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

Shenton Research

Shenton 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.

Index Rebalance

<ul>
<li>CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.</li>
<li>Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.</li>
<li>All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.</li>
</ul>


CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.
Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.
All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.


STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.</li>
<li>The STAR 50 and STAR 100 index rebal events could collectively trigger nearly US$2bn in one-way flows.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.
The STAR 50 and STAR 100 index rebal events could collectively trigger nearly US$2bn in one-way flows.


Quiddity Leaderboard STAR 50/100 Sep26: ADDs/DELs Mostly Final; ~US$2bn Combined One-Way Flow

<ul>
<li>STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.</li>
<li>Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.</li>
<li>Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.</li>
</ul>


STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.
Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.
Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.


STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

<ul>
<li>The September 2026 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th August 2026.</li>
<li>There will be five changes for the STAR 50 index and ten changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1.8bn and US$593mn for the STAR 50 and STAR 100 index rebal events, respectively.</li>
</ul>


The September 2026 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th August 2026.
There will be five changes for the STAR 50 index and ten changes for the STAR 100 index.
We expect one-way flows of approximately US$1.8bn and US$593mn for the STAR 50 and STAR 100 index rebal events, respectively.


Quiddity STAR 50/100 Sep26 Results: 8/10 Correct for STAR 50; Many Surprises Among STAR100 ADDs

Beijing E-Town Semiconductor Technology / Index Rebalance

Beijing E-Town Semiconductor Technology (688729 CH)

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.</li>
<li>Some of the names involved in the index changes could have multiple days to trade.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the top largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the September 2026 index rebal event.
Some of the names involved in the index changes could have multiple days to trade.


Quiddity Leaderboard STAR 50/100 Sep26: Special Focus on Peric (688146) And Sichuan Huafeng (688629)

China

SJ Semiconductor Corporation provides semiconductor manufacturing services. The Company offers middle segment silicon wafer processing, wafer level packaging, multiple chip integrated packaging, and other services. SJ Semiconductor develops advanced three dimensional multiple die integration technology and solutions.

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SJ Semiconductor (688820 CH)

STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

CSI announced five ADDs and five DELETEs on 28 Aug 2026, effective 14 Sep 2026. We review the pre-announcement setup vs prior cycles and potential...

Ke Yan, CFA, FRM

Quiddity Leaderboard STAR 50/100 Sep26: ADDs/DELs Mostly Final; ~US$2bn Combined One-Way Flow

We expect five changes for STAR 50 and most of these names have individual flow sizes larger than US$100mn and have multiple days of volume to trade.

Janaghan Jeyakumar, CFA

STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

STAR50 enters implementation on 14 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Quiddity STAR 50/100 Sep26 Results: 8/10 Correct for STAR 50; Many Surprises Among STAR100 ADDs

The STAR 50 ADDs/DELs have between 0.5x-3.5x ADV to trade. The impacts for the STAR 100 ADDs/DELs are significantly lower.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep26: Special Focus on Peric (688146) And Sichuan Huafeng (688629)

We see Peric Special Gases (688146 CH) and Sichuan Huafeng Tech (688629 CH) as STAR 100 DELs because they are too large STAR 100 (but not large...

Janaghan Jeyakumar, CFA

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