Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Shijiazhuang Dongfang Energy / Index Rebalance

<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: Combined One-Way Flow >US$9bn

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

Shenton Research

Shenton 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>STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.</li>
<li>Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.</li>
<li>Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.</li>
</ul>


STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.
Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.
Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.


STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

<ul>
<li>The September 2026 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th August 2026.</li>
<li>There will be five changes for the STAR 50 index and ten changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1.8bn and US$593mn for the STAR 50 and STAR 100 index rebal events, respectively.</li>
</ul>


The September 2026 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th August 2026.
There will be five changes for the STAR 50 index and ten changes for the STAR 100 index.
We expect one-way flows of approximately US$1.8bn and US$593mn for the STAR 50 and STAR 100 index rebal events, respectively.


Quiddity STAR 50/100 Sep26 Results: 8/10 Correct for STAR 50; Many Surprises Among STAR100 ADDs

<ul>
<li>CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.</li>
<li>Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.</li>
<li>All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.</li>
</ul>


CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.
Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.
All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.


STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

<ul>
<li>We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.</li>
<li>Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.</li>
<li>We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.</li>
</ul>


We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.
Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.
We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.


China

Beijing E-Town Semiconductor Technology Co., Ltd. designs semiconductor equipment. It mainly engages in the development and manufacturing of wafer processing equipment used in the fabrication of integrated circuits. It offers equipment and solutions for Dry Strip, Dry Etch, Rapid Thermal Processing (RTP) and Millisecond Anneal (MSA) market. The company was founded in 1988 and is headquartered in Beijing, China.

Beijing E-Town Semiconductor Technology (688729 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Beijing E-Town Semiconductor Technology (688729 CH)

Quiddity Leaderboard CSI 300/500 Dec26: Combined One-Way Flow >US$9bn

The CSI 300 and CSI 500 December 2026 index rebal events could see one-way flows of US$4.9bn and US$4.2bn respectively. The reference period for...

Janaghan Jeyakumar, CFA

STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

STAR50 enters implementation on 14 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Quiddity STAR 50/100 Sep26 Results: 8/10 Correct for STAR 50; Many Surprises Among STAR100 ADDs

The STAR 50 ADDs/DELs have between 0.5x-3.5x ADV to trade. The impacts for the STAR 100 ADDs/DELs are significantly lower.

Janaghan Jeyakumar, CFA

STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

CSI announced five ADDs and five DELETEs on 28 Aug 2026, effective 14 Sep 2026. We review the pre-announcement setup vs prior cycles and potential...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard CSI 300/​​500 Dec26: Combined One-Way Flow >US$9bn

The CSI 300 and CSI 500 December 2026 index rebal events could see one-way flows of US$4.9bn and US$4.2bn respectively. The reference period for...

Janaghan Jeyakumar, CFA

STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

STAR50 enters implementation on 14 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Quiddity STAR 50/100 Sep26 Results: 8/10 Correct for STAR 50; Many Surprises Among STAR100 ADDs

The STAR 50 ADDs/DELs have between 0.5x-3.5x ADV to trade. The impacts for the STAR 100 ADDs/DELs are significantly lower.

Janaghan Jeyakumar, CFA

STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

CSI announced five ADDs and five DELETEs on 28 Aug 2026, effective 14 Sep 2026. We review the pre-announcement setup vs prior cycles and potential...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/500 Dec26: Combined One-Way Flow >US$9bn