Financial technology companies UP Fintech (NASDAQ:TIGR), an Asian online brokerage firm focusing on global investors; Sea, a digital commerce business; Huobi Technology, a blockchain-focused company; and Razer, a multinational gaming and financial services provider, were among the firms that have been added to the MSCI global indexes on Thursday (May 27, 2021).
MSCI indexes aims to provide a measurement of stock market performance in a certain area or industry, offering investors important insights on different market segments.
Constituents for MSCI indexes are adjusted every quarter (3 months) or on a semi-annual basis to show the evolution and ongoing development of equity markets and related segments.
After the results of MSCI’s May 2021 Semi-Annual Index Review were announced, it was revealed that UP Fintech Holding had been added to the MSCI China All Shares Index. As first reported by Fintech News HK, the index aims to capture large and mid-cap representation. The index also aims to showcase the opportunity set of Chinese share classes that are listed in Hong Kong, Shanghai, Shenzhen and in jurisdictions outside mainland China.
Established in 2014, UP Fintech manages Hong Kong’s Tiger Brokers, a digital equities trading firm that has become popular in Chinese markets. The firm, which lets customers trade various equities from US, UK, Hong Kong, Singapore and Australian markets, reports over 1 million registered users.
Singapore-based Sea is an Internet company that also made it to the global standard index, joining the MSCI Singapore Standard Index. MSCI has reportedly named Sea as one of the largest new additions to the MSCI World Index by full company market cap, along with Volvo and Palantir Technologies.
Sea is a multi-national consumer Internet firm that offers digital entertainment services (Garena), a digital commerce platform (Shopee), and virtual payments and financial services (SeaMoney). Sea is notably one of just four recipients of a digital banking license in Singapore. The company stated that it will be focused on fulfilling unmet financial services requirements. It will also serve younger Asiana consumers and SMEs.
In MSCI Global Small Cap Indexes, Huobi Technology Holdings notably became the first major blockchain or distributed ledger tech (DLT) firm to be added to the Hong Kong-focused index. The MSCI Hong Kong Small Cap Index has been designed to assess the performance of the small cap sector of the Hong Kong market, accounting for around 14% of the free float-adjusted market cap of the region’s equity ecosystem.
Huobi Technology Holdings manufactures electronics products and provides a digital asset exchange (along with other crypto services).