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

Index Rebalance

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There is 1 constituent change 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> and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.</li>
<li>We estimate one-way turnover of 6.1% 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> resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).</li>
<li>There will be huge capping outflows for <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> following the massive rally in the stock over the last couple of months.</li>
</ul>


There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.


STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

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 analysed the earning revision of component stocks of CSI 100 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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.


CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

<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 JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.</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 JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.


STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.</li>
<li>There will be one change for the STAR 50 index and five changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.</li>
</ul>


The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.
There will be one change for the STAR 50 index and five changes for the STAR 100 index.
We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.


Quiddity STAR 50/100 Sep25 Results: 11/12 Expected ADDs/DELs Correct; Large Outflow for Cambricon

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

Cambricon Technologies  Lt / Equity Bottom-Up

<ul><li>Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (<a href="https://www.smartkarma.com/688256.SH" target="_blank" rel="noopener">688256.SH</a> +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (<a href="https://www.smartkarma.com/600519.SH" target="_blank" rel="noopener">600519.SH</a> -2.27%) as the most expensive stock on China’s A-share market.</li><li>Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.</li><li>The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.</li></ul>

Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock 

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)

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

The STAR50 and STAR100 indices rebalance at the close today. The add is up, the delete is down, and the big capping name sold off hard before...

Brian Freitas

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

We analyzed STAR50's consensus for Aug 2025 and highlighted changes of EPS in JINKO SOLAR (688223 CH), Xinjiang Daqo (688303 CH), CAMBRICON...

Ke Yan, CFA, FRM

Quiddity STAR 50/100 Sep25 Results: 11/12 Expected ADDs/DELs Correct; Large Outflow for Cambricon

All of our expected ADDs/DELs for STAR 50 were correct. For Star 100, 4/5 Expected ADDs and 5/5 Expected DELs were correct.

Janaghan Jeyakumar, CFA

AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock

Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating...

Caixin Global

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