China Cosco May Join Hang Seng, Yue Yuen to Leave, Nomura Says

From Bloomberg:

China Cosco Holdings Co., the world’s largest operator of iron-ore and coal ships, may join Hong Kong’s Hang Seng Index and sports-shoe maker Yue Yuen Industrial Ltd. may be removed as part of a quarterly review, according to Nomura Holdings Inc.

China Cosco, based in Tianjin in northeastern China, would become the 11th company from the mainland to be included in the Hang Seng Index. Hong Kong-Based Yue Yuen may be dropped because it has the lowest trading level of any stock in the gauge, according to Nomura, Japan’s largest brokerage, and Fulbright Securities Ltd.

Adding China Cosco would “reflect the trend that an increasing number of large companies tend to be from mainland China,” said Francis Lun, general manager at Fulbright, a Hong Kong-based brokerage.


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