HANG SENG INDEXES QUARTERLY Index Research: Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index
For more information, please contact
Hang Seng Indexes Company Limited
Address : 83 Des Voeux Road Central Hong Kong Tel : (852) 2877 0704 Email : [email protected] Website : www.hsi.com.hk
Hang Seng Index
The information contained herein is for reference only. Hang Seng Indexes Company Limited (“Hang Seng Indexes”) ensures the accuracy and reliability of the information contained herein to the best of its endeavours. However, Hang Seng Indexes makes no warranty or representation as to the accuracy, completeness or reliability of any of the information contained herein and accepts no liability (whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a result of reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change from time to time without notice.
HSI Volatility Index (the “Index”) is published by Hang Seng Indexes, which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) to maintain and calculate the Index.“Standard & Poor‘s” and “S&P” are trademarks of S&P and have been licensed for use by Hang Seng Indexes. “VIX®” is a trademark of Chicago Board Options Exchange, Incorporated (“CBOE”) and S&P has granted a license to Hang Seng Indexes, with permission from CBOE, to use such mark for purposes relating to the Index. The Index is not owned, sponsored, endorsed or promoted by S&P or CBOE and neither S&P nor CBOE makes any representation regarding the advisability of investing in products that are based on such Index or otherwise relying on such Index for any purpose and neither S&P, CBOE nor Hang Seng Indexes shall have any liability for any errors or omissions in the Index or any values thereof.
The information contained herein does not constitute any express or implied advice or recommendation by Hang Seng Indexes for any investments. Investment involves risks. Prospective investors should seek independent investment advice to ensure that any of their decisions is made with regard to their own investment objectives, nancial circumstances and other particular needs. 2014 2nd Quarter
© Hang Seng Indexes Company Limited 2014. All rights reserved. 07/14 -122 RF Hang Seng Family of Indexes
Flagship Indexes Benchmark Indexes Thematic Indexes Strategy Indexes Bond Indexes
Hang Seng iBond Hang Seng Hang Seng Index Hang Seng Composite Index HSI Volatility Index Composite China Enterprises Index Total Return Index
Finance Hang Seng Composite Hang Seng Composite Hang Seng Hang Seng Hang Seng iBond Industry Indexes Size Indexes China-Af liated Risk Adjusted Index Series 1407 Total Return Corporations Index Index Utilities Hang Seng Energy LargeCap Index Risk Adjusted Index - HSI 20% Hang Seng iBond Properties Hang Seng China 1506 Total Return Materials MidCap Index H-Financials Index Hang Seng Index Commerce & Industry Risk Adjusted Index - Industrials SmallCap Index HSCEI 25% Hang Seng iBond Hang Seng 1606 Total Return Consumer Goods Mainland 100 Hang Seng Short & Index Leveraged Index Series Consumer Services Short Indexes Hang Seng Mainland 25 HSI Short Index Telecommunications
Utilities Hang Seng HSCEI Short Index HK 35 Hang Seng H-Fin Financials Short Index Hang Seng Properties & REIT Index HSI 2x Short Index Construction Hang Seng HSCEI 2x Information Corporate Sustainability Short Index Technology Index Hang Seng H-Fin 2x Short Index Conglomerates Hang Seng Hong Kong-listed High Dividend Yield Leveraged Indexes Index Hang Seng Foreign HSI Leveraged Index Companies Composite Index Hang Seng Low Volatility HSCEI Leveraged Index Index Hang Seng Global Composite Index Hang Seng H-Fin Hang Seng Leveraged Index High Beta Index Hang Seng Corporate Hang Seng Equal Sustainability Benchmark Index Hang Seng Weighted Index Natural Resources Index Hang Seng China Enterprises Equal Weighted Index Hang Seng Infrastructure Index
Hang Seng Broad Consumption Index
Hang Seng Mainland Consumer Good Index
Hang Seng China Hang Seng China Hang Seng China Hang Seng China AH Premium Index 50 Index AH (A + H) Index AH Smart Index
Hang Seng China AH (A) Index
Hang Seng China AH (H) Index Cross-market Hang Seng (Mainland and HK) Corporate Sustainability Index
Hang Seng China A Hang Seng (China A) Hang Seng (China A) Corporate Sustainability Industry Top Index Corporate Sustainability Benchmark Index Index
Hang Seng China A Hang Seng China A Index that tracks China sector
Mainland-listed Top 100 Index Top 500 Index
Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Company Profile
Hang Seng Indexes Company Limited “Hang Seng Indexes”, a wholly-owned subsidiary of Hang Seng Bank, was established in 1984 and is Hong Kong’s leading index compiler covering Hong Kong and mainland China markets.
Hang Seng Indexes calculates and manages the Hang Seng Family of Indexes. Starting in 1969 with the creation of the Hang Seng Index, now widely recognised as the barometer of the Hong Kong stock market, Hang Seng Indexes has been at the forefront of the market, developing numerous market measures to help investors make their investment decisions.
Indexes in the Hang Seng Family of Indexes are grouped into five categories — Flagship Indexes, Benchmark Indexes, Thematic Indexes, Strategy Indexes and Bond Indexes — then classified as Hong Kong-listed, Cross-market or Mainland-listed according to where their constituents are listed.
Currently, the Hang Seng Family of Indexes comprises over 300 real-time and daily indexes. Going forward, Hang Seng Indexes will continue to broaden its index series to meet the widening spectrum of investor demand for index investment solutions.
If you prefer not to receive marketing materials from Hang Seng Indexes Company Limited in the future, please notify us by email to [email protected] with the word “unsubscribe” in the subject line or contact us at (852) 2877 0704.
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk contents
Features
Index Update 2
Index Highlight 3
Index Research 4
2014 Mid-Year Report 8
Index Information
Index Products 14
Index Performance 16
Index Rankings 18
Index Statistics 21
Share Class Distribution 22
Sector Weightings 24
Other Information
Hang Seng Industry Classification System 25
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 1 INDEX UPDATE
Performance of HSI Volatility Index (“VHSI”) 2014Q2 Highlights: • Daily change of the VHSI demonstrated a negative correlation of -0.36 compared with the Hang Seng Index (“HSI”). • The VHSI recorded a historical low of 11.53 on 20 June 2014 since the launch of the index in February 2011. • On 23 June 2014, the VHSI jumped by 7.89% while the HSI recorded a daily drop of 1.68% — its biggest daily drop for the period.
30 26,000 Five Largest Daily HSI Drops (2014 Q2)
Daily Changes (%) 25 24,000
Date HSI VHSI VHSA#
23‐Jun‐14 ‐1.68 7.89 ‐1.20 20 22,000 15‐Apr‐14 ‐1.60 2.66 1.51
25‐Apr‐14 ‐1.50 4.31 4.15 15 20,000 30‐Apr‐14 ‐1.42 2.48 5.62 HSI VHSI 5‐May‐14 ‐1.28 3.39 0.94 10 18,000 #VHSI Spot Month Futures Jun-13 Sep-13 Dec-13 Mar-13 Jun-14
VHSI Period High VHSI Period Low Annualised Volatility Correlation w/ HSI 2014 Q2 Date Level Daily Return Date Level Daily Return Period 1-Year Period 1-Year VHSI 16.23 2.14% 11.53 ‐4.16% 49.37% 65.46% ‐35.82% ‐58.52% 11‐Apr‐14 20‐Jun‐14 HSI 23,003.64 ‐0.79% 23,194.06 0.11% 12.15% 14.46% – –
Performance of Hang Seng iBond Index Series 2014Q2 Highlights: • iBond 1407, iBond 1506 and iBond 1606 delivered investment returns of 0.84%, 0.94% and 0.97% respectively to investors. The HSIBCI, which reflects the overall performance of all three iBonds in the market, recorded a gain of 0.92% for the same period. • For ibond investors who acquired ibonds at the time of their Initial Public Offerings, the cumulative investment returns on iBond 1407, iBond 1506 and iBond 1606 are 14.09%, 10.90% and 9.26% respectively.
125 Historical per annum interest rate * HSIBCI HSIB1407 HSIB1506 HSIB1606 Interest HKSAR iBond HKSAR iBond HKSAR iBond payment Due 2014 Due 2015 Due 2016 120 date (iBond 1407) (iBond 1506) (iBond 1606) 30‐Jan‐12 24‐Dec‐12 24‐Dec‐13 1st 6.08% 3.48% 4.72%
115 30‐Jul‐12 24‐Jun‐13 24‐Jun‐14 2nd 5.07% 3.73% 4.12%
28‐Jan‐13 23‐Dec‐13 24‐Dec‐14 3rd 110 3.38% 4.72% – 29‐Jul‐13 23‐Jun‐14 24‐Jun‐15 4th 3.77% 4.12% –
28‐Jan‐14 22‐Dec‐14 24‐Dec‐15 105 Final 4.78% – –
28‐Jul‐14 22‐Jun‐15 24‐Jun‐16 Maturity – – – 100 * Source: Hong Kong Government Bond Programme (Per Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 annum interest rate x Face value (100%) of bond holdings x Actual days/365 = Interest payable Note: The Hang Seng iBond Index Series is a comprehensive benchmark of the general performance of the iBonds listed on the amount) Stock Exchange of Hong Kong and issued by the HKSAR Government. The Series reflects the total return on an iBond investment by taking into account the market price change, interest accrual and coupon payments. As at 30 Jun 2014 Latest per Return (%) Past 1-Year
Closing Clean Indexes annum Annualised Value Price interest rate (%) Q2 2014 YTD 2013 2012 Since Launch Volatility (%) HSIBCI 120.73 n.a. n.a. 0.92 1.54 3.13 5.42 20.73 1.48 HSIB1407 114.09 100.20 4.78 0.84 0.99 1.69 1.59 14.09 2.43 HSIB1506 110.90 102.60 4.12 0.94 1.97 0.82 n.a. 10.90 2.02 HSIB1606 109.26 104.70 4.12 0.97 1.64 n.a. n.a. 9.26 2.15
HSIBCI: Hang Seng iBond Composite Total Return Index HSIB1407: Hang Seng iBond 1407 Total Return Index HSIB1506: Hang Seng iBond 1506 Total Return Index HSIB1606: Hang Seng iBond 1606 Total Return Index
2 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk INDEX HIGHLIGHT Hang Seng Low Volatility Index and High Beta Index
INTRODUCTION • The Hang Seng Low Volatility Index (“HSLVI”) and the Hang Seng High Beta Index (“HSHBI”) measure the performance of the 40 least volatile stocks and the 40 highest beta stocks respectively among large-cap and mid-cap stocks in the Hang Seng Composite Index. • The HSLVI weighs constituents in inverse proportion to their volatility (i.e. the least volatile stocks have the highest weights); while the HSHBI weighs constituents in direct proportion to their beta coefficient (i.e. the highest beta stocks have the highest weights). • The HSLVI and the HSHBI aim to provide benchmarks for investors and product issuers who are interested in tracking the low- volatility and high-beta segments of the Hong Kong stock market.
PERFORMANCE INDEX METHODOLOGY 9,000 HSI Universe 8,000 HSLVI HSHBI Large-cap or mid-cap constituents of 7,000 the Hang Seng Composite Index 6,000
5,000 Listing History At least one year by the review cut-off 4,000 date 3,000
2,000 Constituent Selection HSLVI — ranked in ascending order in 1,000 Up Down Up Down Up Down Market Market Market Market Market Market terms of one-year historical volatility; － Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 HSHBI — ranked in descending order in terms of one-year beta coefficient
Up Market Down Market Up Market Down Market Up Market Down Market Correl. Beta w/ (30 Jun 07 – 30 Oct 07) (31 Oct 07 – 27 Oct 08) (28 Oct 08 – 8 Nov 10) (9 Nov 10 – 4 Oct 11) (5 Oct 11 – 10 Jan 13) (11 Jan 13 – 30 May 14) w/ HSI HSI Calculation HSI 45.3 -65.2 126.6 -34.9 43.7 -1.2 Return HSLVI — Inverse-volatility weighted (%) HSLVI 23.2 -56.7 136.6 -26.6 42.5 1.9 0.95 0.66 HSHBI 63.9 -79.5 277.5 -54.6 76.9 -23.1 0.92 1.28 HSHBI — Beta-coefficient weighted
HSI 28.7 45.0 32.0 21.7 20.5 15.1 Ann. Vol (%) HSLVI 23.2 31.3 21.0 16.1 14.6 11.0 Capping Level HSHBI 39.3 58.1 43.7 31.5 34.8 21.9
10% • Over the past seven years, the HSLVI outperformed the HSI during down markets and the HSHBI outperformed the HSI during up markets. INFORMATION • During this period, the daily returns correlation of the HSLVI and the HSHBI with Launch Date 18 March 2013 the HSI were both very high at 0.95 and 0.92 respectively. The beta coefficient of Base Date 29 December 2006 the HSHBI’s daily returns with the HSI was 1.28 — significantly higher than the Base Index 5,000 HSLVI, which was at 0.66. Review Half-yearly Dissemination Every 2 sec INDEX COMPOSITION Currency HKD Index Weighting by Industry (As at 30 June 2014) Total Return Index Available (%) No. of Constituents 40 50 45.0
40 (12) TOP 5 CONSTITUENTS (As at 30 June 2014) 30.69 HSI HSLVI HSHBI 30 26.7 (13) 23.1 Hang Seng Low Volatility Index
20 (9) (9) Code Name Wtg. (%) 15.3 15.1 13.0 13.3 11.3 10.6 2 CLP Hldgs 4.7 10.1 (7) 9.8 10 9.5 9.4 8.0 (5) (6) 6.8 (5) 7.0 (5) 19 Swire Pacific ‘A’ 3.2 (5) 5.1 (2) 4.9 4.8 4.6 4.1 (4) (4) (3) 2.1 3.6 3.1 (3) 2.0 (9) (2) 0.6 (2) (5) (1) (4) (6)(2) (3) (2) (1) 11 Hang Seng Bank 3.2 0 (1) IT 3 HK & China Gas 3.2
Energy Utilities Financials Industrials Materials 737 Hopewell Infra 3.1 Conglomerates Consumer Services Consumer Goods Telecommunications Hang Seng High Beta Index Properties & Construction (No. of Constituents) Code Name Wtg. (%) • Less weighting was allocated to Financials for the HSLVI and the HSHBI as 1208 MMG 4.0 compared to the HSI — 23.1% and 26.7% respectively versus 45.0%. 1988 Minsheng Bank 3.5 • More weighting was allocated to Properties & Construction for the HSHBI as 6030 CITIC Sec 3.5 compared to the HSI — 30.9% versus 9.4%. 6837 Haitong Securities 3.3 • For the HSLVI, more weighting was allocated to Utilities and Consumer Services for the HSLVI as compared to the HSI — 15.1% versus 4.8% and 15.3% versus 1918 Sunac 3.1 4.9% respectively. www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 3 INDEX RESEARCH Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index: Benchmarking the Effects of the Shanghai-Hong Kong Stock Connect Programme
Highlights: • Mainland investors can gain exposure to Hong Kong-listed stocks — including LargeCap and MidCap companies in the Hang Seng Composite Index and the H-shares of AH companies with an A-share listing on Shanghai Stock Exchange — through the Shanghai-Hong Kong Stock Connect. • The Hang Seng Composite LargeCap Index and the Hang Seng Composite MidCap Index are good representations of the Hong Kong stock market. • The Hang Seng China AH Premium Index — the market gauge of the overall price difference of AH Companies — demonstrated the impact of Shanghai-Hong Kong Stock Connect.
Shanghai-Hong Kong Stock Connect Exhibit 1: Southbound Trading Link of the Programme • On 10 April 2014, the China Securities Regulatory (As at 30 May 2014) Commission in Mainland China and the Securities and Futures Commission in Hong Kong jointly announced the No. of Market Capitalisation development of a pilot programme for the establishment Eligible Stocks (HKD Bn) HSLI 78 15,786 of mutual stock market access between Shanghai and HSMI1 158 3,362 Hong Kong. AH 69 4,048
• The Shanghai-Hong Kong Stock Connect programme (“the TOTAL2 266 19,273 Programme”) includes a Northbound Trading Link and a 1 Excludes four MidCap companies with A-share listing on Shenzhen Stock Southbound Trading Link. Exchange • Under the Southbound Trading Link, eligible Mainland 2 Excludes thirty-nine overlapping (both Large/MidCap and AH) companies investors will be able to place orders to trade eligible shares listed on the Stock Exchange of Hong Kong Limited (“SEHK”). • Eligible shares include constituents of the Hang Seng Composite LargeCap Index (“HSLI”) and the Hang Seng Composite MidCap Index (“HSMI”), and all H-shares which have a corresponding A-share listing on Shanghai Stock Exchange (“SSE”).
HSLI and HSMI Exhibit 2: market Value and Turnover Coverage of HSCI • The HSLI and the HSMI are sub-indexes of the Hang Seng (As at 30 May 2014) Composite Index (“HSCI”) — a comprehensive Hong Kong market benchmark that covers about 95% of the total 100% 90% 4.5% 6.1% market capitalisation of companies listed on the Main (147) (147) 80% 14.9% 21.9% Board of the SEHK. (162) 70% (162) • The HSCI is sub-divided into three size indexes — the HSLI, 60% the HSMI and the Hang Seng Composite SmallCap Index 50% (“HSSI”) — which cover the top 80%, the next 15% and 40% 83.2% 84.4% 68.4% remaining 5% of the total market capitalisation of the (78) 62.5% 30% (78)
HSCI respectively. 20%
• As at the end of May 2014, the HSLI and the HSMI, with 10%
240 constituents, covered 83.2% and 84.4% of total 0% MV Coverage Turnover Coverage market capitalisation and turnover respectively. HSSI HSMI HSLI () – number of constituents
4 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk INDEX Research Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index: Benchmarking the Effects of the Shanghai-Hong Kong Stock Connect Programme
Constituent Changes Exhibit 3: market Value of HSCI Constituents • The HSCI regular review of constituents is undertaken half- (As at 30 May 2014)
yearly with data cut-off dates of the end of June and the HKD Bn (logscale) end of December. 1,000 • Existing constituents ranked below the top 96% of the 100 total market value (“MV”) of the eligible stock universe
will be removed from the HSCI while non-constituent 10 stocks ranked within the top 94% will be included. 1 • Constituent changes between size indexes are subject to a 80% 95% 100% (~HKD 40 Bn) (~HKD 10 Bn) (~HKD 2 Bn) buffer zone as shown in Exhibit 3. 77% 93% (~HSLI Inclusion Level) (~HSMI Inclusion Level) • In the 2013 Q4 review, five constituents were switched 83% 97% (~HSLI Removal Level) (~HSMI Removal Level) from HSMI to HSLI; eight from HSSI to HSMI; and one In Descending Order (From Large to Small Market Value) from HSMI to HSSI. 2013 Q4 HSCI Review Results From To HSLI HSMI HSSI Removal HSLI x 0 0 0 HSMI 5 x 1 3 HSSI 0 8 x 6 Addition 1 6 35 42 9
A Broader Exposure to HK/Mainland Companies Exhibit 4: Composition of HSLI & HSMI • As at the end of May 2014, 197 of the 240 constituents (As at 30 May 2014) of the HSLI and the HSMI were only listed in Hong Kong.
• Of the remaining 43 constituents, 39 had cross-listings on H-shares w/ H-shares w/ Shenzhen A- Shanghai A- share listing SSE and 4 were listed on Shenzhen Stock Exchange. share listing (39) (4) • Through the Southbound Trading Link, investors would 16% 2% have exposure to 61 Hong Kong companies (e.g. Cheung Hong Kong H-shares w/o A- (61) Kong, HSBC), 40 Red Chips (e.g. China Mobile, CNOOC), share listing 25% (13) 39 H-shares that also have an A-share listing on SSE (e.g. 5%
China Construction Bank, PetroChina), 13 H-shares Red Chips Other Mainland (40) without an A-share listing (e.g. China Telecom, (83) 17% Sinopharm), and 83 other Mainland companies (e.g. 35% Tencent, Want Want China).
Different Risk/Return Characteristics Exhibit 5: performance of HSLI & HSMI • For the period under analysis, the HSLI, HSMI and HSSI constituent companies listed in Hong Kong demonstrated 110 different risk/return characteristics. Among the three size 100 90 indexes, the HSLI delivered the highest cumulative return 80 with the lowest volatility. 70 • With the exception of 2013, the HSLI captured a higher 60 return than the HSMI and the HSSI for every year under 50 HSLI HSMI HSSI 40 analysis. 2011 2012 2013 2014 • With the exception of 2014 (January to May), the HSLI 2014 2011‐ Indexes 2011 2012 2013 demonstrated a lower volatility than the other two size (Jan‐May) May 2014 HSLI ‐18.9 22.6 3.9 ‐1.6 1.7 indexes. Return (%) HSMI ‐29.5 22.0 6.3 ‐8.3 ‐16.2 HSSI ‐33.3 15.7 12.3 ‐8.1 ‐20.3 HSLI 26.0 16.5 15.4 14.7 19.3 Volatility (%) HSMI 32.1 18.9 17.1 14.3 22.8 HSSI 29.9 17.9 16.7 15.9 21.6
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 5 INDEX RESEARCH Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index: Benchmarking the Effects of the Shanghai-Hong Kong Stock Connect Programme
Hang Seng China AH Index Series Exhibit 6: aH Index Series • The Hang Seng China AH Index Series (“AH Series”) was launched on 9 July 2007 and includes the largest and most liquid AH dual-listed companies (“AH Companies”). HS China AH Index Series • Currently, the AH Series includes 54 AH Companies. Among these companies, 48 have A-shares listed on SSE
and six have A-shares listed on Shenzhen Stock Exchange. HSAHPI AH (A+H) Index • The AH Series includes the Hang Seng China AH Premium Index (“HSAHPI”), the Hang Seng China AH (A+H) Index (“AH(A+H) Index”), the Hang Seng China AH (A) Index (“AH(A) Index”), the Hang Seng China AH (H) Index AH (A) Index AH (H) Index HSAHSI (“AH(H) Index”) and the Hang Seng China AH Smart Index (“HSCAHSI”).
HSAHPI Exhibit 7: performance of HSAHPI (Since Launch) • Apart from the price indexes of the AH Series that reflect price movements of A-shares and/or H-shares, the HSAHPI Index Level measures the overall premium or discount between the 220 16 Jan 2008 A-share and H-share listings of AH Companies. 200 (208.06)
• The HSAHPI peaked at 208.06 in January 2008, indicating 180 a 108% premium of A-shares over H-shares on average. 160 • Since 2014, the HSAHPI has been fluctuating around the 140 100 level, ranging from 93.28 to 101.8. • As at the end of May 2014, the index closed at 93.28, 120 with 29 constituent companies trading with an A-share 100 premium and 25 with an H-share premium. 80 07/2007 07/2008 07/2009 07/2010 07/2011 07/2012 07/2013
Impact of Programme Announcement Exhibit 8: aH Price Ratio Change after Announcement of • The AH Price Ratio (“AHPR”) refers to the A-share price the Programme divided by H-share price after adjusting for the exchange 250 rate and multiplying by 100. 10 April 2014 • On 10 April 2014 (the announcement date of the 200
Programme), it was observed that almost all the AHPRs of 150 HSAHPI constituents moved towards 100 — meaning that, 100 in general, the premium or discount between the A-shares and the H-shares of the various constituent companies 50 250 narrowed. 11 April 2014 • On 11 April 2014, most of the AHPRs of HSAHPI 200
constituents still moved towards 100, although the shift 150 was not as dramatic as on 10 April 2014. 100
50 Open Close
Close Open Bearish Candle Stick Bullish Candle Stick
6 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk INDEX Research Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index: Benchmarking the Effects of the Shanghai-Hong Kong Stock Connect Programme
Impact after the Announcement Date (by company) Exhibit 9: examples of Some HSAHPI Constituents • The HSAHPI increased from 93.69 to 97.67 in the month immediately following the announcement of the AH Price Ratio (100=par) Change (%) 10‐Apr‐14 From Announcement Programme, and had decreased to 93.28 as at the end of 9‐Apr‐14 (Announcement 30-May-14 Announcement Date (10 Apr) May 2014. Date) Date to 30 May Constituents with Largest AH Price Ratio* • The AHPRs of the constituents with the five largest AHPRs CMOC 224.61 197.73 216.26 ‐26.88 ‐8.35 and the five smallest AHPRs generally continued moving ZMJ 167.35 155.29 136.53 ‐12.06 ‐30.82 towards 100. Zijin Mining 166.54 152.72 151.86 ‐13.82 ‐14.68 Datang Power 161.38 143.40 147.62 ‐17.98 ‐13.76 • For the period under analysis, the premium/discount for CSCL 151.60 143.35 140.05 ‐8.25 ‐11.55
the companies with the five largest and the five smallest Constituents with Smallest AH Price Ratio* AHPRs all decreased, with most of the change occurring China Life 78.22 81.34 81.58 3.12 3.36 CPIC 76.26 80.84 80.41 4.58 4.15 on the announcement date. China Rail Cons 74.59 83.19 84.39 8.60 9.80 Ping An 74.13 81.78 82.57 7.65 8.44 Anhui Conch 65.11 73.43 72.56 8.32 7.45
* As at 9 Apr 2014 (Excluding companies with stocks listed in Shenzhen Stock Exchange)
Impact after the Announcement Date (by industry) Exhibit 10: AH Price Ratio Change Since Announcement of • Exhibit 10 compares the change of AHPRs for different the Programme (From 10 Apr 2014 to 30 May 2014) industries after the announcement of the Programme.
• The Materials industry, which had the highest pre- 160 announcement AHPR, saw the largest decline in its ratio — from 147.6 to 139.4. 140 • The Properties and Construction industry, which had the 120 smallest pre-announcement AHPR, saw its ratio increase
significantly by 7.1% — from 81.0 to 86.7. 100 • Other industries, however, did not demonstrate such expected behaviour. The reasons for this are not yet clear, 80 AH Price Ratio Decreased AH Price Ratio Increased although it may be that the impact of the Programme has 60 not yet been fully reflected in the price movements of
Utilities Energy certain constituent companies. Materials Industrials Financials
Consumer Goods Consumer Services
Information Technology Properties & Construction
Conclusion • The HSLI and the HSMI cover 83.2% of total market capitalisation and 84.4% of total market turnover. • The Programme will enable Mainland investors to gain exposure to stocks that are not listed on the Mainland — at present, 197 out of the 240 constituents of the HSLI and the HSMI are only listed in Hong Kong. • The premiums and discounts of some A-shares and H-shares have narrowed since the announcement of the Programme. However, the overall impact of the Programme on the price movement of A-shares and/or H-shares has yet to be fully determined.
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 7 2014 MID-YEAR REPORT
Performance of Hang Seng Family of Indexes in 1H 2014
• The Hang Seng Index dropped 0.5% in the first half of 2014, compared to a positive return of 2.9% in 2013.
• Risk/return profiles of strategy indexes continued to differentiate themselves from the market benchmark.
• Information Technology was the best performing sector; LargeCap stocks performed better than MidCap and SmallCap stocks.
• The Hang Seng China AH Premium Index fell to 92.38 from last year’s 94.11, implying that, in general, A-shares underperformed H-shares of the same company.
• Total return on iBonds issued by the Hong Kong Government rose slightly during first half of the year.
Performance of Major Flagship Indexes
20 2013
10 1H 2014 4.7 2.9 0 -0.5 -2.5 -5.4 -4.4 -5.2 Return (%) -10 -6.5 -12.8 -15.1 -20 Hang Seng Index Hang Seng Hang Seng China Hang Seng China Hang Seng China (“HSI”) Composite Index Enterprises Index A Top 100 Index A Industry Top (“HSCI”) (“HSCEI”) (“HSCAT100”) Index (“HSCAIT”)
Stock market momentum faded in 1H 2014 • The Hong Kong stock market declined slightly in the first half of 2014, with the HSI and the HSCI recording a loss of 0.5% and 2.5% respectively.
• The A-share market remained weak. The HSCAIT and the HSCAT100 dropped by 5.2% and 6.5% respectively.
• Tracking the decline in the A-share market, the HSCEI fell by 4.4%.
8 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk 2014 MID-YEAR REPORT
Performance of Thematic Indexes
0.0 HK Companies HSHK35 9.3 -4.1 HSCEI 0.5 HK Listed -0.3 Mainland HSML25 Companies -0.1 -4.4 HSCCI -5.4 -1.6 High Dividend HSHDYI -3.6 Concept 2.2 HSREIT -3.4
1H 2014 2013 -15 0 15 30 45 Return (%)
HSHK35: Hang Seng HK 35 Index HSCEI: Hang Seng China Enterprises Index HSCCI: Hang Seng China-Affiliated Corporations Index HSML25: Hang Seng Mainland 25 Index HSHDYI: Hang Seng High Dividend Yield Index HSREIT: Hang Seng REIT Index
Hong Kong stocks outperformed HK-listed Mainland China counterparts • Hong Kong stocks continued to outperform Hong Kong-listed Mainland China stocks in the first half of 2014, with the HSHK35 outperforming the HSCEI by 4.4%.
• The performance of Mainland sector indexes was weak in 1H 2014. The HSCCI dropped by 4.1% while the HSML25 and the HSCEI slid by 0.3% and 4.4% respectively.
• Among all thematic indexes, only the HSREIT had a positive return at 2.2%. The HSHDYI fell by 1.6%, but consistently recorded higher dividend yields than the HSI.
Dividend Yields of High-yield Indexes vs HSI
14 12.2 HSREIT 12 HSHDYI 10 9.3 HSI
8 6.7 7.1 6.1 6.2 5.5 6 4.9 5.1 5.0 4.4 5.8 4 4.9 4.4 4.8 3.5 3.6
Dividend Yield (%) Dividend Yield 3.2 2 3.0 2.7 3.1 0 2008 2009 2010 2011 2012 2013 1H2014
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 9 2014 MID-YEAR REPORT
Performance of Strategy Indexes
2H 2013 1H 2014
HSI 12.0 HSI -0.5
RAI 12.8 RAI 1.9
HSLVI 7.4 HSLVI 1.9
HSHBI 19.0 HSHBI -7.9
0 10 20 -10 -5 0 5 Return (%) Return (%)
RAI : Hang Seng Risk Adjusted Index HSLVI : Hang Seng Low Volatility Index HSHBI : Hang Seng High Beta Index
Strategy indexes well differentiated from market benchmark • The HSLVI lagged behind the HSI while the RAI delivered a similar return to the market benchmark during the market rebound in the second half of 2013. • During the first half of 2014, both the HSLVI and the RAI demonstrated their defensive nature by delivering a positive return of 1.9% respectively. • The HSHBI outperformed the market in the second half of 2013 but dropped significantly in the first half of 2014 to underperform the HSI by 7.4%.
Performance of Size Indexes
2013 1H 2014
12.3 SmallCap -1.0 LargeCap
6.3 MidCap -2.5 HSCI
4.7 -6.9 HSCI SmallCap
3.9 LargeCap -7.0 MidCap
0 5 10 15 -8 -6 -4 -2 0
Return (%) Return (%)
LargeCap stocks best overall performers • In contrast to its 2013 performance, the Hang Seng Composite LargeCap Index outperformed all other market capitalisation size-based indexes in the first half of 2014, with a negative return of 1.0% as compared to negative returns of 7.0% and 6.9% for the Hang Seng Composite MidCap Index and the Hang Seng Composite SmallCap Index, respectively.
10 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk 2014 MID-YEAR REPORT
Performance of Industry Indexes
2013 1H 2014
Information Information 70.0 16.3 Technology Technology Consumer 40.1 5.3 Utilities Services
15.2 Conglomerates 3.3 Conglomerates
13.8 Utilities 0.9 Energy
Consumer 11.2 Goods -2.5 HSCI
4.7 HSCI -4.0 Telecomm
3.0 Financials -4.0 Properties & Construction
0.5 Industrials -4.7 Financials
Properties & -9.9 Construction -5.4 Materials
Consumer -10.2 Telecomm -5.6 Goods
-16.2 Energy -5.7 Industrials
Consumer -21.9 Materials -12.7 Services
-50 0 50 100 -20 -10 0 10 20 Return (%) Return (%)
Technology stocks led the way • Four industry sectors rose in the first half of 2014, namely, Information Technology, Utilities, Conglomerates and Energy which moved up by 16.3%, 5.3%, 3.3% and 0.9% respectively.
• Seven industry sectors recorded a negative return in the first half of 2014, ranging from -4.0% for Telecommunications to -12.7% for Consumer Services.
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 11 2014 MID-YEAR REPORT
Performance of Hang Seng China AH Premium Index
104 1H 2014 A-Shares generally more 102 expensive
100
98
96
94
92
90 Hang Seng China AH Premium Index (“HSAHPI”) H-Shares generally more expensive 88 2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun
High Low Close 2008 208.06 106.49 119.31 2009 163.66 110.24 120.93 2010 123.56 92.68 98.81 2011 141.44 94.44 111.83 2012 118.24 94.96 101.01 2013 112.27 91.99 94.11 1H 2014 101.80 91.79 92.38
Price ratio of AH Companies continued to fluctuate • The overall price difference of AH companies continued to fluctuate in the first half of 2014.
• The HSAHPI hit a semi-annual high of 101.80 on 5 February 2014, implying that A-shares were generally trading at a premium of only 1.80% over H-shares.
• The HSAHPI was trading below 100 most of the time during the first half of 2014. By the end of the period, A-Shares were generally trading at an average discount of 7.62% when compared to H-Shares.
12 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk 2014 MID-YEAR REPORT
Performance of iBond Indexes
Closing Index Index Base Date (at100) 2013 1H 2014 HSIBCI 28 Jul 2011 118.90 120.73 HSIB1407 28 Jul 2011 112.98 114.09 HSIB1506 22 Jun 2012 108.75 110.90 HSIB1606 24 Jun 2013 107.50 109.26
Return (%) 2012 2013 1H 2014 Overall HSIBCI 5.42 3.13 1.54 20.73 HSIB1407 1.59 1.69 0.99 14.09 HSIB1506 7.87^ 0.82 1.97 10.90 HSIB1606 – 7.50^ 1.64 9.26
HSIBCI: Hang Seng iBond Composite Total Return Index HSIB1407: Hang Seng iBond 1407 Total Return Index HSIB1506: Hang Seng iBond 1506 Total Return Index HSIB1606: Hang Seng iBond 1606 Total Return Index ^ Since launch
iBonds total returns rose slightly • The Hang Seng iBond Index Series reflects the total return on an iBond investment by taking into account the market price change, interest accrual and coupon payments.
• The HSIB1407, HSIB1506 and HSIB1606 all rose slightly in the first half of 2014 — increasing by 0.99%, 1.97% and 1.64% respectively.
• From issue date to the end of first half of 2014, total returns on the HSIB1407, HSIB1506 and HSIB1606 were 14.09%, 10.90% and 9.26% respectively.
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 13 INDEX PRODUCTS
As at 30 June 2014 Sorted by Fund Inception Date Exchange-traded Fund (ETF) ETF Name Listing Place ETF Manager Hang Seng Index Tracker Fund of Hong Kong Hong Kong State Street Global Advisors Asia Limited Hang Seng Index ETF Hong Kong, Taiwan Hang Seng Investment Management Limited Lyxor ETF Hong Kong HSI France, Italy, Germany, Singapore, Switzerland Lyxor International Asset Management GS Hang Seng BeES India Goldman Sachs Asset Management (India) Private Limited ComStage HSI UCITS Germany, Switerzland Commerz Derivatives Fund Solutions S.A. KTAM Hong Kong ETF Tracker HK Thailand Krung Thai Asset Management China AMC HSI ETF Shenzhen China Asset Management Co., Ltd. Hang Seng China Enterprises Index Hang Seng H-Share Index ETF Hong Kong, Taiwan Hang Seng Investment Management Limited Lyxor ETF China Enterprise HSCEI France, Italy, Germany, Spain, Singapore, UK, Switzerland Lyxor International Asset Management Samsung KODEX HSCEI Korea Samsung Investment Trust Management Co. Limited ComStage HSCEI UCITS Germany, Switerzland Commerz Derivatives Fund Solutions S.A. Nikko Listed Index Fund China H-share Hang Seng China Enterprises Japan Nikko Asset Management Co., Ltd. XACT Hang Seng China Sweden Handelsbanken Fonder AB E Fund HSCEI ETF Shanghai E Fund Management Co., Ltd. Hang Seng Mainland 25 Mirae Asset MAPS TIGER China ETF Korea Mirae Asset Maps Global Investments Co., Ltd. HSI Short Index db x-trackers HSI Short Daily Index ETF 2C Germany, UK, Italy DB Platinum Advisors HSCEI Short Index China H-share Bear -1x ETF Japan Simplex Asset Management Co., Ltd. HSCEI Leveraged Index China H-share Bull 2x ETF Japan Simplex Asset Management Co., Ltd. Hang Seng High Dividend Yield Index Horizons Hang Seng High Dividend Yield ETF Hong Kong Mirae Asset Global Investments (HK) Ltd. Hang Seng China A Industry Top Index Hang Seng China A Industry Top Index ETF Hong Kong Hang Seng Investment Management Limited
Exchange-traded Note (ETN) ETN Name Listing Place ETN Manager HSI Leveraged Next Notes HSI Leveraged ETN Japan Nomura Asset Management Co., Ltd. HSI Short Next Notes HSI Short ETN Japan Nomura Asset Management Co., Ltd.
Classification Fund Fund Name Listing Place Fund Manager Hang Seng Index Huitianfu Hang Seng Index Fund Shenzhen China Universal Asset Management Co., Ltd. Hang Seng China Enterprises Index Yinhua Hang Seng China Enterprises Index Fund Shenzhen Yinhua Fund Management Co., Ltd.
Listed Open-ended Fund (LOF) Fund Name Listing Place Fund Manager Hang Seng China Enterprises Index Harvest Hang Seng China Enterprises Index Securities Investment Fund Shenzhen Harvest Fund Management Co., Ltd.
Mandatory Provident Fund (MPF) MPF Name Sponsor/Trustee Hang Seng Index BOCI-Prudential My Choice Hong Kong Tracking Fund BOCI-Prudential Trustee Limited BCT (Pro) Hang Seng Index Tracking Fund Bank Consortium Trust Company Limited BCOM HSI Tracking (CF) Fund Bank of Communications Trustee Limited BEA Hong Kong Tracker Fund Bank of East Asia (Trustees) Limited Hang Seng Index Tracking Fund HSBC Provident Fund Trustee (Hong Kong) Limited Principal Hang Seng Index Tracking Fund Principal Trust Company (Asia) Limited Fidelity Hong Kong Tracker Fund FIL Investment Management (Hong Kong) Limited Manulife MPF Hang Seng Index Tracking Fund Manulife Provident Funds Trust Company Limited Hang Seng China Enterprises Index Hang Seng H-Share Index Tracking Fund HSBC Provident Fund Trustee (Hong Kong) Limited BEA China Tracker Fund Bank of East Asia (Trustees) Limited
14 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk INDEX PRODUCTS
Futures & Options
As at 30 Jun 2014 Daily Average Volume* Open Interest Indexes 2014 2014 2013 2012 2013 2012 Apr May Jun Apr May Jun Futures Hang Seng Index 75,358 68,418 66,276 86,684 89,867 111,635 119,746 128,377 108,471 140,671 Hang Seng China Enterprises Index 82,651 78,819 77,633 87,384 66,134 223,175 200,889 218,178 218,367 182,364 Dividend Point Indexes# 43 65 5 46 85 6,183 6,383 6,483 4,599 1,969 – Hang Seng Index Dividend Point Indexes# 1,040 556 627 641 753 87,004 86,704 82,598 51,075 48,879 – Hang Seng China Enterprises Index HSI Volatility Index^ 2 2 6 4 7 0 42 57 21 8 Options Hang Seng Index 31,128 30,485 26,935 36,238 38,657 217,687 234,473 186,043 174,615 272,725 Hang Seng China Enterprises Index 30,446 32,009 31,586 33,025 25,712 1,089,759 1,184,749 1,025,159 883,515 599,163 Source: Hong Kong Exchanges and Clearing Ltd.
* Include both Standard and Mini futures/options. 1 Standard = 5 Mini # Dividend Point Indexes futures was launched on 1 Nov 2010 ^ VHSI Futures was launched on 20 Feb 2012
Warrants & Callable Bull/Bear Contracts (“CBBCs”)
As at 30 Jun 2014 Daily Average Turnover (HKD ‘Mn) Index 2014 Apr May Jun 2013 2012 Warrants Hang Seng Index — linked 1,295 1,138 1,278 1,925 2,360 Hang Seng China Enterprises Index — linked 167 115 123 170 107 CBBCs Hang Seng Index — linked 4,047 3,551 2,863 5,044 6,112 Hang Seng China Enterprises Index — linked 73 46 42 35 41 Source: Hong Kong Exchanges and Clearing Ltd.
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 15 Performance of Hang Seng Family of Indexes in 1H 2014
INDEX Performance
as at 30 June 2014 9.6 6.4 9.9 9.8 9.9 6.4 8.7 8.6 9.3 6.9 7.8 7.0 7.1 8.9 10.0 14.6 12.1 10.4 36.8 18.0 11.1 19.2 18.6 19.8 25.9 14.2 11.5 10.0 10.9 15.4 13.0 17.9 19.2 15.3 10.8 12.0 (times) PE R atio 3.0 4.1 6.0 3.6 3.5 3.1 2.6 3.4 2.6 0.9 3.8 4.2 2.5 3.6 2.8 1.9 2.2 3.7 3.0 3.4 2.7 2.5 3.5 4.0 3.3 3.8 2.5 5.8 3.0 3.0 3.3 2.4 4.3 2.8 3.4 2.9 (%) N et Y ield D ividend 8.30 (%) 19.63 10.11 11.46 13.64 14.38 14.38 14.12 14.36 15.50 27.88 16.36 15.59 11.70 16.66 22.57 14.73 13.65 17.81 17.02 16.83 17.12 16.13 18.31 21.55 13.86 19.25 16.67 16.72 12.84 11.74 15.13 15.00 11.71 14.46 17.19 1- Y ear Volatility A nnualised — — — — — — — — — 4.97 2.61 5.75 0.22 2.00 9.17 0.22 6.33 4.07 0.87 2.77 2.72 3.67 4.18 8.00 3.41 8.68 7.49 2.13 4.76 –8.80 –0.90 –1.17 10.74 27.94 13.16 15.22 5- Y ear
R eturn (%) A nnualised — — — — — — — — 2.79 1.18 5.56 9.09 4.88 0.19 1.39 3.45 4.73 1.27 3.91 3.90 1.17 –4.89 –4.45 –2.65 –1.50 –0.52 –2.81 –1.50 –7.90 –5.18 –0.10 –6.33 –1.12 28.04 3- Y ear –11.34 –19.22 — — — — — — — — 2.78 2.65 8.75 2011 –20.47 –33.25 –29.53 –18.93 –25.27 –18.56 –26.54 –24.60 –20.64 –24.27 –14.61 –44.72 –19.30 –42.38 –11.70 –15.07 –26.88 –21.60 –21.71 –14.24 –12.68 –23.91 –20.65 –26.30 –19.97 — — — — — — — 8.06 2012 20.22 22.22 15.69 21.97 22.62 26.98 36.50 42.88 24.24 14.96 11.74 22.21 10.14 20.06 11.96 19.00 23.06 12.66 20.34 22.24 15.09 18.06 35.94 37.57 24.43 14.09 25.41 22.91 — — — — — — 3.76 2.14 6.34 3.91 3.00 0.47 1.01 0.50 4.74 6.78 9.30 3.18 2.87 2013 –3.60 –9.89 –0.05 –0.81 –5.42 –3.42 –9.17 –6.61 12.34 15.18 69.98 13.80 40.14 11.20 –10.21 –21.85 –16.24 — — — — — — — — — 1.11 1.11 4.44 –4.43 –5.72 27.46 13.72 32.28 66.52 10.42 55.10 85.54 35.89 22.09 14.63 14.37 19.72 22.71 46.90 18.27 51.64 43.46 11.10 26.18 5- Y ear –36.92 242.82 103.07
Change (%) — — — — — — — — 8.60 3.58 0.56 4.22 3.85 3.54 –7.74 –4.45 –1.55 –8.19 –4.43 –0.30 –3.31 17.62 29.83 15.37 10.70 14.87 12.19 12.16 3- Y ear –13.96 –12.77 –30.31 –47.28 –21.88 –14.75 –17.82 109.90 — — — — 9.62 9.37 3.98 8.82 9.88 6.68 3.42 8.45 2.17 2.19 5.30 –0.91 –3.60 –4.00 15.15 12.08 11.66 23.82 64.97 13.23 22.58 10.49 14.39 15.48 13.64 12.77 10.67 11.16 10.99 23.42 11.79 11.48 1- Y ear 1.88 3.91 0.86 3.28 5.32 0.86 2.54 2.18 1.92 0.01 7.31 YTD –2.23 –7.86 –1.63 –6.92 –6.99 –1.04 –4.01 –4.68 –3.95 –6.07 –5.56 –0.32 –5.68 –1.83 –5.37 –4.05 –7.57 –2.49 –4.45 –3.01 –4.27 –0.64 –0.50 16.31 –12.73 2.71 5.26 3.22 6.61 6.11 4.23 3.22 9.32 0.27 2.92 7.67 7.58 4.90 3.85 1.80 4.99 9.30 1.82 3.04 2.58 6.23 4.43 6.48 4.60 6.99 1.16 2.78 6.11 4.69 –1.05 –2.41 –0.35 –4.27 –1.87 –1.37 –2.18 3- M onth 923.40 L evel 2,886.04 4,990.06 7,340.49 2,699.85 2,294.53 2,264.92 4,162.13 1,903.35 2,996.99 5,457.73 2,766.33 3,285.60 7,451.36 1,640.04 4,971.88 5,483.17 4,953.84 8,224.57 1,134.09 6,793.19 5,200.04 4,369.01 3,179.45 5,468.33 2,772.59 4,603.90 3,538.38 12,066.37 14,263.61 10,335.03 14,383.16 29,052.75 51,913.66 30,850.73 23,190.72 Hang Seng N atural R esources I ndex Hang Seng High Beta I ndex Hang Seng L ow Volatility I ndex Hang Seng High D ividend Y ield I ndex Hang Seng Corporate Sustainability I ndex Hang Seng Corporate Sustainability Benchmark I ndex SmallCap MidCap Hang Seng Composite Size I ndexes LargeCap Conglomerates Information Technology Properties & Construction Financials Utilities Telecommunications Consumer Services Hang Seng M ainland Consumer G oods I ndex Consumer Goods Hang Seng M ainland 25 Industrials Hang Seng M ainland 100 Materials Hang Seng China- A ffiliated Corporations I ndex Hang Seng Composite I ndustry ndexes Energy Hang Seng China H-Financials I ndex Hang Seng Composite I ndex M ainland companies indexes: Hang Seng China E nterprises I ndex Commerce & Industry Hang Seng REIT I ndex Properties Hong Kong companies indexes: Hang Seng HK 35 Utilities Hang Seng Broad Consumption I ndex Sub-indexes Finance Hang Seng I nfrastructure ndex H ONG K - LI S TED Hong Kong and M ainland companies indexes: Hang Seng I ndex
16 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk INDEX Performance
as at 30 June 2014 — — — — — — — — — — — — — — — — — — — 7.6 8.5 9.6 8.5 6.8 7.6 6.9 7.4 7.8 5.7 n.a. 6.2 11.0 11.3 10.9 (times) PE R atio — — — — — — — — — — — — — — — — — — — 3.4 3.6 2.7 3.1 3.9 4.2 3.8 4.1 3.9 3.7 3.2 4.9 2.2 4.2 2.4 (%) N et Y ield D ividend — — 2.15 2.02 2.43 1.48 (%) 18.29 19.22 16.06 19.15 14.28 65.73 19.17 14.35 42.89 38.39 28.93 13.81 43.96 16.64 38.98 19.87 28.88 16.50 21.80 17.29 19.39 14.96 14.43 16.63 13.39 17.11 13.18 19.03 1- Y ear Volatility A nnualised — — — — — — — — — — — — — — — — — — 0.39 6.12 5.11 –8.85 –8.65 –0.57 –8.75 –9.07 –3.22 –8.14 –7.56 –1.59 5- Y ear –23.34 –21.09 –24.75 –11.37
R eturn (%) A nnualised — — — — — — — — — — — — — — n.a. 3.98 0.54 –3.74 –1.95 –5.63 –9.32 –6.21 –6.65 –3.77 –3.08 –8.38 –3.28 –5.43 3- Y ear –12.81 –17.29 –18.15 –19.20 –13.65 –19.56 — — — — — — — — — — — — 2011 36.10 21.98 11.89 19.03 17.78 11.77 13.18 13.00 –17.89 –23.89 –20.94 –19.92 –16.54 –52.92 –45.10 –40.38 –19.80 –24.48 –16.56 –20.67 –15.01 –17.05 — — — — — — — — 2.49 1.59 5.42 6.18 2012 –9.68 16.64 22.25 17.45 23.49 36.60 26.01 46.29 20.48 17.73 14.34 16.99 23.06 12.95 20.44 –27.62 –46.27 –39.69 –43.74 –24.48 –20.34 –23.77 — — — — — — 0.82 1.69 3.13 6.05 2.94 0.54 5.97 2013 –3.02 –0.96 –2.04 –7.76 –4.17 –9.03 –6.92 –3.33 –6.83 –8.46 –5.96 –7.19 –2.07 –8.87 –15.14 –24.02 –15.01 –22.57 –11.26 –18.48 –12.48 — — — — — — — — — — — — — — — — — 0.00 1.96 –2.83 –7.68 34.56 28.31 5- Y ear –37.08 –36.38 –73.53 –69.41 –75.86 –36.75 –37.85 –15.11 –34.58 –32.50 –45.32
Change (%) — — — — — — — — — — — — — — 1.63 –5.74 –8.97 –9.53 12.41 3- Y ear –33.72 –30.64 –10.80 –43.43 –45.16 –47.26 –35.61 –15.96 –47.94 –25.43 –17.49 –18.65 –10.88 –23.10 –15.41 — — — — — — 4.56 3.68 4.61 9.73 5.66 7.40 8.53 2.03 –6.05 –0.85 –1.12 10.58 10.58 14.00 14.93 16.33 18.14 21.20 13.06 11.91 1- Y ear –36.24 –34.04 –32.67 –30.02 –16.56 –16.15 –13.27 –15.29 — — 1.64 1.97 0.99 1.54 1.89 0.10 5.01 3.47 0.39 YTD –6.14 –6.50 –5.23 –7.57 –0.11 –5.02 –2.16 –2.18 –4.47 –0.83 –4.83 –7.04 –4.61 –5.53 –1.84 –3.02 –2.35 –2.42 –4.60 –2.85 –4.47 –16.21 –10.17 — — 0.83 1.16 0.68 0.97 0.94 0.84 0.92 1.67 4.38 5.04 6.75 3.03 4.67 9.12 4.93 3.76 2.76 1.15 2.26 4.07 3.67 0.94 1.81 –4.87 –5.50 –1.29 –6.78 –0.73 –21.44 –10.05 –11.16 –13.49 3- M onth 12.86 25.97 60.96 92.38 271.29 559.25 109.26 110.90 114.09 120.73 716.75 L evel 2,265.90 3,887.25 2,064.75 2,146.83 1,666.26 6,201.28 2,345.94 3,251.27 1,784.94 1,124.67 1,413.11 1,737.20 1,183.21 8,035.53 5,620.96 3,241.39 1,358.87 2,637.73 1,820.83 14,646.80 55,437.19 10,979.78 16,987.74 Hang Seng China A T op 500 I ndex Hang Seng China A T op 100 I ndex MAINLAND - LI S TED Hang Seng China A I ndustry T op ndex HSCEI Dividend Point Index O ther indexes: D ividend P oint I ndex Series HSI Dividend Point Index Hang Seng iBond 1606 Total Return Index Hang Seng iBond 1506 Total Return Index Hang Seng iBond 1407 Total Return Index Bond indexes: Hang Seng iBond I ndex Series Hang Seng iBond Composite Total Return Index Hang Seng China E nterprises qual Weighted I ndex Hang Seng E qual Weighted I ndex HS I Volatility ndex Hang Seng Risk Adjusted Index — HSCEI 25% Hang Seng R isk A djusted I ndex Series Hang Seng Risk Adjusted Index — HSI 20% Hang Seng H-Fin Leveraged Index HSCEI Leveraged Index L everaged I ndexes HSI Leveraged Index Hang Seng ( M ainland and HK) Corporate Sustainability I ndex Hang Seng H-Fin 2x Short Index Hang Seng China AH Smart Index HSCEI 2x Short Index Hang Seng China AH (H) Index HSI 2x Short Index Hang Seng China AH (A) Index Hang Seng H-Fin Short Index Hang Seng China AH (A+H) Index HSCEI Short Index Hang Seng China A H I ndex Series Hang Seng China AH Premium Index Strategy indexes: Hang Seng Short & L everaged I ndex Series Short I ndexes HSI Short Index C RO SS- MAR K ET Hang Seng China 50 I ndex A ll companies index (including foreign companies): Hang Seng G lobal Composite I ndex Hang Seng (China A ) Corporate Sustainability I ndex Foreign companies index: Hang Seng Foreign Companies Composite I ndex Hang Seng (China A ) Corporate Sustainability Benchmark I ndex
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 17 index rankings Hang Seng Family of Indexes as at 30 Jun 2014
3-Month Index Performance (%)
6.61 Hang Seng Corporate Sustainability Index 6.11 Hang Seng Corporate Sustainability Benchmark Index 6.11 Hang Seng Infrastructure Index 5.26 Hang Seng Low Volatility Index 4.99 Hang Seng China-Af liated Corporations Index 4.93 Hang Seng (Mainland and HK) Corporate Sustainability Index 4.90 Hang Seng Mainland 25 4.69 Hang Seng Index 4.60 Hang Seng HK 35 4.43 Hang Seng REIT Index 4.07 Hang Seng China 50 Index 3.85 Hang Seng Mainland 100 3.76 Hang Seng China AH Smart Index 3.67 Hang Seng Global Composite Index 3.22 Hang Seng High Dividend Yield Index 3.04 Hang Seng Composite Index 2.76 Hang Seng China AH (H) Index 2.71 Hang Seng Natural Resources Index 2.58 Hang Seng China Enterprises Index 2.26 Hang Seng China AH (A+H) Index 1.82 Hang Seng China H-Financials Index 1.81 Hang Seng (China A) Corporate Sustainability Benchmark Index 1.16 Hang Seng China A Top 100 Index 1.16 Hang Seng Broad Consumption Index 1.15 Hang Seng China AH (A) Index 0.94 Hang Seng (China A) Corporate Sustainability Index 0.83 Hang Seng China A Top 500 Index 0.68 Hang Seng China A Industry Top Index -0.73 Hang Seng Foreign Companies Composite Index -1.05 Hang Seng High Beta Index -1.87 Hang Seng Mainland Consumer Goods Index
-3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Performance (%)
1-Year Index Performance (%)
15.15 Hang Seng Corporate Sustainability Index 14.39 Hang Seng Mainland 25 13.64 Hang Seng Mainland 100 13.06 Hang Seng China AH (H) Index 12.08 Hang Seng Corporate Sustainability Benchmark Index 11.91 Hang Seng Global Composite Index 11.79 Hang Seng HK 35 11.48 Hang Seng Index 11.16 Hang Seng Composite Index 10.99 Hang Seng China Enterprises Index 10.67 Hang Seng China H-Financials Index 9.73 Hang Seng (Mainland and HK) Corporate Sustainability Index 9.62 Hang Seng High Beta Index 9.37 Hang Seng Low Volatility Index 8.53 Hang Seng Foreign Companies Composite Index 8.45 Hang Seng China-Af liated Corporations Index 7.40 Hang Seng China 50 Index 5.66 Hang Seng China AH (A+H) Index 3.98 Hang Seng High Dividend Yield Index 2.03 Hang Seng (China A) Corporate Sustainability Benchmark Index 1.28 Hang Seng China A Top 500 Index -0.85 Hang Seng China AH (A) Index -1.12 Hang Seng (China A) Corporate Sustainability Index -2.16 Hang Seng China A Top 100 Index -4.00 Hang Seng REIT Index -6.05 Hang Seng China A Industry Top Index
-10.00 -5.00 0.00 5.00 10.00 15.00 20.00 Performance (%)
Notes: • Only index performances of comparable indexes in the Hang Seng Family of Indexes are included. • 1-Year index performance data are not available for the Hang Seng China AH Smart Index, Hang Seng Natural Resources Index, Hang Seng Infrastructure Index, Hang Seng Broad Consumption Index and Hang Seng Mainland Consumer Goods Index as these indexes were launched on 22 July 2013.
18 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk index rankings Hang Seng Family of Indexes as at 30 Jun 2014
3-Month Index Performance (%)
9.32 Information Technology 9.30 Energy 7.67 Utilities 7.58 Telecommunications 4.23 LargeCap 3.22 Conglomerates 3.04 Hang Seng Composite Index 2.92 Financials 1.80 Materials 0.27 Properties & Construction -0.35 MidCap -1.37 Consumer Goods -2.18 Industrials -2.41 SmallCap -4.27 Consumer Services
-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 Performance (%)
1-Year Index Performance (%)
64.97 Information Technology 23.82 Conglomerates 22.58 Consumer Services 15.48 Industrials 13.23 Utilities 12.77 Energy 11.66 LargeCap 11.16 Hang Seng Composite Index 10.49 Consumer Goods 9.88 MidCap 8.82 SmallCap 6.68 Financials 3.42 Materials -0.91 Properties & Construction -3.60 Telecommunications
-10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Performance (%)
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 19 index rankings Hang Seng Family of Indexes as at 30 Jun 2014
Hang Seng Index and its derived indexes
3-Month Index Performance (%) 1-Year Index Performance (%)
9.12 HSI Leveraged Index 21.20 HSI Leveraged Index
Hang Seng Risk Adjusted Hang Seng Risk Adjusted 6.75 14.93 Index — HSI 20% Index — HSI 20%
4.89 Hang Seng Index 11.48 Hang Seng Index
4.38 Hang Seng Equal 10.58 Hang Seng Equal Weighted Index Weighted Index
-6.78 HSI Short Index -15.29 HSI Short Index
-13.49 HSI 2x Short Index -30.02 HSI 2x Short Index
-21.44 HSI Volatility Index -36.24 HSI Volatility Index
-25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 Performance (%) Performance (%)
Hang Seng China Enterprises Index and its derived indexes
3-Month Index Performance (%) 1-Year Index Performance (%)
5.04 Hang Seng Risk Adjusted Index — HSCEI 25% 18.14 HSCEI Leveraged Index
4.67 HSCEI Leveraged Index Hang Seng Risk Adjusted 14.00 Index — HSCEI 25% Hang Seng China 2.58 Hang Seng China Enterprises Index 10.99 Enterprises Index Hang Seng China Enterprises 1.67 Hang Seng China Enterprises 10.58 Equal Weighted Index Equal Weighted Index
-5.50 HSCEI Short Index -16.15 HSCEI Short Index
-11.16 HSCEI 2x Short Index -32.67 HSCEI 2x Short Index
-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 Performance (%) Performance (%)
Hang Seng China H-Financials Index and its derived indexes
3-Month Index Performance (%) 1-Year Index Performance (%)
Hang Seng H-Fin Hang Seng H-Fin 3.03 16.33 Leveraged Index Leveraged Index
Hang Seng China Hang Seng China 1.82 10.67 H-Financials Index H-Financials Index
Hang Seng H-Fin Hang Seng H-Fin -4.87 -16.56 Short Index Short Index
Hang Seng H-Fin Hang Seng H-Fin -10.05 -34.04 2x Short Index 2x Short Index
-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 Performance (%) Performance (%)
20 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Index Statistics
as at 30 June 2014 3 4 5 6 3 3 3 3 1 1 1 1 2 1 1 1 1 1 7 8 9 9 9 9 9 7.1 6.0 5.6 2.5 100 87.6 82.8 99.9 86.9 81.1 52.8 13.8 51.1 88.1 43.8 29.9 29.8 29.9 10.0 11.3 30.3 96.1 88.2 13.3 39.0 Coverage R atio (%) T urnover 4,420 8,698 77,125 54,597 87,598 83,188 69,534 82,182 10,410 45,381 53,705 10,085 34,508 80,863 60,232 30,628 31,888 90,968 72,474 16,272 52,063 394,733 681,511 338,721 230,964 231,822 231,310 234,019 156,263 222,787 147,603 407,918 265,551 690,209 196,875 440,616 185,225 148,258 190,685 199,889 474,876 154,572 1,288,056 (HK D MN )
1 1 1 1 2 1 1 1 1 1 3 4 5 6 3 3 3 3 7 8 9 9 9 9 9 5.0 6.0 89.3 98.9 87.6 99.6 92.9 61.1 13.2 95.8 29.2 25.4 20.9 84.1 87.9 43.1 67.0 42.9 40.4 37.5 16.7 29.8 87.4 50.6 59.2 Coverage R atio (%) M arket Value 183,580 589,078 234,243 635,230 780,246 6,844,649 4,201,656 3,264,999 3,711,216 7,814,661 1,691,636 1,663,629 8,193,517 7,115,941 5,869,326 5,341,438 1,363,980 9,446,845 8,845,349 1,176,491 1,410,803 3,908,982 6,974,133 1,408,605 6,527,710 2,043,701 1,807,189 1,934,484 1,301,534 6,136,517 2,661,039 1,553,812 3,493,943 1,046,414 (HK D MN ) 10,756,518 22,115,604 12,085,421 18,792,492 10,052,843 20,451,975 15,911,618 11,838,437 13,866,832
Index coverage over Main Board primary listings excluding foreign companies Index coverage over Main Board primary listings and REITs excluding foreign companies Index coverage over all relevant stocks in the Hang Seng Composite Index coverage over all REITs listed on the Main Board Index coverage over all H-shares listed on the Main Board Index coverage over all H-share financial stocks listed on the Main Board Index coverage over all foreign companies listed on the Main Board Index coverage over all Main Board-listed companies Index coverage over all A-shares listed on the Shanghai and Shenzhen Stock Exchanges excluding ChiNext Board stocks Sub-indexes Finance Hang Seng Composite I ndustry ndexes Energy Hang Seng Corporate Sustainability I ndex Hang Seng High D ividend Y ield I ndex Hang Seng L ow Volatility I ndex Hang Seng High Beta I ndex Hang Seng N atural R esources I ndex Hang Seng I nfrastructure ndex Hang Seng Broad Consumption I ndex Utilities Properties Commerce & Industry Hang Seng Composite I ndex Materials Industrials Consumer Goods Consumer Services Telecommunications Utilities Financials Properties & Construction Information Technology Conglomerates Hang Seng Composite Size I ndexes LargeCap MidCap SmallCap Hang Seng Corporate Sustainability Benchmark I ndex Hang Seng I ndex Hong Kong companies indexes: Hang Seng HK 35 Hang Seng REIT I ndex M ainland companies indexes: Hang Seng China E nterprises I ndex Hang Seng China H-Financials I ndex Hang Seng China- A ffiliated Corp I ndex Hang Seng M ainland 100 Hang Seng M ainland 25 Hang Seng M ainland Consumer G oods I ndex Foreign companies index: Hang Seng Foreign Companies Composite I ndex A ll companies index (including foreign companies): Hang Seng G lobal Composite I ndex MAINLAND - LI S TED Hang Seng China A I ndustry T op ndex Hang Seng China A T op 100 I ndex Hang Seng China A T op 500 I ndex Hang Seng (China A ) Corporate Sustainability Benchmark I ndex Hang Seng (China A ) Corporate Sustainability I ndex H ONG K - LI S TED Hong Kong and M ainland companies indexes:
1 2 3 4 5 6 7 8 9
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 21 Performance of Hang Seng Family of Indexes in 1H 2014
Hang Seng Family of Indexes — Share Class Distribution as at 30 June 2014
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — F Foreign companies — — — — — — — — — — — — — — — — — — — — — — — — — — — — 3 (6.3%) 10 (100%) REIT
— Hong Kong companies 3 (8.1%) 2 (3.0%) 5 (6.6%) 4 (5.1%) 5 (8.0%) 3 (0.9%) 2 (6.0%) 20 (51%) 4 (81.1%) 4 (50.4%) 7 (22.7%) 7 (85.1%) 3 (88.4%) 6 (57.4%) HK 35 (100%) 17 (36.2%) 24 (64.1%) 34 (30.6%) 33 (45.3%) 33 (41.2%) 19 (32.7%) 28 (18.3%) 23 (13.4%) 14 (50.1%) 15 (57.6%) 14 (20.2%) 14 (81.4%) 84 (38.9%) 23 (47.3%) — — Hong Kong listed 0 (0%) 0 (0%) 0 (0%) 0 (0%) 2 (9.5%) 1 (0.2%) 5 (2.6%) 82 (48%) O 7 (11.0%) 12 (9.3%) 6 (13.5%) 9 (12.2%) 2 (11.1%) 9 (23.7%) 5 (13.6%) 11 (9.2%) 8 (34.6%) 6 (30.5%) 6 (12.4%) 13 (31.0%) 77 (39.7%) 15 (13.3%) 68 (33.5%) 44 (20.3%) 15 (82.6%) 54 (54.5%) 20 (40.6%) 165 (18.6%) — — 0 (0%) 4 (9.5%) 4 (9.1%) 3 (9.4%) 2 (8.2%) 2 (0.6%) 2 (4.4%) 7 (6.7%) 3 (5.6%) R 6 (24.7%) 4 (13.5%) 5 (10.3%) 11 (4.2%) 9 (11.9%) 8 (26.1%) 2 (86.3%) 8 (18.2%) 5 (34.8%) 9 (31.5%) 2 (14.9%) 1 (11.6%) N umber of constituents by Share Class (Weighting) 16 (33.6%) 12 (18.8%) 14 (14.2%) 10 (12.6%) 26 (13.4%) 51 (13.5%) 12 (14.8%)
— — China companies 0 (0%) 0 (0%) 0 (0%) 3 (2.7%) 4 (9.9%) 6 (4.9%) 1 (8.6%) H 6 (13.4%) 4 (24.4%) 9 (10.2%) 7 (61.8%) 3 (15.3%) 6 (42.6%) 9 (25.4%) 20 (51.5%) 13 (61.4%) 19 (20.9%) 15 (10.8%) 16 (27.2%) 17 (34.1%) 14 (27.0%) 40 (34.8%) 31 (34.5%) 22 (49.1%) 11 (18.5%) 10 (53.9%) 14 (33.1%) 87 (29.0%)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — A M ainland listed 9 7 9 4 40 28 64 35 10 40 78 69 30 50 39 77 25 21 86 33 23 47 20 25 12 50 138 162 147 387 T otal number of Constituents Hang Seng High Beta I ndex Hang Seng N atural R esources I ndex Hang Seng I nfrastructure ndex Hang Seng Broad Consumption I ndex Hong Kong companies indexes: Hang Seng HK 35 Hang Seng REIT I ndex Hang Seng L ow Volatility I ndex Hang Seng Composite Size I ndexes LargeCap MidCap SmallCap Hang Seng Corporate Sustainability Benchmark I ndex Hang Seng Corporate Sustainability I ndex Hang Seng High D ividend Y ield I ndex Conglomerates Financials Properties & Construction Information Technology Utilities Consumer Goods Consumer Services Telecommunications Materials Industrials Hang Seng Composite I ndex Hang Seng Composite I ndustry ndexes Energy Commerce & Industry Properties Utilities Sub-indexes Finance H ONG K - LI S TED Hong Kong and M ainland companies indexes: Hang Seng I ndex I ndex
22 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Hang Seng Family of Indexes — Share Class Distribution as at 30 June 2014
— — — — — — — — — — — — — — — — — — — — F 15 (5.2%) 15 (100%) Foreign companies — — — — — — — — — — — — — — — — — — — — — — REIT
— — — — — — — — — — — — — — — — — — — Hong Kong companies HK 23 (45.9%) 84 (37.2%) 21 (36.2%) — — — — — — — — — — — — — — — Hong Kong listed O 6 (12.2%) 5 (17.2%) 5 (12.6%) 2 (10.9%) 34 (24.6%) 54 (68.4%) 165 (17.5%) — — — — — — — — — — — — — — 7 (8.4%) 4 (9.8%) R 6 (23.4%) 6 (13.8%) 25 (100%) N umber of constituents by Share Class (Weighting) 25 (24.5%) 12 (24.0%) 51 (12.7%)
— — — — — — — — China companies 54 (n.a.) H 9 (17.9%) 40 (100%) 22 (100%) 40 (100%) 54 (100%) 41 (50.9%) 14 (59.4%) 11 (23.2%) 26 (38.0%) 30 (27.5%) 11 (28.4%) 87 (27.3%) 54 (57.9%)
— — — — — — — — — — — 54 (n.a.) A 50 (100%) 28 (100%) 15 (100%) 54 (100%) 35 (35.6%) 24 (72.5%) 15 (14.7%) 54 (42.1%) 100 (100%) 500 (100%) M ainland listed 40 22 25 25 72 15 50 40 50 28 15 72 54 54 54 53 100 402 100 500 108 108 T otal number of Constituents A-shares B-shares H-shares Red-chips HK-listed companies with over 50% of their sales revenue derived from mainland China; Non-H-shares and non-red-chips HK-listed companies whose sales revenue is derived from Hong Kong and elsewhere outside mainland China Real estate investment trusts Foreign companies M ainland companies indexes: Hang Seng China E nterprises I ndex Hang Seng China H-Financials I ndex Hang Seng China- A ffiliated Corporations I ndex Hang Seng M ainland 100 I ndex Hang Seng M ainland 25 Hang Seng M ainland Consumer G oods I ndex Foreign companies index: Hang Seng Foreign Companies Composite I ndex A ll companies index (including foreign companies): Hang Seng G lobal Composite I ndex Strategy indexes: Hang Seng E qual Weighted I ndex Hang Seng China E nterprises qual Weighted I ndex MAINLAND - LI S TED Hang Seng China A I ndustry T op ndex Hang Seng China A T op 100 I ndex Hang Seng China A T op 500 I ndex Hang Seng (China A ) Corporate Sustainability Benchmark I ndex Hang Seng (China A ) Corporate Sustainability I ndex C RO SS- MAR K ET Hang Seng China 50 I ndex Hang Seng China A H I ndex Series Hang Seng China AH Premium Index Hang Seng China AH (A+H) Index Hang Seng China AH (A) Index Hang Seng China AH (H) Index Hang Seng China AH Smart Index Hang Seng ( M ainland and HK) Corporate Sustainability I ndex A: B: H: R: O: HK: REIT: F:
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 23 Performance of Hang Seng Family of Indexes in 1H 2014
Hang Seng Family of Indexes — Sector Weightings (%) as at 30 June 2014 — — — — — — — — — — — — — — — 4.14 4.09 1.27 3.55 5.67 7.86 2.90 3.34 9.78 6.04 2.78 0.82 9.85 8000 — — — — — — — — — — — — — — — — — — — — — — — 0.34 0.26 0.32 0.31 0.76 7030 — — — — — — — — — — — — — — — — 9.89 8.75 6.46 6.08 2.11 1.60 1.56 7020 10.50 10.57 10.61 10.60 11.49 — — — — — — — — — — 5.05 7.42 0.80 1.76 0.86 1.68 0.86 1.98 1.56 3.76 1.59 2.04 2.13 6.29 7.23 2.66 0.62 2.00 7010 — — — — — — — — — — 3.25 1.17 2.20 2.05 4.18 1.61 4.19 0.66 0.61 1.51 9.10 9.71 7.29 6.73 4.63 4.27 1.29 3.82 6020 — — — — — — — — — — 3.12 9.39 4.49 9.81 3.07 9.25 5.62 5.16 5.27 5.70 6010 14.78 11.81 14.77 28.31 13.01 17.56 21.81 23.37 — — — — — — — — — — 1.18 4.03 2.11 1.24 5.08 2.34 5.14 2.72 4.11 2.20 2.87 1.98 9.33 7.66 7.96 6.88 5.48 2.49 5030 — — — — — — 1.45 9.82 7.66 8.20 9.70 4.65 2.36 5.86 8.03 1.87 8.75 4.63 4.78 5020 10.32 14.61 14.63 21.39 11.75 15.03 10.00 11.80 17.43 — — — — — — 9.37 5010 37.81 33.07 25.36 46.01 25.21 34.50 46.13 35.36 33.39 24.72 24.32 17.91 15.65 19.74 15.42 33.35 18.10 17.42 54.81 40.76 61.86 — — — — — — — 1.38 4.81 5.49 1.98 6.44 1.92 6.09 8.28 6.07 8.00 5.06 7.18 2.68 3.64 0.33 2.24 4000 21.22 10.92 15.12 52.19 12.17 — — — — — — — — 8.68 6.98 5.60 9.82 7.41 5.28 8.00 4.00 2.41 3.16 0.95 0.70 2.29 2.22 3500 18.42 10.44 13.39 10.28 21.22 15.70 Hotels, Casinos & Leisure Facilities Media & Entertainment Transportation Support Services Telecommunications Utilities Banks Insurance Other Financials Properties Construction IT Hardware Software & Services Semiconductors Conglomerates Hang Seng Mainland 100 Hang Seng Mainland 25 Hang Seng Mainland Consumer Goods Index Hang Seng Foreign Companies Composite Index Hang Seng Global Composite Index Hang Seng China A Industry Top Index Hang Seng China A Top 100 Index Hang Seng China A Top 500 Index Hang Seng (China A) Corporate Sustainability Benchmark Index Hang Seng (China A) Corporate Sustainability Index Hang Seng China 50 Index Hang Seng China AH (A+H) Index Hang Seng China AH Smart Index — — — — — — — — — — — — — — — — — — — — — — — — — 0.04 0.04 0.08 3050 : : : : : : : : : : : : : : : : : : : : : : : : : : : : — — — — — — — — — 0.80 0.17 1.24 0.83 1.23 1.17 1.55 0.78 4.85 4.05 2.50 1.66 4.12 0.97 1.01 2.08 1.10 0.39 1.54 3040 — — — — — — — — — — — — — — — — — — — — — — 0.21 2.08 0.20 2.32 0.91 1.42 3030 — — — — — — — — — — — — — — 3.78 4.38 0.66 5.44 4.25 6.19 4.16 2.14 1.26 0.53 0.56 3020 16.18 18.82 13.82 — — — — — — — — — — — — — — — — 3.16 0.34 0.85 0.71 0.66 1.98 1.96 2.20 0.92 3.03 1.54 2.23 3010 3020 3030 3040 3050 3500 4000 5010 5020 5030 6010 6020 7010 7020 7030 8000 HSML 100 HSML 25 HSMCGI HSFCCI HSGCI Industry Top Index HSCAT100 HSCAT500 HSCASUSB HSCASUS China 50 Index AH (A+H) Index HSCAHSI — — — — — — — — — — — — — — — — — — I ndustry 0.85 0.13 0.14 0.12 1.76 0.18 0.13 0.27 0.60 0.97 2060 — — — — — — — — — — — — — — — — 1.37 1.78 1.48 1.77 1.40 5.07 1.09 6.37 7.18 1.77 1.50 2050 18.39 — — — — — — — — — 4.08 2.28 3.81 0.82 2.55 3.59 0.80 0.37 2.40 5.92 2.46 7.87 7.53 5.21 0.77 1.05 0.92 2040 29.45 10.94 — — — — — — — — — — — 0.86 2.28 2.48 3.04 3.06 1.96 1.73 4.49 3.56 1.80 6.22 4.22 1.16 3.67 2030 21.27 31.26 13.05 — — — — — — — — — — — — — — — — — 1.24 0.43 0.83 5.99 0.78 5.48 4.34 3.57 4.08 1.85 4.66 2020 — — — — — — — — — — 5.37 1.99 3.03 2.50 1.93 2.55 5.58 1.86 1.82 9.03 4.31 3.78 8.29 3.49 3.53 4.64 2010 23.13 10.77 — — — — — — — — — — — — — — — — — — — — — — — — 0.09 0.03 0.09 0.73 1030 — — — — — — — — — — 5.67 0.70 0.61 0.83 0.32 1.32 0.33 0.68 0.21 3.58 1.24 3.14 4.11 1.93 3.09 1.30 1.33 1020 10.66 — — — — — — — — — — — — — — — — 1.43 3.60 1.97 3.56 1.86 9.36 2.52 6.72 5.33 9.10 1.91 0.61 1010 — — — — — — — — — — — — — — — — — — — — — 0.18 0.43 0.04 0.40 4.58 0.90 3.22 0530 — — — — — — — — — — 0.32 0.29 1.33 0.61 1.29 0.06 1.88 0.91 6.03 2.33 4.39 2.77 4.64 1.41 0.68 3.56 0520 22.56 24.60 — — — — — — — — — — — — — — — — — — — — Oil & Gas Coal Gold & Precious Metals Diversified Metals & Minerals Basic Materials Industrial Engineering Industrial Transportation Commercial & Professional Services Automobiles Household Goods & Electronics Textiles, Clothing & Personal Care Food & Beverages Healthcare Agricultural Products Retailers Hang Seng Index Hang Seng Composite Index Hang Seng Corporate Sustainability Benchmark Index Hang Seng Corporate Sustainability Index Hang Seng High Dividend Yield Index Hang Seng Low Volatility Index Hang Seng High Beta Index Hang Seng Natural Resources Index Hang Seng Infrastructure Index Hang Seng Broad Consumption Index Hang Seng HK 35 Hang Seng China Enterprises Index Hang Seng China-Affiliated Corporations Index 0.65 0.19 0.64 0.18 7.79 2.19 1.31 0.74 0510 : : : : : : : : : : : : : : : : : : : : : : : : : : : : — — — — — — — — 1.81 1.01 1.81 3.46 0.98 2.21 3.39 1.30 1.07 0.93 2.07 5.08 7.24 3.83 2.67 2.21 3.01 4.22 7.58 0020 21.57 — — — — 9.07 7.04 3.52 5.32 1.95 4.51 6.64 6.81 8.18 7.50 5.79 5.08 2.80 2.48 3.93 7.72 0010 15.17 11.57 12.94 11.56 19.91 11.58 46.03 18.07 I ndex HSCC I China 50 I ndex HS I HS ML 100 A H ( +H) I ndex HSC I HS ML 25 HSC A HS I HSSUSB HS M C GI HSSUS HSFCC I HSH DYI HS G C I HS L V I HS E W I HSHB I HSC EE W I HS NRI I ndustry T op ndex HS II HSC AT 100 HSBC I HSC AT 500 HSHK35 HSC A SUSB H-shares I ndex HSC A SUS 0020 0510 0520 0530 1010 1020 1030 2010 2020 2030 2040 2050 2060 3010 0010 HSCI HSSUSB HSSUS HSHDYI HSLVI HSHBI HSNRI HSII HSBCI HSHK35 H-shares Index HSCCI Note: Weightings may not add up to the total due rounding. HSI
24 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Hang Seng Industry Classification System
Industry Sector Subsector Definition 00 Energy 0010 oil & Gas 001010 oil & Gas Producers Companies involved in exploration for, refining, distribution and supply and production of oil and gas
001020 oil & Gas Equipment Manufacturers of equipment and providers & Services of supplies and services to oil and gas producers
0020 Coal 002010 Coal Companies involved in mining, distribution and supply of coal
05 Materials 0510 gold & Precious 051010 gold & Precious Companies engaged in exploration for and Metals Metals refining of gold and other precious metals as well as diamonds; and companies involved in the development of mines for the same
0520 diversified Metals 052010 iron & Steel Producers, processors and traders of iron & Minerals and steel and related products; includes companies that primarily mine for the same
052020 Copper Producers, processors and traders of copper and related products; includes companies that primarily mine for the same
052030 Aluminium Producers, processors and traders of aluminium and related products; includes companies that primarily mine for the same
052040 other Metals & Producers, processors and traders of metals Minerals and minerals not classified elsewhere; and companies engaged in general mining
0530 Basic Materials 053010 Fertilisers & Producers and distributors of fertilisers, Agricultural Chemicals pesticides or other agriculture-related chemicals
053020 Forestry & Timber Manufacturers and distributors of timber and related wood products; owners and operators of timber tracts, forest nurseries and sawmills
053030 Paper Manufacturers and distributors of all grades of paper
053040 Specialty Chemicals Companies that produce and supply polymers, dyes, coatings and other chemicals for specialised applications
10 Industrials 1010 Industrial 101010 Commercial Vehicles Manufacturers and distributors of Engineering & Trucks commercial vehicles such as trucks, buses, ferries and cruisers; container producers; and companies that provide related assemblies and parts
101020 industrial Components Makers, distributors and installers of general & Equipment industrial machinery and components such as casting and moulding equipment, laminates, printed circuit boards, electrical wires and glass
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 25 Hang Seng Industry Classification System
Industry Sector Subsector Definition 101030 Environmental Manufacturers of power-generating Engineering equipment and suppliers of environmental protection related products and services such as power turbines, waste treatment and pollution control equipment
101040 Heavy Industrial Manufacturers of heavy machinery including Machinery construction equipment, heavy agricultural machinery and producers of related parts
101050 new Energy Materials Producers and distributors of environmental friendly energy materials such as solar cells and green energy storage devices
101060 aerospace & Defence Manufacturers of civil or military aerospace and defence equipment, parts or products
1020 Industrial 102010 Shipping & Owners and operators of ports and terminal Transportation Port Operation facilities; providers of marine transportation for commercial use
102020 railway & Toll-road Providers of industrial railway transportation Operation and railway lines; companies that operate roads, highways, bridges and tunnels
102030 air Freight & Logistics Companies providing air freight transportation, courier and logistics services; providers of mail and package delivery services for commercial and consumer use
1030 Commercial & 103010 Sourcing & Supply Providers of procurement service of Professional Services Chain Service diversified products for the commercial and industrial sectors; companies providing contract logistics solutions along the entire supply chain
103020 printing & Packaging Makers and distributors of cardboard, bags, boxes, cans and containers used for packaging; companies providing commercial printing services
20 Consumer 2010 Automobiles 201010 Automobiles Companies that produce and distribute Goods passenger automobiles and light trucks
201020 auto Parts Manufacturers and distributors of parts and accessories for automobiles and motorcycles
2020 Household Goods 202010 Home Appliances Manufacturers and distributors of electric & Electronics household appliances and related products
202020 Consumer Electronics Manufacturers and distributors of consumer electronics, such as TVs and other audio-visual products
202030 toys & Leisure Products Manufacturers and distributors of leisure products and equipment, including sports equipment, bicycles and toys
202040 Household Goods Manufacturers and distributors of durable household products, including soft home furnishings or furniture, kitchenware and consumer specialties not classified elsewhere
26 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Hang Seng Industry Classification System
Industry Sector Subsector Definition 2030 textiles, Clothing 203010 textiles & Fabrics Producers and traders of fabrics, yarns and & Personal Care related textile products; providers of related processing services
203020 Apparel Designers, makers and distributors of all types of clothing
203030 Footwear Designers, makers and distributors of all types of footwear
203040 Jewellery & Timepieces Designers, makers and distributors of jewellery, jadeites, gemstones, watches, timepieces and similar items
203050 other Accessories Manufacturers and distributors of leather goods, handbags, eyewear and other accessories not classified elsewhere
203060 Cosmetics & Manufacturers and distributors of personal Personal Care care and beauty products, including cosmetics, perfumes, toiletries, personal-care and hygiene products
2040 Food & Beverages 204010 packaged Foods Producers and distributors of processed food, including noodles, snacks, fruit, vegetables and frozen food products
204020 dairy Products Producers and suppliers of milk, ice cream and other dairy-related products
204030 Non-alcoholic Manufacturers and distributors of Beverages non-alcoholic beverages, such as soda, fruit juices, tea, coffee and bottled water
204040 Alcohols Producers and traders of beer, wine, spirits and other alcoholic beverages
204050 Food Additives Producers and distributors of food additives such as flavours and fragrances
2050 Healthcare 205010 medical Devices Manufacturers and suppliers of healthcare & Services equipment and devices; healthcare service providers
205020 Pharmaceuticals Companies engaged in the research, development, production or distribution of pharmaceuticals
205030 Biotechnology Companies engaged in the research, development and manufacturing of biological substances (usually involving genetic analysis and engineering)
2060 agricultural Products 206010 poultry & Meat Companies engaged in livestock raising, livestock slaughtering, and the production and supply of meat, poultry or fish products
206020 agricultural Products Companies that grow, process and trade agricultural goods, such as crops, fruits, brewing materials, edible oil and corn-based refined products
206030 animal Feeds Companies engaged in the manufacturing, development and distribution of feedstock products and related activities
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 27 Hang Seng Industry Classification System
Industry Sector Subsector Definition 30 Consumer 3010 Retailers 301010 department Stores Owners and operators of department stores Services 301020 Supermarkets & Owners and operators of stores offering Convenience Stores diversified general merchandise
3020 Hotels, Casinos & 302010 Casinos & Gaming Owners and operators of casinos and Leisure Facilities gaming facilities including companies which provide lottery and betting services
302020 Hotels & Resorts Operators and managers of hotels, motels, lodges, resorts, spas and campgrounds
302030 travel & Tourism Companies providing travel and tourism- related services, including travel agents, online travel reservation services, cruise-ship operators and automobile rental firms
302040 Restaurants Owners and operators of restaurants, bars, coffee shops, fast-food facilities; providers of food catering services
302050 leisure & Providers of leisure facilities and services, Recreational Facilities including fitness centres, sports team management and amusement parks
3030 media & 303010 advertising & Companies providing advertising, marketing Entertainment Marketing or public relations services
303020 Broadcasting Owners and operators of television or radio broadcasting systems
303030 movies & Companies engaged in the production and Entertainment distribution of movies, television shows, music, artiste management and theatre operation
303040 Publishing Publishers of newspapers, magazines and books; providers of information via print or electronic media
3040 Transportation 304010 public Transport Companies that provide passenger transportation, such as buses, taxis, rail and ferry companies
304020 Airlines Companies that provide passenger air transportation, including airport operators and service providers to airline companies
3050 Support Services 305010 Support Services Providers of non-financial services to consumer sectors not classified elsewhere (e.g. education, employment, cleaning and laundry, funeral services, property management and security services)
35 Telecommunications 3500 Telecommunications 350010 Satellite & Wireless Providers of satellite and wireless data Communication communication solutions and related services
350020 Telecommunication Operators of primarily fixed-line Services telecommunication networks
40 Utilities 4000 Utilities 400010 Electricity Companies that produce or distribute electricity
400020 gas Distribution Companies that distribute and transmit gas to end-users
28 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Hang Seng Industry Classification System
Industry Sector Subsector Definition 400030 Water Companies that provide water to end-users, including operators of water treatment plants
400040 Alternative/ Companies which develop, manage and Renewable Energy operate clean energy projects such as hydropower and wind farms
50 Financials 5010 Banks 501010 Banks Banks providing a broad range of financial services, including retail banking, loans and money transfer
5020 Insurance 502010 Insurance Insurance companies with diversified products in life, health and property and casualty insurance, including brokers and agencies which sell the same
5030 other Financials 503010 Securities & Brokerage Non-bank institutions that provide financial services focused on securities broking and dealing and margin financing
503020 investment & Companies that invest in securities for Asset Management earnings growth and capital appreciation; providers of custodial, trustee and other related asset management services
503030 Financing Non-bank institutions that provide financing services, including personal credit, credit cards, lease financing, travel-related money services and pawn shops
503040 other Financials Companies engaged in financial activities not specified elsewhere, include stock exchanges, corporate finance advisory firms and other service providers to financial institutions
60 properties & 6010 Properties 601010 real Estate Agencies Real estate service providers, such as real Construction estate agents, brokers and appraisers
601020 property Development Companies that develop and sell property
601030 property Investment Companies engaged in property ownership mainly for the purpose of leasing and rental income
601040 real Estate Real estate investment trusts that focus Investment Trusts investment in a portfolio of income-generating properties, such as shopping malls, offices, hotels and service apartments
6020 Construction 602010 Construction Materials Manufacturers and wholesalers of building materials including cement, concrete and tiles
602020 Building Construction Constructors of commercial and residential buildings
602030 Heavy Construction Companies engaged in civil engineering & Engineering projects such as construction of railways, roads, highways and reclamation dredging
www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 29 Hang Seng Industry Classification System
Industry Sector Subsector Definition 70 Information 7010 it Hardware 701010 Telecommunication Producers and distributors of Technology Equipment telecommunication equipment, such as telephones, handsets and components, and providers of repair and maintenance services for the same
701020 Computers & Manufacturers and distributors of personal Peripherals computers, servers, mainframes, workstations and related peripherals, such as mass-storage drives, mouse, keyboards and printers
7020 Software & Services 702010 System Applications Companies that provide consulting services & IT Consulting relating to information technology, such as computer system design, systems integration, network and systems operations, data management and storage solutions
702020 e-Commerce & Companies providing Internet-related Internet Services services, such as Internet access providers, search engines and providers of website design, web hosting and e-mail services, including companies that provide solutions and platforms for e-commerce or electronic payments
702030 Software Companies engaged in developing and producing software designed for specialised applications
7030 Semiconductors 703010 Semiconductors Companies engaged in the manufacturing and distribution of semiconductors and semiconductor equipment
80 Conglomerates 8000 Conglomerates 800010 Conglomerates Diversified companies engaged in three or more businesses classified in different sectors with each business contributing more than 10% but not substantially to turnover
30 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk Vendor Codes
PRICE INDEX TOTAL RETURN INDEX THOMSON THOMSON REUTERS BLOOMBERG REUTERS BLOOMBERG SUMMARY PAGE 0#.HSIX HSIX — — HONG KONG-LISTED Hong Kong and Mainland Companies Indexes: Hang Seng Index and Sub-indexes Hang Seng Index .HSI HSI .HSIDV HSI 1 Hang Seng Finance Sub-index .HSNF HSF .HSNFDV HSI 2 Hang Seng Utilities Sub-index .HSNU HSU .HSNUDV HSI 3 Hang Seng Properties Sub-index .HSNP HSP .HSNPDV HSI 4 Hang Seng Commerce & Industry Sub-index .HSNC HSC .HSNCDV HSI 5 Hang Seng Composite Index and Sub-indexes Hang Seng Composite Index .HSCI HSCI .HSCIDV HSI 6 Hang Seng Composite Industry Indexes Energy .HSCIE HSCIEN .HSCIEDV HSI 29 Materials .HSCIM HSCIMT .HSCIMDV HSI 30 Industrials .HSCIIG HSCIIN .HSCIIGDV HSI 8 Consumer Goods .HSCICG HSCICG .HSCICGDV HSI 9 Consumer Services .HSCIS HSCISV .HSCISDV HSI 10 Telecommunications .HSCIT HSCITC .HSCITDV HSI 31 Utilities .HSCIU HSCIUT .HSCIUDV HSI 11 Financials .HSCIF HSCIFN .HSCIFDV HSI 12 Properties & Construction .HSCIPC HSCIPC .HSCIPCDV HSI 13 Information Technology .HSCIIT HSCIIT .HSCIITDV HSI 14 Conglomerates .HSCIC HSCICO .HSCICDV HSI 15 Hang Seng Composite Size Indexes Hang Seng Composite LargeCap Index .HSLI HSLI .HSLIDV HSI 34 Hang Seng Composite MidCap Index .HSMI HSMI .HSMIDV HSI 35 Hang Seng Composite SmallCap Index .HSSI HSSI .HSSIDV HSI 36 Hang Seng Corporate Sustainability Benchmark Index .HSSUSB HSSUSB .HSSUSBDV HSI 46 Hang Seng Corporate Sustainability Index .HSSUS HSSUS .HSSUSDV HSI 39 Hang Seng High Dividend Yield Index .HSHDYI HSHDYI .HSHDYIDV HSI52 Hang Seng Low Volatility Index .HSLVI HSLVI HSLVIDV HSI55 Hang Seng High Beta Index .HSHBI HSHBI .HSHBIDV HSI56 Hang Seng Natural Resources Index .HSNRI HSNRI .HSNRIDV — Hang Seng Infrastructure Index .HSII HSII .HSIIDV — Hang Seng Broad Consumption Index .HSBCI HSBCI .HSBCIDV — Hong Kong Companies Indexes: Hang Seng HK 35 .HSH35 HSHK35 .HSH35DV HSI 38 Hang Seng REIT Index .HSREIT HSREIT .HSREITDV HSI 33 Mainland Companies Indexes: Hang Seng China Enterprises Index .HSCE HSCEI .HSCEDV HSI 21 Hang Seng China H-Financials Index .HSHFI H-FIN .HSHFIDV HSI 32 Hang Seng China-Affiliated Corporations Index .HSCC HSCCI .HSCCDV HSI 22 Hang Seng Mainland 100 .HSM100 HSML100 .HSM100DV HSI 37 Hang Seng Mainland 25 .HSFM25 HSFML25 .HSFM25DV HSI 28 Hang Seng Mainland Consumer Good Index .HSMCGI HSMCGI .HSMCGIDV — Foreign Companies Index: Hang Seng Foreign Companies Composite Index .HSFCCI HSFCCI .HSFCCIDV HSI 48 All Companies Index (including foreign companies): Hang Seng Global Composite Index .HSGCI HSGCI .HSGCIDV HSI 49 Strategy Indexes: Hang Seng Short & Leveraged Index Series Short Indexes HSI Short Index .HSISI HSISI — — HSCEI Short Index .HSCEISI HSCEISI — — Hang Seng H-Fin Short Index .HFINSI HFINSI — — HSI 2x Short Index .HSI2SI HSI2SI — — HSCEI 2x Short Index .HSCEI2SI HSCEI2SI — — Hang Seng H-Fin 2x Short Index .HFIN2SI HFIN2SI — — Leveraged Indexes HSI Leveraged Index .HSILI HSILI — — HSCEI Leveraged Index .HSCEILI HSCEILI — — Hang Seng H-Fin Leveraged Index .HFINLI HFINLI — — Hang Seng Risk Adjusted Index Series Hang Seng Risk Adjusted Index – HSI 20% .HSRAIHSI20 HSRHSI1 — — Hang Seng Risk Adjusted Index (ER) – HSI 20% .HSRAIHSIER20 HSRHSIE1 — — Hang Seng Risk Adjusted Index – HSCEI 25% .HSRAICEI25 HSRCEI2 — — Hang Seng Risk Adjusted Index (ER) – HSCEI 25% .HSRAICEIER25 HSRCEIE2 — — HSI Volatility Index .VHSI VHSI — — Hang Seng Equal Weighted Index .HSEWI HSEWI .HSEWIDV HSI 50 Hang Seng China Enterprises Equal Weighted Index .HSCEEWI HSCEEWI .HSCEEWIDV HSI 51 Bond Indexes: Hang Seng iBond Composite Total Return Index .HSIBCI HSIBCI — — Hang Seng iBond 1407 Total Return Index .HSIB1407 HSIB1407 — — Hang Seng iBond 1506 Total Return Index .HSIB1506 HSIB1506 — — Hang Seng iBond 1606 Total Return Index .HSIB1606 HSIB1606 — — Other Indexes: Hang Seng Dividend Point Index Series HSI Dividend Point Index .HSIDPI HSIDPI — — HSCEI Dividend Point Index .HSCEIDPI HSCEIDPI — — MAINLAND-LISTED Hang Seng China A Industry Top Index .HSCAIT HSCAIT .HSCAITDV HSCAITDV Hang Seng China A Top 100 Index .HSCAT100 HSCAT100 .HSCAT100DV HSI53 Hang Seng China A Top 500 Index .HSCAT500 HSCAT500 .HSCAT500DV HSI54 Hang Seng (China A) Corporate Sustainability Benchmark Index .HSCASUSB HSCASUSB .HSCASUSBDV HSI 47 Hang Seng (China A) Corporate Sustainability Index .HSCASUS HSCASUS .HSCASUSDV HSI 40 CROSS-MARKET Hang Seng China 50 Index .HSC50 HSC50 .HSC50DV HSC50DV Hang Seng China AH Index Series Hang Seng China AH Premium Index .HSCAHPI HSAHP — — Hang Seng China AH (A+H) Index .HSCAHI AHXAH .HSCAHIDV HSI 42 Hang Seng China AH (A) Index .HSCAHAI AHXA .HSCAHAIDV HSI 43 Hang Seng China AH (H) Index .HSCAHHI AHXH .HSCAHHIDV HSI 44 Hang Seng China AH Smart Index .HSCAHSI HSCAHSI .HSCAHSIDV — Hang Seng (Mainland and HK) Corporate Sustainability Index .HSMHSUS HSMHSUS .HSMHSUSDV HSI 41 www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014 HANG SENG INDEXES QUARTERLY Index Research: Hang Seng Composite LargeCap/MidCap Indexes and Hang Seng China AH Premium Index
For more information, please contact
Hang Seng Indexes Company Limited
Address : 83 Des Voeux Road Central Hong Kong Tel : (852) 2877 0704 Email : [email protected] Website : www.hsi.com.hk
Hang Seng Index
The information contained herein is for reference only. Hang Seng Indexes Company Limited (“Hang Seng Indexes”) ensures the accuracy and reliability of the information contained herein to the best of its endeavours. However, Hang Seng Indexes makes no warranty or representation as to the accuracy, completeness or reliability of any of the information contained herein and accepts no liability (whether in tort or contract or otherwise) whatsoever to any person for any damage or loss of any nature arising from or as a result of reliance on any of the contents of this document, or any errors or omissions in its contents and such contents may change from time to time without notice.
HSI Volatility Index (the “Index”) is published by Hang Seng Indexes, which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) to maintain and calculate the Index.“Standard & Poor‘s” and “S&P” are trademarks of S&P and have been licensed for use by Hang Seng Indexes. “VIX®” is a trademark of Chicago Board Options Exchange, Incorporated (“CBOE”) and S&P has granted a license to Hang Seng Indexes, with permission from CBOE, to use such mark for purposes relating to the Index. The Index is not owned, sponsored, endorsed or promoted by S&P or CBOE and neither S&P nor CBOE makes any representation regarding the advisability of investing in products that are based on such Index or otherwise relying on such Index for any purpose and neither S&P, CBOE nor Hang Seng Indexes shall have any liability for any errors or omissions in the Index or any values thereof.
The information contained herein does not constitute any express or implied advice or recommendation by Hang Seng Indexes for any investments. Investment involves risks. Prospective investors should seek independent investment advice to ensure that any of their decisions is made with regard to their own investment objectives, nancial circumstances and other particular needs. 2014 2nd Quarter
© Hang Seng Indexes Company Limited 2014. All rights reserved. 07/14 -122 RF