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 analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

<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 KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY, Roborock, Xinjiang Daqo, TRANSSION, Biwin Storage, NATIONAL SILICON INDUSTRY.</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 KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY, Roborock, Xinjiang Daqo, TRANSSION, Biwin Storage, NATIONAL SILICON INDUSTRY.


STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Qi An Xin Technology Group  / 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 take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 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 September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight include: <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a>, and <a href="https://www.smartkarma.com/entities/coastal-greenland-ltd" target="_blank" data-smartkarma-citation="entities:4969:1" rel="noopener">Coastal Greenland (1124 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight include: Geely Auto (175 HK), Kingsoft Corp (3888 HK), and Coastal Greenland (1124 HK).


HK CEO & Director Dealings (28th Nov 2024): Geely Auto, Kingsoft Corp, Coastal Greenland

China

Beijing Kingsoft Office Software, Inc. develops and distributes software products. The Company develops anti virus software, office software, and other products. Beijing Kingsoft Office Software also provides cloud computing, system integration, and other services.

Beijing Kingsoft Office Softwa (688111 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Beijing Kingsoft Office Softwa (688111 CH)

STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

We analyzed STAR50's consensus for Apr 2026 and highlighted changes of EPS in KINGSOFT OFFICE SOFTWARE (688111 CH), SUPCON TECHNOLOGY (688777 CH),...

Ke Yan, CFA, FRM

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

Qi An Xin Technology Group (688561 CH) is a high-conviction DEL with ~6x ADV to sell. It could underperform peers over the next few weeks.

Janaghan Jeyakumar, CFA

HK CEO & Director Dealings (28th Nov 2024): Geely Auto, Kingsoft Corp, Coastal Greenland

The key stocks mentioned in this regular insight include: Geely Auto (175 HK) (director buying), Kingsoft Corp (3888 HK) (directors selling), and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

We analyzed STAR50's consensus for Apr 2026 and highlighted changes of EPS in KINGSOFT OFFICE SOFTWARE (688111 CH), SUPCON TECHNOLOGY (688777 CH),...

Ke Yan, CFA, FRM

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

Qi An Xin Technology Group (688561 CH) is a high-conviction DEL with ~6x ADV to sell. It could underperform peers over the next few weeks.

Janaghan Jeyakumar, CFA

HK CEO & Director Dealings (28th Nov 2024): Geely Auto, Kingsoft Corp, Coastal Greenland

The key stocks mentioned in this regular insight include: Geely Auto (175 HK) (director buying), Kingsoft Corp (3888 HK) (directors selling), and...

David Blennerhassett