The Zhitong Finance App learned that Huatai Securities released the final draft of the research report “Hang Seng Technology Index Calculation Method Revision Plan Consultation Results and Summary”. In the update was included in the forecast update according to the final draft rules, Jingtai Holdings and Haizhi Technology Group are still predicting and included in the list. Haizhi Technology Group (02706) has driven a sharp increase in core revenue with its Atlas smart revenue, laying the foundation for long-term development, and is expected to become one of the targets of this round of adjustments.
Huatai Securities's main views are as follows:
On October 7, 2026, Hang Seng Index released the “Consultation Results and Summary of the Hang Seng Technology Index Calculation Method Revision Plan”: The consultation received 49 market responses, and all six revised proposals received more than 80% support. Five of them were adopted as recommended, and the two-group stock selection mechanism was “adjusted and adopted”, adding two additional entry thresholds to the consultation draft. The revised calculation method will be implemented in the quarterly review up to September 30, 2026. The results of the review are scheduled to be announced on November 20, and the corresponding changes in component stocks will take effect on December 7 (Monday). Huatai Securities has already predicted the draft framework and first round inclusion list in the “Revision of the Hang Seng Technology Index Calculation Method - Key Points and Impact Judgments” released on August 12, 2026. This article focuses on the changes in the final draft compared to the consultation draft, and comprehensively updates the inclusion forecast using a review at the end of the third quarter.
Three incremental information items of the final draft compared to the consultation draft: two entry thresholds and full definition of sub-topics
Compared with the consultation draft, the main adjustments are in response to concerns about liquidity and revenue fluctuations in the growth group's small market capitalization individual stocks: ① minimum liquidity requirements, all non-existing constituent stocks must meet an average daily turnover of not less than HK$100 million for the past 3 months; ② minimum income requirements. The constituent stocks selected according to revenue growth rankings must have recorded an annual revenue of not less than HK$500 million in the last two consecutive fiscal years.
Furthermore, the appendix to the final draft revealed the full definition of 24 technology sub-topics for the first time. Among them, the autonomous driving subtheme set quantitative conditions for automobile manufacturers to “pure electric product series account for the majority of total sales”. Digital finance clearly excludes banks, exchanges, and securities brokerage service companies, and special components and hardware name optical radars, acoustic components, and PCBs and integrated circuit boards. The subject classification boundaries were greatly clarified compared to the consultation paper. The remaining elements were adopted as proposed, i.e. industry requirements were abolished, the six major technology themes were restructured, the sub-themes were expanded from 16 to 24, and the scope of stock selection was limited to the Hang Seng Composite Large and Medium Cap Index component stocks, and the number of constituent stocks increased from 30 to 50.
Individual stocks included in the forecast update: the market capitalization group and the growth group each added 10
The bank uses 2025/10/1 to 2026/9/30 as the calculation window to include forecast updates in accordance with the final draft rules:
① The market capitalization group is expected to add 10 new ones: Xiyin-W, Ningde Era, Jiantao Laminated Board, JD Logistics, Wanguo Data-SW, ASMPT, Bijiao Technology, Ruisheng Technology, Premium Choice, and Jingtai Holdings;
② The growth group is expected to add 10 new players: Huiju Technology, InnoSec, Yunzhisheng, Hesai-W, Jinshanyun, Dongfang Selection, Sagiteng Juchuang, Huiliang Technology, Haizhi Technology Group, etc.
Compared to the bank's previous report's forecast list based on the rules of the consultation draft, since the data was updated to the third quarter and the superposition rules were adjusted, there were obvious marginal changes:
Eight new ones were added, Xiyin-W, Huiju Technology, Yunzhisheng, Jinshanyun, Dongfang Selection, Sagiteng Juchuang, Huiliang Technology, and Meitu. Among them, Xiyin-W entered the measurement range for the first time after the new listing in September and was selected at a high position in the market value group. The remaining 7 were only added in the growth group after the final draft threshold was removed from the high-growth ticket;
Two groups were changed. Jingtai Holdings changed from forecasting in the growth group to being selected at the end of the market capitalization group, and Haizhi Technology Group changed from forecasting in the market capitalization group to the growth group. According to the mid-term performance report of Haizhi Technology Group, the company's core growth engine, the Atlas smart device business revenue was 115 million yuan, a sharp increase of 135.6% over the previous year, forming a “two-wheel drive” development pattern with the traditional Atlas business. The long-term prosperity of the “map+controllable AI” industry route has been verified, and it has a foundation for development in the growth group.
Individual stocks such as Reading Wen Group, My Little Pony Zhixing-W, and Jizhijia-W are on the verge of inclusion. Ganfeng Lithium and Geely Automobile have a classification path under the final draft sub-theme provisions and are listed as key targets for observation.
Impact calculation: About 10% weight rearrangement, corresponding to approximately HK$28.9 billion in rebalancing capital
According to Hang Seng Index's adjustments to Hengke's simulation, the current 30 constituent stocks account for about 90% of the revised index weight, and the 20 additional stocks add about 10% for a total of about 10%, which is a bit lower than the 11.5% simulated in the consultation draft. In terms of capital changes, based on Hengke's tracking scale of US$37.1 billion: ① In terms of total volume, it corresponds to about HK$28.9 billion in rebalanced capital, of which the market capitalization group is about 20.8 billion yuan and the growth group is about 8.1 billion yuan; ② in terms of individual stocks, the Ningde Era is the largest single addition, with an estimated weight of 2.27% to 2.43%, corresponding to inflows of 66 to 7 billion Hong Kong dollars. The impact of inflows from Wanguo Data-SW, Xiying-W, JD Logistics, etc. with low average daily transactions may be long.