Most Read: Zijin Gold, Yixin Group , AU Small Finance Bank Limited, Contemporary Amperex Technology (CATL), Aspen Group, CMOC Group , Taishin Financial Holding, Wonik Holdings Co., Ltd, Anicom Holdings and more

• There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
• Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
• The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.

• There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.
• Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.
• The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.

• AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
• The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
• There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

• As forecast, there will be 3 constituent changes for the iShares China Large-Cap (FXI US) at the close of trading on 19 December.
• Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an HSCEI INDEX add at the close tomorrow.
• The HA premiums for CATL (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.

• Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
• Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
• Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.

• CMOC (603993 CH) and Sungrow Power Supply (300274 CH) will replace S.F. Holding (002352 CH) and Bank of Jiangsu (600919 CH) in the ETFs at the close on 19 December.
• Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.
• The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.

• There are 8 adds and 8 deletes for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF has an AUM of US$13bn.
• The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
• There are a few surprises and those stocks could outperform peers over the rest of the trading period.

• Inflation data broadly disappointed expectations over the past week. The labour market news was more mixed, but higher UK and US unemployment rates raise eyebrows.
• Policymakers behaved themselves, with no surprises and wide dispersion, including a BOJ hike, while the BoE delivered the finely balanced hawkish cut we expected.
• The release calendar adopts a holiday stance for the next few weeks, with only UK and US Q3 GDP data out before Christmas. This publication will be back on 9 January.

• FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.
• October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.
• For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.

• Anicom Holdings is the clear market leader in Japan’s high-growth pet insurance industry, commanding over 40% market share, driven by the powerful ‘pets as family’ trend.
• Despite strong recurring revenue growth of 10.6% YoY, the company faces significant profitability pressure, with recurring profit falling 33.0% YoY due to increased costs from insurance contract transfers and a rising loss ratio.
• The company’s primary competitive advantage is its pioneering ‘over-the-counter payment system,’ which offers unparalleled convenience to policyholders through a network of over 6,900 veterinary hospitals, fostering high customer loyalty.

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