Unveiling the Hong Kong Hang Seng Index: The 10 Most Influential Stocks

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The direction of the Hong Kong Hang Seng Index is largely determined by a few heavyweight stocks. Before diving into the in-depth analysis, we first reveal the ten companies with the greatest impact on the index.

Here are the top 10 stocks by weight in the Hang Seng Index as of now, along with their codes:

1. Tencent Holdings (00700)
2. Alibaba (09988)
3. HSBC Holdings (00005)
4. AIA Group (01299)
5. China Mobile (00941)
6. Hong Kong Exchanges and Clearing (00388)
7. China Construction Bank (00939)
8. Meituan (03690)
9. Industrial and Commercial Bank of China (01398)
10. Ping An Insurance (02318)

Key Takeaways

• The movement of the Hang Seng Index is mainly driven by a few large company stocks.
• Understanding the top 10 stocks by weight in the Hang Seng Index can help you better comprehend the Hong Kong stock market.
• These influential stocks are primarily concentrated in the financial and technology sectors.
• The constituent stocks of the Hang Seng Index are periodically adjusted, reflecting changes in the Hong Kong economy.
• You can check the latest constituent stock information through the official website of Hang Seng Indexes Company and the HKEXnews of the Hong Kong Exchanges and Clearing.

Analysis of the Top 10 Influential Stocks

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These ten companies are not only giants in their respective industries, but their stock price performance directly drives the pulse of the Hong Kong Hang Seng Index. Understanding them is the first step to grasping the trends in the Hong Kong stock market.

Tencent Holdings (00700)

• Business Overview: Tencent is a globally leading internet and technology company. Its core businesses cover all aspects of people’s daily lives.
  • Social Network: It owns WeChat and Weixin, which are China’s largest social networking applications, with a combined monthly active user base of up to 1.41 billion.
  • Gaming Business: By revenue, Tencent is the world’s largest gaming company, with operations divided into mainland China market games and international market games.
  • FinTech and Cloud Services: It provides financial services through WeChat Pay and others, and offers business solutions via Tencent Cloud.
• Source of Influence: Tencent is the stock with the highest weight in the Hang Seng Index. Its enormous market capitalization and proportion in the index mean that even small fluctuations in its stock price can significantly impact the index. As the absolute leader in the technology sector, Tencent’s performance and prospects are regarded as a “barometer” for the entire new economy sector.
• Recent Developments Overview: The company has demonstrated steady growth momentum. According to recent financial reports, Tencent’s third-quarter revenue grew by 15% year-over-year, and net profit increased by 19%, indicating that its core businesses remain strong.

Alibaba (09988)

• Business Overview: Alibaba has built a vast digital commerce ecosystem. Its businesses are diversified and penetrate multiple fields.
  • E-commerce Platforms: It owns multiple platforms such as Taobao (C2C), Tmall (B2C), Alibaba.com (B2B), and global AliExpress, covering the complete chain from retail to wholesale.
  • Cloud Computing Services: Alibaba Cloud is China’s leading cloud service provider, offering computing, storage, and data analysis services to global enterprises.
  • Digital Media and Entertainment: Through platforms like Youku and Alibaba Pictures, it holds a position in video streaming and film production.
  • Logistics and Finance: It provides logistics support via Cainiao Network and digital payment services through Ant Group’s Alipay.
• Source of Influence: As another technology giant, Alibaba also has extremely high weight. Its businesses span consumer, technology, and finance, and its performance is widely seen as an important indicator of the health of mainland China’s consumer market and technology industry.
• Recent Developments Overview: In recent years, Alibaba has undergone major corporate restructuring. In 2023, the company announced a reorganization into six major business groups to enhance flexibility and market responsiveness in each business. Previously, changes in the regulatory environment had impacted the company, such as the suspension of Ant Group’s IPO and a fine of approximately $2.8 billion for antitrust violations. These adjustments aim to reduce regulatory risks and unlock the value of each business unit.

HSBC Holdings (00005)

• Business Overview: HSBC Holdings is one of the world’s largest banking and financial services institutions. Its operations span the globe, primarily providing retail banking, commercial banking, global banking and capital markets, and wealth management services.
• Source of Influence: As a traditional financial heavyweight in the Hang Seng Index, HSBC Holdings has tremendous influence. Its headquarters are in London, but a large portion of its profits come from Asia, particularly the Hong Kong market. Therefore, its stock price not only reflects global financial market conditions but is also closely related to the local Hong Kong economy.
• Recent Developments Overview: Changes in the global interest rate environment have positively impacted HSBC’s profitability. Due to rate hikes by major central banks such as the Federal Reserve and the Bank of England, the bank’s net interest income has increased significantly. For example, in the most recent quarter, HSBC’s quarterly profit more than doubled to $770 million, demonstrating the benefits of the high-interest-rate environment.

AIA Group (01299)

• Business Overview: AIA Group is the largest independent publicly listed life insurance group in the pan-Asia region. Its business network covers 18 markets in Asia, holding leading positions in key markets including mainland China, the Hong Kong SAR, and Thailand. In Hong Kong, AIA has over 3 million customers with extremely high market penetration.
• Source of Influence: AIA Group is the absolute representative of the insurance sector. Since insurance business is closely tied to macroeconomics, interest rates, and resident wealth growth, AIA’s performance is viewed as a barometer for measuring the consumption capacity and wealth health of the middle class in Asia (especially mainland China). Its massive market capitalization makes it an indispensable force in the index.
• Recent Developments Overview: AIA Group’s new business value (VONB) is a key indicator of its growth potential. According to the latest report, the company’s third-quarter new business value grew by 25% year-over-year on a constant exchange rate basis, showing strong business growth momentum.

China Mobile (00941)

• Business Overview: China Mobile is a global leading communications service provider. The company not only offers core mobile and broadband services but also actively expands into emerging businesses such as cloud services and enterprise solutions.

  As of the end of September 2025, China Mobile’s user scale is enormous:

  • Total mobile users: 1.009 billion
  • Total wired broadband customers: 329 million

• Source of Influence: As a behemoth in the telecommunications industry, China Mobile has stable cash flows and a massive user base. Its high weight and stable dividend policy make it a core holding for many institutional investors. Its stock performance is typically steady, serving as a “ballast stone” for the Hang Seng Index.
• Recent Developments Overview: China Mobile attracts investors with its generous dividend policy. The company’s current dividend yield is approximately 6.2%, and it typically pays dividends twice a year, which is highly appealing to investors seeking stable returns.

Hong Kong Exchanges and Clearing (00388)

• Business Overview: Hong Kong Exchanges and Clearing Limited (HKEX) is the operator of the Hong Kong stock and derivatives markets. Its main revenue sources include:
  • Trading and Clearing Fees: From trading activities in stock, derivatives, and commodity markets.
  • Listing Fees: Fees paid for initial public offerings (IPOs) and ongoing listings.
  • Custody and Settlement Services: Basic service fees to ensure smooth transaction completion.
  • Data Services and LME Operations: Providing market data and operating the London Metal Exchange (LME).
• Source of Influence: HKEX’s business is directly linked to the activity level of the entire Hong Kong stock market. When the average daily turnover (ADT) rises, its trading fee income increases accordingly, driving its stock price upward. Therefore, HKEX’s stock price itself is a direct reflection of market sentiment and liquidity.
• Recent Developments Overview: Increased market trading activity has directly boosted HKEX’s performance. In the most recent quarter, its net profit grew by 56% year-over-year to approximately $630.3 million, with core business revenue up 54%, mainly due to record-high average daily turnover.

China Construction Bank (00939)

• Business Overview: China Construction Bank is one of the leading large commercial banks in mainland China. Its main businesses include corporate banking, personal banking, and treasury operations, serving hundreds of millions of individual customers and millions of corporate clients.
• Source of Influence: China Construction Bank is another important force in the financial sector of the Hang Seng Index. Ranked second globally by Tier 1 capital, its massive asset scale and core position in mainland China’s financial system make it a key window for observing mainland China’s macroeconomic and financial policy trends.
• Recent Developments Overview: As a global systemically important bank, China Construction Bank’s market capitalization ranks among the top global listed companies. According to data at the end of 2022, its market cap reached approximately $158.5 billion, reflecting its enormous market size.

Meituan (03690)

• Business Overview: Meituan is China’s leading “tech + retail” company. Its businesses have expanded from initial group buying to food delivery, in-store services, hotel and travel, and instant retail, among others.
  • Food Delivery Services: Meituan is China’s largest food delivery platform, with a market share exceeding 65%.
  • In-Store and Hotel & Travel: Provides restaurant discounts, hotel bookings, and travel ticketing services.
  • Instant Retail (Meituan Flash Purchase): Offers instant delivery for non-food items such as medicines and flowers.
• Source of Influence: Meituan is a platform connecting hundreds of millions of consumers and millions of merchants, and its business data directly reflects the vitality of local consumption in mainland China. As one of the representatives of the new economy, its high growth potential and massive user base make it occupy an important position in the index.
• Recent Developments Overview: The company maintains strong user growth. In the third quarter of 2025, Meituan’s daily active users and monthly transacting users for food delivery both hit historical highs. However, due to increased investment in new businesses, the company recorded a net loss for the quarter, with total revenue of approximately $13.2 billion, growing about 2% year-over-year.

Industrial and Commercial Bank of China (01398)

• Business Overview: Industrial and Commercial Bank of China (ICBC) is the bank with the largest asset scale globally. As the leader among China’s four major state-owned commercial banks, its businesses span the world, providing comprehensive financial products and services.
• Source of Influence: ICBC’s “giant” status makes it a cornerstone of the financial sector in the Hang Seng Index. Its operations are closely tied to mainland China’s economic lifeline. Its performance in corporate lending and wealth management is an important reference for measuring corporate investment and resident wealth growth in mainland China.
• Recent Developments Overview: ICBC continues to deepen its “major asset management” and “major investment banking” strategies. The company supports infrastructure projects through diversified financing tools while meeting customers’ growing asset appreciation needs with innovative services like AI-driven wealth management assistants. The strong development of these businesses is a significant contributor to its overall revenue.

Ping An Insurance (02318)

• Business Overview: Ping An Insurance is an integrated financial services group, with businesses far exceeding traditional insurance. The group has built strategies around “finance + technology” and “finance + ecosystem.”
  • Core Financial Businesses: Including insurance (life insurance, property insurance), banking (Ping An Bank), and asset management.
  • Technology and Ecosystem: Heavy investment in technology, incubating multiple tech platforms covering medical health (Ping An Good Doctor), auto services (Autohome), fintech (Lufax, OneConnect), and smart cities.
• Source of Influence: Ping An Insurance’s uniqueness lies in its dual-wheel drive model of “finance + technology.” It is not only a giant in the insurance industry but also a technology company. This unique business model means its stock performance is influenced not only by financial market cycles but also closely tied to its technological innovation achievements.
• Recent Developments Overview: Technology investments have significantly improved Ping An’s operational efficiency. For example, intelligent underwriting can complete 93% of policy approvals in seconds, while intelligent claims processing has shortened average claims settlement time to 7.4 minutes. As of September 2024, Ping An’s total patent applications exceeded 53,000, demonstrating its ongoing investment and leadership in technological innovation.

Evolution of Hang Seng Index Constituents Over Time

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The constituent stocks of the Hong Kong Hang Seng Index are not set in stone. Their evolution clearly depicts the transformation path of Hong Kong’s economic structure, from a market centered on local real industries to a financial and technology hub connecting mainland China and the world.

Past Representatives: Traditional Economic Giants

In the past, the index weights were mainly occupied by giants from local traditional industries. These companies were the cornerstone of Hong Kong’s economy, with businesses closely related to the city’s daily operations.

Characteristics of these established blue-chip stocks:

• Businesses Rooted in Hong Kong: For example, CLP Holdings (00002) provides electricity to the city, while Cathay Pacific Airways (00293) serves as the aerial bridge connecting Hong Kong to the world.
• Representing the Real Economy: Their business models are very straightforward, mainly involving utilities, transportation, real estate, and traditional finance.
• Performance Synchronized with Local Economy: The stock performance of these companies largely reflects Hong Kong’s local economic prosperity and infrastructure development.

The stable performance of these companies once served as the “ballast stone” of the index, representing an era dominated by real industries.

Current Core: New Economy Forces

Today, the index has taken on a completely new look. New economy enterprises, especially technology and internet giants from mainland China, have replaced traditional companies to become the most influential forces.

The core representatives of this transformation include:

1. Tencent Holdings (00700)
2. Alibaba (09988)
3. Meituan (03690)

These companies have entirely different business models. They are based on digital platforms, connecting billions of users and merchants. Their business scope has long transcended geographical boundaries, with growth drivers coming more from technological innovation and mainland China’s vast consumer market. This structural change marks that the Hong Kong capital market has entered a new stage jointly driven by financial services and the new economy.

How to Query the Full List of Hang Seng Index Constituents

The constituent list is periodically adjusted, so investors need to obtain the latest information through official channels. Understanding how to query the complete Hang Seng Index constituent list is the foundation for making informed decisions. Here are the two most authoritative official channels.

Official Channel 1: Hang Seng Indexes Company Website

Hang Seng Indexes Company is the official institution responsible for designing, calculating, and managing the Hang Seng series of indexes. Its official website is the preferred source for the most accurate and comprehensive information.

Key Tip: This is the most direct and authoritative query channel. The information published on the website serves as the benchmark referenced by all market participants.

On the website, investors can typically find the following key materials:

• Complete Constituent List: Including company names and stock codes of all constituents.
• Weight Information: The proportion of each stock in the index.
• Index Methodology: Detailed documents explaining the rules for constituent selection and weight calculation.

By visiting the website, investors can directly access firsthand information, ensuring their data stays in sync with official sources.

Official Channel 2: HKEXnews of Hong Kong Exchanges and Clearing

Hong Kong Exchanges and Clearing (HKEX) is the operator of the Hong Kong securities market. Its “HKEXnews” website is the platform where all listed companies publish statutory announcements.

Although Hang Seng Indexes Company decides changes to constituents, related companies typically also publish announcements via HKEXnews to convey this important information to the market. Therefore, it is a good place to track individual stock dynamics.

By using these two official channels in combination, investors can grasp both the macro composition of the index and timely updates on changes to individual constituents.

Focusing on these ten stocks is a shortcut to understanding the trends of the Hong Kong Hang Seng Index. Their common feature is quite obvious: most are concentrated in the two major sectors of finance and technology.

The prosperity of these two sectors directly determines the performance of the index. This article is a starting point; readers should use the methods mentioned to continuously monitor changes in constituents for more informed decisions.

Frequently Asked Questions

What is Stock “Weight”?

Stock “weight” refers to the percentage of a particular stock in the total market capitalization of the index. Changes in the stock price of high-weight stocks have a greater impact on the overall index movement. It determines the degree of influence a stock has in the index.

How Often Are the Hang Seng Index Constituents Adjusted?

Hang Seng Indexes Company periodically reviews the index constituents. This process typically follows the following schedule:

• Review Cycle: Conducted quarterly.
• Purpose: To determine whether new companies should be added or existing ones removed, ensuring the index accurately reflects market conditions.

If a High-Weight Stock Falls, Will the Hang Seng Index Definitely Drop?

Not necessarily. A decline in a high-weight stock will exert tremendous downward pressure on the index. However, if other constituents (especially other heavyweights) perform strongly, their gains may offset part or all of the decline, keeping the index stable or even causing it to rise.