In-depth analysis: When will CIDI (03881), ZHIDA TECH (02650), and NUOBIKAN (02635) be listed on the exchange? Foreign investors may start investing on Monday or even earlier!

As the quarterly adjustment of the Hang Seng Index series officially took effect on March 9, 2026, the market originally expected that CIDI (03881), ZHIDA TECH (02650), and NUOBIKAN (02635) would be included in the list of stocks available for trading through the Stock Connect program, benefiting from the liquidity brought by the southbound funds. However, a technical detail led to this "surprise" - these three companies are currently in the crucial stage of stock splitting operations, which resulted in their failure to be included in the Stock Connect program as scheduled. Despite successfully entering the Hang Seng Composite Index, they were unable to enter the Stock Connect program on time. This seemingly delayed event, seen by keen investors, is actually a rare "positive extension" structural opportunity, allowing Hong Kong stock investors a more ample window for positioning. During the stock splitting process, the technical logic behind the postponement of entry into the Stock Connect program According to the results of the quarterly review released by Hang Seng Index Company on February 13 based on data up to December 31, 2025, NUOBIKAN, CIDI, and ZHIDA TECH were successfully included in the Hang Seng Composite Index and their respective industry indices based on market capitalization, liquidity, and listing history, among other criteria. ZHIDA TECH also secured a key position in this round of index adjustments. Following the effective date of the index changes on March 9, it was expected that the Stock Exchange of Hong Kong would adjust the scope of the Stock Connect program accordingly, meaning that the aforementioned three stocks should have been open to mainland investors starting next Monday (March 9). However, in reality, these three stocks did not appear in the Stock Connect list as scheduled. Further investigation revealed that all three companies are currently in the process of stock splitting. In the Hong Kong stock market, stock splits typically involve concurrent buying and selling, and may even involve the replacement of old and new codes, necessitating the establishment of temporary codes for trading. During this technical operation period, in order to ensure the stability of the settlement system and the accuracy of data clearing, exchanges usually postpone the admission of new businesses until the stock split is completed for unified processing. Therefore, although these three companies met the market capitalization criteria, the actual inclusion in the Stock Connect program was delayed due to the status of being "in the process of splitting," creating a time difference between inclusion in the index and entry into the Stock Connect program. From a technical logic perspective, CIDI, ZHIDA TECH, and NUOBIKAN are set to be included in the Stock Connect program on March 16, 2026, March 17, 2026, and March 25, 2026, respectively. Historical lesson: The ENVISION GREEN (01783) case reveals that stock splits do not affect the essence of entry into the Stock Connect program The market need not worry excessively about this, as stock splitting does not change the essence of stock entry into the program. Its impact is simply a technical delay in time, as evidenced by the case of ENVISION GREEN. On September 23, 2025, the original shares of the company (01783) were proportionally split into new shares (02945), and were traded concurrently during the stock split period. At that time, adjustments were also made to the Stock Connect program: the original code 01783 was removed, and after the start of the parallel period, the original code 01783 was reintroduced. This case fully demonstrates that the qualification for the Stock Connect program is based on the fundamental value of the company and its identity as a constituent stock of the Hang Seng Index, rather than short-term changes in stock face value. Stock splitting only changes the face value and trading unit of a stock, without altering the substantive equity of the company or posing a policy obstacle to entry into the Stock Connect program. Therefore, after the parallel trading begins, the entry of CIDI, ZHIDA TECH, and NUOBIKAN is confirmed, scheduled for March 16, 2026, March 17, 2026, and March 25, 2026, respectively. Entry is imminent, countdown to the low-price window during stock splitting As the stock splitting work is nearing completion, the technical status of the three stocks is about to be resolved. According to industry insiders, once the stock split process is fully completed and the stocks resume trading with regular codes, the Stock Connect program will immediately open up to them. At that time, these three companies will be fully connected to mainland China's trillion-dollar pool of individual and institutional funds, directly benefitting from the liquidity influx of southbound funds. Looking back at 2025, southbound funds recorded a record net inflow of over 1.4 trillion Hong Kong dollars, a trend that continues into 2026. For small and medium-sized companies in need of liquidity support to boost stock prices and expand financing channels, entry into the Stock Connect program is undoubtedly a core catalyzer for value reassessment. Conclusion: "Accidental" delay creates a "golden window," extending positive effects and reconstructing investment safety margins The fact that these three stocks have not entered the Stock Connect program due to stock splitting may seem to have kept mainland funds at bay, postponing the expected surge in prices. However, for rational Hong Kong stock investors, this is actually a fortunate opportunity in misfortune. Firstly, it lengthens the investment cycle. If the stocks were to enter the program on March 9, accompanied by the sudden influx of southbound funds, stock prices would often experience a sudden surge, leaving ordinary investors with extremely limited time to build positions. The current delay provides a valuable golden window for investors who are late to the party. Secondly, it postpones the risk of the "good news" taking effect. The capital market often follows the rule that "good news turns into bad news." If entry into the program coincides with a skyrocketing stock price, it is often accompanied by a frenzy of profit-taking. This delay caused by stock splitting shifts this major positive effect from an "instantaneous outbreak" to a "long-term expectation." It not only absorbs short-term speculative selling pressure but also establishes the logic for valuation improvement based on the company's long-term fundamentals and continuous inflow of funds, forming a structural safety margin of "extended positive effects." In conclusion, ZHIDA TECH, NUOBIKAN, and CIDI are currently in the final quiet period before entry into the Stock Connect program. With the completion of the stock splitting work approaching, this rare low-price positioning window is narrowing. For medium to long-term investors focusing on the liquidity benefits of the Stock Connect program and confident in the fundamentals of the companies, the current retracement and consolidation phase is the final gathering before the storm.