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.

Index Rebalance

Xiamen Tungsten Co Ltd A / Index Rebalance

<ul>
<li>CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history.</li>
<li>ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains.</li>
<li>DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.</li>
</ul>


CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history.
ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains.
DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.


CSI 300 June 2026 Rebalance: Post-Implementation Review

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:
<ul>
<li>VBP on recombinant human growth hormone</li>
<li>The differentiation of business models between big pharma/biopharma and biotech companies</li>
<li>A view on the development prospects of innovative drugs in China </li>
</ul>
Company news:
News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a>, <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> and <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share decreased 1.98%, while CSI 300 increased 0.04% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

VBP on recombinant human growth hormone
The differentiation of business models between big pharma/biopharma and biotech companies
A view on the development prospects of innovative drugs in China 

Company news:
News about the updated progress on new drugs of Hansoh Pharmaceutical (3692 HK), Akeso Biopharma Inc (9926 HK) and Luye Pharma (2186 HK).
Market review:
Last week, stock price for healthcare sector in A share decreased 1.98%, while CSI 300 increased 0.04% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Oct15)-Growth Hormone VBP, Biotech's Business Model,Innovative Drug Outlook

Industry viewpoints:
<ul>
<li>The State Council released the supporting measures for the three-child policy so as to further optimize the family planning policy.</li>
<li>With the implementation of favorable policies on promoting the high-quality development of public hospitals, we are optimistic about the long-term development of the medical service and medical device industry.</li>
<li>The National Health Care Security Administration recently issued a new DIP regulation, which will guide the pilot areas to further standardize the implementation of payment based on disease classification.</li>
</ul>
Company news: 
News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/sinocelltech-group-ltd" target="_blank" data-smartkarma-citation="entities:33456:1" rel="noopener">Sinocelltech Group (688520 CH)</a>, <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> and <a href="https://www.smartkarma.com/entities/china-medical-system-holdings" target="_blank" data-smartkarma-citation="entities:18736:1" rel="noopener">China Medical System (867 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share decreased 2.42%, while CSI 300 decreased 0.11% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

The State Council released the supporting measures for the three-child policy so as to further optimize the family planning policy.
With the implementation of favorable policies on promoting the high-quality development of public hospitals, we are optimistic about the long-term development of the medical service and medical device industry.
The National Health Care Security Administration recently issued a new DIP regulation, which will guide the pilot areas to further standardize the implementation of payment based on disease classification.

Company news: 
News about the updated progress on drugs of Sinocelltech Group (688520 CH), Everest Medicines (1952 HK), Antengene (6996 HK) and China Medical System (867 HK).
Market review:
Last week, stock price for healthcare sector in A share decreased 2.42%, while CSI 300 decreased 0.11% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
<ul class="">
<li>China released a new policy to support couples having a third child as the population ages.</li>
<li>A joint procurement office on behalf of medical institutions in 12 provinces was formed to carry out centralized procurement of orthopedic trauma medical consumables.</li>
<li>With the increasing incidence of diseases that directly cause skull defects, the skull defect repair material industry in China has developed rapidly.</li>
</ul>
Company news:
News about the updated license-in agreement and new progress on drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK), </a><a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK),</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>.
Market review: 
Last week, stock price for healthcare sector in A share increased 0.69%, while CSI 300 decreased 0.73% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

China released a new policy to support couples having a third child as the population ages.
A joint procurement office on behalf of medical institutions in 12 provinces was formed to carry out centralized procurement of orthopedic trauma medical consumables.
With the increasing incidence of diseases that directly cause skull defects, the skull defect repair material industry in China has developed rapidly.

Company news:
News about the updated license-in agreement and new progress on drugs of Innovent Biologics Inc (1801 HK), Zai Lab Ltd (ZLAB US), CSPC Pharmaceutical Group (1093 HK), and Jiangsu Hengrui Medicine (600276 CH).
Market review: 
Last week, stock price for healthcare sector in A share increased 0.69%, while CSI 300 decreased 0.73% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, XIAMEN TUNGSTEN, KUNLUN TECH, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GIANT NETWORK, CHINA SHENHUA ENERGY, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, XIAMEN TUNGSTEN, KUNLUN TECH, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GIANT NETWORK, CHINA SHENHUA ENERGY, Xinjiang Daqo.


CSI 300 Index Earning Revision (Jun): INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, KUNLUN TECH

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

Changchun High-Tech Industry (CHT HK)

CSI 300 June 2026 Rebalance: Post-Implementation Review

CSI 300 June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

China Healthcare Weekly (Oct15)-Growth Hormone VBP, Biotech's Business Model,Innovative Drug Outlook

The article analyzed the VBP on recombinant human growth hormone, the difference in business model of big pharma/biopharma and biotech, and the...

Xinyao (Criss) Wang

China Healthcare Weekly (July.23)

The article analyzed the supporting measures for the three-child policy, the mainstay position of public hospitals, the new DIP regulation...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.4)

This insight mainly analyzed the three-child new policy, centralized procurement of orthopedic trauma medical consumables, skull defect repair...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Jun): INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, KUNLUN TECH

We analyzed CSI 300's consensus for Jun 2026 and highlighted changes of EPS in INDUSTRIAL BANK (601166 CH), YANTAI JEREH OILFIELD SERVICES (002353...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)