CICC Hong Kong Stock Connect and Hang Seng Index adjustment preview: Zijin Gold International (02259) and others are expected to be included in Hang Seng Index Huanchuang Technology (06802), etc.
The Zhitong Finance App learned that CICC released a research report stating that the Hang Seng Index Company will announce the official results of the Hang Seng Series Index adjustments after closing on November 20, 2026 (Friday), and will be officially implemented on December 7 (Monday). Based on the adjustment methodology of the Hang Seng Index, and verification of the understanding of subjective adjustment standards using the results of many previous actual adjustments, it was calculated that Zijin Gold International (02259), Jiantao Laminate (01888), Taikoo Real Estate (01972), Kang Fang Biotech (09926), Xiaopeng Group-W, Zhipu, and Yum Sheng China are at the top of the list of potential candidates. The calculation gives priority to market capitalization rankings, and is calculated by combining factors such as representation and coverage of various industries.
During this period, similar to the MSCI index adjustment, it is still not ruled out that some active funds will adopt certain arbitrage operations based on the published results of the adjustment, but passive funds will choose to adjust their positions on the trading day before the entry into force (that is, December 4) in order to minimize tracking errors. At that time, the relevant stock transactions may experience a “abnormal volume” situation far greater than usual, especially at the end of the session.
CICC's main views are as follows:
After the market on November 20, 2026 (Friday), Beijing time, Hang Seng Index Company will announce the annual review results of the Hang Seng Index series (the review deadline is September 30, 2026), involving major Hong Kong stock flagship indices such as Hang Seng, State-owned Enterprises, and Hang Seng Technology, as well as the Hang Seng Composite Index, which directly affects the investment scope of Hong Kong Stock Connect.
Due to the large scale of passive capital tracking the flagship index of Hong Kong stocks (based on Bloomberg and Wind statistics, the ETF sizes of the Hang Seng Index, SOE, and Hang Seng Tech Index are about US$23.78 billion, US$6.20 billion and US$37.10 billion respectively), changes in potential constituent stocks and corresponding capital flows are worth focusing on. Based on currently available data, the forecast potential adjustments are as follows for investors' reference.
Hang Seng Index adjustment: Zijin Gold International, Jiantao Laminate, etc. are eligible for inclusion
Based on the adjustment methodology of the Hang Seng Index, and using the results of many previous actual adjustments to verify the understanding of subjective adjustment standards, it was calculated that Zijin Gold International, Jiantao Laminate, Taikoo Real Estate, Kangfang Biotech, Xiaopeng Group-W, Zhiguo, and Yum China ranked at the top of the list of potential candidates. The calculation prioritizes market capitalization rankings, combined with factors such as representation and coverage of various industries, and estimated the possible weight and capital flow of the corresponding individual stocks in Chart 2.
However, it should be specifically pointed out that historical experience shows that there is often a discrepancy between actual results and this screening ranking based on quantitative criteria. For example, Yum Sheng China and Zijin Gold International have ranked high in the past few predictions, but in the end, none of them have been included. Mainly because some of the criteria included in the Hang Seng Index lack explanation or quantitative basis, such as representation of the industry and listing site, etc., and there are subjective judgment factors.
Hang Seng Technology adjustments: Hengke's “big reform”, adding 20 new ones. Ningde Era, Changfei and Shenghong are expected to be included
The Hang Seng Index Company announced the final plan for the revision of the Hang Seng Technology Index calculation method on October 7, 2026, which also became the part of the Hang Seng Index series that received the most attention from the market. The main content, possible targets, and potential impact of this Hengke revision were summarized and analyzed in detail.
Based on the revised stock selection rules and buffer zone arrangements and data as of September 30, it is estimated that 1) the market capitalization threshold selected by the market capitalization group is about HK$40 billion or more; 2) the revenue growth category ranked in the top 10 according to the TTM growth rate of published revenue as of September 30. The revenue growth rate of the selected targets was about 35% or more, and all met additional requirements such as revenue of not less than HK$500 million in the last two fiscal years (2024 and 2025). The potential targets for inclusion are:
10 market capitalization groups: Xiyin, Ningde Era, Jiantao Laminated Board, Wanguo Data, Changfei Optical Fiber Cable, ASMPT, Bijiao Technology, Ruisheng Technology, Premium Choice, and Jingtai Holdings;
There are 10 revenue growth categories: Xunce, Huiju Technology, Haizhi Technology Group, InnoSec, Shenghong Technology, Yunzhisheng, Hesai-W, Lanqi Technology, Jinshan Cloud, and Jizhijia-W.
It should be pointed out that this forecast is the first forecast since the announcement of Hengke's revised plan. There may be room for further confirmation and optimization of specific quantitative standards and measurement methods. The final list is based on the review results announced by Hang Seng Index.
Hong Kong Stock Connect adjustments: Huanchuang Technology and Najun Technology are expected to enter the market on December 7, and Robocom, Communication Holdings and Liqin Resources will also enter the market after the end of the price stabilization period
Unlike other indices of the Hang Seng Index, the Hang Seng Composite Index is adjusted every six months. This time, only minor adjustments will be made. Eligible newly listed companies (such as those newly listed in the first and third quarters and that meet the conditions for inclusion in the Hang Seng Composite Index large and medium-sized indices) can be included at this time.
Based on the above conditions, and considering whether other additional conditions may be met for inclusion in the Hong Kong Stock Connect, it is estimated that Huanchuang Technology and Najun Technology are expected to meet the criteria for inclusion in the Shanghai-Hong Kong Stock Connect and enter the Hong Kong Stock Connect on December 7.
In addition, due to their nature as AH listed companies on September 29 and October 15, 2026, Robotec and Communication Holdings will also be directly included in the Hong Kong Stock Connect transaction in the near future after the end of the 30-day price stabilization period. The inclusion period is around October 26 and November 13. Meanwhile, Liqin Resources was listed on A-shares on September 30, and is expected to open around October 21 after meeting 10 trading days.
Schedule: Closing announcement on November 20, implementation on December 7; subsequent adjustments to the Hong Kong Stock Exchange
In terms of time, Hang Seng Index will announce the official results of the Hang Seng Index series adjustments after closing on November 20, 2026 (Friday), and will be officially implemented on December 7 (Monday). After the index adjustment takes effect on December 7, the Shanghai and Shenzhen Exchanges will adjust the scope of investable targets of the Shanghai-Shenzhen-Hong Kong Stock Exchange accordingly based on this (the exact time depends on the exchange announcement).
During this period, similar to the MSCI index adjustment, it is still not ruled out that some active funds will adopt certain arbitrage operations based on the published results of the adjustment, but passive funds will choose to adjust their positions on the trading day before the entry into force (that is, December 4) in order to minimize tracking errors. At that time, the relevant stock transactions may experience a “abnormal volume” situation far greater than usual, especially at the end of the session.
Chart 1: Tracking the ETF funding size of the Hang Seng Index, Hang Seng State-owned Enterprises Index, and Hang Seng Technology Index
Note: Data as of October 16, 2026
Source: Bloomberg, CICC Research Division
Chart 2: Comparison of Hang Seng Technology Index calculation rules
Source: Hang Seng Indices, CICC Research Division
Chart 3: Hang Seng Composite Index constituent stock adjustment rules
Note: The specific rules are subject to the announcement of Hang Seng Index
Source: Hang Seng Indices, CICC Research Division
Chart 4: Hong Kong Stock Connect's screening process and rules
Source: Hang Seng Indices, Shenzhen Stock Exchange, Shanghai Stock Exchange, CICC Research Department