Announcement for August 12, 2024 at 09:27 PM GMT
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
CHANGE IN LISTING OF ZTO EXPRESS AS PART OF THE AUGUST 2024 INDEX REVIEW
COUNTRY CODE CN
SECURITY NAME ZTO EXPRESS(HK) (from ZTO EXPRESS ADR A)
TIMESERIE/MSCI CODE 112196/ 91577.01
ISIN KYG9897K1058 (from US98980A1051)
SEDOL BMZ1C83 (from BYYDFN0)
SECURITY TICKER 2057 HK Equity (ZTO UN Equity)
STANDARD MAINTAINED
LARGE CAP MAINTAINED
MID CAP -
GICS SUB-INDUSTRY 20301010 - Air Freight & Logistics
NUMBER OF SHARES 606,766,663 (from 606,766,663)
FIF 0.7
IIF 1.00
VIF 0.00
TYPE OF EVENT INDEX REVIEW
EVENT ID TBD
EFFECTIVE DATE September 02, 2024
STATUS INDEX REVIEW UPDATE
ZTO EXPRESS (ZTO) met the requirements for a change of listing from its ADR listing in the New York Stock Exchange to its ordinary-share listing in the Hong Kong Exchanges and Clearing Limited (HKEX) in the MSCI China and relevant composite indexes in the MSCI Global Investable Market Indexes (GIMI) as part of MSCI's August 2024 Index Review.
As a reminder, according to section 3.1.2.4 of the MSCI GIMI Methodology, changes from a foreign listing to a local listing for existing index constituents will be applied in all cases where the local listing has a 12-month Annual Traded Value Ratio above two times the minimum level requirement of 15% for MSCI Emerging Markets.
MSCI will implement this listing switch for the MSCI GIMI indexes as a market neutral event to reflect the fungibility of the ADR and Hong Kong listings of ZTO.
MSCI will proceed with below implementation for ZTO~s change of listing:
- To reflect the listing switch, MSCI will maintain ZTO EXPRESS ADR A (MSCI Code: 91577.01) in the MSCI GIMI with a change in price currency to HKD, a change in identifiers (new Security Ticker: 2057 HK Equity), a change in share type to P-chip and a change in name to ZTO EXPRESS(HK) effective September 02, 2024;
- MSCI will continue to use the closing price of ZTO EXPRESS ADR A (ZTO UN Equity) until the close of August 30, 2024 and will start tracking the price of ZTO EXPRESS(HK) (2057 HK Equity) on September 02, 2024;
- The conversion ratio between Hong Kong listing and ADRs is 1:1.
Note that for the pre-open price of September 02, 2024, MSCI will use the closing price of ZTO EXPRESS ADR A (ZTO UN Equity) on August 30, 2024. This would be adjusted with the USD/HKD WM/Reuters Closing Spot Rates taken at 4PM London on August 30, 2024, and with the conversion ratio between Hong Kong listing and ADRs.
The above noted changes will be reflected in the Advance Corporate Events (ACE) files starting from August 13, 2024. Please note that the pro forma tickers will be reflected in the MSCI product files only on August 30, 2024.
The listing switch of ZTO will also be reflected in relevant non-market capitalization weighted indexes as detailed below:
For indexes where ZTO EXPRESS ADR A (MSCI Code: 91577.01) is an existing constituent and will remain in the index on September 02, 2024, the listing switch of ZTO will be reflected in line with the treatment in the parent indexes.
For indexes where ZTO EXPRESS(HK) (MSCI Code: 91577.01) will be added as part of the August 2024 Index Review, MSCI will use the August 30, 2024 closing price of ZTO EXPRESS ADR A (ZTO UN Equity) for the index addition.
Furthermore, for certain indexes that exclude foreign listings such as the MSCI China ex Foreign Listing Indexes and the MSCI Hong Kong-Listed Southbound Indexes, the addition of ZTO, if applicable, will be represented by ZTO EXPRESS (HK) (MSCI Code: 91577.03), effective on September 02, 2024, using its Hong Kong price as of the close of August 30, 2024.
Effective from September 13, 2024, MSCI will change the security name and MSCI Code of ZTO EXPRESS (HK) (MSCI Code: 91577.03) to ZTO EXPRESS(HK) (MSCI Code: 91577.01).
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
End of announcement.
Further announcements may occur as needed.
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