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ICBC, China Life may join HK's main index

(Shenzhen Daily)
Updated: 2007-02-06 15:39

The Industrial and Commercial Bank of China (ICBC) and China Life Insurance Co are considered shoo-ins to join Hong Kong's benchmark stock index in the first quarter, underscoring the growing dominance of mainland plays on Asia's second-largest bourse.

If the mainland's top bank and its biggest insurer join the index's ranks, the number of H-share companies - Hong Kong-listed, mainland-incorporated firms — would reach five, alongside Sinopec Corp, China Construction Bank Corp and Bank of China Ltd.

"I'm almost 100 percent certain (ICBC and China Life) would be added to the index," said Ernie Hon, a strategist at ICEA Securities, echoing other market-watchers' predictions.

What's less certain is whether the index's overseer, HSI Services Ltd, would allow more than the current cap of five H-share companies on the Hang Seng index.

Analysts expect HSI Services to increase the number of H-share companies allowed in the index to 10 this year, but were unsure whether such a decision would be made by the next quarterly index review February 9.

H-share companies like PetroChina, Ping An Insurance (Group) Co and Bank of Communications are already among the front-runners to enter the index, pending the listing of their entire share capital, or a public share sale in the domestic A-share market.

"If their A shares are listed, (HSI Services) will have to consider them," said Winner Lee, associate director at BNP Paribas. "More and more H-share companies will list on the mainland because the Central Government wants more quality H-shares to absorb the excess liquidity."

Analysts have also floated the possible addition of top mainland real estate developer China Overseas Land and Investment Ltd. It has an average 12-month market capitalization of about HK$36.6 billion (US$4.69 billion), a tad higher than PCCW's HK$33.7 billion, according to BNP.

The second phase of HSI Services' landmark index reform, announced last year, is expected to coincide with ICBC's and China Life's addition to the index.