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>With the review period complete, we forecast 9 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index in December.</li>
<li>Some of the potential adds will also have passive flows from the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index</a> trackers at the same time as the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index</a> rebalance.</li>
<li>The potential adds have slipped a lot versus the potential deletes over the last few months as the National Team has tried to stabilise the market via ETF creations.</li>
</ul>


With the review period complete, we forecast 9 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index in December.
Some of the potential adds will also have passive flows from the CSI Smallcap 500 Index trackers at the same time as the ChiNext Index rebalance.
The potential adds have slipped a lot versus the potential deletes over the last few months as the National Team has tried to stabilise the market via ETF creations.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Time for a Turnaround

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Porton Pharma Solutions / Index Rebalance

<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 have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>We expect up to six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.</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 have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect up to six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Dec25: New Expected DEL Due to Liquidity; US$345mn One-Way

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Last week, centralized procurement results of orthopedic spinal consumables were released, with an average price reduction of 84%. We analyzed the impact on related companies. </li>
<li>If medical insurance reimbursement standards of Hunan Provincial are followed, there will be few real clinical needs for surgical robots for many hospitals, mainly to meet scientific research needs instead.</li>
<li>Under the appearance of the popularity of CGT CDMO, there are some hidden worries. Investors are recommended to be rational due to the overcapacity issue in the future.</li>
</ul>


Last week, centralized procurement results of orthopedic spinal consumables were released, with an average price reduction of 84%. We analyzed the impact on related companies. 
If medical insurance reimbursement standards of Hunan Provincial are followed, there will be few real clinical needs for surgical robots for many hospitals, mainly to meet scientific research needs instead.
Under the appearance of the popularity of CGT CDMO, there are some hidden worries. Investors are recommended to be rational due to the overcapacity issue in the future.


China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

<ul>
<li>The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.</li>
<li>The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.</li>
<li>We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.</li>
</ul>


The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.
The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.
We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.


2022H2 China Healthcare Investment Strategy and Top Picks

<ul>
<li>The first to be affected is the clinical trial projects under way in Ukraine. It’s possible that pharmaceutical companies may lose such a high-quality and low cost clinical trial center. </li>
<li>Ukraine plays an important role in the healthcare supply chain. So, the war would affected both pharmaceutical companies and medical device companies, both directly and indirectly.</li>
<li>The risk to CXO is not completely eliminated. The “cyclical nature” of CRO industry could begin to show. But CDMO is better than CRO in terms of short-term investment opportunities.</li>
</ul>


The first to be affected is the clinical trial projects under way in Ukraine. It’s possible that pharmaceutical companies may lose such a high-quality and low cost clinical trial center. 
Ukraine plays an important role in the healthcare supply chain. So, the war would affected both pharmaceutical companies and medical device companies, both directly and indirectly.
The risk to CXO is not completely eliminated. The “cyclical nature” of CRO industry could begin to show. But CDMO is better than CRO in terms of short-term investment opportunities.


Russia-Ukraine War: The Impact on China Healthcare

China

Porton Pharma Solutions Ltd. is a China-based custom manufacturing services provider(CMO), serving the global pharmaceutical industry with custom and contract chemical development and manufacturing services from preclinical development to commercial supply.

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Porton Pharma Solutions (300363 CH)

ChiNext/ChiNext50 Index Rebalance Preview: Time for a Turnaround

There could be 9 changes for the Chinext and 5 changes for the Chinext50 index in Dec. The adds have drifted lower vs the deletes and there could...

Brian Freitas

Quiddity Leaderboard CSI Medical Dec25: New Expected DEL Due to Liquidity; US$345mn One-Way

Harbin Fuerjia Tech (301371 CH) appeared in our leaderboard for the first time in October 2025 (this insight). We currently have this as an...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Orthopedics VBP result was released,we analyzed the impact on companies; There will be few real clinical needs for surgical robots; There're hidden...

Xinyao (Criss) Wang

2022H2 China Healthcare Investment Strategy and Top Picks

We analyze the investment strategy,top picks and logic in CXO,pharmaceuticals and medical device industry.As a “defensive sector”,China healthcare...

Xinyao (Criss) Wang

Russia-Ukraine War: The Impact on China Healthcare

We analyzed the potential impact of Russia-Ukraine war on China healthcare industry including the delay of clinical trial projects in Ukraine,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ChiNext/​​​ChiNext50 Index Rebalance Preview: Time for a Turnaround

There could be 9 changes for the Chinext and 5 changes for the Chinext50 index in Dec. The adds have drifted lower vs the deletes and there could...

Brian Freitas

Quiddity Leaderboard CSI Medical Dec25: New Expected DEL Due to Liquidity; US$345mn One-Way

Harbin Fuerjia Tech (301371 CH) appeared in our leaderboard for the first time in October 2025 (this insight). We currently have this as an...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Orthopedics VBP result was released,we analyzed the impact on companies; There will be few real clinical needs for surgical robots; There're hidden...

Xinyao (Criss) Wang

2022H2 China Healthcare Investment Strategy and Top Picks

We analyze the investment strategy,top picks and logic in CXO,pharmaceuticals and medical device industry.As a “defensive sector”,China healthcare...

Xinyao (Criss) Wang

Russia-Ukraine War: The Impact on China Healthcare

We analyzed the potential impact of Russia-Ukraine war on China healthcare industry including the delay of clinical trial projects in Ukraine,...

Xinyao (Criss) Wang

ChiNext/ChiNext50 Index Rebalance Preview: Time for a Turnaround