Hang Seng Index constituent adjustment forecast: institutions say Zijin Gold International (02259) and others may be included in the Hang Seng Index, while Huachuang Technology (06802) and others may join Stock Connect.
CICC released a research report stating that Hang Seng Indexes Company will announce the official results of the Hang Seng series index adjustments after market close on Friday, November 20, 2026, with formal implementation on Monday, December 7.
Based on the Hang Seng Index adjustment methodology and verification of subjective adjustment criteria through multiple previous actual adjustment results, calculations place Zijin Gold International (02259), Kingboard Laminates (01888), Swire Properties (01972), Akeso (09926), XPeng Inc.-W (09868), Zhipu AI (02513), and Yum China (09987) at the forefront of candidates meeting inclusion criteria.
The calculation prioritizes market capitalization ranking, then incorporates factors such as industry representativeness and coverage for a comprehensive conclusion.
Market Outlook
Overnight U.S. stocks closed with the Dow Jones Industrial Average down 36.38 points at 51,966.03, a decline of 0.07%; the S&P 500 up 31.29 points at 7,690.73, a gain of 0.41%; and the Nasdaq Composite up 290.86 points at 26,430.89, a gain of 1.11%.
Amazon led gains with a 4.98% rise, Tesla rose 3.76%, and Nvidia gained 1.38%. Memory chip stocks surged across the board, catalyzed by South Korea's finance minister saying the semiconductor industry boom would last at least until 2027 and Nvidia CEO Jensen Huang's comment that customer demand for AI chip orders continues to exceed supply. Western Digital rose 6.09%, SanDisk gained 5.53%, and SK Hynix climbed 4.67%.
Semiconductor equipment and chip design stocks also strengthened in tandem, with the Philadelphia Semiconductor Index ending an eight-day losing streak to close up 1.61%. Teradyne rose 3.24%, Lam Research gained 3.13%, and AI optical communication stocks were active, with Marvell Technology up 4.06% and Applied Optoelectronics up 3.48%.
The Nasdaq Golden Dragon China Index closed down 0.27%, with Pinduoduo bucking the trend to rise 0.52%; Alibaba fell 0.49%. Hang Seng Index ADRs declined, calculated on a proportional basis to close at 23,971.82 points, down 215.01 points or 0.89% from the Hong Kong close.
On the New York Mercantile Exchange, the front-month WTI crude oil futures contract fell $0.78 to close at $98.24 per barrel, a decline of 0.79%. COMEX front-month gold futures fell $20.80, or 0.50%, to $4,160.3 per ounce.
Key Developments to Watch
PBOC: Will establish a liquidity support tool to address large-scale redemptions by non-bank institutions. At the opening ceremony of the 2026 Financial Street Forum Annual Conference, People's Bank of China Governor Pan Gongsheng announced a series of policy measures the PBOC will soon promote, including establishing a liquidity support tool to address large-scale redemptions by non-bank institutions, expanding the scope of institutions eligible for the Standing Lending Facility, advancing bond market interconnection, facilitating overseas financial institutions' RMB purchase and sale business in domestic and overseas foreign exchange markets, and issuing guidance on financial support for building international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei) and other regions.
Additionally, Pan Gongsheng stated that deposit and loan benchmark interest rates will be phased out.
As interest rate marketization reform advances, deposit and loan benchmark rates are gradually being replaced by market-based pricing benchmarks. Bank loan rates already have multiple pricing benchmarks including the Loan Prime Rate and the interbank overnight repo rate; since the beginning of the first quarter this year, the PBOC has publicly disclosed average deposit rates across various tenors as a reference for bank deposit pricing. Next, the PBOC will promote the replacement of interest calculation bases in these areas with market-based interest rate indicators, achieving the phase-out of financial institution deposit and loan benchmark rates.
Mainland China's first batch of 18 active ETFs approved. After a three-month approval process, active ETFs have been officially approved. Industry sources indicate that the issuance scale of this batch of products may be around 2 billion yuan, meaning at least nearly 36 billion yuan in fresh capital will flow into A-shares. Fund companies may disclose product issuance announcements as early as the 20th and begin sales on Friday, with brokerage distribution channels potentially seeing a wave of issuance enthusiasm. Listing is also proceeding quickly, expected about one month later.
Ministry of Commerce and two other departments optimize and adjust drone-related export control measures. According to Zhitong Finance APP, on October 19, the Ministry of Commerce, the General Administration of Customs, and the Equipment Development Department of the Central Military Commission announced a decision to optimize and adjust export control measures on drone-related items, effective from November 18.
Two departments: Impose export controls on tunnel boring machines and other items, effective from November 18. According to Zhitong Finance APP, on October 19, the Ministry of Commerce and the General Administration of Customs announced a decision to impose export controls on tunnel boring machines and other items. The announcement stated that with State Council approval, it was decided to impose export controls on earth pressure balance tunnel boring machines, slurry shield tunnel boring machines, and other types of tunnel boring machines. This announcement takes effect from November 18, 2026. The Dual-Use Items Export Control List of the People's Republic of China is updated accordingly.
Henlius Biotech (02696) entered into a collaboration and license agreement with Amberstone for two T-cell engager products. According to Zhitong Finance APP, Henlius Biotech issued an announcement that on September 23, 2026, the company entered into a collaboration and license agreement with Amberstone Biosciences, Inc., under which both parties agreed to collaborate on the global research, development, manufacturing, and commercialization for all human uses of two T-cell engager (TCE) products based on Amberstone's proprietary T-MATE technology platform.
Hansoh Pharmaceutical (03692) signed another major ADC deal with Roche, with potential milestone payments exceeding $15 billion. On the evening of October 19, Hansoh Pharmaceutical announced it had entered into a strategic collaboration and licensing agreement with Roche covering a portfolio of ADC (antibody-drug conjugate) projects, including two preclinical ADC projects and multiple ADC projects targeting targets proposed by Roche, developed using Hansoh Pharmaceutical's proprietary ADC innovation technology platform. Under the collaboration agreement, Hansoh will receive $400 million in upfront payments and $110 million in first-anniversary payments, and is eligible to receive potential milestone payments exceeding $15 billion based on development, registration, and commercialization progress of these projects, as well as tiered royalties based on future potential product sales.
COSCO Shipping Ports (01199) plans to list and sell 25% equity in Qingdao Port Dongjiakou Ore Terminal. The combined minimum bid price for the 70% equity involved in the potential disposal is approximately RMB 1.918 billion, of which approximately RMB 685 million is attributable to Shanghai COSCO Shipping Ports' disposal interest. The target company is a limited liability company incorporated in China, primarily engaged in the construction, operation, and management of Qingdao Port Dongjiakou Ore Terminal. Meanwhile, China Merchants Port (00144) issued an announcement that its subsidiary plans to sell 25% equity in Qingdao Port Dongjiakou Ore Terminal through public listing.
Li Auto-W (02015) introduced external equity financing for Mahxin Technology through a capital subscription agreement with Mahe Xin Technology. Mahe Zhixin Intelligent Technology conditionally agreed to subscribe to RMB 42.8266 million of newly registered capital of Mahxin Technology at a total purchase price of RMB 1 billion; and Mahxin Technology, Mahe Zhixin Intelligent Technology, and investors entered into a capital subscription agreement for Mahxin Technology, under which investors conditionally agreed to subscribe to a total of RMB 26.7666 million of newly registered capital of Mahxin Technology at a total purchase price of RMB 625 million. This round of equity financing for Mahxin Technology was led by Hangzhou Jingtao, BlueRun Ventures, and Huaye Tiancheng, with participation from MiraclePlus. The company will continue to control Mahxin Technology after the transaction is completed and consolidate it into its accounts.
GOGOX (02246): Plans to sell all equity in GGEx Holdings Limited and intends to change its Chinese name to "GOGO Technology". After completion, the company will no longer hold any issued share capital of the target company, and the target company will no longer be a subsidiary of the company. Therefore, the financial results of the target group will no longer be consolidated into the group's consolidated financial statements.
Shandong Gold (01787) plans to jointly establish a Hong Kong treasury company with its controlling shareholder to further strengthen centralized management of the company's overseas funds. According to the investment agreement, the total subscribed capital contribution is RMB 1 billion (or equivalent currency), with each party contributing in installments in monetary form, of which: (i) Yacheng Company subscribes RMB 600 million (or equivalent currency), holding a 60% stake; and (ii) Mining Hong Kong subscribes RMB 400 million (or equivalent currency), holding a 40% stake. After establishment, the Hong Kong treasury company will not become a subsidiary of the company, and its financial results will not be consolidated into the group's consolidated financial statements.
Guangdong Land (00124) issued a positive profit alert, expecting profit attributable to shareholders of not less than HK$240 million for the first three quarters, turning around from a year-earlier loss. The main factors affecting the aforementioned group's expected results for the nine months ended September 30, 2026 include: due to the latest real estate market environment, based on impairment indicators for certain property projects of the group, the group recorded a substantial decrease in inventory impairment provisions during this review period compared to the same period in 2025; the group recorded a decrease in fair value losses on investment properties (net of related deferred tax expenses) during this review period compared to the same period in 2025; and properties delivered by the group during this review period.
Stock Spotlight
HUTCHMED (00013): The value of its ATTC platform will become apparent. HUTCHMED announced in late September that AstraZeneca has submitted a new drug application to the U.S. FDA for the combination therapy of savolitinib and osimertinib for the treatment of patients with locally advanced or metastatic non-small cell lung cancer with MET overexpression or amplification who have progressed during or after treatment with EGFR TKI.
The SAFFRON global Phase III study showed that the combination therapy demonstrated improvements in both progression-free survival and overall survival.
Citi released a research report stating that HUTCHMED's business operations have reached an inflection point from innovation, clinical progress, and sales recovery. The bank believes that as data is disclosed or transactions continue to be achieved, the value of the ATTC platform will become more concrete. It also expects positive readouts from SAFFRON and SANOVO.
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