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 STAR50 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 TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.


STAR50 Index Earning Revision (Jan): TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE, Ninebot

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE, SUZHOU DONGSHAN PRECISION MANUFACTURING, GUANGZHOU AUTOMOBILE, Xinjiang Daqo, JIANGSU ZHONGTIAN TECHNOLOGY, NATIONAL SILICON INDUSTRY.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE, SUZHOU DONGSHAN PRECISION MANUFACTURING, GUANGZHOU AUTOMOBILE, Xinjiang Daqo, JIANGSU ZHONGTIAN TECHNOLOGY, NATIONAL SILICON INDUSTRY.


CSI 300 Index Earning Revision (Dec): ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY, BIWIN STORAGE TECHNOLOGY, MONTAGE TECHNOLOGY, HWATSING TECHNOLOGY, Roborock, CSI SOLAR, National Silicon Industry, Roborock, Montage Technology, Hwatsing Technology.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY, BIWIN STORAGE TECHNOLOGY, MONTAGE TECHNOLOGY, HWATSING TECHNOLOGY, Roborock, CSI SOLAR, National Silicon Industry, Roborock, Montage Technology, Hwatsing Technology.


STAR50 Index Earning Revision (Nov): NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY

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

Kuang-Chi Technologies   / Index Rebalance

<ul>
<li>There are 11 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> with implementation taking place at the close on 12 December.</li>
<li>Nearly all the changes are in line with forecasts. <a href="https://www.smartkarma.com/entities/jiangsu-zhongtian-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:12699:1" rel="noopener">Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH)</a> is the one surprise addition.</li>
<li>The adds outperformed the deletes and the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300</a> from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.</li>
</ul>


There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.


CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.</li>
<li>There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.</li>
<li>The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.</li>
</ul>


There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.
There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.
The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.


STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

China

Trina Solar Co., Ltd. operates as a photovoltaic smart energy overall solution provider. The Company produces solar photovoltaic power plant equipment, polycrystalline ingots, single crystal silicon rods, silicon wafers, solar cells, photovoltaic modules, and other products. Trina Solar markets its products throughout worldwide.

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Trina Solar (688599 CH)

STAR50 Index Earning Revision (Jan): TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE, Ninebot

We analyzed STAR50's consensus for Jan 2026 and highlighted changes of EPS in TRINA SOLAR, JINKO SOLAR, BIWIN STORAGE TECHNOLOGY, Ninebot, TRANSSION.

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Dec): ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 300's consensus for Dec 2025 and highlighted changes of EPS in ABC (601288 CH), ZHONGJI INNOLIGHT (300308 CH), PING AN INSURANCE...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Nov): NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY

We analyzed STAR50's consensus for Nov 2025 and highlighted changes of EPS in NATIONAL SILICON INDUSTRY (688126 CH), LOONGSON TECHNOLOGY (688047...

Ke Yan, CFA, FRM

CSI300 Index Rebalance: 11 Changes & US$7.77bn Trade

There are 11 changes for the CSI300 Index in Dec. Not too many surprises. Estimated turnover is 2.2% leading to a round-trip trade of US$7.77bn....

Brian Freitas

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 changes in Dec. The forecast adds will have same-way flow from passive trackers of other indices. There is between 0.1-0.35x...

Brian Freitas

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