According to a research report from CICC, Hang Seng Indexes Company will announce the official results of the Hang Seng Index Series review after the market close on Friday, February 13, 2026, with the changes taking effect on Monday, March 9. Following the implementation of the index adjustments on March 9, the Shanghai and Shenzhen stock exchanges will subsequently adjust the scope of eligible securities for the Stock Connect programs based on the new index constituents. Based on the Hang Seng Index's adjustment methodology and validated by past review outcomes, CICC's calculations indicate that Zijin Gold Intl (02259), BeiGene (06160), Yum China (09987), XPENG-W (09868), PICC P&C (02328), Akeso (09926), CPIC (02601), and Laopu Gold (06181) rank highly among companies meeting the inclusion criteria and are at the forefront of the list of potential candidates. The assessment prioritizes market capitalization ranking, while also incorporating factors such as industry representation and coverage. Similar to MSCI index adjustments, some active funds may engage in arbitrage strategies based on the announced results, whereas passive funds, aiming to minimize tracking error, are likely to adjust their portfolios on the last trading day before the effective date (March 6). Trading volume for the affected stocks could see significant, atypical surges around that time, especially during the market close. CICC's main views are as follows:

Hang Seng Index Adjustment: Some Companies Qualify for Inclusion; Potential "Replacements" for Hong Kong Companies After Hang Seng Bank's Delisting. Based on the Hang Seng Index's adjustment methodology and validated by past review outcomes, CICC's calculations indicate that Zijin Gold Intl, BeiGene, Yum China, XPENG-W, PICC P&C, Akeso, CPIC, and Laopu Gold rank highly among companies meeting the inclusion criteria and are at the forefront of the list of potential candidates. The assessment prioritizes market capitalization ranking, while also incorporating factors such as industry representation and coverage. However, it is important to note that historical experience shows the actual results often differ from this quantifiable screening order. For instance, Yum China and BeiGene ranked highly in previous forecasts but were ultimately not included, primarily because some of the Hang Seng Index's inclusion criteria, such as industry and listing location representation, lack explicit or quantifiable definitions and involve subjective judgment. Furthermore, the original constituent Hang Seng Bank (00011) will be privatized and delisted from the Hong Kong exchange on January 27, and was consequently removed from the Hang Seng Index and all sub-indices after the market close on January 14. Considering the Hang Seng Index compilation rules explicitly state that the index shall retain at least 20 constituents classified as Hong Kong companies—a number reviewed at least biennially—there is a possibility of "replacing" Hang Seng Bank with another Hong Kong company. Based on factors like market capitalization ranking and industry coverage, CICC estimates that Standard Chartered (02888), Swire Properties (01972), and Sino Land (00083) are high on the replacement list, although whether such a replacement occurs in this review remains uncertain.

Hong Kong Stock Connect Adjustment: 44 Companies Expected to Become Eligible; 25 Potentially Removed. This review also coincides with the semi-annual regular review of the Hang Seng Composite Index (with cut-off dates of June 30 and December 31). As the Hang Seng Composite Index serves as the universe for Stock Connect investment, any changes to it will directly affect the investable scope of the program. It is important to note that this year, Hang Seng Indexes Company optimized the methodology for calculating the 12-month average market capitalization for index reviews (shifting from the average of month-end figures to the average of all non-suspended trading days) and the handling of constituents with prolonged trading halts (data from before resumption is excluded). Applying the new methodology, and considering first the requirements for Hang Seng Composite Index inclusion and then the additional criteria for Stock Connect eligibility, CICC estimates that approximately 44 stocks may meet the standards for inclusion. These include JD Industrial (07618), Innovative Industrial (02788), Bank of East Asia (00023), DeepTech (01384), Lescomfort (02698), Insilico Medicine (03696), Innovusion (02665), Woan Robotics (06600), HASHKEY HLDGS (03887), Jiaxin International Resources (03858), 51WORLD (06651), Guoxia Tech (02655), Cirrus (02507), Health 160 (02656), EasyHealth (02661), Zhonghui Bio-B (02627), JST (06687), Xunce (03317), PATEO (02889), Quantgroup (02685), Chizicheng Tech (09911), Yaocai Securities (01428), Lingbao Gold (03330), Zhida Tech (02650), Nuobikan (02635), Baoji Pharma-B (02659), Huishang Bank (03698), PegBio-B (02565), GenFleet Therapeutics-B (02595), Xuanzhu Bio-B (02575), Consun Pharma (01681), ZHUOYUE Ruixin (02687), CARsgen Therapeutics-B (02171), Haixi Pharma (02637), Changfeng Pharma (02652), Wasion Holdings (03393), Xipuni (02583), CIDI (03881), LinZBio-B (09887), OSL Group (00863), Jingwei Tiandi (02477), Butong Group (06090), Lin Qingxuan (02657), and Tsugami China (01651). It is noteworthy that among these, HASHKEY HLDGS and OSL Group are newly listed virtual asset platforms. While they appear to meet the traditional inclusion metrics like market cap coverage and turnover rate, their status as virtual asset platforms introduces uncertainty regarding their final inclusion, warranting investor attention. Some other companies are expected to be included due to specific circumstances: 1) Nanhua Futures (02691), which listed in Hong Kong on December 22, 2025, as a dual-listed A+H share company, will be directly included in Stock Connect shortly after the completion of its 30-day price stabilization period; 2) Recent A+H share listings from January, such as OmniVision (00501) and GigaDevice (03986), will also join Stock Connect next month after their stabilization periods end; 3) Weighted Voting Rights (WVR) companies like Geek+-W (02590) and Hesai-W (02525), which listed in July and September last year respectively, are expected to enter Stock Connect in February and April this year after meeting the additional requirement of being listed for 6 months and 20 trading days. Conversely, WVR companies like Minglutech-W (02718), Pony.ai-W (02026), and WeRide-W (00800), which listed last November, will likely have to wait until the second half of the year. On the other hand, CICC estimates that approximately 25 stocks may be removed from Stock Connect for failing to meet the Hang Seng Composite Index criteria, such as falling below the 96% market capitalization coverage threshold, having a market cap under HKD 4 billion, or being suspended from trading. Examples include UBox Online (02429), Autostreets (02443), and Haotian International Construction (01341). Additionally, some companies scheduled for delisting from the HKEX on January 28 and February 10 will consequently be removed from Stock Connect.

Schedule: Announcement after Close on February 13, Implementation on March 9; Stock Connect Adjustments to Follow. Regarding the timeline, Hang Seng Indexes Company will announce the official results of the Hang Seng Index Series review after the market close on Friday, February 13, 2026, with the changes taking effect on Monday, March 9. Following the implementation of the index adjustments on March 9, the Shanghai and Shenzhen stock exchanges will subsequently adjust the scope of eligible securities for the Stock Connect programs. Similar to MSCI index adjustments, some active funds may engage in arbitrage strategies based on the announced results, whereas passive funds, aiming to minimize tracking error, are likely to adjust their portfolios on the last trading day before the effective date (March 6). Trading volume for the affected stocks could see significant, atypical surges around that time, especially during the market close.

Charts: ETF AUM Tracking the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index Charts: Hang Seng Composite Index Constituent Adjustment Rules Charts: Stock Connect Screening Process and Rules Source: Hang Seng Indexes Company, SZSE, SSE, CICC Research Department