Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Zhejiang Changsheng Sliding / Index Rebalance

<ul>
<li>ChiNext and ChiNext 50, respectively, represent the top 100 and top 50 A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>We expect 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the December 2026 index rebal event.</li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$417mn and US$263mn in one-way flows respectively.</li>
</ul>


ChiNext and ChiNext 50, respectively, represent the top 100 and top 50 A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
We expect 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the December 2026 index rebal event.
The ChiNext and ChiNext 50 index rebal events could trigger US$417mn and US$263mn in one-way flows respectively.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: One Change to Expectations; More Changes Possible

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

Hebei Changshan Biochemical Pharm / Index Rebalance

Hebei Changshan Biochemical Pharm (300255 CH)

<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

<ul>
<li>ChiNext and ChiNext 50, respectively, represent the top 100 and top 50 A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>We expect 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.</li>
<li>With approximately 91% of the review period complete, the rankings have largely stabilized.</li>
</ul>


ChiNext and ChiNext 50, respectively, represent the top 100 and top 50 A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
We expect 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.
With approximately 91% of the review period complete, the rankings have largely stabilized.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: Expected ADDs Sharply Down Vs Expected DELs

T&S Communications 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>We see 10 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 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: Many Changes; US$2.1bn+ Combined One-Way Flows

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.

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Zhejiang Changsheng Sliding (300718 CH)

Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: One Change to Expectations; More Changes Possible

One of the ChiNext expected ADDs is different from what we had in our insight last month. Roughly 76% of the reference period is now complete but...

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

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

Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: Expected ADDs Sharply Down Vs Expected DELs

We see US$373mn and US220mn one-way flows for ChiNext and ChiNext 50 respectively. ChiNext expectations are mostly final but ChiNext 50...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Dec26: Many Changes; US$2.1bn+ Combined One-Way Flows

Both ChiNext and ChiNext 50 ADDs have strongly outperformed ChiNext and ChiNext 50 DELs on average during the last month. There are multiple months...

Janaghan Jeyakumar, CFA

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