Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Bestechnic (Shanghai) Co., Ltd. develops, manufactures, and sells intelligent audio system on a chip (SoC) products. The Company produces bluetooth audio chips, type-C audio chips, and other related products. Bestechnic (Shanghai) supplies its products to headsets, intelligent audio terminals, and other makers.

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels

Event-Driven

Shandong Weifang Rainbow Chemi / Event-Driven

Shandong Weifang Rainbow Chemical Co..Ltd. manufactures agricultural chemicals. The Company researches, develops, produces, and sells herbicides, antiseptics, and insecticide products. Shandong Weifang Rainbow Chemical markets its products worldwide.

Shandong Weifang Rainbow Chemi (301035 CH)

<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 9 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2025.</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 9 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2025.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: US$1.4bn Total One-Way Flows; Basket Trade Idea

Jiangxi Zhengbang Technology Co., Ltd. produces and markets forage and forage additive for livestock and poultry. The company also produces and markets livestock, poultry and aquatic products.

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.</li>
<li>Currently, we see 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
Currently, we see 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our capping flow expectations for the June 2025 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our capping flow expectations for the June 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25/Sep25: Capping Flows in June and Index Changes in September

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. </li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.</li>
<li>We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. 
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.
We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.


Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

Equity Analyst with 10+ years experience in fundamental and event-driven research.

On Smartkarma, I mainly publish insights on index flow events. This includes predicting regular and intra-review index changes and formulating market-neutral trading strategies based on flow catalysts. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Janaghan Jeyakumar, CFA
Pan-Asia Index Flows & Special Situations
• Quiddity Advisors

Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels

We estimate US$833mn and US$275mn one-way flows for STAR 50 and STAR 100 respectively. Some are high-conviction index changes and the other are low...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: US$1.4bn Total One-Way Flows; Basket Trade Idea

There could be ~US$1.1bn and ~US$300mn one-way flows for ChiNext and ChiNext 50 respectively. There is one change in the expected ADDs/DELs for...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

There could be US$2.2bn and US$4.1bn one-way flows for CSI 300 and CSI 500 respectively. Some CSI 500 ADDs could outperform the CSI 300 index over...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSIII Jun25/Sep25: Capping Flows in June and Index Changes in September

We estimate total one-way flow to be US$138mn during the June 2025 rebalance event which translates into a turnover of around 2.8%. In September...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels

We estimate US$833mn and US$275mn one-way flows for STAR 50 and STAR 100 respectively. Some are high-conviction index changes and the other are low...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: US$1.4bn Total One-Way Flows; Basket Trade Idea

There could be ~US$1.1bn and ~US$300mn one-way flows for ChiNext and ChiNext 50 respectively. There is one change in the expected ADDs/DELs for...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon

There could be US$2.2bn and US$4.1bn one-way flows for CSI 300 and CSI 500 respectively. Some CSI 500 ADDs could outperform the CSI 300 index over...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSIII Jun25/Sep25: Capping Flows in June and Index Changes in September

We estimate total one-way flow to be US$138mn during the June 2025 rebalance event which translates into a turnover of around 2.8%. In September...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun25: US$6bn+ One-Way Flows; One Intra-Review Addition Soon