HONG KONG (BLOOMBERG) - Alibaba Group Holding will be included in Hong Kong's Hang Seng in one of the biggest revamps in the benchmark index's 50-year history.. Read more at straitstimes.com.
HONG KONG - Alibaba Group Holding will be included in Hong Kong's Hang Seng in one of the biggest revamps in the benchmark index's 50-year history.
The move could affect tens of billions of dollars in pension fund assets and exchange-traded funds that track the index. Sino Land Co., Want Want China Holdings Ltd and China Shenhua Energy Co. were forced out of the 50-member gauge. The changes will be effective Sept 7. Alibaba's inclusion builds on the trend of China's technology giants gaining more clout in Hong Kong markets - so much that the compiler recently launched a new measure focused on tech."The inevitable trend is for Hong Kong's equity benchmark to lose more local features and represent more of the Chinese economy," according to Jackson Wong, asset management director at Amber Hill Capital Ltd, who spoke before the announcement.
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