Core Viewpoint - The article discusses the recent adjustments in the Hong Kong Stock Connect market, highlighting the inclusion and subsequent exclusion of certain stocks due to liquidity issues and regulatory loopholes. Group 1: Market Adjustments - As of September 2025, the Hong Kong Stock Connect has included 67 stocks and excluded 61 stocks, with the adjustments based on market capitalization and liquidity requirements [1] - The inclusion criteria for stocks in the Hang Seng Composite Index require meeting specific market capitalization and liquidity thresholds, particularly for small-cap stocks [1] Group 2: Case Studies of Anomalies - The case of Xirui Aircraft illustrates a contradiction where the stock was initially rejected for poor liquidity but was later included without significant improvement, only to be removed 125 days later due to historical liquidity issues [4][7] - Xirui Aircraft's average market capitalization was 83 billion HKD at the time of inclusion, but it dropped to 69 billion HKD by the review date, failing to meet the required thresholds [4] - The stock's trading volume was consistently low, with an average turnover rate of only 0.21% in July 2024, which did not meet the liquidity requirements [5][6] Group 3: Regulatory Concerns - The inclusion of Lukuang despite its suspension and financial risks raises questions about the adequacy of the current review mechanisms for the Hong Kong Stock Connect [8][10] - Lukuang's market capitalization reached 161 billion HKD by December 2024, allowing it to meet the inclusion criteria, but it faced significant risks shortly before its scheduled inclusion [10] - Despite known risks, Lukuang was included in the index on March 10, 2025, only to be removed 63 days later due to ongoing suspension, which prevented southbound investors from incurring losses [11]
2025年港股通现异常纳入：西锐飞机上市后流动性不达标仍入通 125天后再因流动性剔除 南向资金陷被动困局