Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Huolinhe Opencut Coal Ind Corp Ltd. / Index Rebalance

Huolinhe Opencut Coal Ind Corp Ltd. (002128 CH)

<ul>
<li>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.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the rankings for the semiannual index rebal event in December 2026.</li>
<li>Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


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 rankings for the semiannual index rebal event in December 2026.
Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Dec26: Inflow Names Beginning to Rebound Against Outflow Names

<ul>
<li>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.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.</li>
<li>Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index. These are the maximum number of changes allowed per review.</li>
</ul>


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 2026.
Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index. These are the maximum number of changes allowed per review.


Quiddity Leaderboard CSI 300/​​500 Dec26: Max Changes; Mega Flows

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Senior Technology-A / Equity Capital Markets

<ul>
<li>The poor earnings record for <a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology Material (6067 HK)</a> is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.</li>
<li>The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. </li>
<li>The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.</li>
</ul>


The poor earnings record for Shenzhen Senior Technology Material (6067 HK) is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.
The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. 
The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.


Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

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.

<ul>
<li>Shenzhen Senior is seeking an A+H listing and passed HKEX listing hearing. China Securities (International) is the sole sponsor.</li>
<li>We look at the company's core segments: coated separators, wet-process separators, and dry-process separators.</li>
<li>We set out our preliminary view on fair value based on A-H premium.</li>
</ul>


Shenzhen Senior is seeking an A+H listing and passed HKEX listing hearing. China Securities (International) is the sole sponsor.
We look at the company's core segments: coated separators, wet-process separators, and dry-process separators.
We set out our preliminary view on fair value based on A-H premium.


Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

Equity Bottom-Up

China National Building Material / Equity Bottom-Up

China National Building Material (3323 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a> published the H-share offer document and if everything is smooth, the payment will be made on 14 Mar 2025. </li>
<li>Its two subsidiaries forecast poor profit/losses for FY24, suggesting a tough operating environment. The buyback valuation remains attractive relative to peer multiples.</li>
<li>For non-holders, at the current price of HK$3.59, we do not think the safety margin is good enough, assuming that most existing shareholders will accept and tender.</li>
</ul>



China National Building Material (3323 HK) published the H-share offer document and if everything is smooth, the payment will be made on 14 Mar 2025. 
Its two subsidiaries forecast poor profit/losses for FY24, suggesting a tough operating environment. The buyback valuation remains attractive relative to peer multiples.
For non-holders, at the current price of HK$3.59, we do not think the safety margin is good enough, assuming that most existing shareholders will accept and tender.


China National Building Material (3323 HK): Publication of Buyback Offer Document

China

Sinoma Science & Technology Co., Ltd. manufactures and sales specialty fiber composites products. The company also provides technical service for industry.

Sinoma Science & Technology Co., (002080 CH)

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

Sinoma Science & Technology Co., (002080 CH)

Quiddity Leaderboard CSI 300/500 Dec26: Inflow Names Beginning to Rebound Against Outflow Names

On average, the current expected inflow names have outperformed the current expected outflow names since the beginning of August. This is a...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec26: Max Changes; Mega Flows

The December 2026 CSI 300 and CSI 500 index rebal events could trigger one-way flows of US$8.1bn and US$6bn respectively. Some names involved in...

Janaghan Jeyakumar, CFA

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

Shenzhen Senior is seeking an A+H listing. This note covers the company's business, industry context and our early view on valuation.

Ke Yan, CFA, FRM

China National Building Material (3323 HK): Publication of Buyback Offer Document

CNBM faces a tough operating environment with poor FY24 profit for subsidiaries. Its buyback valuation stays attractive but the safety margin at...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard CSI 300/​​500 Dec26: Inflow Names Beginning to Rebound Against Outflow Names

On average, the current expected inflow names have outperformed the current expected outflow names since the beginning of August. This is a...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Dec26: Max Changes; Mega Flows

The December 2026 CSI 300 and CSI 500 index rebal events could trigger one-way flows of US$8.1bn and US$6bn respectively. Some names involved in...

Janaghan Jeyakumar, CFA

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

​Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

Shenzhen Senior is seeking an A+H listing. This note covers the company's business, industry context and our early view on valuation.

Ke Yan, CFA, FRM

China National Building Material (3323 HK): Publication of Buyback Offer Document

​CNBM faces a tough operating environment with poor FY24 profit for subsidiaries. Its buyback valuation stays attractive but the safety margin at...

Osbert Tang, CFA

Quiddity Leaderboard CSI 300/500 Dec26: Inflow Names Beginning to Rebound Against Outflow Names

Quiddity Leaderboard CSI 300/500 Dec26: Max Changes; Mega Flows

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

CNBM faces a tough operating environment with poor FY24 profit for subsidiaries. Its buyback valuation stays attractive but the safety margin at...