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Index Research: Smart Beta Index Series

1st Quarter

2016

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Hong Kong-listed

Hang Seng Family of Indexes

Index that tracks China sector Hang Seng Foreign

Companies Composite Index Hang Seng Global Composite Index

Hang Seng Corporate Sustainability Benchmark Index

Hang Seng Index Hang Seng Composite Index HSI Volatility Index Hang Seng iBondComposite

Total Return Index Hang Seng iBond 1606 Total Return

Index Hang Seng iBond 1708 Total Return

Index Hang Seng iBond 1808 Total Return

Index Hang Seng Markit iBoxx

Offshore RMB Bond Index family Hang Seng Markit

iBoxx Offshore RMB Bond Overall Index Hang Seng Markit

iBoxx Offshore RMB Corporates Bond Index Hang Seng Markit iBoxx Offshore RMB

China Government Bond Index Hang Seng Markit iBoxx Offshore RMB

Non-Sovereigns Bond Index Hang Seng Markit

iBoxx Offshore RMB Large Cap Bond Index Hang Seng Markit

iBoxx Offshore RMB High Yield Bond Index Hang Seng Markit iBoxx Offshore RMB Investment Grade Bond Index Hang Seng Mainland 25 Hang Seng China Enterprises Index

Hang Seng China-Affiliated Corporations Index Hang Seng China H-Financials Index Hang Seng Mainland 100 Hang Seng HK 35 Hang Seng REIT Index Hang Seng

High Beta Index

Hang Seng

Corporate Sustainability Index

Hang Seng

High Dividend Yield Index

Hang Seng

Low Volatility Index

Hang Seng

Consumer Goods & Services Index

Hang Seng

Internet & Information Technology Index

Hang Seng

Healthcare Index

Hang Seng Equal Weighted Index Hang Seng China Enterprises Equal Weighted Index Hang Seng Composite

Industry Indexes Hang Seng CompositeSize Indexes Risk Adjusted Index SeriesHang Seng

Hang Seng Short & Leveraged Index Series

Leveraged Indexes Short Indexes HSI Short Index

Hang Seng Risk Adjusted Index -

HSI 20% Hang Seng Risk Adjusted Index -

HSCEI 25%

HSCEI Short Index

HSI 2x Short Index Hang Seng H-Fin

Short Index

HSCEI 2x Short Index Hang Seng H-Fin

2x Short Index HSI Leveraged Index HSCEI Leveraged Index

Hang Seng H-Fin Leveraged Index Finance Energy Materials Industrials LargeCap Index LargeCap & MidCap Index MidCap & SmallCap Index MidCap Index SmallCap Index Consumer Goods Consumer Services Telecommunications Utilities Financials Conglomerates Properties & Construction Information Technology Utilities Properties Commerce & Industry

Hang Seng Futures Index Series

Hang Seng Futures Index Hang Seng Futures

RMB FX Index Hang Seng China

Enterprises Futures Index Hang Seng China Enterprises Futures

RMB FX Index Hang Seng

Sector Index Series

Hang Sang Mainland Oil &

Gas Index Hang Seng Mainland

Healthcare Index

Hang Seng Software & Services

Index Hang Seng Mainland

Properties Index Hang Seng IT Hardware Index Hang Seng Mainland

Banks Index

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Hang Seng (Mainland and HK) Corporate

Sustainability Index

Hang Seng China AH (A) Index Hang Seng China

AH (H) Index Hang Seng China

50 Index Hang Seng China AH Premium Index Hang Seng ChinaAH (A + H) Index Hang Seng ChinaAH Smart Index

Hang Seng CSI Shanghai–Hong Kong

AH Smart Index Hang Seng China Enterprises Smart Index

Index that tracks China sector

Flagship Indexes Benchmark Indexes Thematic Indexes Strategy Indexes Bond Indexes

Mainland-listed

Hang Seng China A

Industry Top Index Corporate Sustainability Benchmark IndexHang Seng (China A) Hang Seng China A

Top 100 Index

Hang Seng (China A) Corporate Sustainability

Index

Cross-market

Hang Seng Shenzhen Hong Kong Index

Hang Seng Shenzhen Hong Kong Financials Index Hang Seng Shenzhen

Hong Kong Consumption Index

Hang Seng Shenzhen Hong Kong Information

Technology Index Hang Seng Shenzhen Hong Kong Infrastructure

& Transportation Index Hang Seng Shenzhen Hong Kong Real Estate

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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 400 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 info@hsi.com.hk

with the word “unsubscribe” in the subject line or contact us at (852) 2877 0704.

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Contents

Features

What’s New

2

Index Update

3

Index Highlight

6

Index Research

7

Index Information

Index Products

12

Index Performance 14

Index Rankings

17

Index Statistics

21

Share Class Coverage 22

Sector Weightings 24

Other Information

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Hang Seng Indexes Licenses HKEX to Use Hang Seng

Sector Index Series as Basis for Futures

In February 2016, Hang Seng Indexes licensed the Hang Seng

Sector Index Series, which is comprised of six indexes, to Hong

Kong Exchanges and Clearing Limited (“HKEX”) to serve as

underlying indexes for the creation of six index futures. The

index series includes:

• Hang Seng IT Hardware Index

• Hang Seng Mainland Banks Index

• Hang Seng Mainland Healthcare Index

• Hang Sang Mainland Oil & Gas Index

• Hang Seng Mainland Properties Index

• Hang Seng Software & Services Index

The index series provides benchmarks to reflect the

perfor-mance of the largest and the most liquid stocks in each of the

six sectors. The index series is calculated and disseminated

real-time at 2-second intervals.

The new futures will be launched on 9 May 2016 and will bring

the number of futures and mini-futures linked to indexes in the

Hang Seng Family of Indexes to 13.

Hang Seng Indexes Licenses Amundi to Use Hang Seng

HK 35 as Basis for ETF

In April 2016, Hang Seng Indexes licensed the Hang Seng HK 35

(“HSHK35”) to Amundi Hong Kong Limited (“Amundi”) to serve

as the underlying index for the creation of an exchange-traded

fund (“ETF”).

The HSHK35 provides a tradable index that reflects the

performance of large-cap Hong Kong-listed companies. The

index tracks the 35 largest Hong Kong-listed securities which

have over 50% of their sales revenue (or profits or assets if more

relevant) derived from areas outside mainland China.

The new ETF brings the number of exchange-traded products

linked to indexes in the Hang Seng Family of Indexes to 41 – with

listings on 18 different stock exchanges across the world. As at

31 March 2016, exchange-traded products linked to indexes in

the Hang Seng Family of Indexes had reached a total of more

than US$24 billion.

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96 98 100 102 104 106 108 110 112

283

36

199

48

235

195

247

358,222

93,400

205,023

45,473

312,749

310,264

264,822

4.61

3.73

5.47

8.62

4.35

4.58

5.13

2.10

2.92

1.61

0.99

2.27

1.99

1.80

1.43

0.84

1.80

2.62

1.27

1.47

1.64

1.43

0.84

1.80

2.62

1.27

1.47

1.64

4.99

2.96

6.10

10.63

4.12

4.98

5.65

1.15

1.55

1.36

2.41

1.08

1.17

1.28

HSMIORBO

HSMIORCGB

HSMIORCB

HSMIORHYB

HSMIORIGB

HSMIORLCB

HSMIORNSB

HSMIORBO

HSMIORCGB

HSMIORCB

HSMIORHYB

HSMIORIGB

HSMIORLCB

HSMIORNSB

2016Q1 Highlights:

• The Hang Seng Markit iBoxx Offshore RMB Overall Index (“HSMIORBO”), which reflects the performance of the overall offshore

bond market, achieved a mildly positive total return of 1.43% in the first quarter of 2016.

• Due to its high yield nature, the volatility of the Hang Seng Markit iBoxx RMB High Yield Bond Index (“HSMIORHYB”) was the highest

among the seven major indexes within the series. It also achieved the highest total quarterly return (2.62%) among the seven.

• The semi-annual modified duration of the Hang Seng Markit iBoxx Offshore RMB China Government Bond Index (“HSMIORCGB”)

was the highest, implying that it would likely be the most sensitive to interest rate changes.

Performance of the Hang Seng Markit iBoxx Offshore RMB Bond Index Family

HSMIORBO: Hang Seng Markit iBoxx Offshore RMB Overall Index

HSMIORCGB: Hang Seng Markit iBoxx Offshore RMB China Government Bond Index HSMIORCB: Hang Seng Markit iBoxx Offshore RMB Corporates Bond Index HSMIORHYB: Hang Seng Markit iBoxx Offshore RMB High Yield Bond Index

HSMIORIGB: Hang Seng Markit iBoxx Offshore RMB Investment Grade Bond Index HSMIORLCB: Hang Seng Markit iBoxx Offshore RMB Large Cap Bond Index HSMIORNSB: Hang Seng Markit iBoxx Offshore RMB Non-Sovereigns Bond Index

As at 31 March 2016

Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16

Index

3-mth

YTD

Total Return (%)

1-yr

Ann.

Vol. (%)

Number

of Bonds

Notional Amount

(RMB Mn)

Semi-Annual Yield

(%)

Semi-Annual

Modified

Duration (%)

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100 110 120 130 140 150 160 0 2 4 6 8 10 12 3 6 2 2 1 1 2 2 1 1 2 1 1 1 1 4 1 3 2 5 2 1 3 2 1 4 8

351.3

213.7

177.9

237.5

95.2

137.1

102.8

97.4

192.3

162.9

127.9

162.4

170.6

137.7

119.3

157.8

479.9

260.0

191.5

307.1

97.1

155.8

100.0

97.9

215.2

192.2

133.5

190.8

182.6

160.8

130.2

202.2

80-90 90-100 100-110 110-120 120-130 130-140 140-150 150-160 160-170 170-180 180-190 190-200 200-250 >250

2016Q1 Highlights:

• The Hang Seng AH Premium Index (“HSAHP”) closed at 133.7 at the end of the first quarter of 2016, indicating that A shares of

dual-listed companies were, on average, 34% more expensive than their H share counterparts.

• When compared with the previous quarter, the median AH Price Ratios of the four industries have decreased, implying a narrowing of

the price gap between A shares and H shares.

Performance of the Hang Seng AH Premium Index

C&I: Commerce and Industry FIN: Finance

Based on Hang Seng Industry Classification System UTI: Utilities PROP: Properties

Past 1-year HSAHP Performance

Distribution of AH Price Ratios as at latest quarter-end

High Low Close 3M 147.0 133.0 133.7 1Y 149.0 120.6 133.7

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

C&I UTI FIN PROP

AH Price Ratio No. of Companies

Max.

Industry

C&I

UTI

FIN

PROP

Min.

Avg.

Median

Max.

Min.

Avg.

Median

2016Q1

AH Price Ratio by Industry as at the End of the Latest Two Quarters

2015Q4

(12)

18000

22000

26000

30000

10

15

20

25

30

35

40

45

1.95% -7.89% -9.65% -0.22% -11.56% -5.85% 1.95% -7.89% -9.65% -0.22% -11.56% -5.85% -13.10% -22.78% -10.65% -27.50% -6.87% -3.99% 28.58% 28.41% 30.50% 37.72% 36.31% 49.21% 2685.8 2341.4 3343.6 1476.2 3143.4 5516.5 397.4 457.9 699.6 285.7 734.3 940.7 14.79% 19.56% 20.92% 19.36% 23.36% 17.05% 37.99 18542.15 11.15% -1.82% 19.94 20803.39 -7.73% 2.15% 126.81% 26.08% 130.00% 23.50% -90.17% --59.05% --3.85 -3.82 -3.09 -2.76 -2.68 19.25 24.25 15.76 14.31 26.01 24.65 19.78 13.14 9.31 13.37 HSITHI HSMBI HSMHI HSMOGI HSMPI HSSSI

Index Update

2016Q1 Highlights:

• The Hang Seng IT Hardware Index (“HSITHI”) was the best-performing index in the Hang Seng Sector Index Series (“HSSIS”), with

a positive return of 1.95%.

• The volatility of the Hang Seng Software & Services Index (“HSSSI”) was the highest in the series, approaching 50%. Its performance in

the past one year was also the best among all indexes in the series.

• The quarterly index movement range of the HSSSI was approximately 940 index points, the largest in the series.

Performance of the Hang Seng Sector Index Series

2016Q1 Highlights:

• Daily change of VHSI demonstrated a negative correlation of -0.90 compared with the Hang Seng Index (“HSI”).

• The VHSI recorded a period high of 37.99 on 21 January 2016.

• On 11 February 2016, the VHSI jumped by 19.25%, while the HSI recorded a daily drop of 3.85% – its biggest daily drop for the period.

Performance of the HSI Volatility Index (“VHSI”)

HSITHI: Hang Seng IT Hardware Index

HSMBI: Hang Seng Mainland Banks Index HSMHI: Hang Seng Mainland Healthcare Index

*Quarter High-Quarter Low

As at 31 March 2016 HSMOGI: Hang Seng Mainland Oil & Gas Index

HSMPI: Hang Seng Mainland Properties Index HSSSI: Hang Seng Software & Services Index

VHSI

HSI

3-mth

Index Index ReturnYTD 1-yr Ann. Vol.1-year Closing Index Level (a) Index Point (b)Range* (b/a)%

Date 11-Feb-16 20-Jan-16 7-Jan-16 11-Jan-16 4-Jan-16

HSI VHSI VHSA #

Daily Changes (%)

2016 Q1

Date

21-Jan-16 30-Mar-16

Level Daily Return Date Level Daily Return Period 1-Year Period 1-Year VHSI Period High VHSI Period Low Annualised Volatitlity Correlation w/ HSI VHSI

HSI

# VHSI Spot Month Futures

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

1-Year Rebased Performance

400 600 800 1000 1200 1400 1600 1800 HSITHI HSMBI HSMHI HSMOGI HSMPI HSSSI

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14% 26% 6% 39% 1% 45% 24% 11% 5% 36% 44% 49% 0% 20% 40% 60% 80% 100% -20.6 -20.0 -14.6 23.6 25.4 28.2 24.4 22.9 20.1 15.2 16.4 18.6 9.3 2.9 -0.1 13.4 15.3 18.9 -3.2 1.3 7.8 13.0 14.1 17.6 -5.0 -7.2 -11.9 18.1 20.5 24.3 -2.7 -5.2 -5.2 21.6 26.1 30.6 -3.4 -9.8 -7.8 17.3 19.2 22.3 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000

Index Highlight

Hang Seng HK 35

Introduction

• Hong Kong’s stock market mainly houses two types of companies: traditional local blue-chips and mainland China enterprises. A

comparison of these two types of companies over the past few years shows that, in general, local blue-chips have outperformed

mainland China enterprises.

• The Hang Seng HK35 (“HSHK35”) provides a benchmark that reflects the performance of local blue-chips. It covers about 85.3% of

the market value and 86.4% of the annual turnover of all Hong Kong companies

1

.

Performance

• The industry weightings of the

HSHK35 were more evenly distributed

compared with the HSI and the

HSML25.

• As at the end of March 2016,

Finance (36%) was the biggest

industry in the HSHK35, followed

by Commerce and Industry (26%)

and Properties (24%).

Industry Distribution

2

Index Methdology

Universe

All Hong Kong companies with a primary

listing on the Main Board of the SEHK

Listing History

At least one month by the review

cut-off date

Turnover

Standard tradable index requirement,

i.e. velocity ratio >= 0.1%

Constituent Selection

Combined Market Capitalisation Ranking,

i.e. ½ (Full MV Rank + FFMV Rank)

MV: Market Capitalisation; FF: Freefloat

Calculation

Freefloat-adjusted market capitalisation

weighted with 10% cap on each

constituent

Information

Review

Quarterly

Currency

HKD

Total Return Index

Available

No. of Constituents

35

Dividend Yield (%)

4.04

PE Ratio (Times)

11.09

Total Market Capitalisation

5,797 Bn

Index Market Capitalisation*

2,755 Bn

MV Coverage Ratio^

25.1%

Market Turnover Coverage^

20.9%

Top 10 Constituents

(As at 31 March 2016)

Code

Name

Wgt. (%)

1299

AIA 10.14

1

CKH Holdings 9.88

5

HSBC Holdings 9.39

388

HKEx 7.78

16

SHK Ppt 4.98

1113

CK Property 4.90

2

CLP Holdings 4.82

6

Power Assets 4.00

11

Hang Seng Bank 3.81

823

Link REIT 3.76

• From January 2011 to March 2016, the HSHK35 had lower annualised volatility

compared with the HSI and the HSML25, outperforming them by 6.4% and 4.4%

respectively.

• The HSHK35 provided better downside protection than the other two indexes during the

stock market slump in 2015. From 28 April 2015 to 31 December 2015, the HSHK35 fell

16.4%, compared with the 23.0% decline in the HSI and the 29.3% drop in the HSML25.

1 Hong Kong companies refer to Hong Kong-listed companies, primary listing on the Main Board of the Stock Exchange of Hong Kong

(”SEHK”), with over 50% of their sales revenue (or profit or assets if more relevant) derived from areas outside mainland China.

2 Based on HSI sub-indexes classification mapping.

* Freefloat-adjusted with 10% capping

^ The universe comprises Main Board primary listings excluding foreign companies

HSHK35 HSI HSML25

Finance Utilities

Properties

Commerce and Industry Annualised Volatility (%) Return (%) HSHK35 HSI HSML25 HSHK35 HSI HSML25 2011 2012 2013 2014 2015 (Jan-Mar) Since 20112016

Index Value (Rebased)

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15

HSHK35

Hang Seng Index ("HSI") Hang Seng Mainland 25 ("HSML25")

Index Rebased (28 April 15)

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Index Research

Smart Beta Index Series – Gaining in Popularity

Highlights:

• Investors are seeking investment strategies that are ‘smarter’ than traditional passive investment.

• Smart Beta indexes are becoming more popular and related products are growing fast in terms of number of listings and assets

under management.

• Smart Beta indexes broaden the range of investment choices by creating indexes based on variables other than market capitalisation.

Exhibit 1: Categories of Smart Beta Indexes

Exhibit 2: Index Methodology of Non-market Cap Selected / Weighted Indexes

* According to ETFGI – a research and consultancy firm on the global ETF and ETP industry.

Rise of Smart Beta Indexes

• Interest in Smart Beta indexes has increased significantly

in the past 10 years. Total assets under management

(AUM) for Smart Beta related products reached USD

400Bn* in 2015.

• Smart Beta-related products have been gaining momentum

as they bridge the gap between active and passive

investment strategies.

• Exhibit 1 shows some examples of Smart Beta indexes in

the Hang Seng Family of Indexes, and three of them are

highlighted in Exhibit 2 below, each with different investment

objectives:

- Hang Seng High Dividend Yield Index (“HSHDYI”)

- Hang Seng Low Volatility Index (“HSLVI”)

- Hang Seng High Beta Index (“HSHBI”)

=

N i i i i

Volatility

Volatility

w

1

1

=

N i i i i

Beta

Beta

w

Index Universe

LargeCap & MidCap

of Hang Seng Composite Index

Screening 1. Tradability: i.e. Velocity>= 0.1%

2. Dividend Records: at least 3 consecutive years 3. Exclude top 25% of stocks in terms of volatility

Screening

Exclude stocks without 1-year listing history

=

N i i i i

Yield

Yield

w

Ranking Rank in descending order of

net dividend yield

Selection Top 50 in terms of Net Dividend Yield

Weighting

Hang Seng High Dividend Yield Index

Ranking Rank in ascending order of

1-year historical volatility

Selection Top 40 in terms of Volatility

Weighting

Hang Seng Low Volatility Index

Ranking Rank in descending order of

beta coefficient

Selection Top 40 in terms of

Beta Coefficient Weighting

Hang Seng High Beta Index

Smart Beta Index Categories Non-market Cap Weighted

Spreading out the index weighting from large-cap stocks

Hang Seng Equal Weighted Index

Hang Seng China Enterprises Equal Weighted Index Hang Seng Corporate Sustainability Index Series Hang Seng Sector Index Series

Hang Seng China A Industry Top Index Hang Seng High Dividend Yield Index Hang Seng Low Volatility Index Hang Seng High Beta Index

Hang Seng China Enterprises Smart Index Hang Seng Risk Adjusted Index Series Hang Seng Short & Leveraged Index Series Tilting toward desired

characteristics in constituent selection process

Deviating from standard market cap indexes in terms of constituent selection and weighting Potentially benefit from certain market conditions Non-market Cap Selected Non-market Cap Selected / Weighted With Investment Strategies

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0 20 40 60 80 100 120 140 160 180 1,000 10,000 100,000 1,000,000 10,000,000 2.89 2.42 2.33 2.32 2.19 494 2 6 823 1038 0.40 1.95 1.61 1.52 0.70 6.97 4.45 3.37 3.35 2.60 3333 1382 778 303 8 -30 63.1 30 50.3 20 36.9 49.7 3.86 3.69 2.85 2.84 2.82 2 3 19 11 66 1.95 1.47 0.66 1.54 0.82 3.42 3.19 3.01 2.91 2.89 41 405 778 737 341 -29 47.5 19 54.2 21 52.5 45.8 1.82 1109 0.81 4.10 3.81 3.73 3.43 3.08 400 1788 665 6881 109 -49 98.2 39 99.2 1 1.8 0.8

Index Research

Smart Beta Index Series – Gaining in Popularity

Exhibit 3: Constituents Comparison

Tilting Towards Desired Factor

• Investment objective can first be attained in the constituent selection process, with constituents being selected by factors other than

market capitalisation.

• As shown in Exhibit 4, constituents selected according to volatility and beta coefficient are different from the market benchmark, i.e.

the Hang Seng Index (“HSI”).

Exhibit 4: Volatility vs Market Cap

As at 31 March 2016 As at 31 March 2016

Market Capitalisation (HKD Mn, log-scale)

Hang Seng Low Volatility Index

Hang Seng High Beta Index

Hang Seng Index

1-yr Volatility (%)

HSHDYI

Ov

erlap with HSI

Non-o

verlap with HSI

HSLVI HSHBI Name HSHDYI Code HSI Name HSHDYI Code HSI Li & Fung CLP Holdings Power Assets Link REIT CKI Holdings Evergrande Pacifictextiles Fortune REIT VTech Holdings PCCW No. of Constituents Wgt (%) HSHDYI HSI Wgt (%) HSHDYI HSI HSI HSHDYI No. of Constituents Name HSLVI Code HSI Name HSLVI Code HSI CLP Holdings HK & China Gas Swire Pacific A Hang Seng Bank MTR Corporation Great Eagle H Yuexiu REIT Fortune REIT Hopewell Infr Cafe de Coral H No. of Constituents Wgt (%) HSLVI HSI Wgt (%) HSLVI HSI HSI HSLVI No. of Constituents Name HSHBI Code HSI Name HSHBI Code HSI

China Res Land

Cogobuy Guotai Junan I Haitong Int'L CGS GoodResources No. of Constituents Wgt (%) HSHBI HSI Wgt (%) HSHBI HSI HSI HSHBI No. of Constituents

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0 2 4 6 8 10 12 0 2 4 6 8 10 12 0 2 4 6 8 10 12 0 2 4 6 8 10 12 10.4 0.2 = wi ∑N i 7.0 0.6 = wi ∑N i 3.9 1.9 = wi ∑N i 4.1 1.6 = wi ∑N i 100% (50) 12% (5) 62% (25) 53% (26) 88% (35) 38% (15) 47% (24) 0% 20% 40% 60% 80% 100% 46%(25) 20%(7) 81%(32) 56%(24) 24%(9) 36%(15) 6%(3) 17%(12) 17%(11) 15%(7) 9%(6) 12%(5) 29%(11) 10%(4) 19%(8) 0% 20% 40% 60% 80% 100%

More Even Weighting Distribution

• Exhibit 5 illustrates the weighting schemes and distributions

of the three Smart Beta Indexes vs the HSI.

• Different from market-cap weighted indexes, constituents

of HSHDYI and HDHBI are weighted in proportion to their

dividend yield and beta coefficients respectively, while

constituents of HSLVI are weighted in inverse proportion

to their historical volatility.

• HSHDYI, HSLVI and HSHBI had relatively even weighting

distributions, while that of the HSI skewed towards

LargeCap constituents.

Exhibit 5: Weighting Distribution

Index Research

Smart Beta Index Series – Gaining in Popularity

As at 31 March 2016

Exhibit 6: Size Composition

More MidCap in the HSHBI

• Exhibit 6 shows the size composition of HSI, HSHBI,

HSLVI and HSHDYI. MidCaps accounted for 88% of the

index weighting in the HSHBI, a significantly larger

proportion than that of the other indexes.

Exhibit 7: Share Class Composition

More HK Companies in the HSLVI and the HSHDYI

• Exhibit 7 shows that Hong Kong companies accounted for

81% and 56% of index weightings in the HSLVI and the

HSHDYI respectively. Only seven Hong Kong companies

joined the HSHBI, accounting for 20% of the index weighting

in total.

HSI HSHBI HSLVI HSHDYI

LargeCap MidCap As at 31 March 2016

HSI HSHBI HSLVI HSHDYI

HK H-Shares Red Chips P Chips As at 31 March 2016

Wgt (%) HSI Wgt (%) HSHDYI HSLVI Wgt (%) Wgt (%) HSHBI Formula: Weighting (%) Max: Min: Formula: Weighting (%) Max: Min: Formula: Weighting (%) Max: Min: Formula: Weighting (%) Max: Min: Freefloat MVi Freefloat MVi Yieldi Yieldi 1/Volatilityi 1/Volatilityi Betai Betai

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 33 34 33 38 40 45 46 29 33 43 37 58 73 56 73 11 5 3 4 5 0 10 20 30 40 50 60 70 80 4.4 4.4 4.8 5.7 6.1 3.9 3.3 3.3 4.0 4.7 2.7 3.1 2.4 2.6 2.0 3.5 3.2 3.2 3.6 4.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 11 20 38 45 29 17 32 31 18 19 11 14 8 16 17 3 2 5 15 10 18 7 5 9 20 12 4 4 3 21 7 31 18 11 18 11 5 6 4 2

Index Research

Smart Beta Index Series – Gaining in Popularity

Exhibit 10: Dividend Yield

Highest Dividend Yield in the HSHDYI

• Exhibit 10 shows that the dividend yield of the HSHDYI

was higher than that of the other indexes under comparison

in each of the past five years.

• The five-year average dividend yield of the HSHDYI was

5.4%, 50% higher than that of the HSI at 3.5%.

Exhibit 8: Historical Industry Distribution of the HSHBI

Evolving Industry Distribution in the HSHBI

• Exhibit 8 shows the historical industry distribution of HSHBI. As Financials and Properties & Construction companies have become more

volatile over the past few years, their aggregate weightings in the HSHBI have increased from 28% in 2011 to over 60% starting from 2014.

• Energy and Materials, on the other hand, fell from weighting of about 20% each in 2011 to 2-3% in 2016.

Exhibit 9: One-side Index Turnover

Higher Index Turnover

• Exhibit 9 shows the HSHBI had the largest index turnover

on average.

• Although only rebalanced once or twice a year, the three

Smart Beta indexes had higher index turnovers given their

relatively larger number of constituent changes.

Dividend Yield (%)

Year 2011 Year 2012 Year 2013 Year 2014 Year 2015

HSHDYI HSLVI HSHBI HSI

As at 31 March 2016

Year 2011 Year 2012 Year 2013 Year 2014 Year 2015 Year 2016

Energy

Materials

Properties &

Construction

Financials

Index Turnover (%) Year 2015 Year 2011 Year 2012 Year 2013 Year 2014

HSHDYI HSLVI HSHBI HSI

Consumer Services

Information Technology

Conglomerates

Energy

Industrials

Telecommunications

Materials

Properties & Construction

Utilities

Consumer Goods

Financials

(18)

400 800 1,200 1,600 0 -49.7 -47.0 -57.8 -48.3 37.8 34.3 66.3 50.7 0.71 0.65 1.24 59.5 65.6 91.8 52.0 22.3 20.9 43.8 32.2 0.65 0.61 1.25 14.7 16.9 1.8 5.3 14.3 12.4 26.9 17.9 0.74 0.63 1.40 -24.5 -15.3 -33.5 -20.0 22.0 18.9 40.1 25.4 0.82 0.72 1.47 21.4 24.6 24.9 22.9 14.2 11.4 27.4 16.4 0.79 0.65 1.41 -3.6 3.2 -8.4 2.9 13.6 11.4 23.6 15.3 0.83 0.67 1.29 4.6 8.8 14.9 1.3 11.3 10.3 19.8 14.1 0.72 0.68 1.12 -4.8 -6.9 -15.1 -7.2 20.1 14.4 34.9 20.5 0.87 0.67 1.49 -3.2 -0.4 -5.8 -5.2 22.8 17.2 42.8 26.1 0.84 0.62 1.54 -21.6 12.9 -42.5 -25.3 21.1 18.4 38.2 26.7 0.74 0.65 1.31

Exhibit 11: Index Performance

Performance Relative to the HSI

• Exhibit 11 compares the performance of the three Smart Beta indexes with that of the HSI from January 2008 to March 2016.

• The risk in terms of volatility for the HSLVI was consistently the lowest among the four indexes under analysis.

• The beta of the HSHBI was consistently larger than one, ranging from 1.12 to 1.54 over the past eight years.

• For the period under analysis, only the HSLVI delivered a positive return, i.e. +12.9%.

Annualised Volatility (%) Beta Return (%) 2008 Indexes 2009 2010 2011 2012 2013 2014 2015 2016 Overall

Conclusion

• The three Smart Beta indexes successfully achieved their respective investment objectives – the HSHDYI delivered higher yield

return, and the HSLVI and the HSHBI demonstrated consistently lower risk and higher beta respectively.

• Smart Beta indexes allow for more diversification through the allocation of more weighting to less huge companies.

• Smart Beta indexes usually have higher index turnovers given their relatively larger number of constituent changes.

HSHDYI HSLVI HSHBI HSI HSHDYI HSLVI HSHBI HSI HSHDYI HSLVI HSHBI

As at 31 March 2016

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Hang Seng High Dividend Yield Index

Hang Seng Low Volatility Index

Hang Seng High Beta Index

Hang Seng Index

Index Research

(19)

Index Products

As at 31 Mar 2016

Exchange-traded Fund (ETF) ETF Name

Hang Seng Index

Tracker Fund of Hong Kong Hang Seng Index ETF Lyxor ETF Hong Kong HSI GS Hang Seng BeES ComStage HSI UCITS KTAM Hong Kong ETF Tracker HK China AMC HSI ETF

China AMC SH-HK Stock Connect Hang Seng Index ETF China Southern HSI ETF

Fuh Hwa Hang Seng ETF Hang Seng China Enterprises Index

Hang Seng H-Share Index ETF Lyxor ETF China Enterprise HSCEI Samsung KODEX China H ETF ComStage HSCEI UCITS

Nikko Listed Index Fund China H-share Hang Seng China Enterprises E Fund HSCEI ETF

ARIRANG Synth-China H Leverage ETF Samsung KODEX China H Leverage ETF Hang Seng Futures Index

Samsung KODEX HSI Futures ETF Hang Seng Futures RMB FX Index

Samsung KODEX HSI Futures RMB FX ETF Hang Seng HK 35

Amundi Hang Seng HK 35 Index ETF* Hang Seng Mainland 25

Mirae Asset MAPS TIGER China ETF HSI Short Index

db x-trackers HSI Short Daily Index ETF 2C Fuh Hwa Daily Hang Seng Inversed ETF HSI Leveraged

Fuh Hwa Daily Hang Seng Leveraged 2X ETF HSCEI Short Index

Simplex China H-share Bear -1x ETF HSCEI Leveraged Index

Simplex China H-share Bull 2x ETF Hang Seng High Dividend Yield Index

Horizons Hang Seng High Dividend Yield ETF Horizons China High Dividend Yield Index ETF Hang Seng China A Industry Top Index

Hang Seng China A Industry Top Index ETF Hang Seng Composite SmallCap Index

ChinaAMC Hang Seng SmallCap Index ETF

Exchange-traded Note (ETN) ETN Name

HSI Leveraged Index

Next Notes HSI Leveraged ETN HSI Short Index

Next Notes HSI Short ETN HSCEI Short Index

TRUE HSCEI Short Index ETN (H)

Classification Fund Fund Name

Hang Seng Index

Huitianfu Hang Seng Index Fund Hang Seng China Enterprises Index

Yinhua Hang Seng China Enterprises Index Fund

Listed Open-ended Fund (LOF) Fund Name

Hang Seng China Enterprises Index

Harvest Hang Seng China Enterprises Index Securities Investment Fund

Mandatory Provident Fund (MPF)

MPF Name

Hang Seng Index

BOCI-Prudential My Choice Hong Kong Tracking Fund BCT (Pro) Hang Seng Index Tracking Fund BCOM HSI Tracking (CF) Fund BEA Hong Kong Tracker Fund Hang Seng Index Tracking Fund Invesco Hang Seng Index Tracking Fund Principal Hang Seng Index Tracking Fund Fidelity Hong Kong Tracker Fund Manulife MPF Hang Seng Index Tracking Fund Hang Seng China Enterprises Index

Hang Seng H-Share Index Tracking Fund BEA China Tracker Fund

Index Fund Fund Name

Hang Seng Index

Voya Hang Seng Index Portfolio Hong Kong Hang Seng Index Fund Hang Seng Index Fund

Hang Seng Index Leveraged 150 Fund Hang Seng China Enterprises Index

MiraeAsset Indexro China H Leverage Master Fund MiraeAsset MAPS China H Index Equity Trust I Hang Seng China H-Share Index Leveraged 150 Fund KB China H Equity Index Securities Fund Hang Seng China A Industry Top Index

HSBC Jintrust Hang Seng China A Industry Top Index Fund Hang Seng Composite MidCap Index

Hang Seng HK MidCap Index Fund Hang Seng China 50 Index

Hang Seng China 50 Index Fund Hang Seng Corporate Sustainability Index

Hang Seng Corporate Sustainability Index Fund

Listing Places

Hong Kong Hong Kong France, Italy, Germany, Singapore, Switzerland India

Germany, UK, Switerzland Thailand Shenzhen Shanghai Shanghai Taiwan Hong Kong

France, Italy, Germany, Spain, Singapore, UK, Switzerland South Korea

Germany, UK, Switerzland Japan Shanghai South Korea South Korea Hong Kong Hong Kong Hong Kong South Korea Germany, UK, Italy Taiwan Taiwan Japan Japan Hong Kong Canada Hong Kong Hong Kong Listing Places Japan Japan South Korea Listing Places Shenzhen Shenzhen Listing Places Shenzhen Offering Places USA Japan Hong Kong Hong Kong South Korea South Korea Hong Kong South Korea PRC Hong Kong Hong Kong Hong Kong UCITS Fund P P P P P ETF Manager

State Street Global Advisors Asia Limited Hang Seng Investment Management Limited Lyxor International Asset Management

Goldman Sachs Asset Management (India) Private Limited Commerz Derivatives Fund Solutions S.A.

Krung Thai Asset Management China Asset Management Company Limited China Asset Management Company Limited China Southern Asset Management Company Limited Fuh Hwa Securities Investment Trust Company Limited Hang Seng Investment Management Limited Lyxor International Asset Management

Samsung Investment Trust Management Company Limited Commerz Derivatives Fund Solutions S.A.

Nikko Asset Management Company Limited E Fund Management Company Limited Hanwha Asset Management Company Limited Samsung Asset Management Company Limited Samsung Asset Management Company Limited Samsung Asset Management Company Limited Amundi Hong Kong Limited

Mirae Asset Global Investments DB Platinum Advisors

Fuh Hwa Securities Investment Trust Company Limited Fuh Hwa Securities Investment Trust Company Limited Simplex Asset Management Company Limited Simplex Asset Management Company Limited Mirae Asset Global Investments (HK) Limited Horizons ETFs Management (Canada) Inc. Hang Seng Investment Management Limited China Asset Management (Hong Kong) Limited

ETN Manager

Nomura Asset Management Company Limited Nomura Asset Management Company Limited Korea Investment & Securities Company Limited

Fund Manager

China Universal Asset Management Company Limited Yinhua Fund Management Company Limited

Fund Manager

Harvest Fund Management Company Limited

Sponsor/Trustee

BOCI-Prudential Trustee Limited Bank Consortium Trust Company Limited Bank of Communications Trustee Limited Bank of East Asia (Trustees) Limited

HSBC Provident Fund Trustee (Hong Kong) Limited Invesco Hong Kong Limited

Principal Trust Company (Asia) Limited FIL Investment Management (Hong Kong) Limited Manulife Provident Funds Trust Company Limited HSBC Provident Fund Trustee (Hong Kong) Limited Bank of East Asia (Trustees) Limited

Fund Manager

ING Investment Management Co. and ING Investments, LLC Sumitomo Mitsui Asset Management Company Limited Hang Seng Investment Management Limited Hang Seng Investment Management Limited Mirae Asset Global Investments Company Limited Mirae Asset Global Investments Company Limited Hang Seng Investment Management Limited KB Asset Management Co., Ltd

HSBC JinTrust Fund Management Company Limited Hang Seng Investment Management Limited Hang Seng Investment Management Limited Hang Seng Investment Management Limited * To be listed on 12 April 2016

(20)

178,065 184,452 13 3,622 1 46,957 99,198 120,862 442,778 2,830 107,086 1 242,407 2,156,324 112,209 351,623 4,605 135,108 1 260,770 2,449,822 107,715 358,918 5,875 160,528 3 248,002 2,235,683 98,629 385,984 2,581 75,426 1 176,528 1,628,887 100,689 259,891 3,480 48,174 2 171,147 1,016,630 140,471 149,259 163 3,830 0 35,771 80,161 136,786 143,513 206 4,225 1 34,812 81,212 94,126 14,217 39 831 2 31,286 62,122 74,734 91,782 63 974 2 31,220 36,581 3,973 640 7,562 311 4,724 447 5,109 163 2,901 343 5,344 179 3,375 1,392 6,611 442 1,594 184 4,468 52

Index Products

As at 31 Mar 2016

Warrants & Callable Bull/Bear Contracts ("CBBCs")

Warrants

Hang Seng Index – linked

Hang Seng China Enterprises Index - linked

CBBCs

Hang Seng Index – linked

Hang Seng China Enterprises Index - linked

Indexes

Daily Average Turnover (HKD 'Mn) 2016

Jan Feb Mar 2015 2014

Source: Hong Kong Exchanges and Clearing Ltd.

Futures & Options

Indexes

Daily Average Volume* 2016

Jan Feb Mar 2015 2014

Open Interest 2016

Jan Feb Mar 2015 2014

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

Futures

Hang Seng Index

Hang Seng China Enterprises Index Dividend Point Indexes#

- Hang Seng Index Dividend Point Indexes#

- Hang Seng China Enterprises Index HSI Volatility Index^

Options

Hang Seng Index

(21)

Index Performance

As at 31 Mar 2016

^ The Hang Seng Composite LargeCap & MidCap Index aims at reflecting the overall performance of LargeCap & MidCap sectors and the Hang Seng Composite MidCap & SmallCap Index aims at reflecting the overall performance of MidCap & SmallCap sectors.

Change (%) Annualised Return (%) 1-Year Annualised Volatility (%) Net Dividend Yield (%) PE Ratio (Times)

Level 3-Month YTD 1-Year 3-Year 5-Year 2015 2014 2013 3-Year 5-Year

HONG KONG-LISTED

Hong Kong and Mainland companies indexes:

Hang Seng Index Sub-indexes

Hang Seng Finance Sub-index Hang Seng Utilities Sub-index Hang Seng Properties Sub-index Hang Seng Commerce & Industry Sub-index

Hang Seng Composite Index Hang Seng Composite Industry Indexes

Energy Materials Industrials Consumer Goods Consumer Services Telecommunications Utilities Financials

Properties & Construction Information Technology Conglomerates

Hang Seng Composite Size Indexes

Hang Seng Composite LargeCap Index Hang Seng Composite LargeCap & MidCap Index^ Hang Seng Composite MidCap Index Hang Seng Composite MidCap & SmallCap Index^ Hang Seng Composite SmallCap 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 Sector Index Series

Hang Seng IT Hardware Index Hang Seng Mainland Banks Index Hang Seng Mainland Healthcare Index Hang Seng Mainland Oil & Gas Index Hang Seng Mainland Properties Index Hang Seng Software & Services Index Hong Kong companies indexes:

Hang Seng HK 35 Hang Seng REIT Index

Hang Seng Consumer Goods & Services Index Hang Seng Healthcare Index

Hang Seng Internet & Information Technology Index

Mainland companies indexes:

Hang Seng China Enterprises Index Hang Seng China H-Financials Index Hang Seng China-Affiliated Corporations Index Hang Seng Mainland 100

Hang Seng Mainland 25

Foreign companies index:

Hang Seng Foreign Companies Composite Index

All companies index (including foreign companies):

Hang Seng Global Composite Index

Strategy indexes:

Hang Seng Short & Leveraged Index Series Short Indexes

HSI Short Index HSCEI Short Index Hang Seng H-Fin Short Index HSI 2x Short Index HSCEI 2x Short Index Hang Seng H-Fin 2x Short Index

Leveraged Indexes

HSI Leveraged Index HSCEI Leveraged Index Hang Seng H-Fin Leveraged Index

Hang Seng Risk Adjusted Index Series

Hang Seng Risk Adjusted Index - HSI 20% Hang Seng Risk Adjusted Index - HSCEI 25%

HSI Volatility Index

Hang Seng Equal Weighted Index

Hang Seng China Enterprises Equal Weighted Index Hang Seng Futures Index Series

Hang Seng Futures Index Hang Seng Futures RMB FX Index Hang Seng China Enterprises Futures Index Hang Seng China Enterprises Futures RMB FX Index Bond indexes:

Hang Seng iBond Index Series

Hang Seng iBond Composite Total Return Index Hang Seng iBond 1606 Total Return Index Hang Seng iBond 1708 Total Return Index Hang Seng iBond 1808 Total Return Index Other indexes:

Dividend Point Index Series

HSI Dividend Point Index HSCEI Dividend Point Index MAINLAND-LISTED

Hang Seng China A Industry Top Index Hang Seng China A Top 100 Index

Hang Seng (China A) Corporate Sustainability Benchmark Index Hang Seng (China A) Corporate Sustainability Index

CROSS MARKET-LISTED

Hang Seng China 50 Index Hang Seng China AH Index 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 CSI Shanghai-Hong Kong AH Smart Index Hang Seng China Enterprises Smart Index Hang Seng Shenzhen Hong Kong Index Series 

Hang Seng Shenzhen Hong Kong Index Hang Seng Shenzhen Hong Kong Financials Index Hang Seng Shenzhen Hong Kong Consumption Index Hang Seng Shenzhen Hong Kong Real Estate Index Hang Seng Shenzhen Hong Kong Information Technology Index Hang Seng Shenzhen Hong Kong Infrastructure & Transportation Index

Hang Seng (Mainland and HK) Corporate Sustainability Index

Bond Indexes:

Hang Seng Markit iBoxx Offshore RMB Bond Index family

Hang Seng Markit iBoxx Offshore RMB Bond Overall Index Hang Seng Markit iBoxx Offshore RMB Corporates Bond Index Hang Seng Markit iBoxx Offshore RMB China Government Bond Index Hang Seng Markit iBoxx Offshore RMB Non-Sovereigns Bond Index Hang Seng Markit iBoxx Offshore RMB Large Cap Bond Index

20,776.70 27,125.40 52,843.39 28,973.39 12,579.84 2,844.78 7,170.99 4,720.44 1,128.98 3,828.45 3,090.82 1,823.76 6,868.59 2,938.08 2,771.27 6,359.64 2,655.81 1,677.19 2,937.69 4,071.39 2,632.31 1,894.95 2,129.53 2,624.05 905.83 7,270.36 4,979.06 2,685.84 2,341.42 3,343.61 1,476.22 3,143.36 5,516.50 2,481.57 5,999.77 2,338.80 3,280.57 3,088.87 9,003.25 14,250.94 3,772.08 6,155.07 7,425.90 1,978.63 2,879.86 7,886.05 1,139.89 592.04 1,003.54 4,956.54 1,526.83 12,623.12 4,123.16 9,447.77 50,620.83 13,038.43 20.45 1,444.57 1,935.00 23,168.48 22,944.87 9,863.42 9,760.17 128.56 111.44 108.48 105.97 94.83 2.08 3,101.33 5,949.97 2,837.67 1,961.08 6,296.92 133.66 1,991.42 2,071.96 1,688.30 3,993.82 6,420.40 12,468.18 4,238.47 3,913.07 3,227.09 4,262.38 7,012.34 3,705.23 2,399.45 112.01 115.37 106.27 114.16 111.56 (5.19) (11.29) 3.38 (3.12) 0.46 (5.85) 5.59 6.81 (5.10) (8.50) 2.61 0.99 (0.50) (11.98) (4.23) 1.77 (6.60) (5.87) (5.67) (4.79) (5.76) (8.92) (6.14) (5.60) (3.15) (0.40) (5.80) 1.95 (7.89) (9.65) (0.22) (11.56) (5.85) (2.65) 1.52 (4.46) (11.79) (2.21) (6.81) (9.13) (6.91) (5.11) (5.23) 7.53 (6.24) 3.17 4.24 6.98 4.59 5.58 11.31 (11.70) (15.68) (19.75) (6.69) (8.85) 10.60 (3.70) (5.25) (4.39) (2.67) (7.30) (5.65) (0.40) 0.39 (1.35) (0.19) -(11.35) (10.75) (10.31) (12.99) (6.11) (4.36) (9.34) (11.59) (7.19) (6.89) (6.86) (6.46) (7.70) (10.39) (3.83) (8.54) (4.60) (10.46) (8.98) 1.43 1.80 0.84 1.64 1.47 (5.19) (11.29) 3.38 (3.12) 0.46 (5.85) 5.59 6.81 (5.10) (8.50) 2.61 0.99 (0.50) (11.98) (4.23) 1.77 (6.60) (5.87) (5.67) (4.79) (5.76) (8.92) (6.14) (5.60) (3.15) (0.40) (5.80) 1.95 (7.89) (9.65) (0.22) (11.56) (5.85) (2.65) 1.52 (4.46) (11.79) (2.21) (6.81) (9.13) (6.91) (5.11) (5.23) 7.53 (6.24) 3.17 4.24 6.98 4.59 5.58 11.31 (11.70) (15.68) (19.75) (6.69) (8.85) 10.60 (3.70) (5.25) (4.39) (2.67) (7.30) (5.65) (0.40) 0.39 (1.35) (0.19) -(11.35) (10.75) (10.31) (12.99) (6.11) (4.36) (9.34) (11.59) (7.19) (6.89) (6.86) (6.46) (7.70) (10.39) (3.83) (8.54) (4.60) (10.46) (8.98) 1.43 1.80 0.84 1.64 1.47 (16.56) (21.53) (4.80) (10.34) (13.87) (17.43) (27.10) (15.69) (22.56) (21.59) (16.58) (13.56) (10.93) (22.28) (12.15) (0.66) (13.91) (17.37) -(17.20) -(19.04) (16.70) (14.97) (8.88) (9.97) (21.45) -(10.49) (1.57) -(27.08) (24.15) (18.88) (20.71) (21.26) (23.42) (17.93) 9.16 20.96 15.46 12.17 32.87 20.20 (34.52) (51.74) (48.17) (16.63) (26.29) 60.39 (17.21) (27.00) (14.68) (18.34) -2.73 0.78 0.41 -(16.07) (17.89) (9.88) (18.91) (18.44) 0.63 (23.58) (18.57) (24.94) (21.69) (19.49) -(19.14) 4.99 6.10 2.96 5.65 4.98 (6.83) (13.99) (5.83) (5.29) 1.77 (7.46) (45.72) (28.24) 3.58 (18.30) (25.80) 5.41 (2.07) (12.42) (9.09) 124.34 5.59 (8.02) -(2.40) -(14.25) (2.44) 6.08 (8.20) 0.57 (8.82) -(4.72) (0.50) -(17.37) (4.20) (13.53) (6.01) (5.63) (28.78) (7.33) (13.51) (9.94) (24.45) (33.00) (32.83) (54.09) (22.33) (43.44) (26.04) (0.11) (10.45) 39.21 (12.05) (14.26) -25.80 29.94 39.22 29.47 7.81 30.22 4.54 27.01 (9.80) -5.08 -(11.69) (21.35) 23.58 (3.53) (5.59) (13.68) (55.37) (55.90) (36.63) (28.69) (25.64) 13.00 21.98 (19.85) (11.56) 148.51 (0.64) (11.81) -(17.06) -(30.04) -(0.64) -(2.93) 26.50 -(32.39) (21.36) (11.13) (16.32) (11.81) -(22.48) (11.72) (28.41) (51.28) (45.09) (66.06) (36.90) (67.74) (58.86) (0.73) (23.52) 16.33 -(3.31) -13.18 (2.30) 36.12 (11.63) 4.97 (25.61) -(1.89) -(7.16) (9.81) (6.32) (2.09) (5.29) (7.52) (31.33) (18.68) (5.74) (10.29) (23.92) (5.12) (8.14) (10.01) (2.57) 22.34 3.83 (8.24) -(4.30) -(7.40) (5.76) (3.58) (4.75) (6.88) (15.09) -(4.98) 0.69 -(19.39) (14.89) (6.85) (10.61) (11.89) (29.05) (7.62) (0.52) 11.41 4.31 (5.55) 14.69 (0.59) (17.79) (39.97) (33.87) (5.30) (16.78) 5.42 (10.59) (20.15) (5.84) (11.35) -4.47 1.74 3.29 -6.86 (1.08) 5.55 (1.63) (9.21) 8.03 (12.22) (3.71) (17.03) (13.47) (10.95) -(5.21) 3.24 3.87 2.20 3.58 3.15 1.28 5.21 12.78 7.16 (5.74) 0.20 (17.34) (1.10) 4.97 (11.09) (30.50) 11.47 6.22 7.61 3.06 8.86 (5.62) 0.96 -(0.14) -(7.67) 5.83 10.95 4.61 8.80 14.93 -(3.23) 9.66 -10.80 19.40 (4.47) 4.87 7.78 (4.48) 0.10 (7.27) (16.72) (23.41) (16.03) (33.41) (44.20) 0.15 17.98 35.85 5.30 14.83 29.54 0.58 10.11 -3.92 1.50 -50.28 62.10 57.29 60.85 28.33 37.46 36.08 64.31 16.90 45.64 -18.67 -2.87 3.18 (6.61) (9.17) 6.78 4.74 (16.24) (21.85) 0.47 11.20 40.14 (10.21) 13.80 3.00 (9.89) 69.98 15.18 3.91 -6.34 -12.34 2.14 3.76 (3.60) -9.30 (3.42) -(5.42) (0.81) 0.50 1.01 (0.05) (2.07) 5.97 (8.46) (3.33) (9.03) (18.48) (11.26) (22.57) 2.94 (15.01) (7.76) 6.05 (2.04) (24.02) (0.96) (3.02) -(15.14) -(8.87) (7.19) (5.96) (6.83) (6.92) (12.48) (4.17) -0.54 -(2.33) (4.90) (1.98) (1.79) 0.59 (2.55) (18.42) (10.47) 1.18 (6.52) (9.47) 1.77 (0.69) (4.32) (3.13) 30.91 1.83 (2.75) -(0.81) -(4.99) (0.82) 1.99 (2.81) 0.19 (3.03) -(1.60) (0.17) -(6.16) (1.42) (4.73) (2.04) (1.91) (10.70) (2.50) (4.72) (3.43) (8.92) (12.50) (12.42) (22.86) (8.08) (17.30) (9.57) (0.04) (3.61) 11.66 (4.19) (5.00) -7.95 9.12 11.66 8.99 2.54 9.20 1.49 8.30 (3.38) -1.66 -(2.46) (4.69) 4.32 (0.72) (1.14) (2.90) (14.90) (15.11) (8.72) (6.54) (5.75) 2.47 4.05 (4.33) (2.43) 19.97 (0.13) (2.48) -(3.67) -(6.90) -(0.13) -(0.59) 4.81 -(7.53) (4.69) (2.33) (3.50) (2.48) -(4.97) (2.46) (6.47) (13.39) (11.30) (19.44) (8.80) (20.25) (16.27) (0.15) (5.22) 3.07 -(0.67) -2.51 (0.47) 6.36 (2.44) 0.98 (5.75) -(0.38) -23.50 24.97 15.37 25.54 25.10 24.86 38.17 39.71 34.33 24.81 29.95 26.68 20.60 25.76 26.64 30.66 22.48 23.30 24.42 32.08 32.83 35.95 23.00 21.95 22.41 16.27 39.23 28.58 28.41 30.50 37.72 36.31 49.20 20.33 12.84 25.63 29.85 35.16 29.85 31.00 29.56 27.37 27.39 21.56 24.38 23.42 29.82 30.96 46.85 59.76 62.04 47.12 59.79 62.13 20.53 25.57 130.27 23.51 31.47 25.39 26.53 30.99 32.00 2.50 2.81 2.77 2.63 -39.07 38.85 36.43 37.21 27.77 31.64 31.53 38.14 32.28 31.18 30.51 29.22 26.04 28.74 29.48 27.93 29.51 27.04 23.22 1.16 1.36 1.55 1.29 1.18 4.0 5.2 3.4 3.5 2.8 3.9 3.6 1.8 3.2 4.2 4.5 3.0 3.2 5.2 3.7 1.0 2.8 4.1 4.0 3.3 3.1 2.5 4.3 4.8 6.0 5.0 4.8 3.4 6.2 1.4 3.2 4.1 0.4 4.0 6.2 4.4 1.8 2.9 4.2 4.6 4.7 3.8 4.1 4.1 3.9 -4.1 3.4 -3.0 3.0 3.5 3.4 3.5 -3.6 3.2 4.1 4.1 4.2 4.2 2.4 2.6 3.4 2.6 0.8 3.6 4.5 -10.2 8.1 15.0 6.8 16.1 10.8 18.3 (n.a.) 20.7 16.2 20.2 14.4 13.5 7.9 7.4 37.1 8.4 10.2 10.5 12.0 14.0 34.5 9.0 8.2 8.6 9.6 31.9 10.9 4.7 19.8 19.7 6.7 38.8 11.1 7.8 17.4 19.5 30.9 7.1 6.2 11.1 9.1 8.2 23.8 11.0 -10.1 8.1 -12.2 10.1 8.3 7.9 8.8 -8.4 9.4 7.3 7.3 7.0 7.1 15.4 12.1 17.2 10.1 38.5 17.7 7.9

-Hang Seng Indexes Quarterly

1st Quarter 2016 ww w .hsi.com.hk 14

References

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