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<Research>CICC's Passive Capital Flow Forecasts After HSI, HSCEI Constituent Adjustments (Table)
Recommend 81 Positive 147 Negative 70 |
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Hang Seng Indexes Company announced the results of the quarterly review of the Hang Seng family of indexes on Friday (17 May). The number of HSI constituent stocks will be maintained at 82 with the addition of BYD ELECTRONIC (00285.HK) and the exclusion of CG SERVICES (06098.HK). The changes will be implemented after market close on 7 June 2024 (Friday) and will be effective from 11 June 2024 (Tuesday). CICC released a report on passive capital flow measurement, focusing on the positive impact on BYD ELECTRONIC, ZIJIN MINING (02899.HK) and LI AUTO-W (02015.HK), as well as the negative impact on CG SERVICES, XINYI SOLAR (00968.HK) and JD-SW (09618.HK). The capitalisation of ETFs tracking the HSI is about US$27.65 billion, while those tracking HSCEI and HSTECH are about US$5.32 billion and US$16.39 billion respectively. The broker combined the above changes in constituents and weightings to measure potential passive capital flows. For HSI, the passive capital inflow that will take the longest time to complete is the newly-inducted BYD ELECTRONIC, which is expected to bring US$60.83 million of inflows. Of the outflows, the current 0.1% weighting of CG SERVICES will bring about US$27.65 million of passive capital outflows. CICC listed the weight adjustments for some HSI constituents and forecasted their passive capital flows: Stock│HSI Weighting Change│Potential Passive Capital Change ※ BYD ELECTRONIC (00285.HK)│+0.22%│Inflow of US$60.8 million CITIC (00267.HK)│+0.02%│Inflow of US$5.5 million CLP HOLDINGS (00002.HK)│+0.02%│Inflow of US$5.5 million NONGFU SPRING (09633.HK)│+0.02%│Inflow of US$5.5 million CK ASSET (01113.HK)│+0.02%│Inflow of US$5.5 million BOC HONG KONG (02388.HK)│+0.02%│Inflow of US$5.5 million CSPC PHARMA (01093.HK)│+0.02%│Inflow of US$5.5 million CKH HOLDINGS (00001.HK)│+0.02%│Inflow of US$5.5 million ------------------------------------------- # CG SERVICES (06098.HK)│-0.1%│Outflow of US$27.7 million TENCENT (00700.HK)│-1.45%│Outflow of US$400.9 million HSBC HOLDINGS (00005.HK)│-0.14%│Outflow of US$38.7 million JD-SW (09618.HK)│-0.13%│Outflow of US$35.9 million SHK PPT (00016.HK)│-0.08%│Outflow of US$22.1 million ※ To be included # To be excluded ------------------------------------------- CICC also listed the weight adjustments for some HSCEI constituents and forecasted their passive capital flows: Stock│HSCE Weighting Change│Potential Passive Capital Change ※ZIJIN MINING (02899.HK)│+1.28%│Inflow of US$68.1 million BABA-SW (09988.HK)│+0.46%│Inflow of US$24.5 million ------------------------------------------- # XINYI SOLAR (00968.HK)│-0.35%│Outflow US$18.6 million TENCENT (00700.HK)│-1.24%│Outflow US$65.93 million MEITUAN-W (03690.HK)│-1.07%│Outflow of US$56.9 million JD-SW (09618.HK)│-0.22%│Outflow of US$11.7 million ※ To be included # To be excluded AAStocks Financial News |
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