Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Beijing E-Town Semiconductor Technology / Index Rebalance

Beijing E-Town Semiconductor Technology (688729 CH)

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.</li>
<li>Some of the names involved in the index changes could have multiple days to trade.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.
Some of the names involved in the index changes could have multiple days to trade.


Quiddity Leaderboard STAR 50/100 Sep26: Special Focus on Peric (688146) And Sichuan Huafeng (688629)

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45716:1" rel="noopener">Cofoe Medical Technology (1187 HK)</a> launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.</li>
<li>Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.</li>
<li>Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share <a href="https://www.smartkarma.com/entities/cofoe-medical-technology-co-lt" target="_blank" data-smartkarma-citation="entities:34791:1" rel="noopener">Cofoe Medical (301087 CH)</a>. </li>
</ul>



Cofoe Medical Technology (1187 HK) launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.
Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.
Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share Cofoe Medical (301087 CH). 


Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

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 STAR50 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 TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.


STAR50 Index Earning Revision (Jan): TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE, Ninebot

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).</li>
<li>The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization</li>
<li>As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.</li>
</ul>


Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).
The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization
As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.


Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

China

APT Medical Inc. engages in development, production and sales of electrophysiology and vascular interventional medical devices. The Company provides coronary artery access and electrophysiological medical devices, peripheral blood vessels and nerve intervention medical devices, and more. APT Medical markets its products worldwide.

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APT Medical (688617 CH)

Quiddity Leaderboard STAR 50/100 Sep26: Special Focus on Peric (688146) And Sichuan Huafeng (688629)

We see Peric Special Gases (688146 CH) and Sichuan Huafeng Tech (688629 CH) as STAR 100 DELs because they are too large STAR 100 (but not large...

Janaghan Jeyakumar, CFA

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

STAR50 Index Earning Revision (Jan): TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE, Ninebot

We analyzed STAR50's consensus for Jan 2026 and highlighted changes of EPS in TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

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Quiddity Leaderboard STAR 50/100 Sep26: Special Focus on Peric (688146) And Sichuan Huafeng (688629)

We see Peric Special Gases (688146 CH) and Sichuan Huafeng Tech (688629 CH) as STAR 100 DELs because they are too large STAR 100 (but not large...

Janaghan Jeyakumar, CFA

Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain

​Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Osbert Tang, CFA

STAR50 Index Earning Revision (Jan): TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE, Ninebot

We analyzed STAR50's consensus for Jan 2026 and highlighted changes of EPS in TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

​Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Cofoe Medical Technology's H-share IPO values the stock at a discount to global peers. We estimate a fair range of HK$41.8-45.2, balancing the...

Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...