In the early morning of May 15, international index compiler MSCI released its index adjustment results for May 2024. In this adjustment, 42 stocks were added to the MSCI Global Standard Index, of which 8 A-shares including CITIC Special Steel (000708.SZ) were added to the MSCI China A-share Index. The MSCI announcement shows that the adjustment results will be effective after the close of business on May 31, 2024.
The MSCI family of indices is one of the most influential index systems in the world and a widely used benchmark for portfolio managers worldwide. MSCI routinely revises all of its indices four times a year, including more aggressive semi-annual reviews in May and November, and less aggressive quarterly reviews in February and August. Each adjustment is based mainly on objective quantitative indicators such as market capitalization and liquidity. As the most used benchmark index by global portfolio managers, the MSCI index adjustment has always attracted market attention, and the change of its constituent stocks means that a number of passive funds may follow the adjustment of their holdings, thereby driving the stock price changes of the constituent stocks.
The MSCI China Index Series consists of a series of country, composite, domestic and non-domestic indexes designed to measure the performance of large and medium-sized companies in the Chinese market. The index components generally cover companies with operations in China, large scale, good liquidity, and good operating performance and growth potential.
The inclusion of CITIC Special Steel (000708.SZ) in the MSCI China Index fully reflects the capital market's high recognition of CITIC Special Steel's value, innovation strength and future development potential, which is expected to further enhance the company's influence in the international and domestic capital markets.
As the world's leading specialized special steel material manufacturing enterprise group, CITIC Special Steel has maintained steady operation in recent years, stored up future development, attached importance to investor returns, and continued to improve operational resilience. In the future, the company will, as always, forge ahead, focus on improving enterprise efficiency, create higher value for the society, customers, employees and shareholders, and strive to create the world's most competitive special steel enterprise group.
