Financial News
Written by: Zhang Weilun
2020-05-29 14:46
Last update date: 2020-05-29 20:16The Hang Seng Index Company announced on May 18 that it allows listed companies that are listed in the same stock with different rights and secondary listings to become constituent stocks of the Hang Seng Index and the HSCEI, namely Alibaba (9988) may have a chance to become blue in the future. The HSI pointed out in its blog that long before Ali returned to Hong Kong for listing, he has received many inquiries asking whether Ali is eligible to be promoted as a constituent stock of the HSI. However, the restrictions on the listing form had not been relaxed at that time, so the company had not considered it.
Although Ali's stock has only one category, and all shareholders have only one share and one vote, the nomination of directors of its partnership belongs to the same stock with different rights under the listing rules of the Hong Kong Stock Exchange, and it is also a company with different stocks with different rights. The first company to list shares with different rights in the same stock appeared in 2018, and the relevant shareholding structure has been controversial. It is worried that because a "minority" shareholder has more than one share and thus enjoys greater voting rights, it may harm the interests of ordinary shareholders.
Ali was listed on the New York Stock Exchange in 2014. Last year, it was listed in Hong Kong as a secondary listing in accordance with Chapter 19C of the Listing Rules introduced by the Hong Kong Stock Exchange in 2018.
Alibaba only returned to Hong Kong last year. (Profile picture)
Investors are familiar with Ali
The blog also pointed out that because Alibaba.com was listed in Hong Kong and Taobao and Tmall under Alibaba are very popular in Hong Kong, both institutional investors and ordinary citizens feel familiar with Alibaba and understand the company's operations. Therefore, during the consultation, the majority of the respondents expressed support for the inclusion of the same stock with different rights and the second listed company to the HSI stock selection; at the same time, they did not think that the sale of Ali shares with other major listed companies with the same rights and stocks, there is Significant risk differences.
The HSI pointed out that in order to more appropriately reflect the investability of the second listed company in Hong Kong, when evaluating the inclusion of the relevant company in the HSI, only the shares registered in Hong Kong will be considered to calculate the market value, and any deposits held by the depositary The relevant Hong Kong share capital as overseas depositary securities will be considered as non-tradable shares. As for companies with different rights in the same share, all shares with multiple voting rights will be regarded as non-tradable shares. In the early stage of stock selection, the proportion of individual shares of the relevant shares accounted for only 5% of the market.
Will listen to market voices and balance investors' interests
Heng pointed out that the company pointed out that as of the end of March this year, the market value of Ali's free circulation is 261 billion yuan. If it is included in the HSI, it is expected that the proportion will be about 3%. Although the HSI will begin to consider the inclusion of different rights and second-listed companies in the same quarter in August, it is still too early to say that Ali must be dyed blue. Only after careful discussions can the final decision on the change of the constituent stocks of the HSI be finalized.
The HSI has included the same stocks with different rights and the second listed company as a component stock selection category, showing that the HSI can change in time to reflect the latest examples of market conditions and user needs. HSI is willing to listen to market voices in response to the rapid changes in society, and is committed to maintaining the balance of interests of different stakeholders.
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