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 are 3 constituent 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>, 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.</li>
<li>We estimate one-way turnover of 9% 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> resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.</li>
<li>With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.</li>
</ul>


There are 3 constituent changes for the SSE STAR50 (STAR50 INDEX), 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.
We estimate one-way turnover of 9% for the STAR50 INDEX resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.
With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.


STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Montage Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-6809-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219421" rel="noopener">Montage Technology H Share Listing (6809 HK): Valuation Insights</a>. </li>
<li>Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Montage Technology (6809 HK) priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case and Montage Technology H Share Listing (6809 HK): Valuation Insights. 
Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.


Montage Technology H Share Listing (6809 HK): Trading Debut

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a>, the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a>. The price momentum is strong amid a well-documented surge in memory chip prices.  </li>
<li>The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Montage Technology (688008 CH), the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case. The price momentum is strong amid a well-documented surge in memory chip prices.  
The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.


Montage Technology H Share Listing (6809 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a>, the world's largest memory interconnect chip supplier, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>In 2024, Montage was the largest supplier of memory interconnect chips, with 36.8% market share.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, cash generation, and a reasonable valuation. </li>
</ul>



Montage Technology (688008 CH), the world's largest memory interconnect chip supplier, has filed its PHIP for an H Share listing to raise US$1 billion.     
In 2024, Montage was the largest supplier of memory interconnect chips, with 36.8% market share.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, cash generation, and a reasonable valuation. 


Montage Technology H Share Listing: The Investment Case

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>We expect up to four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.</li>
</ul>


CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect up to four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.


Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

China

Giantec Semiconductor Corporation manufactures and distributes chips. The Company develops and sells contact electronic engineering secured chips, contactless read-only memory central processing unit chips, output amplifiers, and other products. Giantec Semiconductor provides its products for smart phones, computers, medical equipment, and automotive electronic areas.

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

Giantec Semiconductor (688123 CH)

STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

There are 3 changes for the STAR50, 10 changes for the STAR100, 2 changes for the STAR Chip in March. The adds have outperformed the deletes across...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

There are 3 changes for the STAR50, 10 changes for the STAR100, 2 changes for the STAR Chip in March. The adds have outperformed the deletes across...

Brian Freitas

Montage Technology H Share Listing (6809 HK): Trading Debut

Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains...

Arun George

Montage Technology H Share Listing (6809 HK): Valuation Insights

The price momentum is strong amid a well-documented surge in memory chip prices. The proposed AH discount of 41.3% (based on the 29 January A Share...

Arun George

Montage Technology H Share Listing: The Investment Case

Montage Technology, the world's largest supplier of memory interconnect chips, is seeking to raise US$1 billion. In this note, I discuss the...

Arun George

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

Some of our expected ADDs/DELs have changed. The reference period is almost over. Our current expected ADDs/DELs could be our final expectations...

Janaghan Jeyakumar, CFA