Hong Kong Stock Concept Tracking | Hang Seng Composite Index Quarterly Inspection Is Coming into Effect, Seizing Passive Capital Allocation and Access Opportunities (with concept stocks)

The Zhitong Finance App learned that according to the quarterly review results up to June 30, 2026 announced by Hang Seng Index Company on August 21, the number of constituent stocks of the Hang Seng Index will increase from 93 to 95, including Huahong Hongli (01347) and Weichai Power (02338); the Hang Seng China Enterprise Index component will remain unchanged at 50; and the Hang Seng Technology Index will be newly included in Tiansu Wiscom (09903), and the number of constituent stocks will remain at 30. All changes will take effect on September 7, 2026. Among them, adjustments to the Hang Seng Composite Index have received particular attention, as its inclusion often attracts passive capital inflows and may open up channels to enter Hong Kong Stock Connect, increasing liquidity and market attention.

Notably, changes to the Hang Seng Biotech Index will be implemented after the market closes on September 11, 2026 (Friday), and will take effect on September 14, 2026 (Monday).

The biggest change in the Hang Seng Index index series was the Hang Seng Composite Index. The number of constituent stocks increased dramatically, from 534 to 580, adding 61 stocks including Qunnac Technology (00068) and Tongguan Gold (00340), while 15 stocks were removed at the same time.

Included in the list, the semiconductor/AI sector was greatly expanded, and Aixin Yuanzhi, Haiguang Xinzheng, and Quncore Technology entered the comprehensive index; robots were included in batches for the first time; at the same time, A+H tickets were simultaneously transferred to A+H shares already included in the Hong Kong Stock Connect: Dongfang Electric, GigaYi Innovation, Lanqi Technology, etc. are now simultaneously entering the comprehensive index.

After Hong Kong stocks are included in the Hang Seng Composite Index, the first advantage is that they can attract large inflows of passive capital. This is the most direct and quantifiable benefit after being included in the index. There are a large number of exchange-traded funds (ETFs) and index funds that track the Hang Seng Index series around the world, and they must buy newly included stocks at close to market prices to replicate index performance.

As of the end of June 2026, the total asset management value of products passively tracking the Hang Seng Index series was approximately US$106.6 billion.

Goldman Sachs released a research report saying that the Hang Seng Index announced the quarterly review results, and it is estimated that this index adjustment will generate a total two-way passive capital flow of more than 7.2 billion US dollars. At the industry level, technology hardware and semiconductors, software and services, and the Internet and media are expected to record the largest passive capital inflows, amounting to approximately US$870 million, US$190 million to US$230 million, and US$190 million to US$230 million, respectively.

Furthermore, the Hang Seng Composite Index is a sample space for Hong Kong Stock Connect investment, and its changes will also directly affect the scope of investment in Hong Kong Stock Connect. After stocks are included in the Hang Seng Composite Index, the Shanghai and Shenzhen Stock Exchange will adjust the scope of the Hong Kong Stock Connect investment targets accordingly, which will directly affect the scope of the Hong Kong Stock Connect can invest. This is the biggest secondary effect of this adjustment.

According to the Hong Kong Stock Connect adjustment rules, being included in the Hang Seng Composite Index is an important foundation for becoming a tradable target of Hong Kong Stock Connect. Once it officially becomes the Hong Kong Stock Exchange Standard, the company will directly reach out to a huge mainland investor base, and the southbound capital allocation channel will be opened immediately.

Southbound capital inflows will enhance stock liquidity, and the Hong Kong Stock Connect will help significantly improve stock liquidity and market pricing efficiency. Historical data shows that after being included in the Hong Kong Stock Connect, Beishui's shareholding ratio increased by an average of 9 percentage points within three months.

CICC previously anticipated that, considering the requirements for constituent stocks of the Hang Seng Composite Index, it will also consider additional criteria for inclusion in Hong Kong Stock Connect (such as those with a market value of HK$5 billion or above in the Hang Seng Composite Index, excluding risk warnings imposed by the exchange, suspended or entering the delisting period; companies with different rights in the same shares must also meet additional conditions such as 6 months and 20 days of listing and market value and transactions). The bank estimates that a total of 49 stocks may meet the criteria for inclusion in Hong Kong Stock Connect.

The bank stressed that 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, September 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.

Related concept stocks

Xiangong Intelligence (06106): Xiangong Intelligence was included in the Hang Seng Composite Index. As the target of the “robot brain” that is scarce in the Hong Kong stock market, the market sees this time as an important sign that the intelligent robot industry is more widely recognized in the capital market. According to public information, Xiangong Intelligence is an embedded intelligence platform company with a “robot brain” as the core and underlying capabilities bias software and algorithms. In the first half of 2026, Xiangong Intelligence achieved revenue of 264 million yuan, an increase of 67.5% over the previous year; the number of “robot brains” shipped more than 8,000 units, an increase of more than 80% over the previous year; and obtained new orders of more than 467 million yuan, an increase of more than 60% over the previous year.

Deshit-B (02526): Deshit-B was double included in one fell swoop — it was also included as a constituent stock of the Hang Seng Composite Index and Hang Seng Biotech Index. Established in 2016, the company is a technology enterprise that uses AI technology to innovate medical diagnosis, ranking first in the industry. In the first half of 2026, the company achieved total revenue of 109 million yuan, an increase of 21.0% over the previous year; gross margin remained high at 74.1%. Among them, model service revenue reached 94.5 million yuan, a year-on-year increase of 101.1%, accounting for 86.9% of total revenue, becoming the core engine driving growth.

Changguang Chenxin (03277): Changguang Chenxin was included in the Hang Seng Composite Index. The company released interim results for the six months ended June 30, 2026. The group obtained revenue of RMB 641 million, an increase of 78.36% over the previous year; profit attributable to owners of the parent company was 250 million yuan, an increase of 197.16% over the previous year; and earnings per share were 0.63 yuan. Revenue from area array sensors and linear sensors increased during the reporting period, mainly due to the increase in sales volume from 264,000 units in the same period to 548,000 units during the reporting period. The increase in sales was driven by strong demand for downstream industrial imaging applications such as high-end industrial testing, lithium battery testing, and printed circuit board inspection.

SGL New Energy (06656): SGL New Energy was included in the Hang Seng Composite Index. The company's interim results for the six months ended June 30, 2026 show that during the reporting period, the company achieved operating income of RMB 9.87 billion, up 261.2% year on year; realized profit of RMB 2.43 billion, up 201% year on year; adjusted net profit under non-international financial reporting standards reached RMB 2.49 billion, up 135.8% year on year. During the reporting period, SGL's optical storage series products continued to grow rapidly, achieving revenue of RMB 9.30 billion, accounting for 94.2% of the company's total revenue and an increase of 267.1% over the previous year, becoming the core driving force for the company's business growth.

Tongguan Gold (00340): Tongguan Gold was included as a component stock of the Hang Seng Composite Index. The company announced results for the six months ended June 30, 2026, with a turnover of HK$1,575 billion, up 53.1% year on year; profit attributable to company owners was HK$523 million, up 52.5% year on year; basic profit per share was 9.85 HK cents. The increase in turnover during the period was mainly due to an increase in the average selling price of mineral gold.

Aixin Yuanzhi (00600): Aixin Yuanzhi (00600), the world's leading AI inference system chip (SoC) supplier, was included in the Hang Seng Composite Index. According to public data, Aixin Yuanzhi Semiconductor Co., Ltd. was established in May 2019 and is the world's leading AI inference system chip (SoC) supplier. It is committed to building advanced AI computing infrastructure and promoting the popularization of artificial intelligence technology. According to LiveReport's big data forecast, 53 stocks, including Aixin Yuanzhi, are expected to officially enter the Hong Kong Stock Connect on September 7, 2026.