What Are HSC Shares? Definition, Risks, and the Latest List of HSC Shares
2026-07-16
High Shareholding Concentration (HSC) is a category of shares on the Indonesia Stock Exchange (IDX) where the majority of a company's shares are controlled by a handful of shareholders, either individuals or affiliated groups.
Shares with HSC status have a level of ownership concentration above 90%, so the number of shares actually available for free float trading in the market is very limited.
The HSC list is published by the IDX as a form of transparency, not as a sanction or indication of violations, so that investors understand the share ownership structure before making investment decisions.
This article will discuss the definition, risks, and the latest list of HSC shares as of July 2026.
Key Takeaways
High Shareholding Concentration (HSC) is a category of shares on the IDX where the majority of ownership is controlled by one party or affiliated group.
As of July 15, 2026, 51 stocks were categorized as HSC, up from 14. The IDX added the Price Impact Ratio indicator to screen large-cap issuers.
HSC shares have high liquidity and price volatility risks because price movements can be influenced by small transactions from major owners, rather than purely market mechanisms.
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What is High Shareholding Concentration (HSC)?
Source: AI
HSC is a condition where the majority of an issuer's shares (around 90% or more) are owned by a single party, an affiliated group, or a small number of shareholders.
As a result, the number of shares actually outstanding is very small.
The determination of HSC is carried out by the IDX together with the Indonesian Central Securities Depository (KSEI) periodically using a methodology that involves aggregating ownership from parties considered to be one affiliated group.
As of July 15, 2026, the IDX added the Price Impact Ratio indicator to filter large-cap issuers (above IDR 10 trillion), so the number of HSC shares jumped from 14 to 51 issuers.
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HSC Stock Risk
Shares with HSC status have risk characteristics that investors need to understand:
1. Low Liquidity
The number of shares available on the market is very limited, so investors may have difficulty buying or selling large amounts of shares without significantly affecting the price.
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2. High Volatility
Stock prices are more prone to sharp fluctuations because even small transactions can move prices significantly.
This is also known as a “scarcity premium” where valuations are high due to the scarcity of shares, not because of the company’s fundamentals.
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3. Centralized Control
Major shareholders have full control over the direction of company policy, including dividend distribution. This can impact corporate governance (GCG).
4. Impact on Index
MSCI stated that stocks identified as HSC may be removed from the MSCI Global Investable Market Indexes. Furthermore, the IDX will remove HSC shares from major indices such as the LQ45 and IDX30.
Should HSC Stocks Be Sold?
HSC status doesn't necessarily mean the stock is of poor quality. Analysts advise investors not to sell HSC shares immediately, but to consider several factors:
- Fundamental They emit
Stocks are still worth holding if the company's fundamentals are solid and the investment is long-term oriented.
- Liquidity
Pay attention to daily trading volume and bid-ask spread.
- Valuation
Compare price increases with earnings growth and cash flow to assess whether prices reflect fundamentals or simply scarcity effects.
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Here is a complete list of 51 stocks that fall into the HSC category as of July 15, 2026
Latest HSC Stock List (51 Stocks)
Source:
Makmur.id (2026). IDX Releases 9 Stocks with Ownership Above 95%, Here's What Investors Need to Know. Available at:https://www.makmur.id/id/blog/artikel/bei-rilis-9-saham-dengan-kepemilikan-di-atas-95-ini-yang-perlu-investor-tahu
Kontan.co.id (2026). Here's a list of 37 new stocks in the IDX's High Shareholding Concentration (HSC) category. Available at:https://investasi.kontan.co.id/news/ini-daftar-37-saham-baru-masuk-kategori-high-shareholding-concentration-hsc-bei
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Conclusion
The HSC category is a step by the IDX to increase transparency and investor protection, not a sanction for issuers.
HSC shares offer potential returns but also carry higher liquidity and volatility risks. Investors are advised to analyze the fundamentals, liquidity, and ownership structure before deciding to invest in HSC shares.
With the right understanding, HSC shares can still be part of a wise investment portfolio.
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FAQ
What is HSC stock?
HSC shares are shares on the IDX with high ownership concentration, where more than 90% of the shares are controlled by one party or affiliated group.
What are the risks of HSC stock?
The main risks are low liquidity, high price volatility, and control concentrated in the hands of major shareholders.
How many HSC shares will there be as of July 2026?
There are 51 stocks that fall into the HSC category as of July 15, 2026.
Is HSC status a sanction?
No, HSC status is a form of transparency, not a sanction or indication of violations by the issuer.
Are HSC shares tradable?
Yes, HSC shares can still be traded normally on the IDX.
Why does BEI publish the HSC list?
To provide information to investors about the share ownership structure and liquidity level of an issuer.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
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