Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Hebei Changshan Biochemical Pharm / Index Rebalance

<ul>
<li>The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 28th November 2025.</li>
<li>There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.</li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$1.1bn and US$379mn in one-way flows respectively.</li>
</ul>


The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 28th November 2025.
There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
The ChiNext and ChiNext 50 index rebal events could trigger US$1.1bn and US$379mn in one-way flows respectively.


Quiddity ChiNext & ChiNext 50 Dec25 Results: ~US$1.5bn Combined One-Way Flow; Multiple Surprises

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.</li>
<li>Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.</li>
<li>China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.</li>
</ul>


The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.
Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.
China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.


China Robotics: EVOLUTION OF THE HUMANOID RACE

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

Event-Driven

Broadex Technologies Co Ltd / Event-Driven

<ul>
<li>With the review period complete, we forecast 10 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX)</a> and 5 changes for the ChiNext 50 Index in December.</li>
<li>The largest flows will be in 2 stocks that are forecast adds for both indices. There are 14 stocks with over 0.5x ADV to trade from passive trackers.</li>
<li>The forecast adds outperformed the forecast deletes from June to August, but there has been significant underperformance since then. Outperformance could resume as positioning kicks in prior to announcement.</li>
</ul>


With the review period complete, we forecast 10 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in December.
The largest flows will be in 2 stocks that are forecast adds for both indices. There are 14 stocks with over 0.5x ADV to trade from passive trackers.
The forecast adds outperformed the forecast deletes from June to August, but there has been significant underperformance since then. Outperformance could resume as positioning kicks in prior to announcement.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Maxing Out the Changes

Beijing Originwater Technology Co,Ltd. / 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>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.</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.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

<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.</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.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

China

Zhejiang Changsheng Sliding Bearings Co., Ltd. manufactures self lubricating bearings products. The Company designs, produces, and sells metal polymer composite, bi metallic composite, and bronze wrapped bearings. Zhejiang Changsheng Sliding Bearings markets its products worldwide.

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

Zhejiang Changsheng Sliding (300718 CH)

Quiddity ChiNext & ChiNext 50 Dec25 Results: ~US$1.5bn Combined One-Way Flow; Multiple Surprises

There are 26 index changes involving 24 unique names. We got 18 of them correct. Most of the names we missed were next-in-line names.

Janaghan Jeyakumar, CFA

China Robotics: EVOLUTION OF THE HUMANOID RACE

Global robotics is experiencing rapid growth as the combination of AI & manufacturing efficiency grow robotic product demand. Rapid industry growth...

David Mudd

ChiNext/ChiNext50 Index Rebalance Preview: Maxing Out the Changes

There could be 10/5 changes for the Chinext/Chinext50 indices in Dec. Largest flows in the 2 stocks that are adds for both indices. Adds...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

There are some changes to our expected ADDs/DELs lists for both ChiNext and ChiNext 50 indices. These are our final expectations for the December...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

We expect US$989mn and US$276mn one-way flows, respectively, from the ChiNext and ChiNext 50 index rebal events in December 2025. There are...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity ChiNext & ChiNext 50 Dec25 Results: ~US$1.5bn Combined One-Way Flow; Multiple Surprises

There are 26 index changes involving 24 unique names. We got 18 of them correct. Most of the names we missed were next-in-line names.

Janaghan Jeyakumar, CFA

China Robotics: EVOLUTION OF THE HUMANOID RACE

Global robotics is experiencing rapid growth as the combination of AI & manufacturing efficiency grow robotic product demand. Rapid industry growth...

David Mudd

ChiNext/​​​ChiNext50 Index Rebalance Preview: Maxing Out the Changes

There could be 10/5 changes for the Chinext/Chinext50 indices in Dec. Largest flows in the 2 stocks that are adds for both indices. Adds...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

There are some changes to our expected ADDs/DELs lists for both ChiNext and ChiNext 50 indices. These are our final expectations for the December...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

We expect US$989mn and US$276mn one-way flows, respectively, from the ChiNext and ChiNext 50 index rebal events in December 2025. There are...

Janaghan Jeyakumar, CFA

ChiNext/ChiNext50 Index Rebalance Preview: Maxing Out the Changes