PREVIEW-No revisions seen for HK's main stock index

HONG KONG, Feb 11 (Reuters) - China Coal (1898.HK: Quote, Profile, Research, Stock Buzz) is likely to miss out on inclusion in Hong Kong's Hang Seng Index .HSI, leaving the benchmark unchanged in the first quarter, analysts said.

As a result of its Shanghai IPO at the start of the month, China Coal has no unlisted share capital, a prerequisite for entry into the Hang Seng.

But a market value of about HK$210 billion ($26.93 billion) for China's second-largest coal producer ranks it 54th by 12-month average market capitalisation according to BNP Paribas, making it a longshot for index inclusion.

The index currently has 43 constituents, below its limit of 50. Compiler HSI Services Ltd, which bases its criteria on market capitalisation, trading turnover and the proportion of the firm's shares that are freely traded, is expected to announce the results of this year's first quarterly review on Feb 15.

"There are no big counters that qualify at the moment," said Ernie Hon, an analyst at ICEA Securities.

In 2007, all seven companies admitted to the Hang Seng Index operated in mainland China, underscoring the dominance of Chinese companies in the city's equity market.

Mainland Chinese firms account for about 30 percent of the companies listed in Hong Kong but command about half of Hong Kong's roughly $2 trillion market cap and more than 60 percent of total trading volume.

Revisions to the index are especially relevant to tracker funds whose mandate it is to mirror its performance.

A stock that is added to or deleted from the index would trigger corresponding selling or buying, and some investors speculate on the likely changes ahead of the mandatory buying or selling.

BNP estimates Hang Seng Index tracker funds total about HK$54 billion. ($1=HK$7.799) (Reporting by Rita Chang; Editing by Lincoln Feast)