Alibaba, Xiaomi to join Hong Kong's Hang Seng Index (updated)

Sino Land

14/08/2020 12:39

(Adds details, context)
    HONG KONG, Aug 14 (Reuters) - E-commerce conglomerate
Alibaba  9988.HK   BABA.N , handset maker Xiaomi  1810.HK  and
WuXi Biologics  2269.HK  will enter the Hang Seng  .HSI  next
month, broadening Hong Kong's traditionally financial
services-dominated index.
    The change announced by the Hang Seng Indexes Company on
Friday was made possible after the 50-year-old benchmark's
publisher changed the rules on shareholder structure and
secondary listings in May.  urn:newsml:reuters.com:*:nL4N2D02AU
    China's largest financial hubs are revamping key indexes to
give more weight to internet companies, which are increasingly
important to its economy.  urn:newsml:reuters.com:*:nL3N2F12EH
    Alibaba and Xiaomi, along with delivery platform Meituan
Dianping  3690.HK , will also join the 'H-share' Hang Seng China
Enterprises Index  .HSCE , which represents Chinese companies
listed in the city.
    Changes to both indexes are effective September 7.
    About $19.7 billion of assets under management in
exchange-traded products were linked to the Hang Seng Index with
another $5.4 billion tied to the H-share index as of July, the
index provider said.
    The Hang Seng Index will drop Sino Land  0083.HK , Want Want
China  0151.HK  and China Shenhua Energy  1088.HK , while
Sinopharm  1099.HK , BYD  1211.HK  and Citic Securities
 6030.HK  will leave the H-share index. 

 (Reporting by Twinnie Siu; writing by Noah Sin; Editing by
Jason Neely and Alexander Smith)
 ((Noah.Sin@thomsonreuters.com; +852 5202 7991; Reuters
Messaging: noah.sin.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/noah_sin))