Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.</li>
</ul>


CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.


Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

<ul>
<li>CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 five ADDs and one DEL for the CSI All Share Semiconductors index during this index review event based on the latest available data.</li>
</ul>


CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 five ADDs and one DEL for the CSI All Share Semiconductors index during this index review event based on the latest available data.


Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Are Close to the Border

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Few Changes to Expectations

Nationz Technologies Inc A / Index Rebalance

<ul>
<li>CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.</li>
</ul>


CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group 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 two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.


Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible

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

<ul>
<li>There is 1 constituent change 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">STAR50 INDEX</a> and 4 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 13 June.</li>
<li>We estimate turnover of 2.35% 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 4.9% for the STAR100 Index. The estimated round-trip trade is CNY 9.8bn (US$1.35bn).</li>
<li>There are multiple stocks that are adds or deletes for other indices and the passive flows will be a lot larger than just for the STAR50/STAR100 indices.</li>
</ul>


There is 1 constituent change for the STAR50 INDEX and 4 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 13 June.
We estimate turnover of 2.35% for the SSE STAR50 (STAR50 INDEX) and 4.9% for the STAR100 Index. The estimated round-trip trade is CNY 9.8bn (US$1.35bn).
There are multiple stocks that are adds or deletes for other indices and the passive flows will be a lot larger than just for the STAR50/STAR100 indices.


STAR50/STAR100 Index Rebalance: 10 Changes and US$1.4bn Trade

China

Wafer Works (Shanghai) Co.,Ltd. manufactures semiconductor devices. The Company produces and sells semiconductor epitaxial wafers, polishing sheets, and more. Wafer Works (Shanghai) markets its products worldwide.

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Wafer Works Shanghai (688584 CH)

STAR50/STAR100 Index Rebalance: 10 Changes and US$1.4bn Trade

There is 1 STAR50 changes and 4 STAR100 changes. The round-trip trade across both indices is US$1.4bn. Bestechnic Shanghai will have more inflows...

Brian Freitas

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Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

Some of our expected ADDs/DELs have changed. The reference period is almost over. Our current expected ADDs/DELs could be our final expectations...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Are Close to the Border

Currently, we estimate the CSI All Share Semiconductors December 2025 index rebalance to trigger flows of US$113mn one-way. Expected ADDs/DELs...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Few Changes to Expectations

We estimate the CSI All Share Semiconductors December 2025 index rebalance to trigger flows of US$100mn one-way. There are some changes to our...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible

Assuming our expected ADDs/DELs are correct, we estimate the CSI All Share Semiconductors December 2025 index rebalance to trigger flows of US$88mn...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: 10 Changes and US$1.4bn Trade

There is 1 STAR50 changes and 4 STAR100 changes. The round-trip trade across both indices is US$1.4bn. Bestechnic Shanghai will have more inflows...

Brian Freitas