In today’s briefing:
- [Japan CorpGov] TSE “Mgmt Conscious” Reports (Jun25), Minor Updates
- Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way
- (Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara
- CSI All Share IB & Brokerage Index Rebalance: Northeast Replaces Harbin Hatou
- TLT – From Hedge to Risk Asset: Behavior Continues to Shift
- Rocket and Redfin Merger – US Index Implications
- Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms
- Kospi Index Options Weekly (May 26 – 30): Index Surges as Call Demand Drives Vol Higher
- DLocal Transforms Regional Playbook With Adaptive Strategy in Argentina
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Jun25), Minor Updates
- TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
- 286 new CGRs filed since 1-May-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.
- The JPX Council of Experts met on 22 April. Mgmt Conscious updates came this month. Parent-sub follow-ups in Fall/Winter 2025. Slow. ‘Going Private’ policy is under public comment now.
Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way
- The June 2025 index review results for China’s CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.
- There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
- The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.
(Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara
- I tally 44 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Two new deal were discussed on Smartkarma this week: Offers for MAC Copper (MAC AU)and SBI Sumishin Net Bank (7163 JP). Taiyo Holdings (4626 JP) possibly in the crosshairs.
- Key updates/news took place on: HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Welcia Holdings (3141 JP)/Tsuruha Holdings (3391 JP), and Amara Holdings (AMA SP).
CSI All Share IB & Brokerage Index Rebalance: Northeast Replaces Harbin Hatou
- The changes to the CSI All Share Investment Banking & Brokerage Index were announced after market close on 30 May and will be implemented at the close on 13 June.
- Northeast Securities (000686 CH) will be added to the index while Harbin Hatou Investment Co, Ltd. (600864 CH) will be deleted.
- There is over 2.5x ADV to trade in both stocks and much smaller impact of funding/capping flows on the other index constituents.
TLT – From Hedge to Risk Asset: Behavior Continues to Shift
- TLT is showing signs of shifting behavior, no longer acting like a classic flight-to-quality asset.
- One-Month implied vol sits above average, though not at extreme levels.
- The evolving vol structure suggests caution for those expecting traditional bond market flight to quality behavior.
Rocket and Redfin Merger – US Index Implications
- Rocket Cos (RKT US) to acquire Redfin Corp (RDFN US) in an all-stock deal valued at $1.75B.
- Transaction includes a 0.7926 share exchange ratio and special $0.80 per share dividend.
- The acquisition is expected to impact a major US index on an intra-quarter basis.
Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms
- Historic volatility has collapsed on the Nikkei, normalizing at a far quicker pace than the volatility episode last August.
- Global uncertainty remains unresolved, casting a shadow over recent equity strength.
- This week’s rally came without FX tailwinds, underscoring a potentially fragile move.
Kospi Index Options Weekly (May 26 – 30): Index Surges as Call Demand Drives Vol Higher
- Kospi rallied strongly this week, reaching 8-month highs and showing strong relative strength as other indices stalled out.
- Volatility firmed up across the board amid sharp price action and strong demand for Calls.
- Volatility dynamics this week differed notably from recent directional moves.
DLocal Transforms Regional Playbook With Adaptive Strategy in Argentina
- dLocal delivered a first-quarter 2025 result that showcased both strong financial performance and ongoing strategic advancements, accompanied by notable business developments and challenges.
- The total payment volume (TPV) reached $8.1 billion, marking a significant 53% growth year-over-year, which further increases to 72% in constant currency terms.
- This growth was led by robust performance in cross-border payments, particularly in regions like Chile, Pakistan, Nigeria, Turkey, and Brazil across sectors including remittances, commerce, and financial services.
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