Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>The methodology for constituent selection for this index was revised yesterday. These revisions will influence the ADDs/DELs for the March 2025 review which is to be announced soon.</li>
<li>In this insight, we have presented our updated expectations for the new methodology.</li>
</ul>


STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
The methodology for constituent selection for this index was revised yesterday. These revisions will influence the ADDs/DELs for the March 2025 review which is to be announced soon.
In this insight, we have presented our updated expectations for the new methodology.


STAR 100: Quick Update to Expectations for Last-Minute Methodology Changes; Announcement Soon.

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

Cambricon Technologies  Lt / Index Rebalance

<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 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.</li>
<li>We estimate one-way turnover of 6.1% 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> resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).</li>
<li>There will be huge capping outflows for <a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a> following the massive rally in the stock over the last couple of months.</li>
</ul>


There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.


STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

Jiangsu Lihua Animal Husbandry / Index Rebalance

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>We see 5 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 5 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades

Qi An Xin Technology Group  / Index Rebalance

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

China

Wuhan Dameng Database Company Limited operates as a database product developer. The Company develops database software, cluster software, cloud computing software, and big data analysis platform. Wuhan Dameng Database provides its products for bank, state grid, telecommunication, and other fields.

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Wuhan Dameng Database (688692 CH)

STAR 100: Quick Update to Expectations for Last-Minute Methodology Changes; Announcement Soon.

A couple of names that were listed in the last 12 months are no longer STAR 100 expected ADDs. As a result, there are some changes to our STAR 100...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

The STAR50 and STAR100 indices rebalance at the close today. The add is up, the delete is down, and the big capping name sold off hard before...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades

Collectively, we see around US$900mn in one-way flows for the ChiNext index and the ChiNext 50 index. Some names already have significant volume...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

The trades have generated +16.9% LONG-SHORT return on average in roughly one week (since 5th August). The main contributor to the return is one of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

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