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

MetaX Integrated Circuits / Index Rebalance

<ul>
<li>With the review period nearly complete, we forecast 4 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> and 10 constituent changes for the STAR100 Index in June.</li>
<li>Estimated turnover is 6.7% 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 13.9% for the STAR100 Index. The estimated round-trip net trade is CNY 20.15bn (US$2.95bn).</li>
<li>The forecast adds have outperformed the forecast deletes over the last few weeks and months. The forecast deletes have been pressured by ETF redemptions as momentum continues in the adds.</li>
</ul>


With the review period nearly complete, we forecast 4 constituent changes for the SSE STAR50 (STAR50 INDEX) and 10 constituent changes for the STAR100 Index in June.
Estimated turnover is 6.7% for the SSE STAR50 (STAR50 INDEX) and 13.9% for the STAR100 Index. The estimated round-trip net trade is CNY 20.15bn (US$2.95bn).
The forecast adds have outperformed the forecast deletes over the last few weeks and months. The forecast deletes have been pressured by ETF redemptions as momentum continues in the adds.


STAR50/STAR100 Index Rebalance Preview: Huge Outperformance, ETF Redemptions & Fast Entry Conundrum

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming June 2026 index rebal event.</li>
<li>We expect over US$2bn combined one-way flows for STAR 50 and STAR 100 during the June 2026 index rebal event.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming June 2026 index rebal event.
We expect over US$2bn combined one-way flows for STAR 50 and STAR 100 during the June 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Jun26: Fate of Large IPO Fast-Track Additions Still a Question Mark

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 analysed the earning revision of component stocks of STAR50 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 Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.


STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Despite its recent rally, <a target="_blank">Meituan (3690 HK)</a> still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.</li>
<li>It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. </li>
<li>Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like <a href="https://www.smartkarma.com/entities/moonshot-ai" target="_blank" data-smartkarma-citation="entities:46606:1" rel="noopener">Moonshot AI (MOONSHOTAI HK)</a>, <a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a>, etc.</li>
</ul>


Despite its recent rally, Meituan (3690 HK) still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.
It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. 
Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like Moonshot AI (MOONSHOTAI HK), Unitree Robotics (UNITREE CH), etc.


2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.


STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

China

MetaX Integrated Circuits (Shanghai) Co., Ltd. develops and manufactures graphics processing unit chips. The Company produces high performance artificial intelligence inference accelerators, general purpose computing accelerators, and graphics accelerators. MetaX Integrated Circuits (Shanghai) also offers graphics processing unit architecture definition services.

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MetaX Integrated Circuits (688802 CH)

STAR50/STAR100 Index Rebalance Preview: Huge Outperformance, ETF Redemptions & Fast Entry Conundrum

There could be 4 changes for the STAR50 and 10 for the STAR100 in June. Fast Entry inclusions depend on the index committee. ETF redemptions...

Brian Freitas

Quiddity Leaderboard STAR 50/100 Jun26: Fate of Large IPO Fast-Track Additions Still a Question Mark

Recent large IPOs Moore Threads (688795 CH) and MetaX (688802 CH) could get added on a fast-track basis unless the index provider overrules them...

Janaghan Jeyakumar, CFA

STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

We analyzed STAR50's consensus for Sep 2026 and highlighted changes of EPS in Biwin Storage (688525 CH), RAYTRON TECHNOLOGY (688002 CH), APT...

Ke Yan, CFA, FRM

2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Meituan returned to profit in 2Q26 at Rmb2.2bn and also achieved positive UE for the delivery business, indicating the fading effects of irrational...

Osbert Tang, CFA

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

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