Also Read | Dark underbelly of India Inc’s shop floorsThe sweeping proposal comes amid significant changes within the city’s stock market, as a wave of Chinese megacaps choose the financial hub as a preferred venue to sell shares.
Hong Kong’s benchmark index is near its lowest level versus the MSCI World Index in 17 years, and the gauge’s abundance of old-economy financial stocks has made it look outdated in an age when China’s tech giants have increasing sway.“The objective of an index is to represent the local market, not the local economy," said Kenny Wen, wealth-management strategist at Everbright Sun Hung Kai Co. “So yes -- the benchmark will inevitably lose its Hong Kong color.