Group 1 - The sample adjustments for indices such as the Shenzhen Component Index and ChiNext Index will be officially implemented today, while adjustments for indices like the SSE 50 and STAR 50 have already taken effect after the market close on December 12 [1] - The CSI 300 Index will replace 11 samples, including Huadian New Energy, Dongshan Precision, and Guiding Compass [1] - The CSI 500 Index will replace 50 samples, with companies like Heertai, Huahong Semiconductor, and Dongfang Yuhong being added [1] - The CSI 1000 Index will replace 100 samples, including Shijia Photon, Yongding Co., and Wangfujing [1] - The CSI A50 Index will replace 4 samples, with Huagong Technology and Guangqi Technology being included [1] - The CSI A100 Index will replace 6 samples, including Dongfang Fortune and Silex [1] - The CSI A500 Index will replace 20 samples, with Guotai Haitong and Chipone being added [1] - The SSE 50 Index will replace 4 samples, including SAIC Motor and Northern Rare Earth [1] - The SSE 180 Index will replace 7 samples, with Guotai Junan and Zhongtian Technology being included [1] - The SSE 380 Index will replace 38 samples, including COSCO Shipping Energy and Jinfat Technology [1] - The STAR 50 Index will replace 2 samples, with Aojie Technology and Shengke Communication being added [1] Group 2 - The Shenzhen Stock Exchange announced that the sample adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 will officially take effect on December 15, 2025 [2] - The Shenzhen Component Index will replace 17 samples, including Shenzhen Housing A and Demingli [2] - The ChiNext Index will replace 8 samples, with Shuanglin Co. and Changxin Bochuang being added [3] - The Shenzhen 100 Index will replace 7 samples, including Cangge Mining and Guohang Aviation [4] - The ChiNext 50 Index will replace 5 samples, with companies like Changshan Pharmaceutical and Feili Hua being included [5]

Group 1 - The Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. announced adjustments to the sample stocks of the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [1] - JunDa Co., Ltd. (002865) has been removed from the Shenzhen Component Index sample stock list [2] - JunDa Co., Ltd. listed on the Hong Kong Stock Exchange on May 8, 2025, with a total of 63,432,300 shares issued, including 6,343,300 shares for public offering in Hong Kong and 57,089,000 shares for international offering [3] Group 2 - The final offer price for JunDa Co., Ltd. was HKD 22.15, raising a total of HKD 1,405.03 million, with a net amount of HKD 1,291.67 million after deducting estimated listing expenses of HKD 113.36 million [3] - JunDa Co., Ltd. was listed on the Shenzhen Stock Exchange on April 25, 2017, with an initial public offering of 30 million shares at a price of RMB 9.05 per share, raising a total of RMB 27.15 million [4] - In December 2018, JunDa Co., Ltd. issued convertible bonds, raising a total of RMB 32 million, with a net amount of RMB 30.67 million after expenses [4] Group 3 - As of May 30, 2023, JunDa Co., Ltd. completed a specific object stock issuance, with a total subscription amount of RMB 2,776 million, all funds deposited in a designated account [6] - The actual number of shares issued in the specific object stock issuance was 27,760,000 shares at a price of RMB 100.00 per share, raising a total of RMB 2,776 million, with a net amount of RMB 2,738.20 million after deducting issuance expenses [6]

Core Viewpoint - The announcement from the China Securities Index Co., Ltd. regarding the adjustment of sample stocks for various indices, including the Shenzhen Component Index and ChiNext Index, indicates that Hualan Biological Engineering Inc. (华兰疫苗) will be removed from the Shenzhen Component Index as of December 15, 2025 [1] Group 1: Company Overview - Hualan Biological Engineering Inc. was listed on the Shenzhen Stock Exchange's ChiNext on February 18, 2022, with an initial public offering (IPO) of 40.01 million shares at a price of 56.88 RMB per share [2] - The stock reached a peak of 79.78 RMB on its first trading day but is currently trading below its IPO price, indicating a state of loss [2] - The total funds raised from the IPO amounted to 2.276 billion RMB, with a net amount of 2.244 billion RMB after deducting issuance costs [2][3] Group 2: Financial Performance - The company initially planned to raise 2.495 billion RMB, but the actual amount raised was 251 million RMB less than expected [2] - Hualan Biological's 2022 annual equity distribution plan included a cash dividend of 3.00 RMB per 10 shares and a capital reserve conversion of 5 additional shares for every 10 shares held [3][4] - The company has a registered capital of 601.0275 million RMB and paid-in capital of 360 million RMB [4]

Group 1 - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for various indices, including the Shenzhen Component Index and the ChiNext Index, effective December 15, 2025 [1] - Huaxia Eye Hospital (301267) is one of the stocks being removed from the ChiNext Index sample list [1] Group 2 - Huaxia Eye Hospital was listed on the ChiNext on November 7, 2022, with an initial offering price of 50.88 RMB per share and is currently in a state of decline [2] - The total funds raised from the initial public offering amounted to 305.28 million RMB, with a net amount of 276.85 million RMB after deducting issuance costs [2] - The company originally planned to raise 77.85 million RMB for various projects, including hospital construction and operational upgrades, but ultimately raised 198.99 million RMB more than planned [2] Group 3 - In the 2022 annual shareholders' meeting held on May 15, 2023, the company approved a profit distribution plan, distributing a cash dividend of 2.8 RMB per 10 shares, totaling 15.68 million RMB [3] - The company also approved a capital reserve increase, converting 5 shares for every 10 shares held, increasing the total share capital from 56 million shares to 84 million shares [3] - Huaxia Eye Hospital Group was established in 2004 in Xiamen, Fujian Province, with a registered capital of 84 million RMB [3]

Group 1 - Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. announced adjustments to the sample stocks of various indices, including the Shenzhen Component Index and ChiNext Index, effective December 15, 2025 [1] - JunDa Co., Ltd. (002865) has been removed from the Shenzhen Component Index sample stock list [2] Group 2 - JunDa Co., Ltd. was listed on the Hong Kong Stock Exchange on May 8, 2025, with a total of 63,432,300 shares issued, including 6,343,300 shares for public offering and 57,089,000 shares for international offering [3] - The final offer price for JunDa Co., Ltd. was HKD 22.15, raising a total of HKD 1,405.03 million, with a net amount of HKD 1,291.67 million after deducting estimated listing expenses of HKD 113.36 million [3] - JunDa Co., Ltd. was listed on the Shenzhen Stock Exchange on April 25, 2017, with an initial public offering of 30 million shares at a price of RMB 9.05 per share, raising a total of RMB 27.15 million [4] - In December 2018, JunDa Co., Ltd. issued convertible bonds, raising a total of RMB 32 million, with a net amount of RMB 30.67 million after expenses [4] - As of May 30, 2023, JunDa Co., Ltd. raised RMB 2,776 million through a specific object stock issuance, with a final issuance price of RMB 100 per share [6]

Index Adjustments - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to various indices, effective after market close on December 12 and December 15, 2025 [1][3] - The adjustments include changes to the sample stocks of indices such as the SSE 50, SSE 180, SSE 380, and STAR 50 [1][3] SSE 50 Index - The SSE 50 index will replace 4 stocks: SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang [1] - The stocks being removed from the SSE 50 index include Poly Development, China Mobile, China Aluminum, and CRRC [1] SSE 180 Index - The SSE 180 index will add 7 new stocks: Guotou Capital, Zhongtian Technology, Huadian New Energy, Guolian Minsheng, Ruixin Micro, Shengmei Shanghai, and Jinghe Integrated [1] - The removed stocks from the SSE 180 index are COSCO Shipping Energy, Nanshan Aluminum, Sailun Tire, Lu'an Environmental Energy, CNOOC Services, Stone Technology, and Trina Solar [1] SSE 380 Index - The SSE 380 index will add 38 stocks, including COSCO Shipping Energy, Jinfa Technology, Nanshan Aluminum, Southwest Securities, and WISCO Capital [2] - The removed stocks from the SSE 380 index include Guotou Capital, Furuida, Pudong Construction, Tibet Summit, Jiangshan Shares, Anhui Construction, Yuguang Gold Lead, Jinjing Technology, Hangmin Shares, and Green Power [2] STAR 50 Index - The STAR 50 index will replace 2 stocks: Aojie Technology and Shengke Communication, while removing Huaxi Biological and Hangcai Shares [3] Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange will also adjust the sample stocks for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [3] - The Shenzhen Component Index will add 17 stocks, including Deep Shenzhen A, Deming Li, Guohua Aviation, and Wolong Nuclear Material, while removing stocks like China National Pharmaceutical and Tibet Mining [3] ChiNext Index - The ChiNext Index will add 8 stocks, including Shuanglin Shares, Changshan Pharmaceutical, and Fulian Precision, while removing stocks like Bihui Source, Yihua Record, and Tianhua New Energy [3] Other Indices - The Shenzhen 100 Index will add 7 stocks, including Cangge Mining and Guohua Aviation, while removing stocks like Tianshan Shares and Shanxi Coking Coal [3] - The ChiNext 50 Index will add 5 stocks, including Changshan Pharmaceutical and Feiliwa, while removing stocks like Terui De and Mango Super Media [3] Additional Index Adjustments - The China Securities Index Company announced adjustments to the CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 indices, effective after market close on December 12, 2025 [3] - The CSI 300 index will replace 11 stocks, including Huadian New Energy and Dongshan Precision [4] - The CSI 500 index will replace 50 stocks, including Heertai and Huahong Semiconductor [5] - The CSI 1000 index will replace 100 stocks, including Shijia Photon and Yongding Shares [6] - The CSI A50 index will replace 4 stocks, including Huagong Technology and Guangqi Technology [7] - The CSI A100 index will replace 6 stocks, including Dongfang Fortune and Shenghong Technology [8] - The CSI A500 index will replace 20 stocks, including Guotai Haitong and Chip Origin [9]

Group 1 - The Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. announced a scheduled adjustment of sample stocks for several indices, including the Shenzhen Component Index and ChiNext Index, effective December 15, 2025 [1] - The adjustment will also affect the Shenzhen 100 and ChiNext 50 indices, with specific sample stock lists provided [1] - This decision is in accordance with the index compilation rules set by the exchange [1]

- The report predicts the adjustment of sample stocks for the CSI 300, CSI 500, and STAR 50 indices in December 2025[1][6] - The CSI 300 Index selects companies with good operating conditions, no violations, no major financial report issues, and no significant stock price anomalies[7] - The CSI 500 Index excludes CSI 300 sample stocks and the top 300 stocks by average market value, selecting companies with good operating conditions and no major issues[9][10] - The STAR 50 Index selects companies listed on the STAR Market with good operating conditions, no violations, and no major financial report issues[13] - The report provides detailed predictions for stocks to be included and excluded from each index based on average market value and average trading volume[8][11][14]

- The report utilizes an event study framework to analyze the effects of index sample stock adjustments, focusing on the short-term positive abnormal returns observed before the announcement date of the adjustments[4][7][12] - The prediction model for the CSI 300 Index sample stock adjustments follows the methodology outlined in the CSI 300 Index Compilation Scheme, which includes the following steps: 1. Define the sample space: The sample space consists of A-shares listed on the Shanghai and Shenzhen stock exchanges that meet specific criteria, such as listing duration and market capitalization[29][33] 2. Filter by trading volume: Stocks are ranked by average daily trading volume from November 1, 2024, to October 31, 2025, and the bottom 40% of old samples are excluded[29][33] 3. Filter by market capitalization: Stocks are ranked by average daily market capitalization, retaining the top 240 new samples and the top 360 old samples, considering buffer zone rules[29][30] 4. Exclude stocks penalized by the CSRC, financially unprofitable stocks, and stocks suspended for a long time[30] - The prediction model for the CSI 500 Index sample stock adjustments follows the methodology outlined in the CSI 500 Index Compilation Scheme, which includes the following steps: 1. Define the sample space: The sample space consists of A-shares listed on the Shanghai and Shenzhen stock exchanges that meet specific criteria, such as listing duration and market capitalization[34][39] 2. Filter by trading volume: Securities are ranked by average daily trading volume over the past year, and the bottom 20% are excluded[35] 3. Filter by market capitalization: Remaining securities are ranked by average daily market capitalization over the past year, and the top 500 are selected as index samples[35] 4. Apply adjustment and buffer rules: New samples ranked within the top 400 by market capitalization are prioritized for inclusion, while old samples ranked within the top 600 are prioritized for retention[39] - The historical prediction accuracy for the CSI 300 Index sample stock adjustments from June 2019 to November 2025 is as follows: - Correct predictions for sample stock additions: 178 out of 229, with an accuracy rate of 78%[26] - Correct predictions for sample stock removals: 219 out of 229, with an accuracy rate of 96%[26] - The historical prediction accuracy for the CSI 500 Index sample stock adjustments from June 2023 to November 2025 is as follows: - Correct predictions for sample stock additions: 177 out of 250, with an accuracy rate of 71%[28] - Correct predictions for sample stock removals: 230 out of 250, with an accuracy rate of 92%[28] - The backtesting results for the June 2025 CSI 300 Index sample stock adjustments show: - Predicted additions: Average cumulative excess return of 2.29% before the announcement date and -2.24% after the announcement date[18][20] - Predicted removals: Average cumulative excess return of -0.67% before the announcement date and 0.22% after the announcement date[18][20] - The backtesting results for the June 2025 CSI 500 Index sample stock adjustments show: - Predicted additions: Average cumulative excess return of -0.73% before the announcement date and 0.60% after the announcement date[24][25] - Predicted removals: Average cumulative excess return of 2.65% before the announcement date and -0.13% after the announcement date[24][25]

Core Viewpoint - The stock of the innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility after being included in multiple indices, raising concerns about its liquidity and the implications for related ETFs [1][2][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 77.09% on September 12 and 115.58% on September 15, before plummeting by 53.73% on September 16, resulting in a market capitalization drop from nearly 270 billion HKD to 76.2 billion HKD [2]. - On September 17, the stock continued to show volatility, with an intraday increase of over 30% and a closing rise of 8.96% [1][2]. Group 2: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect Innovative Drug Index led to passive buying by ETFs tracking this index, which has a total asset size of 35.963 billion HKD across seven products [3][6]. - The largest ETF tracking this index is the Huatai-PineBridge Hong Kong Stock Connect Innovative Drug ETF, with a size of 21.739 billion HKD [3]. Group 3: Industry Concerns and Future Adjustments - Industry insiders have expressed concerns regarding the liquidity of Yaojie Ankang, suggesting that the index's methodology needs optimization to account for liquidity issues when including stocks [4][6]. - Fund companies have begun discussions with index providers to address these concerns, indicating that adjustments to the index methodology may be forthcoming [5][6].