Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Shanghai Haohai Biological Tec / Index Rebalance

<ul>
<li>The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.</li>
<li>There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.</li>
</ul>


The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.
There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.
We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.


Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn Combined One-Way Flow

<ul>
<li>The June 2025 index review results for the CSI Medical Service Index were announced after market close on Friday 30th May 2025.</li>
<li>There will be 6 changes for the CSI Medical Service index.</li>
<li>We expect one-way flows of approximately US$286mn in the June 2025 index rebal event.</li>
</ul>


The June 2025 index review results for the CSI Medical Service Index were announced after market close on Friday 30th May 2025.
There will be 6 changes for the CSI Medical Service index.
We expect one-way flows of approximately US$286mn in the June 2025 index rebal event.


Quiddity CSI Medical Jun25 Results: 6 ADDs/DELs Confirmed; US$286mn One-Way Flows

<ul>
<li>The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.</li>
<li>We expect up to three ADDs and three DELs in June 2025 based on the latest available data.</li>
</ul>


The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
We expect up to three ADDs and three DELs in June 2025 based on the latest available data.


Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; US$146mn One-Way; 1x-5x ADV

Zhenxing Biopharmaceutical & Chemicl / Index Rebalance

<ul>
<li>The December 2025 index review results for China's CSI 1000 index were announced after market close on Friday 28th November 2025.</li>
<li>There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.</li>
<li>The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.</li>
</ul>


The December 2025 index review results for China's CSI 1000 index were announced after market close on Friday 28th November 2025.
There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.
The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.


Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.
The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.
We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.


A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

China

Shanghai Haohai Biological Technology Co., Ltd. manufactures absorbable biomedical materials. The Company manufactures and sells intraocular lens, medical sodium hyaluronate, medical chitosan, medical collage sponge, and other products. Shanghai Haohai Biological Technology markets its products worldwide.

Shanghai Haohai Biological Tec (688366 CH)

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Shanghai Haohai Biological Tec (688366 CH)

Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn Combined One-Way Flow

We correctly predicted 19 out of 20 confirmed index changes. All of the ADDs/DELs except for STAR 100 DEL Shanghai Haohai Biological Tec (688366...

Janaghan Jeyakumar, CFA

Quiddity CSI Medical Jun25 Results: 6 ADDs/DELs Confirmed; US$286mn One-Way Flows

All of our predictions were correct. However, there were some extra changes. We estimate there to be US$286mn in one-way flows in June 2025.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI Medical Jun25: Three ADDs/DELs Likely; US$146mn One-Way; 1x-5x ADV

We estimate US$146mn one-way flows for the June rebalance. Expected DEL Shanghai Haohai Biological Tec (688366 CH) is the highest-impact name and...

Janaghan Jeyakumar, CFA

Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way

We correctly predicted 88% of the confirmed index changes for CSI 1000. There will be 100 ADDs and 100 DELs and we estimate one-way flow for the...

Janaghan Jeyakumar, CFA

A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Guangzhou Automobile, China Everbright Bank, China Southern...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)