I cannot see the “Unlisting” item in Hengke’s rules.

The methodology of the Hang Seng Tech Index is clearly written: it represents 30 companies listed in Hong Kong with high exposure to technology themes.

Several key conditions can be laid out first:

There is no “mandatory passing of the first restriction period” here.

So, if Zhipu and MiniMax meet the criteria for industry, theme, innovation screening, liquidity, and market capitalization ranking, they might enter Heng Ke (HK STAR Market segment). Whether they are one month away from the first layer lock-up period is another issue.

This is also where index rules and investment sentiment often clash. Investors care about whether current buying activity represents sustainable demand, while index methodology cares about whether it meets the sample selection criteria.

What Exactly Changed in This Announcement

The Hang Seng Index Company announced the quarterly review results on May 22, 2026. The announcement stated that all changes would be implemented after the close of trading on June 5, 2026, and would take effect from June 8, 2026.

The Hang Seng Tech Index maintains 30 constituent stocks, and the adjustments are:

Putting these four names together makes it easy to write “New AI players replacing old software companies.” However, this is merely a narrative construct. The actual rules are much colder: after quarterly reviews, the 30 positions will be re-ranked according to methodology, resulting in turnover.

What’s more worth looking at this time is not “who entered,” but how significant their weight/influence will be after joining.

Announcement Appendix Three lists the post-change weights according to the criteria of “assuming index adjustment on May 20, 2026.” The initial weights for Zhipu and MiniMax are not high:

The two newly added companies together account for less than 1%.

Therefore, it is true that “passive funds buy,” but “massive accumulation” cannot be simply inferred from merely being included [in an index]. The size of the buying force depends on the free float market capitalization, weight, tracking fund scale, and the degree of trading congestion within the effective window.

De-listing and Index Inclusion Are Not the Same Thing

The most critical point raised in the original question was: Since the shares haven’t been unlocked/released yet, will funds step in to buy support?

This needs to be broken down into three layers.

First, determine if the shareholder can sell.

If the lock-up period specified in the prospectus has not yet expired, the relevant shareholders are prohibited from selling on the open market. When index funds purchase shares, they can only buy them from the circulating supply in the secondary market and cannot directly convert locked-up shares into sellable stock.

Secondly, index rules—whether or not they are lifted/allowed.

The Hengke Methodology considers the sample space, technology themes, innovation screening, market capitalization ranking, quarterly reviews, free-float weight, and upper limit constraints. It does not include “the first lockup period has passed” as a screening criterion.

Thirdly, whether passive funds will buy.

They track Hang Seng Tech’s ETFs and index products, requiring adjustments to holdings around the effective date. They are not actively judging whether “this company is cheap or expensive,” but rather controlling tracking error.

When considering these three components together, the conclusion becomes much clearer:

• This inclusion is not opening a selling channel for locked-up shareholders;
• It will introduce predictable passive buying demand into the free float market cap;
• If the free float is thin, price elasticity may be more pronounced;
• However, this does not equate to “index funds covering the sales of newly unlocked shares.”

The more accurate statement is that while rules may disregard lock-up periods, capital focuses on the circulating supply (or free float).

Inclusion Does Not Guarantee Gains

Another common misconception: Does rising/entering an index automatically signal bullish sentiment, and does exiting/falling out of it necessarily signal bearish sentiment?

It may have short-term trading implications. Between the announcement and its effective date, active capital flows, arbitrage activities, ETF rebalancing, and derivative hedging will all move preemptively. The last closing auction before the effective date often makes it easier to observe mechanical buy and sell volume.

But in the medium to long term, things cannot simply be equated.

The Hang Seng Tech Index undergoes quarterly reviews. Often, by the time a company is included, its market capitalization, trading volume, and market hype have already completed a cycle; similarly, when it is excluded, its stock price and liquidity may have already undergone a period of weakness. Therefore, index adjustments are more like ex-post validation (or post-hoc confirmation), not the starting point for new fundamentals.

Therefore, when looking at index adjustments, I will divide them into three parts:

The first thing is the rule, the second thing is the transaction, and only then comes investment judgment.

If you mix them together, it’s easy to portray “index inclusion” as an infallible catalyst, or “not yet released/unlocked” as a perfect conspiracy.

My Perspective on Zhipu and MiniMax

ZhiPu and MiniMax’s inclusion in [HengKe context], suggests that Hong Kong-listed AI companies are beginning to enter the scope of index inclusion criteria. This matter holds symbolic significance as well as potential short-term trading implications.

But it is neither fundamental support nor a locked-up stock exit arrangement.

The three things that really need attention are:

First, whether the weights will continue to increase. Low initial weights do not mean they will remain low in the future. Changes in stock price, market capitalization, and float ratio will all affect rebalancing.

Second, changes in the circulating supply after restrictions are lifted. Index inclusion cannot resolve the fundamental supply problem. Once the lock-up period ends, the true circulating supply expands, requiring a reevaluation of price pressure.

Third, Hengke’s internal capital environment. The scale of tracking funds, ETF subscriptions/redemptions, and hedging using Hengke futures and options will all impact trading volatility before and after the effective date.

So I will not label this as a “buying opportunity” nor will I label it a “major upside.”

It is more like a validation of rules: AI new stocks meet the methodology and are included in the index; passive funds buy according to weightings; subsequent performance will continue to depend on fundamentals, circulating supply, and market sentiment.

One-sentence summary is:

The fund allocates investments according to weights, regardless of lock-up expiration rules. The index company is not responsible for any subsequent price increases or decreases.

References

Writing Notes

Original Prompts

$blog-writer Hang Seng Tech Index adjustments: Zhipu and Minimax are going to be included in the index. What are the rules for index adjustment? These two companies haven't reached their first lock-up period yet; by including them in the index, is it forcing funds to absorb/buy up shares? Please analyze the Hang Seng Tech Index, providing a list of changes from the last three years. Systematically review corresponding contracts: those that were included and those that were removed (kicked out), along with their fluctuation ranges over the next short period (one year) and their cumulative fluctuation range to date.

Writing Idea Summary

• Retain core issues from the original prompt: rules, delisting, and passive fund buying pressure.
• Remove large sections of historical change tables and price fluctuation tables from the old draft, to avoid information density overwhelming the main narrative.
• Only retain key items concerning this round of adjustments, initial weights, and methodology; transform the article from a data repository into a rules explanation draft.