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

Gansu Huangtai Wine Mktg Ind Co., / Index Rebalance

<ul>
<li>There is 1 add for the CSI Liquor Index and 1 add/ 2 deletes for the CSI Alcoholic Drink Index in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/gansu-huangtai-wine-mktg-ind-co-ltd" target="_blank" data-smartkarma-citation="entities:15244:1" rel="noopener">Gansu Huangtai Wine Mktg Ind Co., (000995 CH)</a> will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index.</li>
<li>There will be big selling in <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> due to the stock being capped in both indices. Smaller capping flows in the other stocks.</li>
</ul>


There is 1 add for the CSI Liquor Index and 1 add/ 2 deletes for the CSI Alcoholic Drink Index in June.

Gansu Huangtai Wine Mktg Ind Co., (000995 CH) will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index.
There will be big selling in Kweichow Moutai (600519 CH) due to the stock being capped in both indices. Smaller capping flows in the other stocks.


CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Zhongyuan Environment A / Index Rebalance

<ul>
<li>The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.</li>
<li>There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.</li>
<li>The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.</li>
</ul>


The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.
There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.
The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.


Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Western Superconducting Techno / Index Rebalance

<ul>
<li>Over 85% of the way through the review period for the December rebalance of the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI500 Index</a>, we forecast 50 changes (the maximum permitted) at the close on 8 December.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 9.4% at the December rebalance resulting in a one-way trade of CNY 7.22bn.</li>
<li>With the market being stabilised through the ETF route, the index constituents have outperformed the non-index constituents over the last 6-7 weeks. That could reverse over the near term.</li>
</ul>


Over 85% of the way through the review period for the December rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 9.4% at the December rebalance resulting in a one-way trade of CNY 7.22bn.
With the market being stabilised through the ETF route, the index constituents have outperformed the non-index constituents over the last 6-7 weeks. That could reverse over the near term.


CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

<ul>
<li>Two thirds of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 10.1% at the December rebalance resulting in a one-way trade of CNY 6.75bn.</li>
<li>The potential adds have outperformed the potential deletes and the CSI500 Index over the last six weeks. There could be more outperformance till nearer the end of the review period.</li>
</ul>


Two thirds of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 10.1% at the December rebalance resulting in a one-way trade of CNY 6.75bn.
The potential adds have outperformed the potential deletes and the CSI500 Index over the last six weeks. There could be more outperformance till nearer the end of the review period.


CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Headlines­</h2><ul>
<li>In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively</li>
<li>Retail channel development drives volume and value sales growth</li>
<li>Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade</li>
<li>Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%</li>
<li>…</li>
</ul>

Headlines­
In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively
Retail channel development drives volume and value sales growth
Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade
Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%
…


China

Yantai Changyu Pioneer Wine Company Limited distills, produces, and distributes wine, brandy, sparkling wine, and healthy liquor.  The Company's main products include dry red wines, dry white wines, sweet wine, XO brandy, VSOP brandy, tank-fermented sparkling wine, sparkling cider, and other spirits.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yantai Changyu Pioneer Wine (000869 CH)

CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes

Gansu Huangtai Wine Mktg will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index. There are 2 deletes for the Alcohol Index. Large...

Brian Freitas

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

There should be 50 changes in Dec with a big sector skew. Turnover is ~10% and 31 stocks will have 1x ADV to trade. Huge ETF inflows have led to...

Brian Freitas

CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

We see 50 changes a side for the CSI500 in Dec. The Industrials sector could take a lot of index spots from Materials as one-way turnover exceeds...

Brian Freitas

Sector Capsule: Bottled Water in China

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes

Gansu Huangtai Wine Mktg will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index. There are 2 deletes for the Alcohol Index. Large...

Brian Freitas

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

There should be 50 changes in Dec with a big sector skew. Turnover is ~10% and 31 stocks will have 1x ADV to trade. Huge ETF inflows have led to...

Brian Freitas

CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

We see 50 changes a side for the CSI500 in Dec. The Industrials sector could take a lot of index spots from Materials as one-way turnover exceeds...

Brian Freitas

Sector Capsule: Bottled Water in China

Headlines­ In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...