HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhou Liu Fu Jewellery / Equity Capital Markets

<ul>
<li>The 2024 China Hospital Medication Market Pattern Report has been released, and we have found some interesting points worth the attention.</li>
<li>CNPGC plans to acquire 21.03% of Pacific Shuanglin's shares at a premium of over 30% and become the actual controller. Due to horizontal competition issue, there’s potential M&amp;A/privatization opportunities here.</li>
<li>The IPO of Zhou Liu Fu is fairly priced. But fundamentals would not improve due to high gold prices and would deteriorate instead. Share price upside potential could be lower-than-expected.</li>
</ul>


The 2024 China Hospital Medication Market Pattern Report has been released, and we have found some interesting points worth the attention.
CNPGC plans to acquire 21.03% of Pacific Shuanglin's shares at a premium of over 30% and become the actual controller. Due to horizontal competition issue, there’s potential M&amp;A/privatization opportunities here.
The IPO of Zhou Liu Fu is fairly priced. But fundamentals would not improve due to high gold prices and would deteriorate instead. Share price upside potential could be lower-than-expected.


China Healthcare Weekly (Jun.22) - CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu's IPO Pricing

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Ningbo Shuanglin Auto Parts / Index Rebalance

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows

Lepu Medical Technology A / Index Rebalance

<ul>
<li>The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.</li>
<li>There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.</li>
<li>In this insight, we take a look at our final flow expectations for the the ChiNext and ChiNext 50 index rebal events.</li>
</ul>


The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.
There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
In this insight, we take a look at our final flow expectations for the the ChiNext and ChiNext 50 index rebal events.


Quiddity ChiNext/ChiNext 50 Jun25 Results: 23/26 Changes Correct Despite Methodology Change

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we have presented our final expectations for the upcoming index rebal event. We expect 9 ADDs/DELs for the ChiNext index and 5 ADDs/DELs for the ChiNext 50.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we have presented our final expectations for the upcoming index rebal event. We expect 9 ADDs/DELs for the ChiNext index and 5 ADDs/DELs for the ChiNext 50.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Last-Minute Methodology Changes; Final Expectations

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

China

Beijing Tiantan Biological Products Corporation Limited researches, develops, and commercializes biological products.  The Company provides treatment for hepatitis and offers a line of vaccine products including hepatitis vaccines and rubella vaccines.

Beijing Tiantan Biological Products (600161 CH)

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

Beijing Tiantan Biological Products (600161 CH)

China Healthcare Weekly (Jun.22) - CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu's IPO Pricing

CNPGC plan to acquire Pacific Shuanglin, bringing new M&A/privatization due to horizontal competition. Zhou Liu Fu's IPO is fairly priced, but...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows

We see US$366mn and US$231mn one-way flows for the ChiNext and ChiNext 50 rebalance events respectively. The ChiNext expected ADDs have strong...

Janaghan Jeyakumar, CFA

Quiddity ChiNext/ChiNext 50 Jun25 Results: 23/26 Changes Correct Despite Methodology Change

We got 23 out of the 26 confirmed changes correct despite a last-minute change in methodology. We got all of the confirmed DELs correct. We had one...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Last-Minute Methodology Changes; Final Expectations

There have been some last-minute changes to the index methodology which are expected to become effective during the June 2025 index rebal event. We...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

There could be roughly US$1.4bn in total one-way flows for ChiNext and ChiNext 50 during the June 2025 index rebalance event. Some expectations...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)