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

Victory Giant Technology -A / Index Rebalance

<ul>
<li>There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.</li>
<li>We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.</li>
<li>The forecast adds have outperformed the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> over the last 5 months while the forecast deletes have underperformed the index.</li>
</ul>


There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.
We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.
The forecast adds have outperformed the CSI 300 Index over the last 5 months while the forecast deletes have underperformed the index.


CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Victory Giant Technology -A / Equity Bottom-Up

<ul>
  <li>Victory Giant Technology is strategically positioned as a key supplier in high-growth sectors, particularly benefiting from the explosive demand for AI servers, where it holds a significant global market share for AI computing cards.</li>
  <li>Aggressive capacity expansion and strategic acquisitions, including a new highly efficient, automated facility in Vietnam and the purchase of FPC specialist MFS Technology, are set to diversify its product portfolio and enhance global supply chain resilience.</li>
  <li>Financial performance has been exceptional, with staggering year-over-year growth in revenue and net income, driven by high-value-added orders from key customers like NVIDIA and significant margin improvement, far outpacing industry averages.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Victory Giant Technology is strategically positioned as a key supplier in high-growth sectors, particularly benefiting from the explosive demand for AI servers, where it holds a significant global market share for AI computing cards.
  Aggressive capacity expansion and strategic acquisitions, including a new highly efficient, automated facility in Vietnam and the purchase of FPC specialist MFS Technology, are set to diversify its product portfolio and enhance global supply chain resilience.
  Financial performance has been exceptional, with staggering year-over-year growth in revenue and net income, driven by high-value-added orders from key customers like NVIDIA and significant margin improvement, far outpacing industry averages.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Victory Giant Technology -A (300476 CH) - Sep 2025

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The December 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 28th November 2025.</li>
<li>There will be 11 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.</li>
<li>The CSI 300 and CSI 500 index rebal events could trigger US$5.3bn and US$4.2bn in one-way flows respectively.</li>
</ul>


The December 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 28th November 2025.
There will be 11 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
The CSI 300 and CSI 500 index rebal events could trigger US$5.3bn and US$4.2bn in one-way flows respectively.


Quiddity CSI 300/​​500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

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

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

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Victory Giant Technology -A (300476 CH)

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Primer: Victory Giant Technology -A (300476 CH) - Sep 2025

Victory Giant Technology is strategically positioned as a key supplier in high-growth sectors, particularly benefiting from the explosive demand...

αSK

Quiddity CSI 300/500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

We correctly predicted 110 of the 122 confirmed index changes for the CSI 300 and CSI 500 indices. This translates to a hit rate of 90%.

Janaghan Jeyakumar, CFA

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

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52-week Range

Market Cap (USDm)

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CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Primer: Victory Giant Technology -A (300476 CH) - Sep 2025

Victory Giant Technology is strategically positioned as a key supplier in high-growth sectors, particularly benefiting from the explosive demand...

αSK

Quiddity CSI 300/​​500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow

We correctly predicted 110 of the 122 confirmed index changes for the CSI 300 and CSI 500 indices. This translates to a hit rate of 90%.

Janaghan Jeyakumar, CFA

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

Quiddity CSI 300/500 Dec25 Results: 90% Hit Rate (110/121 Correct); US$9.5bn Combined One-Way Flow