In today’s briefing:
- Quiddity Leaderboard CSI 300/500 Dec25: Trade Moving in the Right Direction; Large Flows Expected
- Kangji Medical (9997 HK): Q&A With The FA
- Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades
- Innogen (银诺医药) IPO Trading Update
- [IO Technicals 2025/33] China Woes Deepen, Bearish Momentum Grips Iron Ore
- Geely (175 HK): 2Q25, Revenue Up by 28% YoY
- Lucror Analytics – Morning Views Asia
Quiddity Leaderboard CSI 300/500 Dec25: Trade Moving in the Right Direction; Large Flows Expected
- CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- Currently, we see 10 ADDs/DELs for the CSI 300 index and 49 ADDs/DELs for the CSI 500 index.
Kangji Medical (9997 HK): Q&A With The FA
- On the 12th August, Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
- The 9.9% premium to last close was less than ideal. A change of control premium (30%+) is arguably more commonplace in Asia-Pac. However, the Offer Price is a four-year high.
- I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades
- The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- We see 5 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.
Innogen (银诺医药) IPO Trading Update
- Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
[IO Technicals 2025/33] China Woes Deepen, Bearish Momentum Grips Iron Ore
- China’s July lending drop signals weak private sector appetite, while severe weather hampers outdoor construction.
- Managed money participants trimmed net long futures exposure amid rising prices, signalling profit-taking.
- Bullish momentum has faded as prices dip below key moving averages and MACD signals growing seller control in the market.
Geely (175 HK): 2Q25, Revenue Up by 28% YoY
- In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%.
- We believe Geely is the only competitor to the market leader BYD.
- We set the target price at HK$23 for the next twelve months, which is 21% above the current price.
Lucror Analytics – Morning Views Asia
- UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
- As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
- The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively.
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