S&P Index Grows
S&P Global BMI Index Expands, Adding Five New Tech and Beverage Companies
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Key Points
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Eastroc Beverage Co. Ltd. was added to the S&P Global BMI index, trading on the Hong Kong Stock Exchange as SEHK-9980.
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Knowledge Atlas Technology Joint Stock Company Limited was added to the S&P Global BMI index, trading on the Hong Kong Stock Exchange as SEHK-2513.
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Shanghai Biren Technology Co. Ltd. was added to the S&P Global BMI index, trading on the Hong Kong Stock Exchange as SEHK-6082.
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Shenzhen Xunce Technology Co. Ltd. was added to the S&P Global BMI index, trading on the Hong Kong Stock Exchange as SEHK-3317.
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Ethos Technologies Inc. was added to the S&P Global BMI index, trading on Nasdaq as LIFE (NasdaqGS).
Five companies joined the S&P Global Broad Market Index (BMI) effective June 22, 2026, in one of the most geopolitically charged quarterly rebalances in recent memory. The additions include two Chinese AI and semiconductor firms — Knowledge Atlas Technology and Shanghai Biren Technology — that are currently on the U.S. Department of Commerce's Entity List due to national security concerns.
The other newly added firms are Eastroc Beverage, Shenzhen Xunce Technology, and U.S.-listed Ethos Technologies (Nasdaq: LIFE). All five cleared S&P's composite ranking methodology, which scores companies on returns, profitability, financial reporting quality, and financial health. A company must rank in at least two of those four categories to qualify, according to S&P Dow Jones Indices.
Sanctioned Chinese AI Giants Enter a Global Benchmark
Knowledge Atlas Technology — known as Zhipu AI or Z.ai — listed on the Hong Kong Stock Exchange in January 2026 and has since grown to a market cap of HK$933.6 billion, according to Bloomberg. Its CEO, Peng Zhang, said the company's flagship model, GLM-5.2, would prove that "open source will surely prevail" despite U.S. export controls. The firm was placed on the U.S. Entity List in January 2025.
Shanghai Biren Technology, a GPU developer that rivals NVIDIA, listed in January 2026 at a valuation of roughly HK$47 billion and has since climbed to HK$149.9 billion in market cap. Biren was sanctioned by the U.S. in October 2023. Revenue grew 207% in 2025. Analysts at JPMorgan describe the inclusion of both firms as a "compliance minefield" for U.S.-based passive fund managers who track the BMI, according to Bloomberg.
Mandatory Buying Flows Into Five Newly Indexed Firms
When a stock joins the S&P Global BMI, every ETF and pension fund that tracks the index must buy shares. For smaller firms, this creates a major demand spike. Ethos Technologies (LIFE), a U.S. insurance-tech company with a market cap of just $1.52 billion, could see index-driven buying equal a large share of its daily trading volume. The stock priced its IPO at $19 per share in January 2026, raising $200 million on Nasdaq.
Shenzhen Xunce Technology (SEHK: 3317), which completed its IPO in December 2025, posted 2025 revenue growth of 103.3% and carries a market cap of HK$43.2 billion. The firm recently launched TokenOS, which it bills as the world's first token operating system for industrial AI, according to TipRanks. Eastroc Beverage (SEHK: 9980), China's fast-growing energy drink maker, raised $1.3 billion in its February 2026 listing and holds a market cap of HK$100.9 billion.
Short Sellers and U.S. Lawmakers Circle the New Additions
Ethos Technologies faced early turbulence after its index inclusion was announced. Short-seller publication The Bear Cave released a report on June 12, 2026, titled "Problems at Ethos Technologies (LIFE)," alleging fundamental weaknesses in the business. The stock fell 9% intraday before partially recovering, according to MarketScreener. CEO Peter Colis pushed back, citing a "seamless customer experience" as the driver for 2026 growth.
The inclusion of sanctioned Chinese firms may also draw fire from U.S. lawmakers. The House Select Committee on the CCP has previously pressured index providers to remove what it calls "adversarial" technology companies. In December 2020, S&P DJI removed 21 Chinese firms following a U.S. executive order. S&P maintains its methodology is objective — if a company meets the screens, it is included unless the law explicitly bars it.
How S&P's Ranking System Decides Who Gets In
The S&P Global BMI tracks more than 14,000 stocks worldwide. It rebalances four times a year — in March, June, September, and December. The composite ranking methodology used for this round averages scores across four pillars: returns, profitability, financial reporting quality, and financial health. A company must be rated in at least two of those pillars to be eligible, according to S&P Dow Jones Indices. Weighting inside the index is based on float-adjusted market cap.
S&P Global CEO Martina Cheung has framed AI companies as "an additional distribution channel" for index data and benchmarks. Catherine Clay, who leads S&P Dow Jones Indices, has pushed the division toward modernizing index infrastructure for what she calls a digital era. The June 2026 rebalance results were announced on June 5, with changes taking effect at the market open on June 22.
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