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Hong Kong benchmark rejig paves way for Alibaba

Hudson Lockett in Hong Kong

The compiler of Hong Kong’s Hang Seng index is easing standards for inclusion in the financial hub’s premier equities benchmark, opening the door for Chinese tech heavyweights such as Alibaba. Hang Seng Bank’s index subsidiary announced after the close of trading on Monday that it would for the first time allow secondary listings and stocks with unequal voting rights — features of China’s tech sector — to be added to the Hang Seng benchmark. It means rival Tencent is likely to remain the Hang Seng’s largest constituent, with a nearly 12 per cent weighting.