Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>Here we look at the June 2026 rebal. Currently, we see 16 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
<li>The "rising midcaps" (CSI 500 to 300, and CSI 500 predicted inclusions) have been on a very strong run. Market participants de-grossing, if it continues, could cause some pain.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
Here we look at the June 2026 rebal. Currently, we see 16 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.
The "rising midcaps" (CSI 500 to 300, and CSI 500 predicted inclusions) have been on a very strong run. Market participants de-grossing, if it continues, could cause some pain.


Quiddity Leaderboard CSI 300/​​500 Jun26: US$7.8bn Combined One-Way Flows

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</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 2026.</li>
<li>Currently, we see 17 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2026.
Currently, we see 17 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Jun26: Mega Flows; Some Large Individual Flow Names Too

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

DZT Research

DZT 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 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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.</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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.


CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Equity Capital Markets

Jiangxi Institute of Biological Products / Equity Capital Markets

Jiangxi Institute of Biological Products (JIBP HK)

<ul>
<li>In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.</li>
<li>This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. </li>
<li>Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.</li>
</ul>


In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. 
Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.


Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

China

Shanghai RAAS Blood Products Co., Ltd. produces blood products. The Company develops and manufactures human albumin, human immunoglobulin, coagulation factors, tetanus human immunoglobulin, and other products. Shanghai RAAS Blood Products markets its products throughout China.

Shanghai RAAS Blood Products C (002252 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Shanghai RAAS Blood Products C (002252 CH)

Quiddity Leaderboard CSI 300/500 Jun26: US$7.8bn Combined One-Way Flows

There could be US$7.8bn combined one-way flow for the CSI 300 and CSI 500 index rebal events in June 2026. However, tracking AUMs have been...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun26: Mega Flows; Some Large Individual Flow Names Too

CSI 300 and CSI 500 Jun26 index rebal events could see one-way flows of US$6.8bn and US$7.6bn respectively. There are many names with >US$100mn...

Janaghan Jeyakumar, CFA

CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

We analyzed CSI 100's consensus for Oct 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CHONGQING ZHIFEI BIOLOGICAL PRODUCTS...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard CSI 300/​​500 Jun26: US$7.8bn Combined One-Way Flows

There could be US$7.8bn combined one-way flow for the CSI 300 and CSI 500 index rebal events in June 2026. However, tracking AUMs have been...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun26: Mega Flows; Some Large Individual Flow Names Too

CSI 300 and CSI 500 Jun26 index rebal events could see one-way flows of US$6.8bn and US$7.6bn respectively. There are many names with >US$100mn...

Janaghan Jeyakumar, CFA

CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

We analyzed CSI 100's consensus for Oct 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CHONGQING ZHIFEI BIOLOGICAL PRODUCTS...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

​Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

Quiddity Leaderboard CSI 300/500 Jun26: US$7.8bn Combined One-Way Flows

Quiddity Leaderboard CSI 300/500 Jun26: Mega Flows; Some Large Individual Flow Names Too

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...