Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

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 8 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.</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 8 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Expected ADDs/DELs Can Change; US$1bn+ One-Way

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

Chando Global Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a> (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Chando Global Limited  (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Chando Global Pre-IPO - The Negatives-  Inconsistent Growth and Margins

Chando Global Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a>(CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the positive aspects of the deal.


Chando Global Pre-IPO - The Positives - Well Known Brand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Guangdong Marubi Biotechnology / Equity Capital Markets

Guangdong Marubi Biotechnology (603983 CH)

<ul>
<li>Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.</li>
<li>Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.</li>
<li>Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers</li>
</ul>


Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.
Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.
Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers


Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

<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 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.</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 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2026.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

China

Yunnan Botanee Bio-Technology Group Co. LTD manufactures and sells skin care and cosmetics. The Company produces masks, toners, hand creams, and other cosmetics. Yunnan Botanee Bio-Technology Group also develops new biology technologies.

Yunnan Botanee Bio-Technology (300957 CH)

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

Yunnan Botanee Bio-Technology (300957 CH)

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Expected ADDs/DELs Can Change; US$1bn+ One-Way

We expect there to be US$899mn and US$216mn one-way flows for the ChiNext and ChiNext 50 in June 2026. Some names have double impacts.

Janaghan Jeyakumar, CFA

Aequitas: Chando Global Pre-IPO - The Negatives- Inconsistent Growth and Margins

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positve...

Sumeet Singh

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

We see one-way flows of US$1.2bn and US$341mn for the ChiNext index and ChiNext 50 index respectively. Some names have multiple days of volume to...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Expected ADDs/DELs Can Change; US$1bn+ One-Way

We expect there to be US$899mn and US$216mn one-way flows for the ChiNext and ChiNext 50 in June 2026. Some names have double impacts.

Janaghan Jeyakumar, CFA

Aequitas: Chando Global Pre-IPO - The Negatives- Inconsistent Growth and Margins

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positve...

Sumeet Singh

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

​Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Some Changes to Expectations

We see one-way flows of US$1.2bn and US$341mn for the ChiNext index and ChiNext 50 index respectively. Some names have multiple days of volume to...

Janaghan Jeyakumar, CFA

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...