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

Index Rebalance

Chengdu Sino Microelectronics / Index Rebalance

<ul>
<li>There could be 3 constituent changes for the STAR Chip Index at the December rebalance. There will also be a couple of capping changes.</li>
<li>Estimated one-way turnover is 5.05% resulting in a one-way trade of CNY 1.6bn (US$225m). Passives need to trade between 0.6-1x ADV in the potential changes.</li>
<li>The forecast adds have underperformed the forecast deletes over the last month but there has been a marked improvement in performance in the last week. Watch out for more.</li>
</ul>


There could be 3 constituent changes for the STAR Chip Index at the December rebalance. There will also be a couple of capping changes.
Estimated one-way turnover is 5.05% resulting in a one-way trade of CNY 1.6bn (US$225m). Passives need to trade between 0.6-1x ADV in the potential changes.
The forecast adds have underperformed the forecast deletes over the last month but there has been a marked improvement in performance in the last week. Watch out for more.


STAR Chip Index Rebalance Preview: 3 Potential Changes in December; US$450m Round-Trip Trade

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.</li>
<li>We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.</li>
</ul>


CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.


Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

<ul>
<li>The review period for the June rebalance of the CSI All Share Semiconductor Index ends 30 April. The changes should be announced on 30 May and implemented on 13 June.</li>
<li>We forecast 4/5 adds and 8 deletes for the index with a one-way turnover of 2.4% and a round-trip trade of CNY 990m (US$136m).</li>
<li>There are many forecast adds and deletes that will have same side flows from trackers of the CES China Semiconductor Chips Index and the CNI Semiconductor Chips Index.</li>
</ul>


The review period for the June rebalance of the CSI All Share Semiconductor Index ends 30 April. The changes should be announced on 30 May and implemented on 13 June.
We forecast 4/5 adds and 8 deletes for the index with a one-way turnover of 2.4% and a round-trip trade of CNY 990m (US$136m).
There are many forecast adds and deletes that will have same side flows from trackers of the CES China Semiconductor Chips Index and the CNI Semiconductor Chips Index.


CSI All Share Semiconductor Index Rebalance Preview: Multiple Index Flows for Some Stocks

<ul>
<li>CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.</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>We expect up to six ADDs and seven DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.</li>
</ul>


CSI All Share Semiconductors &amp; Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
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.
We expect up to six ADDs and seven DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.


Quiddity Leaderboard CSI All Share Semiconductors Jun25: Good Momentum for Exp ADDs Vs DELs Trade

Espressif Systems Shanghai  / Index Rebalance

<ul>
<li>CSI announced the changes for the December rebalance after market close on 29 November and the changes will be effective after the close of trading on 13 December.</li>
<li>There are 3 changes for the index and we estimate passive buying of 0.3-0.65x ADV in the adds and selling of between 0.4-0.6x ADV in the deletes.</li>
<li>On average, the adds to the index have outperformed the deletes over the last 5 weeks with the adds moving higher and the deletes trending lows.</li>
</ul>


CSI announced the changes for the December rebalance after market close on 29 November and the changes will be effective after the close of trading on 13 December.
There are 3 changes for the index and we estimate passive buying of 0.3-0.65x ADV in the adds and selling of between 0.4-0.6x ADV in the deletes.
On average, the adds to the index have outperformed the deletes over the last 5 weeks with the adds moving higher and the deletes trending lows.


STAR Chip Index Rebalance: 3 Changes; US$413m Round-Trip Trade

China

Chengdu Sino-Microelectronics Tech. Co., Ltd. manufactures and distributes electronics components. The Company produces digital integrated circuits, analog integrated circuits, and other products. Chengdu Sino Microelectronics Tech applies its products to electronics, communication, control, measurement, and other fields.

Chengdu Sino Microelectronics (688709 CH)

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Chengdu Sino Microelectronics (688709 CH)

STAR Chip Index Rebalance Preview: 3 Potential Changes in December; US$450m Round-Trip Trade

There could be 3 constituent changes in December. Estimated one-way turnover is 5.05% resulting in a one-way trade of CNY1.6bn. Passives need to...

Brian Freitas

STAR Chip Index Rebalance: 3 Changes; US$413m Round-Trip Trade

There are 3 changes for the index. Estimated 1-way turnover is 4.8% leading to a round-trip trade of CNY 3bn (US$413m). The adds have outperformed...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STAR Chip Index Rebalance Preview: 3 Potential Changes in December; US$450m Round-Trip Trade

There could be 3 constituent changes in December. Estimated one-way turnover is 5.05% resulting in a one-way trade of CNY1.6bn. Passives need to...

Brian Freitas

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

Most of the final expected ADDs/DELs were flagged by us in January 2025. These esoteric index flow considerations could be useful for China-focused...

Janaghan Jeyakumar, CFA

CSI All Share Semiconductor Index Rebalance Preview: Multiple Index Flows for Some Stocks

There could be 12-13 changes for the index in June. Some stocks will have same way flows from multiple index trackers and those stocks could...

Brian Freitas

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Good Momentum for Exp ADDs Vs DELs Trade

Some of the expected ADDs have been strongly outperforming some of the expected DELs since mid-November 2024 and this could continue over the next...

Janaghan Jeyakumar, CFA

STAR Chip Index Rebalance: 3 Changes; US$413m Round-Trip Trade

There are 3 changes for the index. Estimated 1-way turnover is 4.8% leading to a round-trip trade of CNY 3bn (US$413m). The adds have outperformed...

Brian Freitas