On February 28, 2021 Everest Medicines (HKEX 1952.HK), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, reported that the company has been selected as a constituent stock of the Hang Seng Composite Index, the Hang Seng Healthcare Index and the Hang Seng Hong Kong-Listed Biotech Index in accordance with the latest index series release by Hang Seng Indexed Company Limited, with effect from March 15, 2021 (Press release, Everest Medicines, FEB 28, 2021, View Source [SID1234575799]).
The Hang Seng Composite Index offers a comprehensive Hong Kong market benchmark that covers about the top 95th percentile of the total market capitalisation of companies listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Hang Seng Healthcare Index aims to reflect the overall performance of stocks listed in Hong Kong that are related to healthcare businesses. The Hang Seng Hong Kong-Listed Biotech Index reflects the overall performance of the biotech companies that are listed in Hong Kong, including stocks listed on the Stock Exchange through Chapter 18A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Being selected as a constituent stock of the above Hang Seng Indexes fulfills the eligibility criteria for Southbound Trading under the Stock Connect scheme, which is a channel that facilitates stock trading and investment between Hong Kong and a broader base of China investors.