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

Kuang-Chi Technologies   / Index Rebalance

<ul>
<li>There are 11 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> with implementation taking place at the close on 12 December.</li>
<li>Nearly all the changes are in line with forecasts. <a href="https://www.smartkarma.com/entities/jiangsu-zhongtian-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:12699:1" rel="noopener">Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH)</a> is the one surprise addition.</li>
<li>The adds outperformed the deletes and the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300</a> from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.</li>
</ul>


There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.


CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

Victory Giant Technology -A / Index Rebalance

<ul>
<li>There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.</li>
<li>We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.</li>
<li>The forecast adds have outperformed the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> over the last 5 months while the forecast deletes have underperformed the index.</li>
</ul>


There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.
We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.
The forecast adds have outperformed the CSI 300 Index over the last 5 months while the forecast deletes have underperformed the index.


CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>FS adopts a unique light-asset business model of "R&amp;D design + outsourcing production + direct sales platform", which leads to higher profit margin than traditional channel sales vendors.</li>
<li>FS once failed in A-Share IPO and received penalty in 2025. Internal control defects are the "Achilles heel", which makes us worry whether FS has the problem of "inflating revenue". </li>
<li>Although FS has positive performance growth, the uncertainty of Sino-US relations and exchange rate risks may put pressure on profitability. Valuation of FS could be lower than peers. </li>
</ul>


FS adopts a unique light-asset business model of "R&amp;D design + outsourcing production + direct sales platform", which leads to higher profit margin than traditional channel sales vendors.
FS once failed in A-Share IPO and received penalty in 2025. Internal control defects are the "Achilles heel", which makes us worry whether FS has the problem of "inflating revenue". 
Although FS has positive performance growth, the uncertainty of Sino-US relations and exchange rate risks may put pressure on profitability. Valuation of FS could be lower than peers. 


Pre-IPO FS.COM - The Concerns Behind the Business Model and the Outlook

Videotimes Technology Holdings / Equity Capital Markets

<ul>
<li>Videotimes adopts a "domestic production + overseas sales" model. The Company competes for market share by relying largely on Amazon channel and price cuts, with overall revenue showing upward trend.</li>
<li>Due to Sino-US tariff war and the risk of US dollar depreciation, future performance decline seems inevitable. Our forecast for 2025 is revenue/net profit could be down 4.8% YoY/21% YoY.</li>
<li>Valuation of Videotimes could be lower than peer. A comfortable range is P/E of 10-15x. However, if 2025 performance decline is confirmed, valuation may be revised down to 6-10x P/E.</li>
</ul>


Videotimes adopts a "domestic production + overseas sales" model. The Company competes for market share by relying largely on Amazon channel and price cuts, with overall revenue showing upward trend.
Due to Sino-US tariff war and the risk of US dollar depreciation, future performance decline seems inevitable. Our forecast for 2025 is revenue/net profit could be down 4.8% YoY/21% YoY.
Valuation of Videotimes could be lower than peer. A comfortable range is P/E of 10-15x. However, if 2025 performance decline is confirmed, valuation may be revised down to 6-10x P/E.


Pre-IPO Videotimes Technology Holdings - Expected to See Performance Decline Due to Tariff War

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Tianjin Zhonghuan Semiconductor / Index Rebalance

Tianjin Zhonghuan Semiconductor (002129 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 race for the semiannual index rebal event in December 2025.</li>
<li>Currently, we see 11 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 race for the semiannual index rebal event in December 2025.
Currently, we see 11 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Dec25: Inflows Vs Outflows Positive So Far But Time For Caution

China

Anker Innovations Technology Co., Ltd manufactures electronic products. The Company produces mobile chargers, wireless chargers, car chargers, speakers, headphones, projectors, and other products. Anker Innovations Technology also operates software development, import and export, and other businesses.

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Anker Innovations Technology (300866 CH)

CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

There are 11 changes for the CSI300 Index in Dec. Not too many surprises. Estimated turnover is 2.2% leading to a round-trip trade of US$7.77bn....

Brian Freitas

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Pre-IPO FS.COM - The Concerns Behind the Business Model and the Outlook

FS's unique light-asset model leads to higher profit margin, but internal control defects/exchange rate risks could impact profitability and...

Xinyao (Criss) Wang

Pre-IPO Videotimes Technology Holdings - Expected to See Performance Decline Due to Tariff War

Videotimes' revenue growth driven by Amazon sales and price cuts may face decline due to tariff war/currency risks.If 2025 performance decline is...

Xinyao (Criss) Wang

Quiddity Leaderboard CSI 300/500 Dec25: Inflows Vs Outflows Positive So Far But Time For Caution

The Dec25 CSI 300 rebal could cause US$5.9bn in one-way flows and the CSI 500 rebal could cause US$4.8bn in one-way flows.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

There are 11 changes for the CSI300 Index in Dec. Not too many surprises. Estimated turnover is 2.2% leading to a round-trip trade of US$7.77bn....

Brian Freitas

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Pre-IPO FS.COM - The Concerns Behind the Business Model and the Outlook

​FS's unique light-asset model leads to higher profit margin, but internal control defects/exchange rate risks could impact profitability and...

Xinyao (Criss) Wang

Pre-IPO Videotimes Technology Holdings - Expected to See Performance Decline Due to Tariff War

​Videotimes' revenue growth driven by Amazon sales and price cuts may face decline due to tariff war/currency risks.If 2025 performance decline is...

Xinyao (Criss) Wang

Quiddity Leaderboard CSI 300/​​500 Dec25: Inflows Vs Outflows Positive So Far But Time For Caution

The Dec25 CSI 300 rebal could cause US$5.9bn in one-way flows and the CSI 500 rebal could cause US$4.8bn in one-way flows.

Janaghan Jeyakumar, CFA

FS's unique light-asset model leads to higher profit margin, but internal control defects/exchange rate risks could impact profitability and...

Videotimes' revenue growth driven by Amazon sales and price cuts may face decline due to tariff war/currency risks.If 2025 performance decline is...

Quiddity Leaderboard CSI 300/500 Dec25: Inflows Vs Outflows Positive So Far But Time For Caution