Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Beijing Originwater Technology Co,Ltd. / Index Rebalance

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

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 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 CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.</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 CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.


CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Maxscend Microelectronics  L / Equity Bottom-Up

<ul><li>Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery.</li><li>NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavorable product mix towards higher module shipments, and 3) USD/RMB FX impacts.</li><li>NPM dropped to 6.6% from 14.3%/32.1% in 2Q24/3Q23 on lower GPM, higher R&amp;D costs (up 66% YoY) and asset impairment loss. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery.NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavorable product mix towards higher module shipments, and 3) USD/RMB FX impacts.NPM dropped to 6.6% from 14.3%/32.1% in 2Q24/3Q23 on lower GPM, higher R&amp;D costs (up 66% YoY) and asset impairment loss. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.</li><li>GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition.</li><li>Despite a slow recovery in consumer demand and prolonged replacement cycle of handsets, we expect Maxscend to outperform its peers, with its unique fab-lite model to support 1) supply chain security, 2) better product performance and 3) potential in cost optimization once utilization reaches a higher level. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition.Despite a slow recovery in consumer demand and prolonged replacement cycle of handsets, we expect Maxscend to outperform its peers, with its unique fab-lite model to support 1) supply chain security, 2) better product performance and 3) potential in cost optimization once utilization reaches a higher level. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend (300782 CH) - Revenue Grew While GPM Deteriorated

China

Maxscend Microelectronics Company Limited operates as an electrical components manufacturing company. The Company produces and sells smart phone radio frequency (RF) switches, low noise amplifiers, RF front end chips, and other products. Maxscend Microelectronics provides products for automotive, smart phone, and infrastructure areas.

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Maxscend Microelectronics L (300782 CH)

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

We expect US$989mn and US$276mn one-way flows, respectively, from the ChiNext and ChiNext 50 index rebal events in December 2025. There are...

Janaghan Jeyakumar, CFA

CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

We analyzed CSI 300's consensus for Aug 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), BANK OF NANJING (601009 CH), BANK OF...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Maxscend (300782 CH) - LT Growth Intact

Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not...

CMB International

Maxscend (300782 CH) - Revenue Grew While GPM Deteriorated

Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.

CMB International

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