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New World Development loses blue-chip status in ejection from Hang Seng Index
The city’s most indebted home builder joined the HSI in 1973, just a year after it went public. It was removed from the index in 2003 but regained a spot in 2005.
While NWD exits, video-sharing platform Kuaishou Technology and New Oriental Education & Technology Group will join the stock gauge as of December 9, Hang Seng Indexes, a wholly owned subsidiary of Hang Seng Bank, said in a statement on Friday.
That will boost the number of the constituents on the benchmark to 83 from 82 currently. In the last review in August, the compiler made no changes to the index’s composition.
Following the review of other stock gauges in the Hang Seng index family, mainland insurer PICC Property and Casualty will be added to the Hang Seng China Enterprises Index of mainland companies trading in the city, while mainland developer Longfor Group Holdings will be removed, the compiler said.
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