Hang Seng Index reshuffle underscores China influence in Hong Kong

Meituan, Anta and Budweiser added while original blue-chip Swire Pacific dropped

The Hang Seng Index has shed its reliance on financial companies and has tilted toward technology stocks, in line with the growth of mainland tech conglomerates. (Photo by Dean Napolitano)

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent

December 7, 2020 15:56 JST

HONG KONG -- A change of lineup in Hong Kong's benchmark stock index on Monday underscores China's increasing clout in the regional financial hub and will give global investors even bigger exposure to the world's largest market.

Swire Pacific, parent of city flag carrier Cathay Pacific Airways and an original component of the Hang Seng Index from its launch in 1969, was removed from the index. As it bade farewell, Chinese food delivery company Meituan, sports equipment maker Anta Sports Products and Budweiser APAC entered the index that tracks the largest and most liquid companies trading in Hong Kong.