In today’s briefing:
- Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas
- Medtide (泰德医药) IPO: Aggressive Valuation
- Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
- Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows
- [IO Technicals 2025/25] Bearish Momentum Strengthens
- Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
- Lucror Analytics – Morning Views Asia
- Hong Kong Single Stock Options Weekly (June 16 – 20): Breadth Erodes, Vol Slips, Hedges Worth a Look
Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas
- CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
- 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.
- We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.
Medtide (泰德医药) IPO: Aggressive Valuation
- Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
- We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
- In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.
Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
- Oriental Watch (398 HK) delivered a resilient result with revenue/profits -5%/-20% YoY (ex-one offs -11.5% YoY), despite weakness in HK (22% of sales), where the company is now making losses.
- Cash & Investments dipped to 901 mn HKD, representing about 54% of the market capitalization. The company declared a 16.7 HKD cent/dividend (FY25: 41.3 HKD/cent yield 12%).
- We believe that FY26 will be a year of consolidation, and with a weak HK, profits will remain subdued. Stock trades at 8.4x FY25 with a 12% dividend yield.
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows
- 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 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.
[IO Technicals 2025/25] Bearish Momentum Strengthens
- Iron ore prices declined due to weakening demand from China, driven by a slump in its property sector, which has kept iron ore demand for steel subdued.
- China’s steel production dropped 6.9% YoY in May amid capacity cuts, with blast furnace utilisation and pig iron output declining, though some furnace restarts may boost production soon.
- Prices remain below key moving averages, indicating continued downward pressure, and the MACD below its signal line reinforces the current bearish trend.
Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
- CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
- 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.
- We expect up to six ADDs and two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
- The US market was closed for Juneteenth yesterday.
- US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.
Hong Kong Single Stock Options Weekly (June 16 – 20): Breadth Erodes, Vol Slips, Hedges Worth a Look
- Single stocks were softer on the week, with breadth continuing to weaken.
- Put volumes surged to their highest levels since April; Put open interest continues to rise.
- Implied volatility declined on the week despite elevated demand for downside protection.
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