Hang Seng Indexes Rebalancing Review and Flow Implications

Goldman Sachs reviews the March 2026 Hang Seng Index rebalancing, noting US$8bn in projected passive flows and the addition of CATL, CMOC, and Laopu Gold to the HSI.

Key Takeaways

• 1.Hang Seng Index (HSI) will add CATL (H), CMOC Group (H), and Laopu Gold (H) while removing Zhongsheng Group, increasing constituents to 90.
• 2.The quarterly rebalancing is expected to trigger approximately US$8 billion in gross two-way passive flows.
• 3.Internet/Media & Entertainment and Capital Goods sectors are projected to see the largest passive inflows, while Banks may see significant outflows.

Table of Contents

• What Happened?
• Constituent Changes
• Index Implications
• Sector Implications
• Stock Implications
• Historical vs. Current Patterns
• Southbound implications
• Disclosure Appendix

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