Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The December 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 28th November 2025.</li>
<li>There will be 11 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.</li>
<li>The CSI 300 and CSI 500 index rebal events could trigger US$5.3bn and US$4.2bn in one-way flows respectively.</li>
</ul>


The December 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 28th November 2025.
There will be 11 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
The CSI 300 and CSI 500 index rebal events could trigger US$5.3bn and US$4.2bn in one-way flows respectively.


Quiddity CSI 300/​​500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

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

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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 500 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 Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.</li>
</ul>


We analysed the earning revision of component stocks of CSI 500 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 Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.


CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

Bluefocus Communication Group Co, Ltd. / Index Rebalance

<ul>
<li>There are 8 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index at the June rebalance.</li>
<li>We correctly forecast 7/8 and 8/8 for the Chinext Index adds/deletes and were 4/5 and 5/5 for the Chinext50 Index adds/deletes.</li>
<li>Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 9.55bn (US$1.33bn).</li>
</ul>


There are 8 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index at the June rebalance.
We correctly forecast 7/8 and 8/8 for the Chinext Index adds/deletes and were 4/5 and 5/5 for the Chinext50 Index adds/deletes.
Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 9.55bn (US$1.33bn).


ChiNext/​​ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

China

Beijing Enlight Media Company Limited invest, produces and distributes television programs, films and teleplays. The Company's major products include TV shows, TV entertainment programs, films and drama series.

Price Gauge
52-week Range	0.00 - 0.00
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Beijing Enlight Media (300251 CH)

Quiddity CSI 300/500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

We correctly predicted 110 of the 122 confirmed index changes for the CSI 300 and CSI 500 indices. This translates to a hit rate of 90%.

Janaghan Jeyakumar, CFA

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

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

ChiNext/ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

There are 8 changes for the ChiNext Index and 5 changes for the ChiNext 50 Index at the June rebalance. The round-trip trade across both indices is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity CSI 300/​​500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

We correctly predicted 110 of the 122 confirmed index changes for the CSI 300 and CSI 500 indices. This translates to a hit rate of 90%.

Janaghan Jeyakumar, CFA

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

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

ChiNext/​​ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade

There are 8 changes for the ChiNext Index and 5 changes for the ChiNext 50 Index at the June rebalance. The round-trip trade across both indices is...

Brian Freitas

Quiddity CSI 300/500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

ChiNext/ChiNext 50 Index Rebalance: US$1.3bn Round-Trip Trade