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

<ul>
<li>There could be 1 constituent change for the STAR Chip Index at the June rebalance. There will also be a few capping changes.</li>
<li>Estimated one-way turnover is 2.1% resulting in a round-trip trade of CNY 1.04bn (US$141m). Passives need to trade between 0.65-1.65x ADV in the potential changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/jinhong-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:30343:1" rel="noopener">Jinhong Gas (688106 CH)</a> is also a potential delete from the STAR100 Index and that will lead to increased passive selling in the stock.</li>
</ul>


There could be 1 constituent change for the STAR Chip Index at the June rebalance. There will also be a few capping changes.
Estimated one-way turnover is 2.1% resulting in a round-trip trade of CNY 1.04bn (US$141m). Passives need to trade between 0.65-1.65x ADV in the potential changes.

Jinhong Gas (688106 CH) is also a potential delete from the STAR100 Index and that will lead to increased passive selling in the stock.


STAR Chip Index Rebalance Preview: Potential Changes in June

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There is 1 constituent change 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> and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.</li>
<li>We estimate one-way turnover of 6.1% 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> resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).</li>
<li>There will be huge capping outflows for <a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a> following the massive rally in the stock over the last couple of months.</li>
</ul>


There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.


STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

<ul>
<li>Nearing the end of the review period, we forecast 1 change 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 September.</li>
<li>We estimate turnover of 1% 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 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).</li>
<li>Near term performance 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> changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.</li>
</ul>


Nearing the end of the review period, we forecast 1 change for the SSE STAR50 (STAR50 INDEX) and 5 changes for the STAR100 Index in September.
We estimate turnover of 1% for the SSE STAR50 (STAR50 INDEX) and 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).
Near term performance for the SSE STAR50 (STAR50 INDEX) changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.


STAR50/STAR100 Index Rebalance Preview: Outright Changes & Migrations

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Qi An Xin Technology Group  / Index Rebalance

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

China

Jinhong Gas Co.,Ltd. manufactures and distributes industrial gas. The Company produces electronic specialty gas, electronic grade ultra pure ammonia, and other related products. Jinhong Gas markets its products worldwide.

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Jinhong Gas (688106 CH)

STAR Chip Index Rebalance Preview: Potential Changes in June

JoulWatt Tech could replace Jinhong Gas in the index in June. There are some capping changes too. Jinhong Gas is also a potential deletion from the...

Brian Freitas

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

The STAR50 and STAR100 indices rebalance at the close today. The add is up, the delete is down, and the big capping name sold off hard before...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: Outright Changes & Migrations

The STAR50/100 forecast adds have outperformed the forecast deletes over the last month, and by a lot. Announcement is at the close on Friday, so...

Brian Freitas

Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

The trades have generated +16.9% LONG-SHORT return on average in roughly one week (since 5th August). The main contributor to the return is one of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

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