Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.


CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

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

Gansu Huangtai Wine Mktg Ind Co., (000995 CH)

<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

<ul>
<li>The review period ended on 31 October, the changes should be announced on 29 November and will be effective after the close of trading on 13 December.</li>
<li>There could be 2 adds for the CSI Liquor Index and 4 adds/ 2 deletes for the CSI Alcoholic Drink Index.</li>
<li>Some stocks could be added to both indices, increasing the flow and impact. Based on the passive assets tracking the indices, the estimated round-trip trade is CNY 3.4bn (US$477m).</li>
</ul>


The review period ended on 31 October, the changes should be announced on 29 November and will be effective after the close of trading on 13 December.
There could be 2 adds for the CSI Liquor Index and 4 adds/ 2 deletes for the CSI Alcoholic Drink Index.
Some stocks could be added to both indices, increasing the flow and impact. Based on the passive assets tracking the indices, the estimated round-trip trade is CNY 3.4bn (US$477m).


CSI Liquor/ Alcoholic Drink Index Rebalance Preview: Getting Tipsy with It

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.</li>
<li>We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.</li>
<li>We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.
We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.
We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.


Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

<ul>
<li>There were a few rebalance announcements in the last week and the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index rebalances were implemented at the close on Friday.</li>
<li>There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.</li>
<li>Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a>. </li>
</ul>


There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

China

Jiangsu Yanghe Brewery Joint-Stock Company Ltd. manufactures spirits. The Company's products include white spirits, top-graded gifts liquor, and liquor for daily consumption.

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

Jiangsu Yanghe Brewery A (002304 CH)

CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

We analyzed CSI 300's consensus for Nov 2025 and highlighted changes of EPS in DAWNING INFORMATION INDUSTRY (603019 CH), PING AN INSURANCE (601318...

Ke Yan, CFA, FRM

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

CSI Liquor/ Alcoholic Drink Index Rebalance Preview: Getting Tipsy with It

There could be 2 adds for the Liquor Index and 4 adds/2 deletes for the Alcoholic Drink Index. Estimated round-trip trade is CNY 3.4bn (US$477m)....

Brian Freitas

Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)