Hang Seng Index Services took the securities industry a little by surprise yesterday with the timing of its changes to the main blue-chip Hang Seng Index.
First Pacific and Henderson Investment were dobbed into the index and Hong Kong Aircraft Engineering Co along with Miramar Hotel and Investment were shuffled out.
After a period of growing criticism, stock market investors have seen some big changes at HSI Services to keep up with the times.
The last set of major changes to the index came with the de-listing of the majority of Jardine Group companies in 1994-95.
Hitting the road in the guise of international listings to Singapore were Jardine Matheson, Jardine Strategic, Hongkong Land, Dairy Farm International, and Mandarin Oriental. The last vestige of Jardine listing present on the stock exchange is Jardine International Motor Holdings.
The departure of the Jardine Group companies, in a row with regulators over takeover jurisdiction, allowed HSI Services to undertake one of the biggest overhauls in the constituents in years.