CICC has published a research report stating that Hang Seng Indexes Company will announce the official results of the Hang Seng Series Indexes review after the close on Friday, November 20, 2026, with implementation on Monday, December 7.
Based on the Hang Seng Index adjustment methodology and drawing on the verification of subjective adjustment standards through multiple previous actual adjustment results, the report calculates that Zijin Gold Intl (02259), KB Laminates (01888), Swire Properties (01972), Akeso (09926), XPeng Group-W, Zhipu, and Yum China are among those meeting inclusion criteria and rank at the top of the potential candidate list.
The calculation prioritizes market capitalization ranking, then combines sector representativeness and coverage ratios and other factors for a comprehensive conclusion. During this period, similar to MSCI index adjustments, some active funds may still engage in certain arbitrage operations based on the published adjustment results, but passive funds will choose to rebalance on the trading day before the effective date (i.e., December 4) to minimize tracking error. At that time, the trading volume of related stocks may see "abnormal spikes" far exceeding normal levels, especially in the closing auction.
CICC's main views are as follows: After the market close on Friday, November 20, 2026 Beijing time, Hang Seng Indexes Company will announce the annual review results of the Hang Seng Series Indexes (with the review cut-off date of September 30, 2026), covering major flagship Hong Kong stock indices such as the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, as well as the Hang Seng Composite Index which directly affects the Stock Connect investment universe.
Given the large scale of passive funds tracking Hong Kong flagship indices (according to Bloomberg and Wind statistics, ETF assets tracking the Hang Seng Index, HSCEI, and Hang Seng Tech Index are approximately US$23.78 billion, US$6.20 billion, and US$37.10 billion respectively), potential constituent changes and corresponding fund flows deserve close attention. Based on available data, the potential adjustments are predicted as follows for investors' reference.
Hang Seng Index Adjustment: Zijin Gold Intl and KB Laminates Seen Meeting Inclusion Criteria
Based on the Hang Seng Index adjustment methodology and drawing on the verification of subjective adjustment standards through multiple previous actual adjustment results, the report calculates that Zijin Gold Intl, KB Laminates, Swire Properties, Akeso, XPeng Group-W, Zhipu, and Yum China are among those meeting inclusion criteria and rank at the top of the potential candidate list.
The calculation prioritizes market capitalization ranking, then combines sector representativeness and coverage ratios and other factors. Chart 2 estimates the possible weights and fund flows for the corresponding stocks. However, it should be specifically noted that historical experience shows actual results often differ from this quantitative-standard-based screening ranking. For example, Yum China and Zijin Gold Intl have ranked at the top in several past predictions but ultimately failed to be included. This is mainly because some of the Hang Seng Index's inclusion criteria lack explanation or quantitative basis, such as sector and listing location representativeness, which involve subjective judgment factors.
Hang Seng Tech Adjustment: Major Overhaul with 20 New Additions, CATL, YOFC and Victory Giant Seen Qualifying
Hang Seng Indexes Company published the final proposal for the Hang Seng Tech Index compilation methodology revision on October 7, 2026, which has become the most market-watched part of this Hang Seng Series Index review. The report summarizes and analyzes in detail the main content of this Hang Seng Tech revision, possible inclusion targets, and potential impacts.
Based on the revised stock selection rules and buffer arrangements with data as of September 30, the report estimates: 1) The free-float market cap threshold for the market cap group is approximately HK$40 billion or above; 2) The revenue growth group takes the top 10 by TTM revenue growth rate of disclosed revenue as of September 30, with selected targets having revenue growth of approximately 35% or above and all meeting additional requirements including revenue of no less than HK$500 million in the most recent two fiscal years (FY2024 and FY2025).
Potential inclusion targets are: 10 from the market cap group: Shein, CATL, KB Laminates, GDS Holdings, YOFC, ASMPT, Biren Technology, AAC Technologies, UBTech, and XtalPi Holdings; 10 from the revenue growth group: Xunce, Huiju Technology, Haizhi Technology Group, Innoscience, Victory Giant Technology, Unisound, Hesai-W, Montage Technology, Kingsoft Cloud, and Geekplus-W.
It should be noted that this prediction is the first after the Hang Seng Tech revision proposal was published, and specific quantitative standards and calculation methods may have room for further confirmation and optimization. The final list is subject to the review results announced by Hang Seng Indexes Company.
Stock Connect Adjustment: Camsense and Nazhen Technology Seen Entering Stock Connect on December 7; Robotech, Transsion Holdings and Lygend Resources to Enter After Stabilization Period Ends
Unlike other Hang Seng indices, the Hang Seng Composite Index is adjusted semi-annually, and this time only partial small-scale adjustments will be made. Eligible new listed companies (such as those newly listed in Q1 and Q3 that meet the inclusion criteria for the Hang Seng Composite LargeCap and MidCap indices) can be included this time.
Based on the above conditions, while comprehensively considering whether other additional criteria for Stock Connect inclusion may be met, the report estimates that Camsense (06802) and Nazhen Technology are expected to meet the Shanghai-Hong Kong Stock Connect inclusion standards and enter Stock Connect on December 7. In addition, Robotech and Transsion Holdings, which listed in Hong Kong on September 29 and October 15, 2026, will also be directly included in Stock Connect trading after their 30-day price stabilization periods end in the coming days, due to their A+H dual-listing status, with inclusion expected around October 26 and November 13 respectively. Meanwhile, Lygend Resources listed on the A-share market on September 30 and is expected to enter Stock Connect around October 21 after meeting the 10-trading-day requirement.
Timeline: Results Announced After November 20 Close, Implemented December 7; Stock Connect Targets Adjusted Accordingly
In terms of timing, Hang Seng Indexes Company will announce the official results of the Hang Seng Series Indexes review after the close on Friday, November 20, 2026, with formal implementation on Monday, December 7. After the index adjustment takes effect on December 7, the Shanghai and Shenzhen Stock Exchanges will subsequently adjust the investable universe of Stock Connect accordingly (specific timing subject to exchange announcements).
During this period, similar to MSCI index adjustments, some active funds may still engage in certain arbitrage operations based on the published adjustment results, but passive funds will choose to rebalance on the trading day before the effective date (i.e., December 4) to minimize tracking error. At that time, the trading volume of related stocks may see "abnormal spikes" far exceeding normal levels, especially in the closing auction.
Chart 1: ETF assets tracking the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index. Note: Data as of October 16, 2026. Source: Bloomberg, CICC Research Department.
Chart 2: Comparison of Hang Seng Tech Index compilation details. Source: Hang Seng Indexes Company, CICC Research Department.
Chart 3: Hang Seng Composite Index constituent adjustment rules. Note: Specific details subject to Hang Seng Indexes Company announcements. Source: Hang Seng Indexes Company, CICC Research Department.
Chart 4: Stock Connect screening process and rules. Source: Hang Seng Indexes Company, Shenzhen Stock Exchange, Shanghai Stock Exchange, CICC Research Department.
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