Announcement for August 12, 2024 at 09:28 PM GMT
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
CHANGE IN LISTING OF NIO AS PART OF THE AUGUST 2024 INDEX REVIEW
COUNTRY CODE CN
SECURITY NAME NIO(HK) (from NIO A ADR)
TIMESERIE/MSCI CODE 119161 / 96646.01
ISIN KYG6525F1028 (from US62914V1061)
SEDOL BPR9XV6 (from BFZX9H8)
SECURITY TICKER 9866 HK Equity (NIO UN Equity)
STANDARD MAINTAINED
LARGE CAP MAINTAINED
MID CAP -
GICS SUB-INDUSTRY 25102010 - Automobile Manufacturers
NUMBER OF SHARES 1,938,669,026 (from 1,938,529,186)
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
Nio 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 Nio.
MSCI will proceed with below implementation for Nio's change of listing:
- To reflect the listing switch, MSCI will maintain NIO A ADR (MSCI Code: 96646.01) in the MSCI GIMI with a change in price currency to HKD, a change in identifiers (new Security Ticker: 9866 HK Equity), a change in share type to P-chip and a change in name to NIO(HK) effective September 02, 2024;
- MSCI will continue to use the closing price of NIO A ADR (NIO UN Equity) until the close of August 30, 2024 and will start tracking the price of NIO(HK) (9866 HK Equity) on September 02, 2024;
- MSCI will apply a Price Adjustment Factor (PAF) to the market price of NIO(HK) (9866 HK Equity) on September 02, 2024, to reflect the conversion ratio between Hong Kong listing and ADRs of 1:1; accordingly, MSCI will increase the number of shares as of the close of September 02, 2024 (effective September 03, 2024).
Note that for the pre-open price of September 02, 2024, MSCI will use the closing price of NIO A ADR (NIO 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 Nio will also be reflected in relevant non-market capitalization weighted indexes as detailed below:
For indexes where NIO A ADR (MSCI Code: 96646.01) is an existing constituent and will remain in the index on September 02, 2024, the listing switch of Nio will be reflected in line with the treatment in the parent indexes.
For indexes where NIO(HK) (MSCI Code: 96646.01) will be added as part of the August 2024 Index Review, MSCI will use the August 30, 2024 closing price of NIO A ADR (NIO 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 Nio, if applicable, will be represented by NIO (HK) (MSCI Code: 96646.04), 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 NIO (HK) (MSCI Code: 96646.04) to NIO(HK) (MSCI Code: 96646.01).
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
End of announcement.
Further announcements may occur as needed.
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