Index Research: Smart Beta Index Series
1st Quarter
2016
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
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
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.
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
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.
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 (%)
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 >2502016Q1 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
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 HSSSIIndex 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 IndexHSMBI: 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
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
2Index 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)
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 iVolatility
Volatility
w
1
1
=
N i i i iBeta
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 iYield
Yield
w
Ranking Rank in descending order ofnet 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
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
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
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 2014HSHDYI HSLVI HSHBI HSI
Consumer Services
Information Technology
Conglomerates
Energy
Industrials
Telecommunications
Materials
Properties & Construction
Utilities
Consumer Goods
Financials
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
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
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
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