Ping An Good Doctor (1833.HK) Is Constituent in Hang Seng TECH Index Tracking 30 Largest Hong Kong-listed Technology Companies
On 20 July, Hang Seng Indexes Company Limited (“HSI Company”) announced the launch of the Hang Seng TECH Index on 27 July 2020 (Monday) to track the 30 largest technology companies listed in Hong Kong meeting the index’s screening criteria. Ping An Good Doctor (1833.HK) is included in this index.
HSI Company compiles and manages the Hang Seng Family of Indexes, which cover stocks and bonds of companies listed in Hong Kong and Mainland China. These indexes have served as key indicators for mainstream investors, and are highly regarded by foreign and domestic capital markets. As the market regards the Hang Seng TECH Index as the “Nasdaq in Hong Kong”, the index is expected to spark an upsurge in new economy and technology investment.
The new index is reported to include Hong Kong-listed companies with high business exposure to selected technology concepts, including the internet, fintech, cloud, e-commerce and digital activities. Eligible candidates are further screened as to whether they operate via a technology-enabled platform, their research and development expenses-to-revenue ratio, and their revenue growth. After screening, the top 30 stocks in terms of market capitalisation then become constituents. The share price of Ping An Good Doctor (1833.HK) has doubled since the beginning of this year, far outperforming the Hong Kong stock market. Its latest market capitalisation has exceeded HK$125 billion.
The Hang Seng TECH Index is intended to reflect the market performance of Hong Kong-listed leaders in the technology or innovation sectors. According to HSI Company, “This new index could join the Hang Seng Index and the Hang Seng China Enterprises Index to become another flagship index”. The Index will mainly cover unicorns listed in Hong Kong as well as large- and mid-caps with tech-enabled business that impact the everyday life of the public.
As “the No.1 listed internet health-tech company in the world”, Ping An Good Doctor has been recognised by domestic and overseas capital markets since its listing on HKEX in May 2018. For the year-to-date, the Internet medical industry has benefitted from favourable market conditions and polices and improved the medical treatment procedures for many potential patients in just a short time. The share price of Ping An Good Doctor remains on the uptrend and has exceeded its 52 week high on end.