Announcement for May 11, 2023 at 09:35 PM GMT
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
CHANGE IN LISTING OF TRIP COM GROUP LIMITED AS PART OF THE MAY 2023 INDEX REVIEW
COUNTRY CODE CN
SECURITY NAME TRIP COM GROUP (from TRIP COM GROUP LTD ADR)
TIMESERIE/MSCI CODE 94319 / 68756.01
ISIN KYG9066F1019 (from US89677Q1076)
SEDOL BNYK8H9 (from BK1K3N2)
SECURITY TICKER 9961 HK Equity (TCOM UW Equity)
STANDARD MAINTAINED
LARGE CAP MAINTAINED
MID CAP -
GICS SUB-INDUSTRY 25301020 - Hotels, Resorts & Cruise Lines
NUMBER OF SHARES 646,149,720 (from 641,754,377)
FIF 0.85
IIF 1.00
VIF 0.65
TYPE OF EVENT INDEX REVIEW
EVENT ID TBD
EFFECTIVE DATE June 01, 2023
STATUS INDEX REVIEW UPDATE
TRIP COM GROUP LIMITED (Trip Com) met the requirements for a change of listing from its ADR listing in the NASDAQ Global Select Market to its ordinary-share listing in 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 May 2023 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 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 Trip Com. The implementation is in line with previously implemented listing changes in the November 2022 Index Review and the May 2022 Index Review.
MSCI will proceed with below implementation for Trip Com's change of listing:
- To reflect the listing switch, MSCI will maintain TRIP COM GROUP LTD ADR (MSCI Code: 68756.01) in the MSCI GIMI with a change in price currency to HKD, a change in identifiers (new Security Ticker: 9961 HK Equity), a change in share type to P-chip and a change in name to TRIP COM GROUP effective June 01, 2023;
- MSCI will continue to use the closing price TRIP COM GROUP LTD ADR (TCOM UW Equity) until the close of May 31, 2023 and will start tracking the price of TRIP COM GROUP (9961 HK Equity) on June 01, 2023;
- MSCI will apply a Price Adjustment Factor (PAF) to the market price of TRIP COM GROUP (9961 HK Equity) on June 01, 2023 to reflect the conversion ratio between Hong Kong listing and ADRs of 1:1; Please note, the number of shares will remain unchanged.
Note that for the pre-open price of June 01, 2023, MSCI will use the closing price of TRIP COM GROUP LTD ADR (TCOM UW Equity) on May 31, 2023. This would be adjusted with the USD/HKD WM/Reuters Closing Spot Rates taken at 4PM London on May 31, 2023 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 May 11, 2023. Please note that the pro forma tickers will be reflected in the MSCI product files only on May 31, 2023.
Furthermore, for 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 Trip Com, if applicable, will be represented by TRIP COM GROUP (HK) (MSCI Code: 68756.02), effective on June 1, 2023, using its Hong Kong price as of the close of May 31, 2023. Effective from June 14, 2023, MSCI will change the security name and MSCI Code of Trip Com in such indexes to TRIP COM GROUP and 68756.01 respectively to align with the MSCI GIMI.
The listing switch of Trip Com will also be reflected in relevant non-market capitalization weighted indexes in line with their respective parent indexes. For indexes where TRIP COM GROUP (MSCI Code: 68756.01) will be added as part of the May 2023 Index Review, MSCI will use the May 31, 2023 closing price of TRIP COM GROUP LTD ADR (TCOM UW Equity).
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
End of announcement.
Further announcements may occur as needed.
|