Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Zhongyuan Environment A / Index Rebalance

<ul>
<li>The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.</li>
<li>There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.</li>
<li>The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.</li>
</ul>


The June 2025 index review results for China's CSI 1000 index were announced after market close on Friday 30th May 2025.
There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.
The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.


Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. </li>
<li>As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. </li>
<li>The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.</li>
</ul>


APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. 
As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. 
The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.


The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

Equity Bottom-Up

China Resources Sanjiu Medical & Pharma / Equity Bottom-Up

<ul>
<li>In our view, China's biotech companies have sold their core pipelines/products too early, resulting in the loss of opportunities to gain much greater benefits in the future.</li>
<li>We summarized the impact of tariff policy implemented by the US on China's healthcare industry. Short-term headwinds are inevitable, but in long term, it helps force the industry to upgrade.</li>
<li>After Spring Festival, the acquisition progress of Tasly by CR Sanjiu has significantly accelerated – SASAC/SAMR approvals have been received. It’s possible for the deal to be completed in 25Q1.</li>
</ul>


In our view, China's biotech companies have sold their core pipelines/products too early, resulting in the loss of opportunities to gain much greater benefits in the future.
We summarized the impact of tariff policy implemented by the US on China's healthcare industry. Short-term headwinds are inevitable, but in long term, it helps force the industry to upgrade.
After Spring Festival, the acquisition progress of Tasly by CR Sanjiu has significantly accelerated – SASAC/SAMR approvals have been received. It’s possible for the deal to be completed in 25Q1.


China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

China

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical 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

Zhende Medical Co Ltd (603301 CH)

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity CSI 1000 Jun25 Results: 200 Changes; US$2Bn+ One-Way

Some CSI 1000 ADDs are CSI 500 DELs and Some CSI 1000 DELs are CSI 500 ADDs. These names will have opposing index flows that could offset each other.

Janaghan Jeyakumar, CFA

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

​China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...

Xinyao (Criss) Wang

China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...