Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Chongqing Rural Commercial Ban / Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.</li>
<li>We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.


Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

Semiconductor Manufacturing International Corporation (SMIC) / Index Rebalance

Semiconductor Manufacturing International Corporation (SMIC)

<ul>
<li>The December 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th November 2024.</li>
<li>There will be zero changes for the STAR 50 index and four changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$793mn and US$136mn for the STAR 50 and STAR 100 index rebal events respectively.</li>
</ul>


The December 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th November 2024.
There will be zero changes for the STAR 50 index and four changes for the STAR 100 index.
We expect one-way flows of approximately US$793mn and US$136mn for the STAR 50 and STAR 100 index rebal events respectively.


Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

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

Hainan Jinpan Smart Technology / Index Rebalance

<ul>
<li>As forecast, there are no 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> in December while there are 4 changes for the STAR100 Index.</li>
<li>There will be big outflows for <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC) (688981 CH)</a> due to <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> capping. There will be selling from other index trackers too.</li>
<li>
<a href="https://www.smartkarma.com/entities/hainan-jinpan-smart-technology" target="_blank" data-smartkarma-citation="entities:40864:1" rel="noopener">Hainan Jinpan Smart Technology (688676 CH)</a> had been ignored by the index committee at the September rebalance, so this inclusion in the STAR100 Index could come as a surprise.</li>
</ul>


As forecast, there are no changes for the SSE STAR50 (STAR50 INDEX) in December while there are 4 changes for the STAR100 Index.
There will be big outflows for Semiconductor Manufacturing International Corporation (SMIC) (688981 CH) due to SSE STAR50 (STAR50 INDEX) capping. There will be selling from other index trackers too.

Hainan Jinpan Smart Technology (688676 CH) had been ignored by the index committee at the September rebalance, so this inclusion in the STAR100 Index could come as a surprise.


STAR50/STAR100 Index Rebalance: No Changes for STAR50; 4 Changes for STAR100

<ul>
<li>The big price moves for China stocks in the last month have resulted in quite a few changes to the potential index inclusions and deletions in December.</li>
<li>We now forecast no 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 5 changes for the STAR100 Index in December.</li>
<li>There will be big selling in <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC) (688981 CH)</a> due to capping and that results in buying in the other <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> constituents.</li>
</ul>


The big price moves for China stocks in the last month have resulted in quite a few changes to the potential index inclusions and deletions in December.
We now forecast no changes for the SSE STAR50 (STAR50 INDEX) and 5 changes for the STAR100 Index in December.
There will be big selling in Semiconductor Manufacturing International Corporation (SMIC) (688981 CH) due to capping and that results in buying in the other SSE STAR50 (STAR50 INDEX) constituents.


STAR50/STAR100 Index Rebalance Preview: No Changes for STAR50; 5 for STAR100; US$2bn Trade

China

Hainan Jinpan Smart Technology Co., Ltd. manufactures and distributes electrical components. The Company develops, produces, and markets dry type transformers and reactors, medium and low voltage switchgears, power electronic equipment, and other related products. Hainan Jinpan Smart Technology markets its products worldwide.

Hainan Jinpan Smart Technology (688676 CH)

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

Hainan Jinpan Smart Technology (688676 CH)

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

Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade

Instead of Chongqing Rural Commercial Ban (601077 CH), we now see Lingyi iTech Guangdong (002600 CH) as a CSI 300 Expected ADD as explained in the...

Janaghan Jeyakumar, CFA

Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

SMIC is currently above the 10% cap for individual names in STAR 50 and we expect US$793mn outflow for SMIC during the December 2024 index rebal...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: No Changes for STAR50; 4 Changes for STAR100

As forecast, there are no changes for STAR50 and 4 for STAR100. Big selling in SMIC due to capping. Hainan Jinpan's inclusion could surprise the...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: No Changes for STAR50; 5 for STAR100; US$2bn Trade

We forecast no changes for the STAR50 and 5 changes for the STAR100. Capping will result in passives selling SMIC. The forecast adds to the STAR100...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

Instead of Chongqing Rural Commercial Ban (601077 CH), we now see Lingyi iTech Guangdong (002600 CH) as a CSI 300 Expected ADD as explained in the...

Janaghan Jeyakumar, CFA

Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

SMIC is currently above the 10% cap for individual names in STAR 50 and we expect US$793mn outflow for SMIC during the December 2024 index rebal...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: No Changes for STAR50; 4 Changes for STAR100

As forecast, there are no changes for STAR50 and 4 for STAR100. Big selling in SMIC due to capping. Hainan Jinpan's inclusion could surprise the...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: No Changes for STAR50; 5 for STAR100; US$2bn Trade

We forecast no changes for the STAR50 and 5 changes for the STAR100. Capping will result in passives selling SMIC. The forecast adds to the STAR100...

Brian Freitas

Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade