkarma.com/insights/giant-biogene-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:82648" rel="noopener">Giant Biogene IPO: Valuation First Look</a>.</li>
<li>The China A Share peers have derated due to the sharp sell-off in the last few days. Nevertheless, Biogene is attractively valued at the IPO price range. We would participate. </li>
</ul>



Giant Biogene Holding (GBH HK) has launched its HKEx listing atHK$24.30-27.70 per share to raise up to US$80 million, materially below previous expectations of a US$500 million raise.
We previously discussed the IPO in Giant Biogene IPO: The Bull Case, Giant Biogene IPO: The Bear Case andGiant Biogene IPO: Valuation First Look.
The China A Share peers have derated due to the sharp sell-off in the last few days. Nevertheless, Biogene is attractively valued at the IPO price range. We would participate. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>, a leading professional skin care product manufacturer, is set to launch a US$500 million HKEx IPO.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:81963" rel="noopener">Giant Biogene IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82037" rel="noopener">Giant Biogene IPO: The Bear Case</a>.</li>
<li>In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. </li>
</ul>



Giant Biogene Holding (GBH HK), a leading professional skin care product manufacturer, is set to launch a US$500 million HKEx IPO.  
We previously discussed the IPO in Giant Biogene IPO: The Bull Case and Giant Biogene IPO: The Bear Case.
In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. 


China

Winner Medical Co., Ltd. manufactures and distributes health care supplies. The Company produces medical dressings, wound care products, medical protective supplies, disinfection products, operation room infection supplies, and other products. Winner Medical markets its products throughout China.

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Winner Medical (300888 CH)

CSI Medical Service Index Rebalance: Six Changes with Decent Impact

There are 6 changes for the index with estimated passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the...

Brian Freitas

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Quiddity CSI Medical Jun25 Results: 6 ADDs/DELs Confirmed; US$286mn One-Way Flows

All of our predictions were correct. However, there were some extra changes. We estimate there to be US$286mn in one-way flows in June 2025.

Janaghan Jeyakumar, CFA

Giant Biogene IPO: Valuation Insights

The China A Share peers have derated due to the sharp sell-off in the last few days. Nevertheless, Biogene is attractively valued at the IPO price...

Arun George

Giant Biogene IPO: Valuation First Look

Giant Biogene will launch its US$500 million HKEx IPO this week. In this note, we present our forecasts and take the first look at its potential...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI Medical Service Index Rebalance: Six Changes with Decent Impact

There are 6 changes for the index with estimated passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the...

Brian Freitas

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

​Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Quiddity CSI Medical Jun25 Results: 6 ADDs/DELs Confirmed; US$286mn One-Way Flows

All of our predictions were correct. However, there were some extra changes. We estimate there to be US$286mn in one-way flows in June 2025.

Janaghan Jeyakumar, CFA

Giant Biogene IPO: Valuation Insights

The China A Share peers have derated due to the sharp sell-off in the last few days. Nevertheless, Biogene is attractively valued at the IPO price...

Arun George

Giant Biogene IPO: Valuation First Look

Giant Biogene will launch its US$500 million HKEx IPO this week. In this note, we present our forecasts and take the first look at its potential...

Arun George

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...