Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yangtze Optical Fibre and Cable / Event-Driven

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>AH Premia dropped slightly this past week on average for liquid pairs. Tech and Communications Services saw Hs outperform. </li>
<li>The Quiddity AH Portfolio is up 62+bp in 3wks on 12% "beta".</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used are now sticky.</li>
</ul>


AH Premia dropped slightly this past week on average for liquid pairs. Tech and Communications Services saw Hs outperform. 
The Quiddity AH Portfolio is up 62+bp in 3wks on 12% "beta".
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


A/H Premium Tracker (Week to 23 Jan 2026):  Slight H/A Outperf, Quiddity Port Still Better

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

Yangtze Optical Fibre and Cable / Index Rebalance

<ul>
<li>The rally in the stock price and the recent placement could result in <a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre And H (6869 HK)</a> being added to a global index next month.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre And H (6869 HK)</a> has outperformed its peers but still trades in line on comparable valuation metrics.</li>
<li>The <a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-cable" target="_blank" data-smartkarma-citation="entities:29980:1" rel="noopener">Yangtze Optical Fibre &amp; Cable (601869 CH)</a> / <a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre And H (6869 HK)</a> premium has started to drift lower and could continue to drop in the short-term.</li>
</ul>


The rally in the stock price and the recent placement could result in Yangtze Optical Fibre And H (6869 HK) being added to a global index next month.

Yangtze Optical Fibre And H (6869 HK) has outperformed its peers but still trades in line on comparable valuation metrics.
The Yangtze Optical Fibre &amp; Cable (601869 CH) / Yangtze Optical Fibre And H (6869 HK) premium has started to drift lower and could continue to drop in the short-term.


Yangtze Optical (6869 HK): Global Index Inclusion & The A/H Premium

<ul>
<li>Hs within the liquid AH pair universe UNDER-performed As on average by 3.1% in two weeks. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.</li>
<li>Quiddity H/A Portfolio performance -70bp of which half was negative alpha, half was H/A "beta." I am staying the course of Beautiful Skew.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers.</li>
</ul>


Hs within the liquid AH pair universe UNDER-performed As on average by 3.1% in two weeks. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.
Quiddity H/A Portfolio performance -70bp of which half was negative alpha, half was H/A "beta." I am staying the course of Beautiful Skew.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers.


A/H Premium Tracker (2Wks to 31 Dec 2025):  Hs Underperform Again, Beautiful Skew Behaving Badly

<ul>
<li>Hs within the liquid AH pair universe UNDER-performed As on average by 0.87%. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.</li>
<li>Quiddity H/A Portfolio performance slightly positive (+11-13bp). Low H/A "beta" helps. Stay the Beautiful Skew course.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers.</li>
</ul>


Hs within the liquid AH pair universe UNDER-performed As on average by 0.87%. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.
Quiddity H/A Portfolio performance slightly positive (+11-13bp). Low H/A "beta" helps. Stay the Beautiful Skew course.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers.


A/H Premium Tracker (Wk to 19 Dec 2025):  Hs Underperform Again, Beautiful Skew Behaving Badly

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

Shenton Research

Shenton 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 analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

China

Yangtze Optical Fibre and Cable is a global leader in the research, development, production, and sale of optical fiber preforms, optical fibers, optical cables, and related optical communication products and solutions. The company offers a wide range of products including specialty optical fibers, submarine cables, and optical transceivers, along with system integration and communication engineering design services. Headquartered in Wuhan, Hubei, China, the company was founded in May 1988.

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Yangtze Optical Fibre and Cable (6869 HK)

A/H Premium Tracker (Week to 23 Jan 2026): Slight H/A Outperf, Quiddity Port Still Better

Hs outperformed As last week so are just up on the year on average for liquid pairs. Quiddity Portfolio doing better. Beautiful skew is absent...

Travis Lundy

Yangtze Optical (6869 HK): Global Index Inclusion & The A/H Premium

Following a jump in the stock price and a recent placement, Yangtze Optical could be added to a global index in Feb. The positioning and passive...

Brian Freitas

A/H Premium Tracker (2Wks to 31 Dec 2025): Hs Underperform Again, Beautiful Skew Behaving Badly

AH Pairs saw substantial AH premium widening into year-end with really bad Beautiful Skew (it was unbeautiful). AH has widened, on average, about 9...

Travis Lundy

A/H Premium Tracker (Wk to 19 Dec 2025): Hs Underperform Again, Beautiful Skew Behaving Badly

Hs underperformed their A partner within the AH pair universe this past week. Every sector was bad. Consumer the worst. Beautiful Skew behaved very...

Travis Lundy

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)