Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Xiamen Amoytop Biotech Co Ltd / 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 take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2024 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 December 2024 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec 24: STAR 50 Exp ADD Could Outperform STAR 50 Exp DEL

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. </li>
<li>Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.</li>
<li>In front of competitors with strong sales system, commercialization is a big challenge for <a href="https://www.smartkarma.com/entities/visen-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:36555:1" rel="noopener">VISEN. T</a>he Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.</li>
</ul>


VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.
In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.


Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

OPT Machine Vision Tech   / Index Rebalance

<ul>
<li>There are 5 changes to 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> at the upcoming rebalance that will be implemented at the close of trading on 10 December.</li>
<li>The index committee has 'forgotten' they need to reset the minimum listing history to 12 months when the number of stocks that are listed longer than 12 months exceeds 150.</li>
<li>There is more than 1 day of ADV to trade on all stocks and the inclusions could outperform the deletions over the next 10 trading days to implementation.</li>
</ul>


There are 5 changes to the SSE STAR50 (STAR50 INDEX) at the upcoming rebalance that will be implemented at the close of trading on 10 December.
The index committee has 'forgotten' they need to reset the minimum listing history to 12 months when the number of stocks that are listed longer than 12 months exceeds 150.
There is more than 1 day of ADV to trade on all stocks and the inclusions could outperform the deletions over the next 10 trading days to implementation.


STAR50 Index Rebalance: Oops! They Did It Again...

<div><p>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 STAR 50 (STAR50 INDEX)</a> is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.</p></div><div>
<p>The review period for the December rebalance ends on 31 October, the results of the rebalance are likely to be announced on 26 November and the changes will be implemented at the close of trading on 10 December.</p>
<p>There are 191 stocks that will be listed longer than 12 months by 31 October and we expect the index committee to use a 12 month minimum listing history for the December review.</p>
<p>With 11 days remaining in the review period, potential inclusions are <a href="https://www.smartkarma.com/entities/xinjiang-daqo-new-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:34163:1" rel="noopener">Xinjiang Daqo New Energy (688303 CH)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-goodwe-power-supply-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34165:1" rel="noopener">Jiangsu GoodWe Power Supply Technology (688390 CH)</a>, <a href="https://www.smartkarma.com/entities/infovision-optoelectronics-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:34164:1" rel="noopener">InfoVision Optoelectronics Kunshan (688055 CH)</a>, <a href="https://www.smartkarma.com/entities/eyebright-medical-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:33455:1" rel="noopener">Eyebright Medical Technology Beijing (688050 CH)</a> and <a href="https://www.smartkarma.com/entities/beijing-huafeng-test-control-technology-a" target="_blank" data-smartkarma-citation="entities:30367:1" rel="noopener">Beijing Huafeng Test &amp; Control Technology-A (688200 CH)</a>. <a href="https://www.smartkarma.com/entities/shanghai-medicilon-inc" target="_blank" data-smartkarma-citation="entities:30368:1" rel="noopener">Shanghai Medicilon Inc (688202 CH)</a> is a very close add currently.</p>
<p>The potential deletions are <a href="https://www.smartkarma.com/entities/willfar-information-technology-a" target="_blank" data-smartkarma-citation="entities:30341:1" rel="noopener">Willfar Information Technology-A (688100 CH)</a>, <a href="https://www.smartkarma.com/entities/appotronics-corp-ltd" target="_blank" data-smartkarma-citation="entities:28235:1" rel="noopener">Appotronics Corp Ltd (688007 CH)</a>, <a href="https://www.smartkarma.com/entities/espressif-systems-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30311:1" rel="noopener">Espressif Systems Shanghai (688018 CH)</a>, <a href="https://www.smartkarma.com/entities/xiamen-amoytop-biotech-co-ltd" target="_blank" data-smartkarma-citation="entities:30377:1" rel="noopener">Xiamen Amoytop Biotech Co Ltd (688278 CH)</a> and <a href="https://www.smartkarma.com/entities/anji-microelectronics-tech-a" target="_blank" data-smartkarma-citation="entities:30312:1" rel="noopener">Anji Microelectronics Tech-A (688019 CH)</a>.</p>
<p>In the unlikely event that the index committee decides to continue using a 6 month minimum listing history, the potential inclusions are <a href="https://www.smartkarma.com/entities/xinjiang-daqo-new-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:34163:1" rel="noopener">Xinjiang Daqo New Energy (688303 CH)</a>, <a href="https://www.smartkarma.com/entities/zwsoft-guangzhou-co-ltd" target="_blank" data-smartkarma-citation="entities:34166:1" rel="noopener">ZWSOFT Guangzhou (688083 CH)</a>, <a href="https://www.smartkarma.com/entities/chengdu-xgimi-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34167:1" rel="noopener">Chengdu XGimi Technology (688696 CH)</a>, <a href="https://www.smartkarma.com/entities/opt-machine-vision-tech-co-a" target="_blank" data-smartkarma-citation="entities:33148:1" rel="noopener">OPT Machine Vision Tech Co-A (688686 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-goodwe-power-supply-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:34165:1" rel="noopener">Jiangsu GoodWe Power Supply Technology (688390 CH)</a>, while <a href="https://www.smartkarma.com/entities/infovision-optoelectronics-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:34164:1" rel="noopener">InfoVision Optoelectronics Kunshan (688055 CH)</a> is a close add. There is no change to the list of potential deletions from the index.</p>
<p>One-way turnover at the December rebalance is estimated at 11.04% assuming that CSI &amp; SSE use a 12 month minimum listing history.</p>
</div>

The SSE STAR 50 (STAR50 INDEX) is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.
The review period for the December rebalance ends on 31 October, the results of the rebalance are likely to be announced on 26 November and the changes will be implemented at the close of trading on 10 December.
There are 191 stocks that will be listed longer than 12 months by 31 October and we expect the index committee to use a 12 month minimum listing history for the December review.
With 11 days remaining in the review period, potential inclusions are Xinjiang Daqo New Energy (688303 CH), Jiangsu GoodWe Power Supply Technology (688390 CH), InfoVision Optoelectronics Kunshan (688055 CH), Eyebright Medical Technology Beijing (688050 CH) and Beijing Huafeng Test &amp; Control Technology-A (688200 CH). Shanghai Medicilon Inc (688202 CH) is a very close add currently.
The potential deletions are Willfar Information Technology-A (688100 CH), Appotronics Corp Ltd (688007 CH), Espressif Systems Shanghai (688018 CH), Xiamen Amoytop Biotech Co Ltd (688278 CH) and Anji Microelectronics Tech-A (688019 CH).
In the unlikely event that the index committee decides to continue using a 6 month minimum listing history, the potential inclusions are Xinjiang Daqo New Energy (688303 CH), ZWSOFT Guangzhou (688083 CH), Chengdu XGimi Technology (688696 CH), OPT Machine Vision Tech Co-A (688686 CH) and Jiangsu GoodWe Power Supply Technology (688390 CH), while InfoVision Optoelectronics Kunshan (688055 CH) is a close add. There is no change to the list of potential deletions from the index.
One-way turnover at the December rebalance is estimated at 11.04% assuming that CSI &amp; SSE use a 12 month minimum listing history.


STAR50 Index Rebalance Dec 21 Preview: Big Turnover & Moderate Impact

Xinjiang Daqo New Energy  Lt / Index Rebalance

<div>
<p>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 STAR 50 (STAR50 INDEX)</a> is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.</p>
</div>
<div>
<p>The review period for the December rebalance ends on 31 October, the results of the rebalance are likely to be announced on 26 November and the changes will be implemented at the close of trading on 10 December.</p>
<p><em><strong>With 191 stocks listed for longer than 12 months by the review cut-off date, the minimum listing history should reset higher from 6 months to 12 months.</strong></em></p>
<p>Potential inclusions are <a href="https://www.smartkarma.com/entities/xinjiang-daqo-new-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:34163:1" rel="noopener">Xinjiang Daqo New Energy (688303 CH)</a>, <a href="https://www.smartkarma.com/entities/infovision-optoelectronics-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:34164:1" rel="noopener">InfoVision Optoelectronics Kunshan (688055 CH)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-goodwe-power-suppl-a" target="_blank" data-smartkarma-citation="entities:34165:1" rel="noopener">Jiangsu Goodwe Power Suppl-A (688390 CH)</a>, <a href="https://www.smartkarma.com/entities/beijing-huafeng-test-control-technology-a" target="_blank" data-smartkarma-citation="entities:30367:1" rel="noopener">Beijing Huafeng Test &amp; Control Technology-A (688200 CH)</a> and <a href="https://www.smartkarma.com/entities/eyebright-medical-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:33455:1" rel="noopener">Eyebright Medical Technology Beijing (688050 CH)</a>. <a href="https://www.smartkarma.com/entities/shanghai-medicilon-inc" target="_blank" data-smartkarma-citation="entities:30368:1" rel="noopener">Shanghai Medicilon Inc (688202 CH)</a> is a close add at the moment.</p>
<p>Potential deletions are <a href="https://www.smartkarma.com/entities/willfar-information-techno-a" target="_blank" data-smartkarma-citation="entities:30341:1" rel="noopener">Willfar Information Techno-A (688100 CH)</a>, <a href="https://www.smartkarma.com/entities/appotronics-corp-ltd" target="_blank" data-smartkarma-citation="entities:28235:1" rel="noopener">Appotronics Corp Ltd (688007 CH)</a>, <a href="https://www.smartkarma.com/entities/xiamen-amoytop-biotech-co-ltd" target="_blank" data-smartkarma-citation="entities:30377:1" rel="noopener">Xiamen Amoytop Biotech Co Ltd (688278 CH)</a>, <a href="https://www.smartkarma.com/entities/espressif-systems-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30311:1" rel="noopener">Espressif Systems Shanghai (688018 CH)</a> and <a href="https://www.smartkarma.com/entities/anji-microelectronics-tech-a" target="_blank" data-smartkarma-citation="entities:30312:1" rel="noopener">Anji Microelectronics Tech-A (688019 CH)</a>.</p>
<p>If, for some reason, the index committee decides to continue to use a 6 month minimum listing history, potential inclusions are <a href="https://www.smartkarma.com/entities/xinjiang-daqo-new-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:34163:1" rel="noopener">Xinjiang Daqo New Energy (688303 CH)</a>, <a href="https://www.smartkarma.com/entities/zwsoft-co-ltd-guangzhou" target="_blank" data-smartkarma-citation="entities:34166:1" rel="noopener">ZWSOFT Co Ltd Guangzhou (688083 CH)</a>, <a href="https://www.smartkarma.com/entities/chengdu-xgimi-technology-c-a" target="_blank" data-smartkarma-citation="entities:34167:1" rel="noopener">Chengdu Xgimi Technology C-A (688696 CH)</a>, <a href="https://www.smartkarma.com/entities/opt-machine-vision-tech-co-a" target="_blank" data-smartkarma-citation="entities:33148:1" rel="noopener">Opt Machine Vision Tech Co-A (688686 CH)</a> and <a href="https://www.smartkarma.com/entities/infovision-optoelectronics-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:34164:1" rel="noopener">InfoVision Optoelectronics Kunshan (688055 CH)</a> while there is no change to the list of potential deletions.</p>
<p>One-way turnover at the December rebalance is estimated at 10.17% assuming that CSI/SSE use a 12 month minimum listing history.</p>
</div>


The SSE STAR 50 (STAR50 INDEX) is a free float market cap weighted and is made up of the 50 largest stocks based on full market cap that are listed on the STAR Market.


The review period for the December rebalance ends on 31 October, the results of the rebalance are likely to be announced on 26 November and the changes will be implemented at the close of trading on 10 December.
With 191 stocks listed for longer than 12 months by the review cut-off date, the minimum listing history should reset higher from 6 months to 12 months.
Potential inclusions are Xinjiang Daqo New Energy (688303 CH), InfoVision Optoelectronics Kunshan (688055 CH), Jiangsu Goodwe Power Suppl-A (688390 CH), Beijing Huafeng Test &amp; Control Technology-A (688200 CH) and Eyebright Medical Technology Beijing (688050 CH). Shanghai Medicilon Inc (688202 CH) is a close add at the moment.
Potential deletions are Willfar Information Techno-A (688100 CH), Appotronics Corp Ltd (688007 CH), Xiamen Amoytop Biotech Co Ltd (688278 CH), Espressif Systems Shanghai (688018 CH) and Anji Microelectronics Tech-A (688019 CH).
If, for some reason, the index committee decides to continue to use a 6 month minimum listing history, potential inclusions are Xinjiang Daqo New Energy (688303 CH), ZWSOFT Co Ltd Guangzhou (688083 CH), Chengdu Xgimi Technology C-A (688696 CH), Opt Machine Vision Tech Co-A (688686 CH) and InfoVision Optoelectronics Kunshan (688055 CH) while there is no change to the list of potential deletions.
One-way turnover at the December rebalance is estimated at 10.17% assuming that CSI/SSE use a 12 month minimum listing history.


STAR50 Index Rebalance December Preview: 12 Month or 6 Month Listing History, That Is The Question

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)

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Xiamen Amoytop Biotech Co Ltd (688278 CH)

Quiddity Leaderboard STAR 50/100 Dec 24: STAR 50 Exp ADD Could Outperform STAR 50 Exp DEL

The expected STAR 50 ADD and DEL could see net index buying of 14x ADV and net index selling of 8x ADV respectively during the STAR 50/100 index...

Janaghan Jeyakumar, CFA

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

STAR50 Index Rebalance: Oops! They Did It Again...

There are 5 changes at the Dec rebalance as the index committee have continued to use a 6 month minimum listing history even though the methodology...

Brian Freitas

STAR50 Index Rebalance Dec 21 Preview: Big Turnover & Moderate Impact

We see 5 potential changes to the STAR50 index in Dec and expect a 12 month minimum listing history to be used. The potential inclusions should...

Brian Freitas

STAR50 Index Rebalance December Preview: 12 Month or 6 Month Listing History, That Is The Question

CSI and SSE could start to use a 12 month minimum listing history requirement from the December rebalance. One-way turnover could be in excess of...

Brian Freitas

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