A major revamp of Hong Kong's benchmark Hang Seng index is set to pave the way for Chinese tech giants to benefit and expand their trading presence in Asia, while letting more investors gain access to their stocks.
Shares of Hong-Kong listed Alibaba and Xiaomi were up more than 2% by Tuesday afternoon, while Meituan rose 1.65%.
Alibaba, Xiaomi and Meituan are companies with dual-class shares — or those with two classes of shares that have different voting rights, according to Reuters. One class allows founders and executives of the company to have more voting power, while the other class is issued to the general public, with limited or no voting rights.Why this matters for investors
That means that those stocks will now be in the portfolios of more investors – those who have bought into those index funds, in particular exchange-traded funds .by investing into such funds, as opposed to individual stock-picking.
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