Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Shanghai Haohai Biological Tec / Index Rebalance

Shanghai Haohai Biological Tec (688366 CH)

<ul>
<li>The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.</li>
<li>There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.</li>
</ul>


The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.
There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.
We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.


Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn 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

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>There could be one change for the CNI Semiconductor Chips Index with <a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> replacing <a href="https://www.smartkarma.com/entities/tianshui-huatian-technolog-a" target="_blank" data-smartkarma-citation="entities:20708:1" rel="noopener">Tianshui Huatian Technology Co, Ltd. (002185 CH)</a>. </li>
<li>Passive trackers will need to buy 0.5x ADV in <a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> and sell 0.4x ADV in <a href="https://www.smartkarma.com/entities/tianshui-huatian-technolog-a" target="_blank" data-smartkarma-citation="entities:20708:1" rel="noopener">Tianshui Huatian Technology Co, Ltd. (002185 CH)</a>. </li>
<li>There will be large selling in <a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a> due to capping while there will be smaller inflows for the other index constituents.</li>
</ul>


There could be one change for the CNI Semiconductor Chips Index with Verisilicon Microelectronics S (688521 CH) replacing Tianshui Huatian Technology Co, Ltd. (002185 CH). 
Passive trackers will need to buy 0.5x ADV in Verisilicon Microelectronics S (688521 CH) and sell 0.4x ADV in Tianshui Huatian Technology Co, Ltd. (002185 CH). 
There will be large selling in Cambricon Technologies Lt (688256 CH) due to capping while there will be smaller inflows for the other index constituents.


CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

<ul>
<li>There could be 1 constituent change for the STAR Chip Index at the December rebalance. There will also be a few capping changes.</li>
<li>Estimated one-way turnover is 2.3% resulting in a round-trip trade of CNY 2.5bn (US$352m). Passives need to trade between 0.3-0.4x ADV in the potential changes.</li>
<li>The forecast add and delete will have same-way flows from passive trackers of other indices and that will increase the impact on the stocks.</li>
</ul>


There could be 1 constituent change for the STAR Chip Index at the December rebalance. There will also be a few capping changes.
Estimated one-way turnover is 2.3% resulting in a round-trip trade of CNY 2.5bn (US$352m). Passives need to trade between 0.3-0.4x ADV in the potential changes.
The forecast add and delete will have same-way flows from passive trackers of other indices and that will increase the impact on the stocks.


STAR Chip Index Rebalance Preview: One Change for December

<ul>
<li>
<a href="https://www.smartkarma.com/entities/all-winner-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:25392:1" rel="noopener">All Winner Technology (300458 CH)</a> could replace <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor (603290 CH)</a> in the CES China Semiconductor Chips Index at the close of trading on 12 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a>'s index weight is currently higher than 10% and the stock will be capped to limit its index weight.   </li>
<li>The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.</li>
</ul>



All Winner Technology (300458 CH) could replace StarPower Semiconductor (603290 CH) in the CES China Semiconductor Chips Index at the close of trading on 12 December.

Cambricon Technologies Lt (688256 CH)'s index weight is currently higher than 10% and the stock will be capped to limit its index weight.   
The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.


CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec

<ul>
<li>With the review period complete, we forecast 2 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> and 7 changes for the STAR100 Index in December.</li>
<li>We estimate turnover of 4.3% 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> and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).</li>
<li>The forecast adds to 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> have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.</li>
</ul>


With the review period complete, we forecast 2 changes for the SSE STAR50 (STAR50 INDEX) and 7 changes for the STAR100 Index in December.
We estimate turnover of 4.3% for the SSE STAR50 (STAR50 INDEX) and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).
The forecast adds to the SSE STAR50 (STAR50 INDEX) have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.


STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

China

Cambricon Technologies Corporation Limited develops and distributes software products. The Company produces terminal intelligent processors, cloud intelligent chips, accelerator cards, intelligent computing cluster systems, and other products. Cambricon Technologies also produces computer peripheral products.

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Cambricon Technologies Lt (688256 CH)

Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn Combined One-Way Flow

We correctly predicted 19 out of 20 confirmed index changes. All of the ADDs/DELs except for STAR 100 DEL Shanghai Haohai Biological Tec (688366...

Janaghan Jeyakumar, CFA

CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

Verisilicon could replace Tianshui Huatian in the index in Dec. Verisilicon is an expected add to a few other indices at the same time and flow...

Brian Freitas

STAR Chip Index Rebalance Preview: One Change for December

Giantec Semi could replace Grandit in the index in Dec. There will be capping changes for 3 of the large index weights. Estimated one-way turnover...

Brian Freitas

CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec

All Winner Tech could replace StarPower Semi in the index in Dec. Cambricon Tech's index weight will be capped. All Winner has outperformed...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

There could be 14 outright changes for the STAR50/100 indices in Dec. The round-trip trade is US$2.5bn with some big capping flows. The adds have...

Brian Freitas

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