In-depth analysis: When will Xidi Zhijia(03881), Zhida Technology(02650), and Nobi Kan(02635) finally go public? Foreign investment may start buying up next Monday or even earlier!

Reuters Finance APP has learned that with the official implementation of the Hang Seng Index Series quarterly adjustment on March 9, 2026, the market initially expected Xidi Zhijia (03881), Zhida Technology (02650), and Nobi Kan (02635) to be simultaneously included in the Stock Connect list, benefiting from the liquidity inflow of southbound funds. However, a technical detail caused an “unexpected” delay—these three companies are currently in a critical phase of a share split capital operation. Although they have successfully entered the Hang Seng Composite Index, they did not enter the Stock Connect list as scheduled. This seemingly delayed event, from a keen capital perspective, presents a rare “positive extension” structural opportunity, providing a more ample window for Hong Kong stock investors to position.

Share Split Underway, Delayed Access to Connect Due to Technical Logic

According to the Hang Seng Index Company’s quarterly review results announced on February 13, 2026, for the period ending December 31, 2025, Nobi Kan and Xidi Zhijia were successfully included in the Hang Seng Composite Index and related industry indices based on their market capitalization, liquidity, and listing time. Zhida Technology also gained a key position in this index adjustment. Under normal procedures, with the index change effective on March 9, the Shanghai and Shenzhen stock exchanges should simultaneously adjust the Stock Connect target list, meaning these three stocks should be accessible to mainland investors starting next Monday (March 9).

However, in reality, these stocks did not appear on the Stock Connect list as scheduled. Further investigation shows that all three are currently undergoing a “share split” process. In the Hong Kong market, during a share split, trading is often arranged in parallel, sometimes involving the replacement of old and new codes, and temporary codes are set up for trading. During this technical operation, to ensure the stability of the settlement system and the accuracy of data clearing, exchanges usually suspend new business access until the split is completed and processed uniformly. Therefore, although these companies meet the market cap standards, their inclusion in Stock Connect is delayed due to their “being split.” This creates a time gap between “index inclusion but not yet access.” From a technical perspective, Xidi Zhijia, Zhida Technology, and Nobi Kan are respectively scheduled to be included in Stock Connect on March 16, 2026, March 17, 2026, and March 25, 2026.

Historical Reflection: The Jianjing New Energy (01783) Case Reveals Share Splits Do Not Affect Connect Eligibility

Market concerns are unnecessary; share splits do not change the fundamental eligibility for Stock Connect, only causing a technical delay in timing. The case of Jianjing New Energy (01783) provides clear evidence. On September 23, 2025, the company’s original shares (01783) were proportionally split into new shares (02945), which traded concurrently during the parallel trading period. At that time, the Stock Connect target was also adjusted: the original code 01783 was removed, and after the parallel period, it was re-included. This case fully demonstrates that Stock Connect qualification is based on the company’s fundamental value and Hang Seng Index membership, not on short-term share face value changes. Share splits only alter the face value and trading units, not the company’s rights and interests, nor do they constitute a policy barrier to inclusion. Therefore, after the parallel trading begins, inclusion is certain for Xidi Zhijia, Zhida Technology, and Nobi Kan, on March 16, 2026, March 17, 2026, and March 25, 2026, respectively.

Access Imminent, Countdown to Entry During Low-Price Share Split Window

As the share split process nears completion, the technical status of these stocks is about to be aligned. Industry insiders analyze that once the split procedures are fully completed and shares resume normal trading under regular codes, the Stock Connect channel will immediately open to them. At that point, these companies will fully connect with mainland’s trillion-level individual and institutional funds, directly benefiting from the liquidity inflow of southbound capital.

Looking back at 2025, southbound funds recorded a net inflow of over HKD 1.4 trillion, and this trend continues into 2026. For small- and mid-cap companies that urgently need liquidity support to boost stock prices and expand financing channels, inclusion in Stock Connect is undoubtedly a core catalyst for valuation re-rating.

Conclusion: “Unexpected” Delay Creates a “Golden Window,” Extended Benefits Rebuild Investment Safety Margins

The temporary exclusion of these three stocks from Stock Connect due to share splits seems to block mainland funds’ “purchasing power,” delaying the anticipated surge. But for rational Hong Kong stock investors, this is actually a rare opportunity gained from misfortune.

First, it extends the deployment cycle. If the stocks had entered Stock Connect immediately on March 9, the sudden influx of southbound funds would likely cause a sharp price jump, leaving little time for ordinary investors to build positions. The current delay provides a valuable golden window for those who missed the initial entry.

Second, it shifts the “benefit realization” risk. The market often follows the pattern of “good news being followed by bad.” If inclusion and stock price surges happen simultaneously, it is usually accompanied by frantic profit-taking. The delay caused by share splits turns the major benefit of inclusion from an “instant explosion” into a “long-term expectation.” This not only absorbs short-term speculative selling pressure but also bases valuation increases on the company’s long-term fundamentals and ongoing capital inflows, forming a structural safety margin of “benefit extension.”

In summary, Zhida Technology, Nobi Kan, and Xidi Zhijia are currently in the final silent period before entering Stock Connect. As the share split work approaches completion, this rare low-price deployment window is narrowing. For medium- and long-term investors focusing on Stock Connect liquidity benefits and confident in company fundamentals, this correction and consolidation are the last rally before the storm.