Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Guangzhou Wondfo Biotech C-A / 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 themes from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.</li>
<li>We expect three ADDs/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 themes from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2026.
We expect three ADDs/DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun26: 3 ADDs/DELs Expected For Now But It Could Become 4

<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 themes from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>We expect three ADDs/DELs for the CSI Medical Service index and one-way flows of approximately US$213mn in the June 2026 index rebal event.</li>
<li>The reference period is about to end soon but there are some names that are still close to the border, according to our latest estimates.</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 themes from the Shanghai, Shenzhen, and Beijing Exchanges.
We expect three ADDs/DELs for the CSI Medical Service index and one-way flows of approximately US$213mn in the June 2026 index rebal event.
The reference period is about to end soon but there are some names that are still close to the border, according to our latest estimates.


Quiddity Leaderboard CSI Medical Jun26: Some Names Still Close to the Border

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

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There are 3 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>, 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.</li>
<li>We estimate one-way turnover of 9% 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> resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.</li>
<li>With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.</li>
</ul>


There are 3 constituent changes for the SSE STAR50 (STAR50 INDEX), 10 changes for the STAR100 Index and 2 changes for the STAR Chip Index at the March rebalance.
We estimate one-way turnover of 9% for the STAR50 INDEX resulting in a round-trip trade of CNY 27.6bn (US$4bn). One-way turnover for the STAR100 Index is 9.2%.
With the National Team redeeming ETFs, the adds have outperformed the deletes for all the indices and that could continue ahead of implementation of the changes.


STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

Moore Threads Technology / 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 March.</li>
<li>We estimate turnover of 9.1% 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 9.6% for the STAR100 Index. The estimated round-trip net trade is CNY 28.55bn (US$4.1bn).</li>
<li>There has been big unwinding of ETF holdings (likely the National Team at work) recently and that reduces the flow and impact for the index changes.</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 March.
We estimate turnover of 9.1% for the SSE STAR50 (STAR50 INDEX) and 9.6% for the STAR100 Index. The estimated round-trip net trade is CNY 28.55bn (US$4.1bn).
There has been big unwinding of ETF holdings (likely the National Team at work) recently and that reduces the flow and impact for the index changes.


STAR50/STAR100 Index Rebalance Preview: Huge Outperformance as National Team Redeems ETF Holdings

<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 themes 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 June 2026.</li>
<li>We expect up to four ADDs and four 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 themes 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 June 2026.
We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.


Quiddity Leaderboard CSI Medical Jun26: Four Changes Possible; US$262mn One-Way

China

Qingdao Haier Biomedical Co., Ltd. designs, manufacture, and markets low temperature storage equipment for biomedical samples. The Company provides complete storage solutions for biological sample banks, blood safety, vaccine safety, medical supplies, and reagent safety as well. Qingdao Haier Biomedical

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Qingdao Haier Biomedical Lt (688139 CH)

Quiddity Leaderboard CSI Medical Jun26: 3 ADDs/DELs Expected For Now But It Could Become 4

One potential ADD and one potential DEL are still close to the border and those names could trigger an extra index change depending on relative...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun26: Some Names Still Close to the Border

Our current estimate of impacts for the expected index changes range from 0.6x ADV to 3.5x ADV. Individual flow sizes range from US$11mn to US$85mn

Janaghan Jeyakumar, CFA

STAR50/STAR100/STAR Chip Index Rebalance: Adds Outperform Deletes as Trade Nears US$6bn

There are 3 changes for the STAR50, 10 changes for the STAR100, 2 changes for the STAR Chip in March. The adds have outperformed the deletes across...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: Huge Outperformance as National Team Redeems ETF Holdings

4 changes forecast for the STAR50 and 10 for the STAR100 resulting in a net round-trip trade of US$4.1bn. The National Team has been redeeming...

Brian Freitas

Quiddity Leaderboard CSI Medical Jun26: Four Changes Possible; US$262mn One-Way

We estimate the CSI Medical June 2026 index rebalance to trigger flows of ~US$262mn one-way. Some names have multiple days to trade.

Janaghan Jeyakumar, CFA

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