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 analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

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

Double Medical Technology  / Index Rebalance

<ul>
<li>There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.</li>
<li>Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.</li>
</ul>


There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.
Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.
The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.


CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

<ul>
<li>With the review period complete, we forecast 2 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 7 changes for the STAR100 Index in December.</li>
<li>We estimate turnover of 4.3% 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 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).</li>
<li>The forecast adds to 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> have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.</li>
</ul>


With the review period complete, we forecast 2 changes for the SSE STAR50 (STAR50 INDEX) and 7 changes for the STAR100 Index in December.
We estimate turnover of 4.3% for the SSE STAR50 (STAR50 INDEX) and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).
The forecast adds to the SSE STAR50 (STAR50 INDEX) have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.


STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

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

Shandong Weigao Blood Purification Products / Index Rebalance

Shandong Weigao Blood Purification Products (603014 CH)

Shandong Weigao Blood Purification Products

<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 take a look at the potential ADDs and DELs leading the race for the 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 take a look at the potential ADDs and DELs leading the race for the 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: Some Changes to Expected ADDs/DELs; US$362mn One-Way

China

Shenzhen YHLO Biotech Co., Ltd. manufactures and distribute medical equipment. The Company produces chemiluminescence immunoassay analyzers, immunoassay analyzers, western blot analyzers, dynamic erythrocyte sedimentation analyzers, and other products. Shenzhen YHLO Biotech also produces reagent products.

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Shenzhen YHLO Biotech (688575 CH)

CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

There could be 6 changes for the index in Dec. Estimated one-way turnover is 6.9% and the round-trip trade is estimated at US$578m. There are 8...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

There could be 14 outright changes for the STAR50/100 indices in Dec. The round-trip trade is US$2.5bn with some big capping flows. The adds have...

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

Quiddity Leaderboard CSI Medical Dec25: Some Changes to Expected ADDs/DELs; US$362mn One-Way

We estimate the CSI Medical December 2025 index rebalance to trigger flows of ~US$362mn one-way. On average, the expected DELs have higher impact...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

There could be 6 changes for the index in Dec. Estimated one-way turnover is 6.9% and the round-trip trade is estimated at US$578m. There are 8...

Brian Freitas

STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

There could be 14 outright changes for the STAR50/100 indices in Dec. The round-trip trade is US$2.5bn with some big capping flows. The adds have...

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

Quiddity Leaderboard CSI Medical Dec25: Some Changes to Expected ADDs/DELs; US$362mn One-Way

We estimate the CSI Medical December 2025 index rebalance to trigger flows of ~US$362mn one-way. On average, the expected DELs have higher impact...

Janaghan Jeyakumar, CFA