Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an expanding anti-graft crackdown that is rattling the entire semiconductor industry</li>
<li>Since mid-July, China’s graft buster has confirmed investigations of at least six current and former executives of the fund</li>
<li>Industry experts said the Big Fund has played an indispensable role in cultivating China’s domestic chipmaking industry by providing stable funding and state endorsements to fledgling businesses that struggled to access capital elsewhere</li>
</ul>


China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an expanding anti-graft crackdown that is rattling the entire semiconductor industry
Since mid-July, China’s graft buster has confirmed investigations of at least six current and former executives of the fund
Industry experts said the Big Fund has played an indispensable role in cultivating China’s domestic chipmaking industry by providing stable funding and state endorsements to fledgling businesses that struggled to access capital elsewhere


Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Moore Threads Technology / Index Rebalance

<ul>
<li>In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.</li>
<li>Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.</li>
<li>During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.</li>
</ul>


In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.
Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.
During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.


Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

Bio-Thera Solutions Ltd / Index Rebalance

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec25: Final Expectations; New Ideas

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

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

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There is 1 constituent change for 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">STAR50 INDEX</a> and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.</li>
<li>We estimate one-way turnover of 6.1% for 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> resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).</li>
<li>There will be huge capping outflows for <a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a> following the massive rally in the stock over the last couple of months.</li>
</ul>


There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.


STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

China

ASR Microelectronics Co., Ltd. manufactures and distributes semiconductor products. The Company produces baseband communication chips, mobile intelligent terminal chips, low power consumption chips, high integration chips, global navigation and positioning chips, and other products. ASR Microelectronics also provides aemiconductor internet protocol authorization services.

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ASR Microelectronics (688220 CH)

Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an...

Caixin Global

Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

There are two large cap ADDs that could be fast-tracked into the index but the index provider could use discretionary powers to overrule them....

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Dec25: Final Expectations; New Ideas

We expect the STAR 50 changes and the resultant capping flows to trigger a one-way flow of US$1.8bn. The expected ADD/DELs could have multiple days...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

There could be US$1.6bn and US$488mn one-way flows, respectively, in the STAR 50 and STAR 100 December 2025 index rebal events. The reference...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

The STAR50 and STAR100 indices rebalance at the close today. The add is up, the delete is down, and the big capping name sold off hard before...

Brian Freitas

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