Midea, ZTO Express to join Hang Seng Index on June 9 after quarterly review
Hang Seng Index compiler added Midea Group, China's biggest maker of home appliances, and logistics operator ZTO Express to Hong Kong's stock benchmark, enlarging the number of constituents to 85 following a regular quarterly review.
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Midea and ZTO would join as benchmark index members after the close of trading on June 6, with an estimated weighting of 0.33 per cent and 0.44 per cent, respectively, Hang Seng Indexes said in a statement on Friday. No stock was removed in the review. The changes would be effective on June 9, it added.
Elsewhere, the compiler decided to add China's biggest electric-vehicle maker BYD to the Hang Seng Tech Index and remove China Literature from the membership. There were no changes to the Hang Seng China Enterprises Index, a gauge tracking 50 of mainland's biggest companies traded in Hong Kong.
The Hang Seng Index has risen about 15 per cent this year amid bets China will introduce more economic stimulus to shore up the economy amid a tariff war with the US. The index has recouped all the losses triggered by US President Donald Trump's so-called reciprocal tariff in early April, following a tentative truce in Geneva this week.
The index dropped 0.5 per cent to 23,345.05 on Friday, paring the week's gain to 2.1 per cent, while the Tech Index retreated 0.3 per cent.
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Midea has risen 4.4 per cent this year to HK$77.90 in Hong Kong, while ZTO has declined 4.3 per cent to HK$143.70. BYD has advanced 68 per cent to HK$434.20, according to Bloomberg data.
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