EMQQ Global Indices: 2H 2023 Rebalance Updates

 

The three indices under the EMQQ Global umbrella, inclusive of The Emerging Markets Internet & Ecommerce Index (ticker: EMQQ), The India Internet & Ecommerce Index (ticker: INQQ), and The Next Frontier Internet & Ecommerce Index (ticker: FMQQ), recently completed the last of two semi-rebalances of 2023. Here is a broad summary of those changes: 

 

EMQQ Index 

  • The EMQQ Index decreased to 112 constituents, adding seven companies and dropping twelve due to index rules on market capitalization, liquidity and trading volume.   
  • Three of the seven new additions originated from Brazil, and two from India. There was one additional add from China and one from the UAE. 
  • Some notable additions include Vtex, a leading e-commerce enablement platform that boasts Brazil as its largest market, and C.E. Info Systems (MapMyIndia), a digital maps and location services company based in India. 
  • India’s weight in the Index continues to rise, from less than 1% several years ago to over 16% in the most recent December 2023 rebalance. India is the second largest country by weight in the index behind China. 

 

FMQQ Index 

  • The FMQQ Index increased to 66 constituents, adding six companies and dropping four due to Index rules on market capitalization, liquidity, and trading volume.   
  • Of the six new additions to the index, three hail from Brazil, two from India, and one from the UAE.  
  • Some notable additions to the Index were Yalla Group, a leading social media platform across the UAE, and Vtex (as discussed above). 
  • India has now become the largest country allocation in the FMQQ Index, with a weight of nearly 35%, followed by South Korea and Brazil. The latter has seen its index weight climb to just above 22%. 

 

INQQ Index 

  • The number of INQQ Index constituents decreased slightly to 25, adding two companies and dropping three due to Index rules on market capitalization, liquidity, and trading volume.   
  • The two additions to the index were C.E. Info Systems (MapMyIndia) and Teamlease Services. 
  • MapMyIndia is India’s leading provider of advanced digital maps, geospatial software, and location-based IoT technologies. It is a market leader in its respective niche. Meanwhile, Teamlease Services is a leading jobs search portal, particularly for blue-collar workers across India. 
  • The INQQ Index continues to grow gradually as the Indian internet & e-commerce market matures from its infancy.