HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Changchun High-Tech Industry / Equity Capital Markets

<ul>
<li>CHANGCHUN HIGH-TECH’s stock price has been declining for more than four years since the news broke in May 2021 that growth hormone was to be included in 17-province VBP alliance.</li>
<li>GenSci’s innovative drug pipeline layout does have some ideas, but in fact, there are no expected blockbuster products among them - Their technological barriers and long-term exclusivity are relatively limited.</li>
<li>Short-Term performance pain is inevitable due to negative growth of main business and strategic transformation. The market may give it a conservative valuation, which may be lower than peers.</li>
</ul>


CHANGCHUN HIGH-TECH’s stock price has been declining for more than four years since the news broke in May 2021 that growth hormone was to be included in 17-province VBP alliance.
GenSci’s innovative drug pipeline layout does have some ideas, but in fact, there are no expected blockbuster products among them - Their technological barriers and long-term exclusivity are relatively limited.
Short-Term performance pain is inevitable due to negative growth of main business and strategic transformation. The market may give it a conservative valuation, which may be lower than peers.


Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Zhenxing Biopharmaceutical & Chemicl / Index Rebalance

Zhenxing Biopharmaceutical & Chemicl (000403 CH)

<ul>
<li>The December 2025 index review results for China's CSI 1000 index were announced after market close on Friday 28th November 2025.</li>
<li>There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.</li>
<li>The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.</li>
</ul>


The December 2025 index review results for China's CSI 1000 index were announced after market close on Friday 28th November 2025.
There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.
The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.


Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way

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

<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

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 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

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Changchun BCHT Biotechnology C / Equity Bottom-Up

Changchun BCHT Biotechnology C (688276 CH)

<ul><li>The WTR Sustainable Index was up 3.3% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (up 4.5%) and the Nasdaq Index (up 1.9%).</li><li>Energy Technology (14.0% of the index) was up 7.3%, while Industrial Climate and Ag Technology (48.3% of the index) was up 3.4%, ClimateTech Mining was up 1.6%, and Advanced Transportation Solutions (20.3% of index) was up 2.2%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: HLGN, WAVE, HYLN, ACHR, AMY, AMYZF, AMMP, CLIR, FCEL, GWTI</span></li></ul>

The WTR Sustainable Index was up 3.3% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (up 4.5%) and the Nasdaq Index (up 1.9%).Energy Technology (14.0% of the index) was up 7.3%, while Industrial Climate and Ag Technology (48.3% of the index) was up 3.4%, ClimateTech Mining was up 1.6%, and Advanced Transportation Solutions (20.3% of index) was up 2.2%.Top 10 Performers: HLGN, WAVE, HYLN, ACHR, AMY, AMYZF, AMMP, CLIR, FCEL, GWTI

Sustainable Investing Surveyor - Focus on Birchtech Corporation (BCHT)

China

Changchun BCHT Biotechnology Co. Ltd. operates as a high-tech biopharmaceutical company. The Company provides human vaccine researching, development, production, and sales services. Changchun BCHT Biotechnology markets its products throughout China.

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Changchun BCHT Biotechnology C (688276 CH)

Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

CHANGCHUN HIGH-TECH INDUSTRY is under pressure due to negative growth of main business and is in strategic transformation.The market may give it a...

Xinyao (Criss) Wang

Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way

We correctly predicted 88% of the confirmed index changes for CSI 1000. There will be 100 ADDs and 100 DELs and we estimate one-way flow for the...

Janaghan Jeyakumar, CFA

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

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

Sustainable Investing Surveyor - Focus on Birchtech Corporation (BCHT)

The WTR Sustainable Index was up 3.3% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (up 4.5%) and the Nasdaq Index (up 1.9%).

Water Tower Research

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