HONG KONG (BLOOMBERG) - Five decades ago, Swire Pacific was a founding member of Hong Kong's benchmark stock index. Now the family-run group risks losing its membership as Chinese technology firms increase their sway in the city's equity market.. Read more at straitstimes.com.
HONG KONG - Five decades ago, Swire Pacific was a founding member of Hong Kong's benchmark stock index. Now the family-run group risks losing its membership as Chinese technology firms increase their sway in the city's equity market.
Swire Pacific's shares have taken a hammering as last year's protests and the coranavirus pandemic hurt both its airline business as well as retail and real estate operations. The stock has lost 43 per cent in 2020, the biggest decline among the Hang Seng Index's 50 constituents, reducing its market value to HK$58 billion . That's made it the least valuable member on the gauge.
"Swire Pacific is one of the stocks that are likely to be excluded from the HSI," said Kenny Wen, strategist with Everbright Sun Hung Kai."Even if the property market outlook turns stable, we don't see any signs of recovery for its aviation and marine businesses in the near term." Adding pressure is the flood of Chinese technology firms listing in Hong Kong. Three such companies - Alibaba Group Holding, Meituan Dianping and Xiaomi - will be eligible to join the Hang Seng Index after its compiler allowed firms carrying unequal voting rights and dual-class shares to join the benchmark. The move is seen as a crucial update for a gauge overstuffed with old economy banks and insurers.
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Swire Pacific risks losing Hang Seng Index membership after 50 years[HONG KONG] Five decades ago, Swire Pacific was a founding member of Hong Kong's benchmark stock index. Now the family-run company risks losing its membership as Chinese technology firms increase their sway in the city's equity market. Read more at The Business Times.
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Swire Pacific risks losing Hang Seng Index membership after 50 years[HONG KONG] Five decades ago, Swire Pacific was a founding member of Hong Kong's benchmark stock index. Now the family-run company risks losing its membership as Chinese technology firms increase their sway in the city's equity market. Read more at The Business Times.
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