Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<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>The STAR 50 and STAR 100 index rebal events could collectively trigger nearly US$2bn in one-way flows.</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.
The STAR 50 and STAR 100 index rebal events could collectively trigger nearly US$2bn in one-way flows.


Quiddity Leaderboard STAR 50/100 Sep26: ADDs/DELs Mostly Final; ~US$2bn Combined One-Way Flow

<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: Max Changes; Mega Flows

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 are 3 constituent changes 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>, 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.</li>
<li>We estimate one-way turnover of 9% 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> resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.</li>
<li>With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.</li>
</ul>


There are 3 constituent changes for the SSE STAR50 (STAR50 INDEX), 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.
We estimate one-way turnover of 9% for the STAR50 INDEX resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.
With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.


STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

<ul>
<li>There could be 2 constituent changes for the STAR Chip Index at the March rebalance. There will also be a few capping changes.</li>
<li>Estimated one-way turnover is 5% resulting in a round-trip trade of CNY 6.5bn (US$934m). Passives need to trade between 0.3-1x ADV in the forecast changes.</li>
<li>The forecast adds have outperformed the forecast deletes over the last month, while both sets of changes have underperformed the STAR Chip Index.</li>
</ul>


There could be 2 constituent changes for the STAR Chip Index at the March rebalance. There will also be a few capping changes.
Estimated one-way turnover is 5% resulting in a round-trip trade of CNY 6.5bn (US$934m). Passives need to trade between 0.3-1x ADV in the forecast changes.
The forecast adds have outperformed the forecast deletes over the last month, while both sets of changes have underperformed the STAR Chip Index.


STAR Chip Index Rebalance Preview: Two Changes for March

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.</li>
<li>There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.</li>
<li>The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.</li>
</ul>


There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.
There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.
The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.


STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

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)

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Beijing E-Town Semiconductor Technology (688729 CH)

Quiddity Leaderboard STAR 50/100 Sep26: ADDs/DELs Mostly Final; ~US$2bn Combined One-Way Flow

We expect five changes for STAR 50 and most of these names have individual flow sizes larger than US$100mn and have multiple days of volume to trade.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec26: Max Changes; Mega Flows

The December 2026 CSI 300 and CSI 500 index rebal events could trigger one-way flows of US$8.1bn and US$6bn respectively. Some names involved in...

Janaghan Jeyakumar, CFA

STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

There are 3 changes for the STAR50, 10 changes for the STAR100, 2 changes for the STAR Chip in March. The adds have outperformed the deletes across...

Brian Freitas

STAR Chip Index Rebalance Preview: Two Changes for March

There could be 2 changes for the index in March. Estimated one-way turnover is 5% resulting in a round-trip trade of US$934m. Passives need to...

Brian Freitas

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 changes in Dec. The forecast adds will have same-way flow from passive trackers of other indices. There is between 0.1-0.35x...

Brian Freitas

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Quiddity Leaderboard STAR 50/100 Sep26: ADDs/DELs Mostly Final; ~US$2bn Combined One-Way Flow

We expect five changes for STAR 50 and most of these names have individual flow sizes larger than US$100mn and have multiple days of volume to trade.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Dec26: Max Changes; Mega Flows

The December 2026 CSI 300 and CSI 500 index rebal events could trigger one-way flows of US$8.1bn and US$6bn respectively. Some names involved in...

Janaghan Jeyakumar, CFA

STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

There are 3 changes for the STAR50, 10 changes for the STAR100, 2 changes for the STAR Chip in March. The adds have outperformed the deletes across...

Brian Freitas

STAR Chip Index Rebalance Preview: Two Changes for March

There could be 2 changes for the index in March. Estimated one-way turnover is 5% resulting in a round-trip trade of US$934m. Passives need to...

Brian Freitas

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 changes in Dec. The forecast adds will have same-way flow from passive trackers of other indices. There is between 0.1-0.35x...

Brian Freitas

Quiddity Leaderboard CSI 300/500 Dec26: Max Changes; Mega Flows