Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

MetaX Integrated Circuits / Index Rebalance

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming June 2026 index rebal event.</li>
<li>We expect over US$2bn combined one-way flows for STAR 50 and STAR 100 during the June 2026 index rebal event.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming June 2026 index rebal event.
We expect over US$2bn combined one-way flows for STAR 50 and STAR 100 during the June 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Jun26: Fate of Large IPO Fast-Track Additions Still a Question Mark

Asia Pac ECM and Index Rebal, DZT 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 Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR, CAMBRICON, UNITED NOVA 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 Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR, CAMBRICON, UNITED NOVA TECHNOLOGY.


STAR50 Index Earning Revision (Mar): Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION

Moore Threads Technology / Index Rebalance

<ul>
<li>In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.</li>
<li>Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.</li>
<li>During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.</li>
</ul>


In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.
Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.
During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.


Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

<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 look at the potential ADDs/DELs for the STAR50/STAR100 indices for the March 2026 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 look at the potential ADDs/DELs for the STAR50/STAR100 indices for the March 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Mar26: ~US$3.8bn Total One-Way Flows; Some Signs of Pre-Positioning

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Changchun High-Tech Industry / Equity Capital Markets

<ul>
<li>CHANGCHUN HIGH-TECH’s stock price has been declining for more than four years since the news broke in May 2021 that growth hormone was to be included in 17-province VBP alliance.</li>
<li>GenSci’s innovative drug pipeline layout does have some ideas, but in fact, there are no expected blockbuster products among them - Their technological barriers and long-term exclusivity are relatively limited.</li>
<li>Short-Term performance pain is inevitable due to negative growth of main business and strategic transformation. The market may give it a conservative valuation, which may be lower than peers.</li>
</ul>


CHANGCHUN HIGH-TECH’s stock price has been declining for more than four years since the news broke in May 2021 that growth hormone was to be included in 17-province VBP alliance.
GenSci’s innovative drug pipeline layout does have some ideas, but in fact, there are no expected blockbuster products among them - Their technological barriers and long-term exclusivity are relatively limited.
Short-Term performance pain is inevitable due to negative growth of main business and strategic transformation. The market may give it a conservative valuation, which may be lower than peers.


Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

China

Xiamen Amoytop Biotech Co., Ltd. operates as a drug development company. The Company develops and sells protein drugs, interferon drugs, and other products. Xiamen Amoytop Biotech markets its products primarily throughout China with limited overseas.

Xiamen Amoytop Biotech Co Ltd (688278 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiamen Amoytop Biotech Co Ltd (688278 CH)

Quiddity Leaderboard STAR 50/100 Jun26: Fate of Large IPO Fast-Track Additions Still a Question Mark

Recent large IPOs Moore Threads (688795 CH) and MetaX (688802 CH) could get added on a fast-track basis unless the index provider overrules them...

Janaghan Jeyakumar, CFA

STAR50 Index Earning Revision (Mar): Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION

We analyzed STAR50's consensus for Mar 2026 and highlighted changes of EPS in Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR,...

Ke Yan, CFA, FRM

Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

There are two large cap ADDs that could be fast-tracked into the index but the index provider could use discretionary powers to overrule them....

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Mar26: ~US$3.8bn Total One-Way Flows; Some Signs of Pre-Positioning

The reference period ended on 31st January 2026. All of our STAR 50 expected ADDs/DELs remain unchanged. Puya Semiconductor (Shanghai) (688766 CH )...

Janaghan Jeyakumar, CFA

Pre-IPO Changchun High-Tech Industry (A/H Listing) - The Business and the Outlook

CHANGCHUN HIGH-TECH INDUSTRY is under pressure due to negative growth of main business and is in strategic transformation.The market may give it a...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)