DOCSLIB.ORG

Internet and Healthcare Sectors Will Continue to Outperform Expect Hang

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Internet and Healthcare Sectors Will Continue to Outperform Expect Hang 4th Jan, 2018 Market Outlook Eric Yuen – [email protected] We expect Hong Kong’s stock market to trend upward in 2018 supported by further improvement in corporate earnings, weakening U.S. dollar and continuous inflow of capital from Mainland China. Latest economic data from U.S., Europe and China are encouraging showing that the world economy is likely to grow faster this year. Expect Hang Seng Index China’s GDP growth may slow from 6.8% in 2017 to 6.5% in 2018 as the Chinese government aims to improve economic structure and reduce financial risk that may to reach 35,000 in 2018 eventually lead to a re-rating of Chinese stocks amid the inclusion of A-shares into MSCI indexes. In terms of valuation, the Hang Seng Index is currently trading at estimated 2017 P/E of 14.3x which is 15% above 10-year average but not unreasonably high. We expect the Hang Seng Index to reach 35,000 this year based on 16.5x 2017 earnings. The magnitude and pace of U.S. rate hikes will be the major risk factor. We believe internet and healthcare sectors will continue to outperform the market in 2018 given further integration of artificial intelligence and big data with the real economy. Our top picks are Tencent (700), Ping An Insurance Internet and (2318), 3SBio Inc (1530) and Sino Biopharm (1177). We also like large Chinese healthcare sectors will banks such as ICBC (1398) and CCB (939) given their relatively low valuation and steady economic growth in China. Gaming stocks such as Galaxy Entertainment continue to outperform (27) and Sands China (1928) will also perform well because the completion of the Hong Kong-Zhuhai-Macau Bridge should boost Macau’s tourism industry leading to a sustainable recovery in Macau’s gamin revenue. Both local and Chinese property stocks are expected to underperform the market in view of rising interest rates. Mainland investors have significantly increased exposure to Hong Kong’s stock market. Net purchase of equities via the Shanghai and Shenzhen Stock Connects increased 38% from approximately $246 billion in 2016 to $340 billion in 2017. We expect the uptrend to continue this year that will further improve stock market Re-rating of HKEx (388) turnover and liquidity. HKEx (388) has recently decided to expand the existing listing regime to facilitate the IPO of companies from emerging and innovative sectors. We is imminent believe the policy change will attract more listings of Chinese tech companies in Hong Kong this year leading to a strong rebound in IPO fund raising. On the other hand, China Securities Regulatory Commission recently announced that it will start a pilot program for full circulation of H shares. This could be another share price catalyst for HKEx in our view. In conclusion, we believe a re-rating of HKEx is imminent and recommend a long-term BUY. Market Review U.S. stock markets continued its uptrend in December as the approval of the tax reform by the U.S. Congress further boosted market sentiment. The Dow, S&P500 and NASDAQ surged 1.8%, 1.0% and 0.4% last month with a full year gain of 25.1%, 19.4% and 28.2% respectively. FTSE 100 climbed 4.9% to close at a record high. DAX and CAC 40 tumbled Hong Kong was 0.8%-1.1% due to rising euro against the U.S dollar. Nikkei 225 was little changed. Asian stock markets showed mixed performance. Benchmark stock market indexes dropped one of the best 0.4%-0.9% in Singapore and South Korea but advanced 3.0%-4.6% in India, Thailand and performing stock Malaysia. Jakarta Composite jumped 6.8% to reach all-time high. Shanghai Composite declined 0.3% with a diminishing turnover. Hong Kong was one of the best performing markets in 2017 markets in 2017. The Hang Seng Index and HSCEI rose 2.5% and 2.0% last month with a full year gain of 36.0% and 24.6% respectively. Hang Seng Index grew 2.5% in December. Heavily weighted Tencent (700), HSBC (5) and AIA Group (1299) soared 2.0%, 2.5% and 5.3% respectively. China Mobile (941) was flat. Gaming, consumption and Chinese property stocks significantly outperformed the market. Galaxy Entertainment (27) and Sands China (1928) rose Gaming, 11.7% and 6.3% respectively since Macau’s gaming revenue for November beat market expectations. Consumption upgrade may be a key investment theme for 2018. consumption and Mengniu Dairy (2319) and Hengan Int’l (1044) jumped 13.9%-17.2%. Want Want China (151) and WH Group (288) increased 6.4%-7.7%. Strong contracted sales and Chinese property renminbi appreciation in December caused a re-rating of Chinese property developers. Nine of the ten largest Chinese property stocks listed on HKEx grew an stocks outperformed average 7.7% among which Country Garden (2007) added 21.1%. Three largest oil companies grew an average 4.2% on rising crude oil price. Local banking and property stocks were mixed. Wharf (4) surged 9.8% while Swire Pacific (19) slid 3.7%. Handset component manufacturers faced profit taking pressure due to lower-than-expected demand for iPhone. AAC Technologies (2018) and Sunny Optical (2382) shrank 10.8% and 23.2% respectively. HSCEI increased 2.0% in December. Air China (753) surged 13.1% amid expectation of an increase in ticket price. Sinopharm (1099) rose 10.1%. Banking, insurance and railway Automobile, related stocks lacked clear direction. Zhuzhou CRRC Times Electric (3898) and CRRC Corporation (1766) posted a gain of 13.4%-17.4%. China Railway Group (390) and China telecom and Railway Construction (1186) retreated 0.9%-1.9% CCB (939) was up 5.7% whilst Postal Savings Bank (1658) cut 7.5%. New China Life (1336) went up 7.2% but PICC Group (1339) securities stocks decreased 4.2%. Automobile, telecom and securities stocks ended lower. Guangzhou ended lower Automobile (2238), Chine Unicom (762) and China Galaxy Securities (6881) slumped 5.5%- 6.7%. Index and Sector Performance Summary for December 2017 % change in share price – Index Dec 2017 Hang Seng Index (29,919) ↑ 2.5 US stock markets hit all-time highs and inflow of HSCEI (11,709) ↑ 2.0 capital from Mainland China % chg in share Reasons Sectors Stocks price- Dec 2017 Outperform Airline Air China (753) ↑ 13 Rumour of ticket price hike Consumption China Mengniu Dairy (2319), Hengan (1044), ↑ 6-17, avg +11 Speculation on product price Want Want China (151), WH Group (288) hike due to rising inflation Pharmaceutical Sinopharm (1099) ↑ 10 Gaming Sands China (1928), Galaxy Entertainment (27) ↑ 6-12, avg +9 Solid gaming revenue growth Large developers continued to PRC properties Nine of ten largest Chinese property developers ↑ 1-21, avg +8 gain market share Insurance AIA Group (1299) ↑ 5 Coal China Shenhua (1088) ↑ 5 Higher coal price Oil PetroChina (857), Sinopec (386), CNOOC (883) ↑ 3-6, avg +4 Higher crude oil price Mixed Railway CRRC Corp (1766), Zhuzhou CRRC Times (3898) ↑ 13-17, avg +15 China Railway Group (390), ↓1-2, avg -1 China Railway Construction (1186) HK properties Nine local property stocks in Hang Seng Index -4 to +10, avg +3 Record high housing price PRC insurers Six Chinese insurers in HSCEI -4 to +7, avg +1 Weakness in A shares markets PRC banks Nine Chinese banks in HSCEI -8 to +6, avg +0 Weakness in A shares markets Underperform In Line/Mixed In Line/Mixed In Line/Mixed In Line/Mixed Miscellaneous Tencent (700), HKEx (388), CITIC Ltd (267), ↑ 1-2, avg +2 China Merchants Port (144), CCCC (1800) HSBC (5), BOC Hong Kong (2388), Rising HIBOR rates will HK banks -2 to +3, avg +0 Hang Seng Bank (11), Bank of East Asia (23) improve NIM of large banks HK utilities CLP Holdings (2), HK & China Gas (3), -1 to +1, avg +0 Rising interest rates in 2018 MTR Corp (66), Power Assets (6), CKI (1038) Power Huaneng Power (902), CGN Power (1816), Lower expectation on scale ↓0-2, avg -1 China Resources Power (836) of tariff increase in 2018 Cement Anhui Conch (914) ↓2 Higher cement price Telecom Three largest Chinese telecom stocks ↓0-7, avg -3 PRC securities Five securities stocks in HSCEI ↓0-6, avg -3 Weakness in A-shares markets Automobile BYD Company (1211), Dongfeng Motor (489), ↓0-6, avg -3 Profit taking by short-term Geely Auto (175), Guangzhou Auto (2238) investors Great Wall Motor (2333) Technology ↓11-23, avg -17 Lower-than-expected AAC Technologies (2018), Sunny Optical (2382) demand for iPhone Disclosures of Interests Research Analyst Certification The views about any and all of the subject securities and issuers expressed in this report accurately reject the personal views of the research analyst(s) primarily responsible for this report; and the analysts are paid in part based or the profitability of Mason Securities Limited (“MSL”) and its affiliates (collectively called “Mason Group”) which includes revenue from investment banking activities. Research Analyst Conflicts Financial Interest: The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s) covered in this report. Relevant Relationships: The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report. Mason Group’s Financial Interests and Business Relationships Mason Group may make a market in, or may, as principal or agent, buy or sell securities (or derivatives thereon) of issuer(s) mentioned in this report. Mason Group may have a financial interest in the issuer(s) mentioned in this report, including a long or short position in its/their securities and/or options, futures or other derivative instruments based thereon, or vice versa.
Load more

Recommended publications
  • List of Contents the Year 2002 in Review Major Events of Hong Kong
    List of Contents The year 2002 in review Major events of Hong Kong securities market 2002 Market highlights Cash market - Main board Cash market - Growth enterprise market (GEM) Derivatives market Clearing statistics Exchange participants The investing community Hong Kong stock market historical events Appendices The Year 2002 in Review The Year The Year 2002 in Review The Hong Kong economy remained weak in 2002 but trade figures began to turn around in the second half of the year. Benefiting from the weakening US dollar and strong demand in the Mainland of China, Hong Kong’s total exports regained double-digit growth over a year earlier in the third quarter of 2002. The seasonally adjusted unemployment rate also fell from its historical peak of 7.8% in July 2002 to 7.2% in December 2002. However, the domestic sector remained sluggish in both investment and consumer spending. The latest economic forecast suggests a 2% growth in real terms of GDP and a 3% decline in the Composite Consumer Price Index for 2002. The trading performance of the Hong Kong securities and futures markets further weakened during the year. Hang Seng Index fell 18.2% from the previous year to end at 9,321.29. The average daily turnover of the Main Board also declined to HK$6,474 million, 19.3% less than that in 2001. The GEM Index ended at 110.4 at end of December 2002, representing a decrease of 44.6% from the previous year. The average daily turnover of the GEM improved slightly to HK$178 million in 2002, an increase of 9.9% from 2001.
    [Show full text]
  • Geely Auto Alert
    Deutsche Bank Markets Research Rating Company Date 4 March 2015 Hold Geely Auto Alert Breaking News Asia China Reuters Bloomberg Exchange Ticker Price at 4 Mar 2015 (HKD) 3.31 Automobiles & 0175.HK 175 HK HKG 0175 Price target - 12mth (HKD) 2.95 Components ADR Ticker ISIN 52-week range (HKD) 3.61 - 2.44 GELYY US36847Q1031 HANG SENG INDEX 24,703 Disposal of manual transmission Vincent Ha, CFA Research Analyst business (+852) 2203 6247 To stay focused on core auto manufacturing operation [email protected] Geely announced after today’s market close that the company will sell its manual transmission manufacturing operation to Zhejiang Wanliyang Stock data Transmission (002434.SZ, RMB19.36, Not Rated), an auto part supplier for RMB300m, 1.13x December 2014 NAV. After the completion of the sale, Geely Market cap (HKDm) 29,133 expects to probably realize RMB35m disposal gain, and will procure manual Market cap (USDm) 3,757 transmissions from Wanliyang at least until December 2018. Shares outstanding (m) 8,801.4 Major shareholders Zhejiang Geely According to Geely, the manual transmission business disposal is in line with Hldg (45%) the company’s strategy of streamlining its business to be focused on Free float (%) 57 automobile manufacturing. To recap, Geely also sold its automatic Avg daily value traded 18.8 transmission business back to its parent Zhejiang Geely in FY14 for similar (USDm) reason. Source: Deutsche Bank We do not see a material long-term impact on Geely’s operations or financials Key data from the subject business sale other than for less inter-segmental revenue.
    [Show full text]
  • Hsi Total Return Index Futures Hscei Total Return Index Futures
    HSI TOTAL RETURN INDEX FUTURES HSCEI TOTAL RETURN INDEX FUTURES September 2018 INTRODUCTION In stock investing, the return and risk profile for investors has two components: stock price appreciation and dividend. The conventional stock Index futures such as the Hang Seng Index (HSI) futures and Hang Seng China Enterprises Index (HSCEI) futures are risk management tools based on an index calculated from prices of constituent stocks only. The introduction of total return index (TRI) futures by Hong Kong Exchanges and Clearing Limited (HKEX) aims to meet the trading and risk management needs of investors who adopt a total return strategy. TRI futures are based on an index calculated by assuming the cash dividends of constituent stocks are re-invested into the index’s portfolio according to their respective market capitalisation weightings. The Hong Kong Futures Exchange Limited (HKFE) is offering four TRI futures contracts: • Hang Seng Index (Gross Total Return Index) Futures (HSIGTRI Futures) • Hang Seng Index (Net Total Return Index) Futures (HSINTRI Futures) • Hang Seng China Enterprises Index (Gross Total Return Index) Futures (HSCEIGTRI Futures) • Hang Seng China Enterprises Index (Net Total Return Index) Futures (HSCEINTRI Futures) USAGES OF TRIS Due to the unique nature of indexing, TRIs are widely used by fund managers, actuaries and financial advisers to measure their index-based performances in equity funds and pension funds, as price indexes fail to capture the dividend income of the equity funds over time. TRIs are commonly used as the underlying index of equity total return index swaps traded in the over-the-counter (OTC) market among banks, insurance companies and investment funds, which enable users to realise the economic benefits of ownership of shares – price appreciation and dividend return – without the cost of capital outlay and expense of the consequences of ownership, such as custodian arrangements and regular reconciliations.
    [Show full text]
  • Is There a January Effect in the Greater China Area?
    Is There a January Effect in the Greater China Area? by Chung-Wen (Sally) Hsu M.Sc., Civil Engineering, National Central University, Taiwan PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration O Chung-Wen (Sally) Hsu 2005 SIMON FRASER UNIVERSITY Spring 2005 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. APPROVAL Name: Chung-Wen (Sally) Hsu Degree: Master of Business Administration Title of Project: Is There a January Effect in the Greater China Area? Supervisory Committee: Robert Grauer Supervisor Peter Klein Senior Supervisor Date Approved: SIMON FRASER UNIVERSITY PARTIAL COPYRIGHT LICENCE The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection. The author has further agreed that permission for multiple copying of this work for scholarly purposes may be granted by either the author or the Dean of Graduate Studies. It is understood that copying or publication of this work for financial gain shall not be allowed without the author's written permission.
    [Show full text]
  • CSOP Hang Seng Index Daily (-1X) Inverse Product
    Evaluation Only. Created with Aspose.PDF. Copyright 2002-2019 Aspose Pty Ltd. CSOP Hang Seng Index Daily (-1x) Inverse Product Stock Code : 7300 HK All Information as of 30 July 2021 IMPORTANT: Investments involve risks, including the total loss of your investment. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment in the CSOP Hang Seng Index Daily (-1x) Inverse Product (the “Product”). CSOP Hang Seng Index Daily (-1x) Inverse Product is a futures-based product which invests directly in futures contracts on the Hang Seng Index (“HSI Futures”) listed on the HKFE so as to give the Product the inverse (-1x) of the daily performance of the Hang Seng Index ("Index") This is an inverse product and is different from conventional ETF. Should the value of the underlying securities of the Index increase, it could have a negative effect on the performance of the Product. Unitholders could, in certain circumstances including a bull market, face minimal or no returns, or may even suffer a complete loss, on such investments. The Product is designed to be used for short term trading or hedging purposes, and is not intended for long term investment. The Product is not intended for holding longer than one day as the performance of this Product over a longer period may deviate from and be uncorrelated to the inverse performance of the Index over the period. Investment in futures contracts involves specific risks such as high volatility, leverage, rollover and margin risks. A relatively small price movement in HSI Futures may result in a proportionally high impact and substantial losses to the Product, having a material adverse effect on the NAV.
    [Show full text]
  • Support at 100 Day SMA; Regulatory Concerns Remained on Other Digital Platform Leaders
    Investment Daily 13 April 2021 Major Market Indicators Market Overview 12 Apr 9 Apr 8 Apr Mkt. Turn.(mn) 160,700 141,700 281,100 Support at 100 Day SMA; Regulatory Concerns Remained on other Stock Advances 534 637 943 digital platform leaders Stock Declines 1,155 1,025 742 Hang Seng index opened up 93 points. However, due to tightening regulatory concern, HSI 28,453 28,699 29,008 Hang Seng index gradually retreated in the morning and stabilized in the afternoon, closing Change -246 -309 +333 at 28,453, down 245 points. H-shares index fell 102 points to 10,874, and Hang Seng Tech HSI Turn.($bn) 74.51 53.46 194.82 index declined 136 points to 8,169. Market turnover amounted to HK$160.7bn. AAC Tech HSCEI 10,875 10,977 11,109 (2018) issued a positive profit alert at the lunch break, triggering share price up 12.7%. Change -103 -132 +39 China’s regulator fined Rmb18.2bn on Alibaba (9988) due to its monopoly acts, but its HSCEI Turn.($bn) 75.21 54.29 193.04 share price rebounded 6.5% on lower-than-expected penalties. Geely (0175) was reported to involve in a consumption probe, with its share price down 7%, being the worst-performing blue-chip stock. HSI Technical Indicators Ahead of the major US enterprises announce the first quarter result, US stock market traded 10-days MA 28,530 50-days MA 29,204 within narrow range on Monday. The three major US index closed slightly lower with the 250-days MA 26,030 Nasdaq index fell 0.4% which performed the worst.
    [Show full text]
  • Fund Information
    Fund Information HANG SENG INDEX FUND CLASS A (HKD) (MIP) (U42281) Fund Price Type of Morningstar Fund Size Risk Level Investment Tenor Divdend Policy Change vs Previous Investment Return Overall Rating NAV Last Update Trading Day (%) HKD28.94000 0.07% 27-09-2021 (PM) HKD 2,501,252,407.00 4 ≥1 Year(s) Inc (Unit) 3 ★★ 0 Month(s) Product Features - Investment Objective and Strategy The investment objective of the Fund is to match as closely as practicable, before fees and expenses, the total return performance (net of withholding tax) of the Hang Seng Index (the “Index”) through investing primarily in the constituent stocks of the Index. The Manager primarily adopts the full replication strategy by which the assets of the Fund comprise the constituent stocks with reference to their respective weightings in the Index or futures contracts on the Index. Exposure to the Index may also be obtained through other index-tracking strategies or financial derivative instruments (such as futures contracts) from which the return to the Fund will substantially reflect the performance of the Index. The Fund's net derivative exposure may be up to 50% of its Net Asset Value. Fund Portfolio as of 30-06-2021 Asset Allocation Equity Holdings Geographical Allocation Equity Holdings Sector Allocation Stock Bond Cash Other 99.07 0.00 0.93 0.00 Total Number of Equity Holdings 58 Total Number of Bond Holdings 0 Fee Information Performance History Subscription Fee 3.00% Switching Handling Fee 1% *Not applicable to Guaranteed Funds* Management Fee 1.000% p.a. Redemption Fee - Performance Fee - Incentive Fee - Other Fund Information Launch Date 13-07-1998 Fund Type Index Fund and Index Leveraged Fund Fund Category Greater China Equity Investment Market Sector Hong Kong Equity Dealing Freqeuncy/ Dealing Cut-off Time Two Dealing Sessions per Dealing Day / Fund indexed performance (initial value =100%).
    [Show full text]
  • Geely Auto Alert
    Deutsche Bank Markets Research Rating Company Date 28 March 2016 Hold Geely Auto Alert Company Update Asia China Reuters Bloomberg Exchange Ticker Price at 24 Mar 2016 (HKD) 3.70 Automobiles & 0175.HK 175 HK HSI 0175 Price target - 12mth (HKD) 3.70 Components ADR Ticker ISIN 52-week range (HKD) 4.67 - 2.51 GELYY US36847Q1031 HANG SENG INDEX 20,346 Boyue SUV launch reverse roadshow Vincent Ha, CFA ta keaways Research Analyst Geely hosted a reverse roadshow on 27 March, right after the launch of Boyue (+852 ) 2203 6247 SUV on the 26th. Key takeaways are as below: [email protected] - 1Q16E sales review: Geely recorded muted YoY sales growth in 1Q16, and management attributed that to 1) high base effect, 2) lack of new models and Stock data some models' discontinuation, and 3) inventory destocking. Indeed, the Market cap (HKDm) 32,567 company expects March retail sales to grow 20% YoY, better than wholesale Market cap (USDm) 4,198 growth. - Company outlook: Management believes that FY16E is going to be a turning Shares outstanding (m) 8,802.0 point as they expect the Borui mid-size sedan facelift (to be launched in April) Major shareholders Zhejiang Geely and the just-launched Boyue (with a competitive price range of RMB98.8k- Hldg (45%) 157.8k) to boost its sales in 2Q-4Q16E. Geely is therefore comfortable with its Free float (%) 56 600k-unit 2016E sales target. Avg daily value traded 28.7 - Boyue: the pre-order of Boyue has already reached about 15k-16k units. (USDm) Management expects the model's margin to be higher than Borui, which Source: Deutsche Bank shares the same platform.
    [Show full text]
  • BVMF Hang Seng Index Futures Contract with Cash Settlement Denominated in Points of the Hang Seng Index of Hong Kong Exchanges and Clearing Limited
    BVMF Hang Seng Index Futures Contract with cash settlement denominated in Points of the Hang Seng Index of Hong Kong Exchanges and Clearing Limited – Specifications – 1. Definitions BVMF Hang Seng BVMF Hang Seng Index Futures Contract, based on the Index Futures Contract Hang Seng Index traded on Hong Kong Exchanges and Clearing Limited, located in Hong Kong, China, hereafter named HKEx. Daily settlement price (PA): The daily closing price, expressed in index points, calculated and/or arbitrated daily by BM&FBOVESPA, at its own discretion, for each contract month, for the purpose of updating the value of open positions and for calculating the daily adjustment and settlement value. Settlement Price (P): The closing price with the objective of settling open positions calculated and/or arbitrated by BM&FBOVESPA, at its own discretion, for each contract month, and expressed by the price of the Hang Seng Index, which is published by HKEx on the expiration date of the contract. Business day: For the purposes of this contract, for cash settlement and to meet the margin call, any day that is a trading day at BM&FBOVESPA. BM&FBOVESPA or Exchange BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros. 2. Underlying asset Hang Seng Index. 3. Price quotation Points of the BVMF Hang Seng Index Futures Contract. 4. Minimum price fluctuation One (1) index point. 5. Contract size The BVMF Hang Seng Index Futures Contract, times the value of the point established by the Exchange, with each point having the value of sixty five Brazilian Real cents (BRL 0.65).
    [Show full text]
  • Hang Seng China Enterprises Index
    Hang Seng China Enterprises Index April 2019 The Hang Seng China Enterprises Index ("HSCEI") serves as a benchmark that reflects the overall performance of Mainland securities listed in Hong Kong. FEATURES ■ The index comprises the largest and most liquid Mainland securities listed in Hong Kong ■ High market value coverage over all Mainland securities listed in Hong Kong ■ Stocks are freefloat-adjusted for investibility representation ■ 10% capping is applied to avoid single stock domination Data has been rebased at 100.00. All information for an index prior to its launch date is back-tested, back-tested performance reflects hypothetical historical performance. INDEX PERFORMANCE % Change Index Index Level 1 - Mth 3 - Mth 6 - Mth 1 - Yr 3 - Yr 5 - Yr YTD HSCEI 11,542.25 +1.43 +4.59 +13.84 -6.40 +29.12 +18.02 +14.00 HSCEI TRI 22,413.81 +1.45 +4.61 +13.87 -2.49 +45.97 +43.50 +14.02 INFORMATION INDEX FUNDAMENTALS Launch Date 8 Aug 1994 Index Dividend Yield (%) PE Ratio (Times) Annual Volatility*(%) Backdated To 15 Jul 1993 HSCEI 3.54 9.62 18.75 Base Date 3 Jan 2000 *Annual Volatility was calculated based on daily return for the past 12-month period. Base Index 2,000 CORRELATION Review Quarterly Index HSI HSCEI H-FIN Dissemination Every 2 sec HSI 1.00 0.96 0.91 Currency HKD HSCEI - 1.00 0.97 Total Return Index Available H-FIN - - 1.00 No. of Constituents 50 HSCEIDVP 0.00 INDEX STATISTICS VENDOR CODES Market Value Total Market Value Market Value Market Turnover Index Coverage over all (HKD Mn) Coverage Ratio^(%) Coverage^(%) Bloomberg HSCEI ML Securities(%) Thomson Reuters .HSCE HSCEI 12,437,096 36.12 57.25 41.28 CONTACT US ^ The universe comprises Main Board primary listings excluding foreign companies HSI: Hang Seng Index Email [email protected] All data as at 30 Apr 2019 H-FIN: Hang Seng China H-Financials Index Disclaimer All information contained herein is provided for reference only.
    [Show full text]
  • Tencent Is to Become a Constituent of Hong Kong's Hang Seng Index
    For Immediate Release Tencent is to become a Constituent of Hong Kong’s Hang Seng Index Shenzhen, May 12, 2006 – Tencent Holdings Limited (“Tencent” or the “Company”, SEHK 0700), a leading provider of Internet and mobile & telecommunications value-added services in China, is to become one of the 43 constituents of Hong Kong’s Hang Seng Index on June 10, 2008. Chairman and CEO of Tencent, Mr. Ma Huateng said, “We are extremely pleased with the news, and feel encouraged by the recognition from the market and the Hang Seng Index Company.” Tencent was the first Chinese Internet company to list on the Main Board of the Stock Exchange of Hong Kong Limited on June 16, 2004. In September 2004, Tencent became a composite stock in the Hang Seng Mainland China Index, IT Industry Index of Hang Seng Composite Industry Indexes and Hang Seng Mainland Freefloat Index. In May 2007, Tencent was included as a composite stock in the MSCI World Index for Hong Kong index. # # # About Tencent Tencent aims to enrich the interactive online experience of Internet users in China by providing a comprehensive range of Internet and wireless value-added services. Through its various online platforms, including Instant Messaging QQ, web portal QQ.com, QQ Game portal, multi-media blog service Qzone and wireless portal, Tencent services the largest online community in China and fulfills the user’s needs for communication, information, entertainment and e-Commerce on the Internet. Tencent currently operates three principal lines of business: Internet value-added services, mobile and telecommunications value-added services and online advertising.
    [Show full text]
  • Issue of USD 1,010,000 Index-Linked Notes Due October 2021 Linked to the HANG SENG CHINA ENT INDX
    PRICING SUPPLEMENT Pricing Supplement dated 14 October 2018 HSBC Bank plc Programme for the Issuance of Notes and Warrants Issue of USD 1,010,000 Index-Linked Notes due October 2021 linked to The HANG SENG CHINA ENT INDX PART A - CONTRACTUAL TERMS This document constitutes the pricing supplement (the "Pricing Supplement") relating to the issue of the Tranche of Notes described herein and must be read in conjunction with the offering memorandum dated 6 June 2018 as supplemented from time to time (the "Offering Memorandum"). Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions of the Notes, including the Terms and Conditions of the Equity Linked Notes and Index Linked Notes (the "Conditions") set forth in the Offering Memorandum. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of this Pricing Supplement and the Offering Memorandum. The Offering Memorandum is available for viewing at HSBC Bank plc, 8 Canada Square, London E14 5HQ United Kingdom and www.hsbc.com (please follow the links to 'Investor relations', 'Fixed income investors, 'Issuance programmes') and copies may be obtained from HSBC Bank plc, 8 Canada Square, London E14 5HQ United Kingdom. The Offering Memorandum does not comprise (i) a prospectus for the purposes of Part VI of the Financial Services and Markets Act 2000 (as amended) or (ii) a base prospectus for the purposes of Directive 2003/71/EC as amended (the "Prospectus Directive"). The Offering Memorandum has been prepared solely with regard to Notes that are not to be admitted to listing or trading on any regulated market for the purposes of Directive 2014/65/EU, as amended and not to be offered to the public in a Member State (other than pursuant to one or more of the exemptions set out in Article 3.2 of the Prospectus Directive).
    [Show full text]