Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Beijing Wantai Biological Phar / Index Rebalance

Beijing Wantai Biological Phar (603392 CH)

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>We expect five ADDs/DELs for the CSI Medical Service index during the upcoming index rebal  event based on the latest available data.</li>
<li>Nearly 95% of the reference period is now complete. We currently estimate one-way flow to be US$301mn.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
We expect five ADDs/DELs for the CSI Medical Service index during the upcoming index rebal  event based on the latest available data.
Nearly 95% of the reference period is now complete. We currently estimate one-way flow to be US$301mn.


Quiddity Leaderboard CSI Medical Dec26: Expectations Have Changed; US$301mn One-Way

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

Shenton Research

Shenton 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 analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the semiannual index rebal event in December 2026.</li>
<li>We expect 5 ADDs/DELs and we currently estimate one-way flow to be US$408mn.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs for the semiannual index rebal event in December 2026.
We expect 5 ADDs/DELs and we currently estimate one-way flow to be US$408mn.


Quiddity Leaderboard CSI Medical Dec26: US$408mn One-Way Flows; 5 ADDs/DELs Expected

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the semiannual index rebal event in December 2026.</li>
<li>We expect up to 5 ADDs/DELs and we estimate one-way flows of approximately US$271mn.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs for the semiannual index rebal event in December 2026.
We expect up to 5 ADDs/DELs and we estimate one-way flows of approximately US$271mn.


Quiddity Leaderboard CSI Medical Dec26: Expected ADDs Are Underperforming Expected DELs

<ul>
<li>CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the semiannual index rebal event in December 2026.</li>
<li>We see 6 ADDs/DELs and expect one-way flows of approximately US$236mn.</li>
</ul>


CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs/DELs for the semiannual index rebal event in December 2026.
We see 6 ADDs/DELs and expect one-way flows of approximately US$236mn.


Quiddity Leaderboard CSI Medical Dec26: 6 ADDs/DELs Expected; US$236mn One-Way Flows

China

HitGen Inc. offers generic pharma services. The Company provides deoxyribonucleic acid encoded libraries (DEL) rating, DEL selecting, chemical synthesis, and other services. HitGen provides its services throughout China.

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HitGen (688222 CH)

Quiddity Leaderboard CSI Medical Dec26: Expectations Have Changed; US$301mn One-Way

There are three index members failing the liquidity test by narrow margins and they should be monitored until the end of the reference period.

Janaghan Jeyakumar, CFA

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI Medical Dec26: US$408mn One-Way Flows; 5 ADDs/DELs Expected

Most of the expected ADDs/DELs could have more than 1x ADV to trade during the December 2026 index rebal event. Although the reference period is...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Dec26: Expected ADDs Are Underperforming Expected DELs

The current expected ADDs have underperformed the current expected DELs in the last month. This is another example of the negative momentum in some...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Dec26: 6 ADDs/DELs Expected; US$236mn One-Way Flows

Most expected ADDs/DELs have between 1x-4x ADV to trade and flow sizes of US$25mn-US$45mn. Beijing Wantai Bio (603392 CH) is the most significant...

Janaghan Jeyakumar, CFA

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