Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Asia Holdings Co., Ltd. is a holding company which produces and sells cement, ready-mixed concrete, clinker, and dry mortar through its subsidiaries. The Company also operates real estate leasing business.

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.</li>
<li>We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.
We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.


[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

Event-Driven

Shin Kong Financial Holding / Event-Driven

Shin Kong Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health, group and accident insurance products and services, as well as acts as a broker, dealer and underwriter for financial securities.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> are scheduled to merge in less than 6 weeks. </li>
<li>The recent TWD strength has meant sharp losses for Shin Kong Life, but the merger agreement the FSC agreed has Taishin explicitly supporting Shin Kong Life. </li>
<li>There are near-term flows and technical limitations which make this situation interesting again. Grab your shorts! It could be a bumpy ride!</li>
</ul>



Shin Kong Financial Holding (2888 TT) and Taishin Financial Holding (2887 TT) are scheduled to merge in less than 6 weeks. 
The recent TWD strength has meant sharp losses for Shin Kong Life, but the merger agreement the FSC agreed has Taishin explicitly supporting Shin Kong Life. 
There are near-term flows and technical limitations which make this situation interesting again. Grab your shorts! It could be a bumpy ride!


Shin Kong (2888 TT)/Taishin (2887 TT) - Short Timer, FX Risk, Index Flows - Time To Buy Vs Peers

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the June 2025 rebalance event.</li>
<li>We expect a one-way flow of US$700mn for June 2025.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the June 2025 rebalance event.
We expect a one-way flow of US$700mn for June 2025.


[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

CGN Mining Company Ltd., through subsidiaries, operates businesses related to nuclear energy.  The Company supplies nuclear fuel, produces nuclear energy, and constructs plants for renewable energy such as wind power, hydroelectric and solar energy.

<ul>
<li>The MV Global Uranium &amp; Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> will be an ADD and <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA (ELE SM)</a> will be a DELETE in June 2025.</li>
<li>There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.</li>
</ul>


The MV Global Uranium &amp; Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.

Cgn Mining (1164 HK) will be an ADD and Endesa SA (ELE SM) will be a DELETE in June 2025.
There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.


[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

Endeavour Mining Corporation is a gold mining company. The Company engages in gold mine production, development and exploration activities in West Africa. Endeavour Mining operates mining projects located in Ghana, Mali, Burkina Faso, and Cote d'Ivoire.

<ul>
<li>The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>There will be no index changes for the June 2025 rebal event.</li>
<li>We expect one-way flow of US$271mm for the June 2025 rebal, which is a bit lower than normal for a June rebal.</li>
</ul>


The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
There will be no index changes for the June 2025 rebal event.
We expect one-way flow of US$271mm for the June 2025 rebal, which is a bit lower than normal for a June rebal.


[Quiddity Index] MV Junior Gold Miners Jun25 Rebalance Results: Flow Expectations

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Travis Lundy
Pan-Asia Catalysts/Events
• Quiddity Advisors

[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

The KOSPI rebal for June is done. The big short did well on the last leg, the longs just meh. Now we go to Dec25 rebal, 25% of the data is in....

Travis Lundy

Shin Kong (2888 TT)/Taishin (2887 TT) - Short Timer, FX Risk, Index Flows - Time To Buy Vs Peers

Shin Kong and Taishin have suffered vs Other FHCs as stronger TWD has caused mark-to-market bond losses. But peer buying for index reverses as...

Travis Lundy

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

No index changes to the MVIS US Semiconductor 25 Index but $700mm of capping flows makes for a bit of interest. There will be other semiconductor...

Travis Lundy

[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

One ADD, one DELETE, but some big capping flows this time so one-way flow is 15+%. That's a lot. Some flows are decent ADV count.

Travis Lundy

[Quiddity Index] MV Junior Gold Miners Jun25 Rebalance Results: Flow Expectations

No changes in the MV Junior Gold Miners' Index, which is a bit unexpected, but there is US$270mm+ to trade one-way on 20 June for the June 2025 rebal.

Travis Lundy