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.

Index Rebalance

Sichuan Biokin Pharmaceutical / Index Rebalance

Sichuan Biokin Pharmaceutical (688506 CH)

<ul>
<li>We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).</li>
<li>We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.</li>
<li>We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.</li>
</ul>


We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).
We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.
We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.


MS-China March 2026 Rebalance: Post-Event Review

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>A major global index provider will announce its quarterly review results on 10th February 2026. There could be tens of billions of dollars of flows during this event.</li>
<li>This insight shows our final expectations for ADDs/DELs for all 47 markets in the index universe for the upcoming rebal event.</li>
<li>The Inclusion/Exclusion events will take place at the end of February 2026.</li>
</ul>


A major global index provider will announce its quarterly review results on 10th February 2026. There could be tens of billions of dollars of flows during this event.
This insight shows our final expectations for ADDs/DELs for all 47 markets in the index universe for the upcoming rebal event.
The Inclusion/Exclusion events will take place at the end of February 2026.


Quiddity Predictions for the Major Global Index Rebal in Feb 2026

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

Anhui Gujing Distillery Company / Index Rebalance

Anhui Gujing Distillery Company (200596 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anhui-gujing-distillery-company-limited" target="_blank" data-smartkarma-citation="entities:7502:1" rel="noopener">Anhui Gujing Distillery Company (200596 CH)</a> could be deleted from a global index in a few weeks at the February rebalance.</li>
<li>Passive trackers need to sell a lot of stock. The impact is huge and that could open up trading opportunities with <a href="https://www.smartkarma.com/entities/anhui-gujing-distillery-co-ltd" target="_blank" data-smartkarma-citation="entities:28248:1" rel="noopener">Anhui Gujing Distillery (000596 CH)</a>. </li>
<li>Most of the China distillery stocks have traded poorly over the last year but there has been a rally in the last couple of weeks.</li>
</ul>



Anhui Gujing Distillery Company (200596 CH) could be deleted from a global index in a few weeks at the February rebalance.
Passive trackers need to sell a lot of stock. The impact is huge and that could open up trading opportunities with Anhui Gujing Distillery (000596 CH). 
Most of the China distillery stocks have traded poorly over the last year but there has been a rally in the last couple of weeks.


Anhui Gujing Distillery (200596 CH): Global Index Deletion; Big Impact & Rel Val Trade

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

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

China

Anhui Gujing Distillery Co., Ltd. produces and markets distilled spirits and wine.

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Anhui Gujing Distillery Company (200596 CH)

MS-China March 2026 Rebalance: Post-Event Review

A retrospective look at the MSCI China Feb 2026 rebalance: cross-window alpha, FF/ADV bucket cuts for ADD and DELETE, and the implementation-day...

Ke Yan, CFA, FRM

Quiddity Predictions for the Major Global Index Rebal in Feb 2026

There were 124 changes confirmed for the Feb26 rebal. We correctly predicted 108 changes which is 87% of the confirmed changes. We achieved hit...

Janaghan Jeyakumar, CFA

Anhui Gujing Distillery (200596 CH): Global Index Deletion; Big Impact & Rel Val Trade

Anhui Gujing Distillery (200596 CH) could be deleted from a global index in Feb. The impact is huge and that could lead to the line trading at a...

Brian Freitas

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

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)