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Index Research: Hang Seng Composite LargeCap/MidCap Indexesand Hang Seng China AH Premium Index

HANG SENG INDEXES QUARTERLY

2nd Quarter2014

Hang Seng Family oF indexeS

Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk

Flagship Indexes Thematic Indexes Strategy IndexesBenchmark Indexes

Finance

Utilities

Properties

Commerce & Industry

Hang Seng Index

Ho

ng

Ko

ng

-lis

ted

Hang Seng Composite Index Hang SengChina Enterprises Index

HSI Volatility Index

Hang Seng CompositeIndustry Indexes

Hang Seng CompositeSize Indexes

Hang SengRisk Adjusted Index Series

Energy

Materials

Industrials

Consumer Goods

Consumer Services

Telecommunications

Utilities

Financials

Properties &Construction

Conglomerates

InformationTechnology

LargeCap Index

MidCap Index

SmallCap Index

Hang Seng ChinaH-Financials Index

Hang SengMainland 100

Hang SengMainland 25

Hang SengHK 35

Hang SengREIT Index

Hang SengCorporate Sustainability

Index

Hang SengHigh Dividend Yield

Index

Hang SengLow Volatility

Index

Hang SengHigh Beta Index

Hang SengNatural Resources

Index

Hang SengInfrastructure Index

Hang SengBroad Consumption

Index

Hang SengMainland Consumer

Good Index

Hang SengChina-Af�liated

Corporations Index Hang SengRisk Adjusted Index -

HSI 20%

Bond Indexes

Hang Seng iBondComposite

Total Return Index

Hang Seng iBond1407 Total Return

Index


Index


Index

Hang SengRisk Adjusted Index -

HSCEI 25%

Hang Seng Short &Leveraged Index Series

Short Indexes

Leveraged Indexes

Hang Seng H-FinShort Index

HSCEI 2xShort Index

Hang Seng H-Fin2x Short Index

HSCEI LeveragedIndex

Hang Seng H-FinLeveraged Index

HSCEI Short Index

HSI Short Index

HSI 2x Short Index

HSI Leveraged Index

Hang Seng EqualWeighted Index

Hang Seng ChinaEnterprises EqualWeighted Index

Hang Seng ForeignCompanies Composite Index

Hang Seng Global Composite Index

Hang Seng CorporateSustainability Benchmark Index

Cro

ss-m

arke

tM

ain

lan

d-l

iste

d

Hang Seng China50 Index

Hang Seng China AIndustry Top Index

Hang Seng China AH Premium Index

Hang Seng (China A)Corporate Sustainability Benchmark Index

Hang Seng China ATop 100 Index

Hang Seng China ATop 500 Index

Hang Seng ChinaAH (A + H) Index

Hang Seng ChinaAH Smart Index

Hang Seng (China A)Corporate Sustainability

Index

Hang Seng ChinaAH (A) Index

Hang Seng ChinaAH (H) Index

Hang Seng(Mainland and HK)

Corporate SustainabilityIndex

Index that tracks China sector

Company proFile

www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014

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ContentS

1www.hsi.com.hk Hang Seng Indexes Quarterly • 2nd Quarter 2014

Features

Index Update 2

Index Highlight 3

Index Research 4

2014 Mid-Year Report 8

index information

Index Products 14

Index Performance 16

Index Rankings 18

Index Statistics 21

Share Class Distribution 22

Sector Weightings 24

other information

Hang Seng Industry Classification System 25

index Update

2 Hang Seng Indexes Quarterly • 2nd Quarter 2014 www.hsi.com.hk

2014Q2 Highlights:• DailychangeoftheVHSIdemonstratedanegativecorrelationof-0.36comparedwiththeHangSengIndex(“HSI”).• TheVHSIrecordedahistoricallowof11.53on20June2014sincethelaunchoftheindexinFebruary2011.• On23June2014,theVHSIjumpedby7.89%whiletheHSIrecordedadailydropof1.68%—itsbiggestdailydropforthe

period.

10

15

20

25

30

18,000

20,000

22,000

24,000

26,000

Jun-13 Sep-13 Dec-13 Mar-13 Jun-14

HSI VHSI

Five Largest Daily HSI Drops (2014 Q2)

date

daily Changes (%)

HSi VHSi VHSa#

23‐Jun‐14 ‐1.68 7.89 ‐1.20

15‐Apr‐14 ‐1.60 2.66 1.51

25‐Apr‐14 ‐1.50 4.31 4.15

30‐Apr‐14 ‐1.42 2.48 5.62

5‐May‐14 ‐1.28 3.39 0.94

#VHSISpotMonthFutures

2014 Q2VHSi period High VHSi period low annualised Volatility Correlation w/ HSi

date level daily return date level daily return period 1-year period 1-year

VHSI11‐Apr‐14

16.23 2.14%20‐Jun‐14

11.53 ‐4.16% 49.37% 65.46% ‐35.82% ‐58.52%

HSI 23,003.64 ‐0.79% 23,194.06 0.11% 12.15% 14.46% – –

performance of HSi Volatility index (“VHSi”)

Asat30Jun2014

2014Q2 Highlights:• iBond1407, iBond1506and iBond1606delivered investment returnsof0.84%,0.94%and0.97%respectively to

investors.TheHSIBCI,whichreflectstheoverallperformanceofallthreeiBondsinthemarket,recordedagainof0.92%for the same period.

• ForibondinvestorswhoacquiredibondsatthetimeoftheirInitialPublicOfferings,thecumulativeinvestmentreturnsoniBond1407,iBond1506andiBond1606are14.09%,10.90%and9.26%respectively.

Historical per annum interest rate *

interestpayment

date

HKSar iBonddue 2014

(iBond 1407)

HKSar iBonddue 2015

(iBond 1506)

HKSar iBonddue 2016

(iBond 1606)

1st30‐Jan‐12

6.08%24‐Dec‐12

3.48%24‐Dec‐13

4.72%

2nd30‐Jul‐125.07%

24‐Jun‐133.73%

24‐Jun‐144.12%

3rd28‐Jan‐13

3.38%23‐Dec‐13

4.72%24‐Dec‐14

–

4th29‐Jul‐133.77%

23‐Jun‐144.12%

24‐Jun‐15–

Final28‐Jan‐14

4.78%22‐Dec‐14

–24‐Dec‐15

–

Maturity28‐Jul‐14

–22‐Jun‐15

–24‐Jun‐16

–

* Source: Hong Kong Government Bond Programme (Per annum interest rate x Face value (100%) of bond holdings x Actual days/365 = Interest payable amount)

indexes ClosingValue

Cleanprice

latest perannum

interest rate (%)

return (%) past 1-yearannualised

Volatility (%)

Q2 2014 ytd 2013 2012 Since launch

HSIBCI 120.73 n.a. n.a. 0.92 1.54 3.13 5.42 20.73 1.48

HSIB1407 114.09 100.20 4.78 0.84 0.99 1.69 1.59 14.09 2.43

HSIB1506 110.90 102.60 4.12 0.94 1.97 0.82 n.a. 10.90 2.02

HSIB1606 109.26 104.70 4.12 0.97 1.64 n.a. n.a. 9.26 2.15

100

105

110

115

120

125

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

HSIBCI HSIB1407 HSIB1506 HSIB1606

Note: The Hang Seng iBond Index Series is a comprehensive benchmark of the general performance of the iBonds listed on the Stock Exchange of Hong Kong and issued by the HKSAR Government. The Series reflects the total return on an iBond investment by taking into account the market price change, interest accrual and coupon payments.

HSIBCI: Hang Seng iBond Composite Total Return Index HSIB1407: Hang Seng iBond 1407 Total Return IndexHSIB1506: Hang Seng iBond 1506 Total Return Index HSIB1606: Hang Seng iBond 1606 Total Return Index

performance of Hang Seng iBond index Series

index HigHligHtHang Seng low Volatility index and High Beta index


introdUCtion• TheHangSengLowVolatilityIndex(“HSLVI”)andtheHangSengHighBetaIndex(“HSHBI”)measuretheperformanceofthe

40 least volatile stocks and the 40 highest beta stocks respectively among large-cap and mid-cap stocks in the Hang Seng Composite Index.

• TheHSLVIweighsconstituentsininverseproportiontotheirvolatility(i.e.theleastvolatilestockshavethehighestweights);while the HSHBI weighs constituents in direct proportion to their beta coefficient (i.e. the highest beta stocks have the highest weights).

• TheHSLVIandtheHSHBIaimtoprovidebenchmarksforinvestorsandproductissuerswhoareinterestedintrackingthelow-volatility and high-beta segments of the Hong Kong stock market.

perFormanCe

－

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000 HSI

HSLVI

HSHBI

DownMarket

UpMarket

DownMarket

DownMarket

Up Market

UpMarket

Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

Up market(30 Jun 07 – 30 oct 07)

down market(31 oct 07 – 27 oct 08)

Up market(28 oct 08 – 8 nov 10)

down market(9 nov 10 – 4 oct 11)

Up market(5 oct 11 – 10 Jan 13)

down market(11 Jan 13 – 30 may 14)

Correl.w/ HSi

Beta w/HSi

return(%)

HSi 45.3 -65.2 126.6 -34.9 43.7 -1.2HSlVi 23.2 -56.7 136.6 -26.6 42.5 1.9 0.95 0.66HSHBi 63.9 -79.5 277.5 -54.6 76.9 -23.1 0.92 1.28

ann. Vol(%)

HSi 28.7 45.0 32.0 21.7 20.5 15.1HSlVi 23.2 31.3 21.0 16.1 14.6 11.0HSHBi 39.3 58.1 43.7 31.5 34.8 21.9

• Overthepastsevenyears,theHSLVIoutperformedtheHSIduringdownmarketsand the HSHBI outperformed the HSI during up markets.

• Duringthisperiod,thedailyreturnscorrelationoftheHSLVIandtheHSHBIwiththe HSI were both very high at 0.95 and 0.92 respectively. The beta coefficient of the HSHBI’s daily returns with the HSI was 1.28 — significantly higher than the HSLVI,whichwasat0.66.

index CompoSitionindex Weighting by industry (as at 30 June 2014)

45.0

10.1 9.5 9.47.0

4.9 4.8 4.6 4.10.6

23.1

6.8

2.0

13.0

8.0

15.3 15.1

3.6

9.8

3.1

26.7

5.1

30.69

2.1

13.3 11.3 10.6

0

10

20

30

40

50

(12)

(9) (9)

(5)(3) (2)

(9)

(5)(2)

(13)

(1)(2)

(3)

(5)

(4) (6) (2)

(6)

(3)

(4)

(2) (1)

(5)(4)

(%)

(5)

(7)

(1)

HSI HSLVI HSHBI

(No. of Constituents)

Finan

cials

Energ

y IT

Propert

ies &

Constr

uction

Telec

ommunicatio

ns

Consumer

Servi

ces

Utilitie

s

Consumer

Goods

Conglomerates

Industrial

s

Materia

ls

• Lessweightingwasallocated to Financials for theHSLVIand theHSHBIascomparedtotheHSI—23.1%and26.7%respectivelyversus45.0%.

• MoreweightingwasallocatedtoProperties&Construction for theHSHBIascomparedtotheHSI—30.9%versus9.4%.

• FortheHSLVI,moreweightingwasallocatedtoUtilitiesandConsumerServicesfortheHSLVIascomparedtotheHSI—15.1%versus4.8%and15.3%versus4.9%respectively.

index metHodologyUniverse

Large-cap or mid-cap constituents of the Hang Seng Composite Index

listing HistoryAt least one year by the review cut-off date

Constituent SelectionHSLVI—rankedinascendingorder intermsofone-yearhistoricalvolatility;HSHBI — ranked in descending order in terms of one-year beta coefficient

CalculationHSLVI—Inverse-volatilityweightedHSHBI — Beta-coefficient weighted

Capping level10%

inFormationlaunch date 18 March 2013Base date 29 December 2006Base index 5,000review Half-yearlydissemination Every 2 secCurrency HKDtotal return index Availableno. of Constituents 40

top 5 ConStitUentS(as at 30 June 2014)

Hang Seng low Volatility index

Code name Wtg. (%)2 CLP Hldgs 4.7

19 Swire Pacific ‘A’ 3.211 Hang Seng Bank 3.2

3 HK&ChinaGas 3.2737 Hopewell Infra 3.1

Hang Seng High Beta index

Code name Wtg. (%)1208 MMG 4.01988 Minsheng Bank 3.56030 CITIC Sec 3.56837 Haitong Securities 3.31918 Sunac 3.1

index reSearCHHang Seng Composite largeCap/midCap indexes and Hang Seng China aH premium index:Benchmarking the effects of the Shanghai-Hong Kong Stock Connect programme


Highlights:• Mainland investorscangainexposuretoHongKong-listedstocks—includingLargeCapandMidCap

companies in the Hang Seng Composite Index and the H-shares of AH companies with an A-share listing on Shanghai Stock Exchange — through the Shanghai-Hong Kong Stock Connect.

• TheHangSengCompositeLargeCap Indexand theHangSengCompositeMidCap Indexaregoodrepresentations of the Hong Kong stock market.

• TheHangSengChinaAHPremium Index—themarketgaugeof theoverallpricedifferenceofAHCompanies — demonstrated the impact of Shanghai-Hong Kong Stock Connect.

Shanghai-Hong Kong Stock Connect• On 10April 2014, theChina Securities Regulatory

Commission in Mainland China and the Securities and

Futures Commission in Hong Kong jointly announced the

development of a pilot programme for the establishment

of mutual stock market access between Shanghai and

Hong Kong.

• TheShanghai-HongKongStockConnectprogramme(“the

Programme”) includes a Northbound Trading Link and a

Southbound Trading Link.

• Under theSouthboundTradingLink,eligibleMainland

investors will be able to place orders to trade eligible

shares listed on the Stock Exchange of Hong Kong Limited

(“SEHK”).

• Eligible shares include constituentsof theHangSeng

Composite LargeCap Index (“HSLI”) and the Hang Seng

Composite MidCap Index (“HSMI”), and all H-shares

which have a corresponding A-share listing on Shanghai

Stock Exchange (“SSE”).

exhibit 1: Southbound trading link of the programme (as at 30 may 2014)

no. of

eligible Stocks

market Capitalisation

(HKd Bn)

HSli 78 15,786

HSmi1 158 3,362

aH 69 4,048

total2 266 19,273

1 Excludes four MidCap companies with A-share listing on Shenzhen Stock Exchange

2 Excludes thirty-nine overlapping (both Large/MidCap and AH) companies

HSli and HSmi• TheHSLIandtheHSMIaresub-indexesoftheHangSeng

Composite Index (“HSCI”) — a comprehensive Hong Kong

marketbenchmark thatcoversabout95%of the total

market capitalisation of companies listed on the Main

Board of the SEHK.

• TheHSCIissub-dividedintothreesizeindexes—theHSLI,

the HSMI and the Hang Seng Composite SmallCap Index

(“HSSI”)—whichcoverthetop80%,thenext15%and

remaining5%of the totalmarketcapitalisationof the

HSCI respectively.

• AsattheendofMay2014,theHSLIandtheHSMI,with

240constituents, covered83.2%and84.4%of total

market capitalisation and turnover respectively.

exhibit 2: market Value and turnover Coverage of HSCi (as at 30 may 2014)

68.4%(78) 62.5%

(78)

14.9%(162) 21.9%

(162)

4.5%(147)

6.1%(147)

0%

10%

20%

30%

40%

50%

83.2% 84.4%

60%

70%

80%

90%

100%

MV Coverage

() – number of constituents

Turnover Coverage

HSSI HSMI HSLI



Constituent Changes• TheHSCIregularreviewofconstituentsisundertakenhalf-

yearlywithdatacut-offdatesoftheendofJuneandthe

end of December.

• Existingconstituents rankedbelowthe top96%of the

totalmarketvalue (“MV”)of theeligiblestockuniverse

will be removed from the HSCI while non-constituent

stocksrankedwithinthetop94%willbeincluded.

• Constituentchangesbetweensizeindexesaresubjecttoa

buffer zone as shown in Exhibit 3.

• In the2013Q4review, fiveconstituentswereswitched

fromHSMI toHSLI;eight fromHSSI toHSMI;andone

from HSMI to HSSI.

exhibit 3: market Value of HSCi Constituents (as at 30 may 2014)

1

10

100

1,000

80% 95% 100%

77% 93%

83% 97%

HKD Bn (logscale)

In Descending Order (From Large to Small Market Value)

(~HKD 40 Bn) (~HKD 10 Bn) (~HKD 2 Bn)

(~HSLI Inclusion Level) (~HSMI Inclusion Level)

(~HSLI Removal Level) (~HSMI Removal Level)

2013 Q4 HSCi review resultsFrom to HSli HSmi HSSi removal

HSli x 0 0 0HSmi 5 x 1 3HSSi 0 8 x 6

addition 1 6 35 42 9

a Broader exposure to HK/mainland Companies• AsattheendofMay2014,197ofthe240constituents

of the HSLI and the HSMI were only listed in Hong Kong.

• Oftheremaining43constituents,39hadcross-listingson

SSE and 4 were listed on Shenzhen Stock Exchange.

• ThroughtheSouthboundTradingLink, investorswould

have exposure to 61 Hong Kong companies (e.g. Cheung

Kong,HSBC),40RedChips(e.g.ChinaMobile,CNOOC),

39 H-shares that also have an A-share listing on SSE (e.g.

China Construction Bank, PetroChina), 13 H-shares

without an A-share l ist ing (e.g. China Telecom,

Sinopharm), and 83 other Mainland companies (e.g.

Tencent, Want Want China).

exhibit 4: Composition of HSli & HSmi (as at 30 may 2014)

(61)25%

(40)17%(83)

35%

(13)5%

(39)16%

(4)2%

Hong Kong

Red ChipsOther Mainland

H-shares w/o A-share listing

H-shares w/Shanghai A-share listing

H-shares w/Shenzhen A-share listing

different risk/return Characteristics• For theperiodunderanalysis, theHSLI,HSMIandHSSI

constituent companies listed in Hong Kong demonstrated

different risk/return characteristics. Among the three size

indexes, the HSLI delivered the highest cumulative return

with the lowest volatility.

• Withtheexceptionof2013, theHSLIcapturedahigher

return than the HSMI and the HSSI for every year under

analysis.

• With theexceptionof2014 (January toMay), theHSLI

demonstrated a lower volatility than the other two size

indexes.

exhibit 5: performance of HSli & HSmi

40

50

60

70

80

90

100

110

2011 2012 2013 2014

HSLI HSMI HSSI

indexes 2011 2012 20132014

(Jan‐may)2011‐

may 2014

return (%)HSli ‐18.9 22.6 3.9 ‐1.6 1.7HSmi ‐29.5 22.0 6.3 ‐8.3 ‐16.2HSSi ‐33.3 15.7 12.3 ‐8.1 ‐20.3

Volatility (%)HSli 26.0 16.5 15.4 14.7 19.3HSmi 32.1 18.9 17.1 14.3 22.8HSSi 29.9 17.9 16.7 15.9 21.6



Hang Seng China aH index Series• TheHangSengChinaAHIndexSeries(“AHSeries”)was

launchedon9July2007andincludesthelargestandmost

liquidAHdual-listedcompanies(“AHCompanies”).

• Currently, theAHSeries includes54AHCompanies.

Among these companies, 48 have A-shares listed on SSE

and six have A-shares listed on Shenzhen Stock Exchange.

• TheAHSeriesincludestheHangSengChinaAHPremium

Index (“HSAHPI”), the Hang Seng China AH (A+H) Index

(“AH(A+H) Index”), the Hang Seng China AH (A) Index

(“AH(A) Index”), the Hang Seng China AH (H) Index

(“AH(H) Index”) and the Hang Seng China AH Smart Index

(“HSCAHSI”).

exhibit 6: aH index Series

HS China AH Index Series

HSAHPI AH (A+H) Index

AH (A) Index AH (H) Index HSAHSI

HSaHpi• ApartfromthepriceindexesoftheAHSeriesthatreflect

price movements of A-shares and/or H-shares, the HSAHPI

measures the overall premium or discount between the

A-share and H-share listings of AH Companies.

• TheHSAHPIpeakedat208.06inJanuary2008,indicating

a108%premiumofA-sharesoverH-sharesonaverage.

• Since2014,theHSAHPIhasbeenfluctuatingaroundthe

100 level, ranging from 93.28 to 101.8.

• Asat theendofMay2014, the indexclosedat93.28,

with 29 constituent companies trading with an A-share

premium and 25 with an H-share premium.

exhibit 7: performance of HSaHpi (Since launch)

80

100

120

140

160

180

200

220

Index Level

16 Jan 2008(208.06)

07/2007 07/2008 07/2009 07/2010 07/2011 07/2012 07/2013

impact of programme announcement• TheAHPriceRatio (“AHPR”) refers totheA-shareprice

divided by H-share price after adjusting for the exchange

rate and multiplying by 100.

• On 10 April 2014 (the announcement date of the

Programme), it was observed that almost all the AHPRs of

HSAHPI constituents moved towards 100 — meaning that,

in general, the premium or discount between the A-shares

and the H-shares of the various constituent companies

narrowed.

• On 11 April 2014,most of the AHPRs of HSAHPI

constituents still moved towards 100, although the shift

was not as dramatic as on 10 April 2014.

exhibit 8: aH price ratio Change after announcement of the programme

50

100

150

200

250

50

100

150

200

250

11 April 2014

Open

Close Open

Close

10 April 2014

Bearish Candle Stick Bullish Candle Stick



impact after the announcement date (by company)• TheHSAHPI increasedfrom93.69to97.67inthemonth

immediately fol lowing the announcement of the

Programme, and had decreased to 93.28 as at the end of

May 2014.

• TheAHPRsoftheconstituentswiththefivelargestAHPRs

and the five smallest AHPRs generally continued moving

towards 100.

• For theperiodunderanalysis, thepremium/discount for

the companies with the five largest and the five smallest

AHPRs all decreased, with most of the change occurring

on the announcement date.

exhibit 9: examples of Some HSaHpi Constituents

aH price ratio (100=par) Change (%)

9‐apr‐1410‐apr‐14

(announcementdate)

30-may-14announcementdate (10 apr)

Fromannouncementdate to 30 may

Constituents with Largest AH Price Ratio*

CMOC 224.61 197.73 216.26 ‐26.88 ‐8.35

ZMJ 167.35 155.29 136.53 ‐12.06 ‐30.82

Zijin Mining 166.54 152.72 151.86 ‐13.82 ‐14.68

Datang Power 161.38 143.40 147.62 ‐17.98 ‐13.76

CSCL 151.60 143.35 140.05 ‐8.25 ‐11.55

Constituents with Smallest AH Price Ratio*

China Life 78.22 81.34 81.58 3.12 3.36

CPIC 76.26 80.84 80.41 4.58 4.15

China Rail Cons 74.59 83.19 84.39 8.60 9.80

Ping An 74.13 81.78 82.57 7.65 8.44

Anhui Conch 65.11 73.43 72.56 8.32 7.45

* As at 9 Apr 2014 (Excluding companies with stocks listed in Shenzhen Stock Exchange)

impact after the announcement date (by industry)• Exhibit10compares thechangeofAHPRs fordifferent

industries after the announcement of the Programme.

• TheMaterials industry,which had the highest pre-

announcement AHPR, saw the largest decline in its ratio

— from 147.6 to 139.4.

• ThePropertiesandConstruction industry,whichhadthe

smallest pre-announcement AHPR, saw its ratio increase

significantlyby7.1%—from81.0to86.7.

• Other industries,however,didnotdemonstrate such

expected behaviour. The reasons for this are not yet clear,

although it may be that the impact of the Programme has

not yet been fully reflected in the price movements of

certain constituent companies.

exhibit 10: aH price ratio Change Since announcement of the programme (From 10 apr 2014 to 30 may 2014)

60

80

100

120

140

160

Mat

erial

s

Consu

mer

Goo

ds

Consu

mer

Servi

ces

Indus

trials

Infor

mat

ion Te

chno

logy

Utilitie

s

Ener

gy

Finan

cials

Prop

ertie

s & C

onstr

uctio

n

AH Price Ratio Decreased AH Price Ratio Increased

Conclusion

• TheHSLIandtheHSMIcover83.2%oftotalmarketcapitalisationand84.4%oftotalmarketturnover.

• TheProgrammewillenableMainlandinvestorstogainexposuretostocksthatarenotlistedontheMainland—atpresent,

197 out of the 240 constituents of the HSLI and the HSMI are only listed in Hong Kong.

• ThepremiumsanddiscountsofsomeA-sharesandH-shareshavenarrowedsincetheannouncementoftheProgramme.

However, the overall impact of the Programme on the price movement of A-shares and/or H-shares has yet to be fully

determined.

2014 MID-YEAR REPORT


Performance of Hang Seng Family of Indexes in 1H 2014

• TheHangSengIndexdropped0.5%inthefirsthalfof2014,comparedtoapositivereturnof2.9%in2013.

• Risk/returnprofilesofstrategyindexescontinuedtodifferentiatethemselvesfromthemarketbenchmark.

• InformationTechnologywasthebestperformingsector;LargeCapstocksperformedbetterthanMidCapandSmallCap

stocks.

• TheHangSengChinaAHPremium Index fell to92.38 from last year’s94.11, implying that, ingeneral,A-shares

underperformedH-sharesofthesamecompany.

• TotalreturnoniBondsissuedbytheHongKongGovernmentroseslightlyduringfirsthalfoftheyear.

Performance of Major Flagship Indexes

20

10

0

-10

-20

2.94.7

-0.5-2.5

-5.4

-12.8-15.1

-5.2-6.5-4.4

Hang Seng Index(“HSI”)

Hang SengComposite Index

(“HSCI”)

Hang Seng ChinaEnterprises Index

(“HSCEI”)

Hang Seng ChinaA Top 100 Index(“HSCAT100”)

Hang Seng ChinaA Industry Top

Index (“HSCAIT”)

2013

1H 2014

Ret

urn

(%

)

Stock market momentum faded in 1H 2014• TheHongKongstockmarketdeclinedslightlyinthefirsthalfof2014,withtheHSIandtheHSCIrecordingalossof0.5%and

2.5%respectively.

• TheA-sharemarketremainedweak.TheHSCAITandtheHSCAT100droppedby5.2%and6.5%respectively.

• TrackingthedeclineintheA-sharemarket,theHSCEIfellby4.4%.



Performance of Thematic Indexes

-4.1

-0.3-0.1

-4.4

-1.6-3.6

-3.4

-5.4

9.3

0.5

0.0

2.2

HK Companies

HK ListedMainlandCompanies

High DividendConcept

HSHK35

HSCEI

HSML25

HSCCI

HSHDYI

HSREIT

1H 2014 2013Return (%)

-15 0 15 30 45

HSHK35: Hang Seng HK 35 Index

HSCEI: Hang Seng China Enterprises Index

HSCCI: Hang Seng China-Affiliated Corporations Index

HSML25: Hang Seng Mainland 25 Index

HSHDYI: Hang Seng High Dividend Yield Index

HSREIT: Hang Seng REIT Index

Hong Kong stocks outperformed HK-listed Mainland China counterparts• HongKongstockscontinuedtooutperformHongKong-listedMainlandChinastocks in the firsthalfof2014,with the

HSHK35outperformingtheHSCEIby4.4%.

• TheperformanceofMainlandsectorindexeswasweakin1H2014.TheHSCCIdroppedby4.1%whiletheHSML25andthe

HSCEIslidby0.3%and4.4%respectively.

• Amongall thematic indexes,only theHSREIThadapositive returnat2.2%.TheHSHDYI fellby1.6%,butconsistently

recordedhigherdividendyieldsthantheHSI.

Dividend Yields of High-yield Indexes vs HSI

1412.2

9.3

6.7 7.1

5.06.1 6.2

3.6

5.84.8

3.13.2

4.4

4.4

3.52.7

5.14.9

3.0

5.5

4.9

12

10

8

6

4

2

0

HSREIT

HSHDYI

HSI

Div

iden

d Y

ield

(%

)

2008 2009 2010 2011 2012 2013 1H2014



Performance of Strategy Indexes

0 10 20 -10 -5 0 5

-0.5

-7.9

12.0

12.8 1.9

1.97.4

19.0

2H 2013 1H 2014

Return (%) Return (%)

HSI

RAI

HSLVI

HSHBI

HSI

RAI

HSLVI

HSHBI

RAI : Hang Seng Risk Adjusted Index

HSLVI : Hang Seng Low Volatility Index

HSHBI : Hang Seng High Beta Index

Strategy indexes well differentiated from market benchmark• TheHSLVIlaggedbehindtheHSIwhiletheRAIdeliveredasimilarreturntothemarketbenchmarkduringthemarketrebound

inthesecondhalfof2013.

• Duringthefirsthalfof2014,boththeHSLVIandtheRAIdemonstratedtheirdefensivenaturebydeliveringapositivereturnof

1.9%respectively.

• TheHSHBIoutperformed themarket in the secondhalfof2013butdroppedsignificantly in the firsthalfof2014 to

underperformtheHSIby7.4%.

Performance of Size Indexes

0 5 10 15 -8 -6 -4 -2 0

-1.0

-2.5

-6.9

-7.0

12.3

6.3

4.7

3.9

LargeCap

HSCI

SmallCap

MidCap

SmallCap

MidCap

HSCI

LargeCap


2013 1H 2014

LargeCap stocks best overall performers• Incontrasttoits2013performance,theHangSengCompositeLargeCapIndexoutperformedallothermarketcapitalisation

size-basedindexesinthefirsthalfof2014,withanegativereturnof1.0%ascomparedtonegativereturnsof7.0%and6.9%

fortheHangSengCompositeMidCapIndexandtheHangSengCompositeSmallCapIndex,respectively.



Performance of Industry Indexes

-50 0 50 -20 -10 0 10 20100

-9.9

-2.5

-4.0

-4.0

-4.7

-5.4

-5.6

-5.7

-12.7

-10.2

-16.2

-21.9

70.0

40.1

15.2

13.8

16.3

5.3

3.3

0.9

11.2

4.7

3.0

0.5

2013


ConsumerServices

Conglomerates

Utilities

ConsumerGoods

HSCI

Financials

Industrials


Telecomm

Energy

Materials


1H 2014


ConsumerServices

Conglomerates

Utilities

ConsumerGoods

HSCI

Financials

Industrials


Telecomm

Energy

Materials

Technology stocks led the way• Fourindustrysectorsroseinthefirsthalfof2014,namely,InformationTechnology,Utilities,ConglomeratesandEnergywhich

movedupby16.3%,5.3%,3.3%and0.9%respectively.

• Seven industrysectorsrecordedanegativereturn inthefirsthalfof2014,rangingfrom-4.0%forTelecommunicationsto

-12.7%forConsumerServices.



Performance of Hang Seng China AH Premium Index

104

102

100

98

96

94

92

90

88

2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun

Hang Seng China AH Premium Index (“HSAHPI”)

1H 2014

A-Shares generally moreexpensive

H-Shares generally moreexpensive

High Low Close

2008 208.06 106.49 119.31

2009 163.66 110.24 120.93

2010 123.56 92.68 98.81

2011 141.44 94.44 111.83

2012 118.24 94.96 101.01

2013 112.27 91.99 94.11

1H 2014 101.80 91.79 92.38

Price ratio of AH Companies continued to fluctuate• TheoverallpricedifferenceofAHcompaniescontinuedtofluctuateinthefirsthalfof2014.

• TheHSAHPIhitasemi-annualhighof101.80on5February2014,implyingthatA-sharesweregenerallytradingatapremium

ofonly1.80%overH-shares.

• TheHSAHPIwastradingbelow100mostofthetimeduringthefirsthalfof2014.Bytheendoftheperiod,A-Shareswere

generallytradingatanaveragediscountof7.62%whencomparedtoH-Shares.



Performance of iBond Indexes

Index Base Date (at100)Closing Index

2013 1H 2014

HSIBCI 28Jul2011 118.90 120.73

HSIB1407 28Jul2011 112.98 114.09

HSIB1506 22Jun2012 108.75 110.90

HSIB1606 24Jun2013 107.50 109.26

Return (%) 2012 2013 1H 2014 Overall

HSIBCI 5.42 3.13 1.54 20.73

HSIB1407 1.59 1.69 0.99 14.09

HSIB1506 7.87^ 0.82 1.97 10.90

HSIB1606 – 7.50^ 1.64 9.26

HSIBCI: Hang Seng iBond Composite Total Return Index

HSIB1407: Hang Seng iBond 1407 Total Return Index



^ Since launch

iBonds total returns rose slightly• TheHangSengiBondIndexSeriesreflectsthetotalreturnonan iBondinvestmentbytaking intoaccountthemarketprice

change,interestaccrualandcouponpayments.

• TheHSIB1407,HSIB1506andHSIB1606allroseslightlyinthefirsthalfof2014—increasingby0.99%,1.97%and1.64%

respectively.

• From issuedate to theendof firsthalfof2014, total returnsontheHSIB1407,HSIB1506andHSIB1606were14.09%,

10.90%and9.26%respectively.

index prodUCtS


Asat30June2014Sorted by Fund Inception Date

exchange-traded Fund (etF)etF name listing place etF managerHang Seng indexTracker Fund of Hong Kong Hong Kong State Street Global Advisors Asia LimitedHang Seng Index ETF Hong Kong, Taiwan Hang Seng Investment Management LimitedLyxor ETF Hong Kong HSI France, Italy, Germany, Singapore, Switzerland Lyxor International Asset ManagementGS Hang Seng BeES India Goldman Sachs Asset Management (India) Private LimitedComStage HSI UCITS Germany, Switerzland Commerz Derivatives Fund Solutions S.A.KTAM Hong Kong ETF Tracker HK Thailand Krung Thai Asset ManagementChina AMC HSI ETF Shenzhen China Asset Management Co., Ltd.Hang Seng China enterprises indexHang Seng H-Share Index ETF Hong Kong, Taiwan Hang Seng Investment Management LimitedLyxor ETF China Enterprise HSCEI France, Italy, Germany, Spain, Singapore, UK, Switzerland Lyxor International Asset ManagementSamsungKODEXHSCEI Korea Samsung Investment Trust Management Co. LimitedComStage HSCEI UCITS Germany, Switerzland Commerz Derivatives Fund Solutions S.A.Nikko Listed Index Fund China H-share Hang Seng China Enterprises Japan Nikko Asset Management Co., Ltd.XACTHangSengChina Sweden Handelsbanken Fonder ABE Fund HSCEI ETF Shanghai E Fund Management Co., Ltd.Hang Seng mainland 25Mirae Asset MAPS TIGER China ETF Korea Mirae Asset Maps Global Investments Co., Ltd.HSi Short indexdb x-trackers HSI Short Daily Index ETF 2C Germany, UK, Italy DB Platinum AdvisorsHSCei Short indexChina H-share Bear -1x ETF Japan Simplex Asset Management Co., Ltd.HSCei leveraged indexChina H-share Bull 2x ETF Japan Simplex Asset Management Co., Ltd.Hang Seng High dividend yield indexHorizons Hang Seng High Dividend Yield ETF Hong Kong Mirae Asset Global Investments (HK) Ltd.Hang Seng China a industry top indexHang Seng China A Industry Top Index ETF Hong Kong Hang Seng Investment Management Limited

exchange-traded note (etn)etn name listing place etn managerHSi leveragedNext Notes HSI Leveraged ETN Japan Nomura Asset Management Co., Ltd.HSi ShortNext Notes HSI Short ETN Japan Nomura Asset Management Co., Ltd.

Classification FundFund name listing place Fund managerHang Seng indexHuitianfu Hang Seng Index Fund Shenzhen China Universal Asset Management Co., Ltd.Hang Seng China enterprises indexYinhua Hang Seng China Enterprises Index Fund Shenzhen Yinhua Fund Management Co., Ltd.

listed open-ended Fund (loF)Fund name listing place Fund managerHang Seng China enterprises indexHarvest Hang Seng China Enterprises Index Securities Investment Fund Shenzhen Harvest Fund Management Co., Ltd.

mandatory provident Fund (mpF)mpF name Sponsor/trusteeHang Seng indexBOCI-PrudentialMyChoiceHongKongTrackingFund BOCI-PrudentialTrusteeLimitedBCT (Pro) Hang Seng Index Tracking Fund Bank Consortium Trust Company LimitedBCOMHSITracking(CF)Fund Bank of Communications Trustee LimitedBEA Hong Kong Tracker Fund Bank of East Asia (Trustees) LimitedHang Seng Index Tracking Fund HSBC Provident Fund Trustee (Hong Kong) LimitedPrincipal Hang Seng Index Tracking Fund Principal Trust Company (Asia) LimitedFidelity Hong Kong Tracker Fund FIL Investment Management (Hong Kong) LimitedManulife MPF Hang Seng Index Tracking Fund Manulife Provident Funds Trust Company LimitedHang Seng China enterprises indexHang Seng H-Share Index Tracking Fund HSBC Provident Fund Trustee (Hong Kong) LimitedBEA China Tracker Fund Bank of East Asia (Trustees) Limited

index prodUCtS


Futures & options

Asat30Jun2014

indexes

daily average Volume* open interest

20142013 2012

20142013 2012

apr may Jun apr may Jun

Futures

Hang Seng Index 75,358 68,418 66,276 86,684 89,867 111,635 119,746 128,377 108,471 140,671

Hang Seng China Enterprises Index 82,651 78,819 77,633 87,384 66,134 223,175 200,889 218,178 218,367 182,364 Dividend Point Indexes# 43 65 5 46 85 6,183 6,383 6,483 4,599 1,969

– Hang Seng Index

Dividend Point Indexes# 1,040 556 627 641 753 87,004 86,704 82,598 51,075 48,879

– Hang Seng China Enterprises Index

HSIVolatilityIndex^ 2 2 6 4 7 0 42 57 21 8

options

Hang Seng Index 31,128 30,485 26,935 36,238 38,657 217,687 234,473 186,043 174,615 272,725

Hang Seng China Enterprises Index 30,446 32,009 31,586 33,025 25,712 1,089,759 1,184,749 1,025,159 883,515 599,163

Source: Hong Kong Exchanges and Clearing Ltd.

* Include both Standard and Mini futures/options. 1 Standard = 5 Mini

# Dividend Point Indexes futures was launched on 1 Nov 2010

^ VHSIFutureswaslaunchedon20Feb2012

Warrants & Callable Bull/Bear Contracts (“CBBCs”)

Asat30Jun2014

index

daily average turnover (HKd ‘mn)

2014

apr may Jun 2013 2012

Warrants

Hang Seng Index — linked 1,295 1,138 1,278 1,925 2,360

Hang Seng China Enterprises Index — linked 167 115 123 170 107

CBBCs

Hang Seng Index — linked 4,047 3,551 2,863 5,044 6,112

Hang Seng China Enterprises Index — linked 73 46 42 35 41

Source: Hong Kong Exchanges and Clearing Ltd.

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annualised annualised dividendChange (%) return (%) Volatility yield pe ratio

level 3-month ytd 1-year 3-year 5-year 2013 2012 2011 3-year 5-year (%) (%) (times)

Hong Kong-liSted

Hong Kong and mainland companies indexes:

Hang Seng index 23,190.72 4.69 –0.50 11.48 3.54 26.18 2.87 22.91 –19.97 1.17 4.76 14.46 3.4 10.8

Sub-indexes

Finance 30,850.73 2.78 –4.27 5.30 –3.31 11.10 3.18 25.41 –26.30 –1.12 2.13 15.00 4.3 8.9

Utilities 51,913.66 6.99 7.31 2.19 12.16 43.46 –6.61 14.09 8.75 3.90 7.49 11.74 3.3 17.9

Properties 29,052.75 6.48 1.92 2.17 3.85 18.27 –9.17 37.57 –23.91 1.27 3.41 16.72 3.0 7.1

Commerce&Industry 14,383.16 6.23 2.54 23.42 10.70 46.90 6.78 18.06 –14.24 3.45 8.00 16.67 2.5 15.4

Hang Seng Composite index 3,179.45 3.04 –2.49 11.16 –0.30 22.71 4.74 22.24 –21.60 –0.10 4.18 13.86 3.3 10.9

Hang Seng Composite industry indexes

Energy 12,066.37 9.30 0.86 12.77 –21.88 19.72 –16.24 12.66 –15.07 –7.90 3.67 18.31 3.5 10.0

Materials 5,200.04 1.80 –5.37 3.42 –47.28 –36.92 –21.85 8.06 –42.38 –19.22 –8.80 17.12 2.7 14.2

Industrials 1,134.09 –2.18 –5.68 15.48 –30.31 4.44 0.47 11.96 –44.72 –11.34 0.87 17.02 3.0 25.9

Consumer Goods 4,953.84 –1.37 –5.56 10.49 –8.19 35.89 11.20 10.14 –24.27 –2.81 6.33 13.65 2.2 19.8

Consumer Services 4,971.88 –4.27 –12.73 22.58 15.37 85.54 40.14 22.21 –20.64 4.88 13.16 22.57 2.8 19.2

Telecommunications 1,640.04 7.58 –3.95 –3.60 –1.55 1.11 –10.21 11.74 2.65 –0.52 0.22 16.66 3.6 11.1

Utilities 7,451.36 7.67 5.32 13.23 29.83 55.10 13.80 14.96 2.78 9.09 9.17 11.70 2.5 18.0

Financials 3,285.60 2.92 –4.68 6.68 –4.45 10.42 3.00 24.24 –24.60 –1.50 2.00 15.59 4.2 8.7

Properties&Construction 2,766.33 0.27 –4.01 –0.91 –7.74 1.11 –9.89 42.88 –26.54 –2.65 0.22 16.36 3.8 6.4

Information Technology 5,457.73 9.32 16.31 64.97 109.90 242.82 69.98 36.50 –18.56 28.04 27.94 27.88 0.9 36.8

Conglomerates 2,996.99 3.22 3.28 23.82 17.62 66.52 15.18 26.98 –25.27 5.56 10.74 15.50 2.6 9.9

Hang Seng Composite Size indexes

LargeCap 1,903.35 4.23 –1.04 11.66 3.58 32.28 3.91 22.62 –18.93 1.18 5.75 14.36 3.4 10.4

MidCap 4,162.13 –0.35 –6.99 9.88 –12.77 13.72 6.34 21.97 –29.53 –4.45 2.61 14.12 2.6 12.1

SmallCap 2,264.92 –2.41 –6.92 8.82 –13.96 27.46 12.34 15.69 –33.25 –4.89 4.97 14.38 3.1 14.6

Hang Seng Corporate Sustainability Benchmark index 2,294.53 6.11 0.86 12.08 — — 2.14 22.22 — — — 14.38 3.5 9.8

Hang Seng Corporate Sustainability index 2,699.85 6.61 3.91 15.15 8.60 — 3.76 20.22 –20.47 2.79 — 13.64 3.6 9.9

Hang Seng High dividend yield index 923.40 3.22 –1.63 3.98 — — –3.60 — — — — 11.46 6.0 6.4

Hang Seng low Volatility index 7,340.49 5.26 1.88 9.37 — — — — — — — 10.11 4.1 10.0

Hang Seng High Beta index 4,990.06 –1.05 –7.86 9.62 — — — — — — — 19.63 3.0 9.6

Hang Seng natural resources index 2,886.04 2.71 –2.23 — — — — — — — — 17.19 2.9 12.0

Hang Seng infrastructure index 3,538.38 6.11 –0.64 — — — — — — — — 11.71 2.8 15.3

Hang Seng Broad Consumption index 4,603.90 1.16 –3.01 — — — — — — — — 15.13 2.4 19.2

Hong Kong companies indexes:

Hang Seng HK 35 2,772.59 4.60 0.01 11.79 12.19 51.64 9.30 24.43 –20.65 3.91 8.68 12.84 3.0 13.0

Hang Seng reit index 5,468.33 4.43 2.18 –4.00 14.87 103.07 –3.42 35.94 –12.68 4.73 15.22 8.30 5.8 7.0

mainland companies indexes:

Hang Seng China enterprises index 10,335.03 2.58 –4.45 10.99 –17.82 –5.72 –5.42 15.09 –21.71 –6.33 –1.17 19.25 3.8 7.8

Hang Seng China H-Financials index 14,263.61 1.82 –7.57 10.67 –14.75 –4.43 –0.81 20.34 –26.88 –5.18 –0.90 21.55 4.0 6.9

Hang Seng China-affiliated Corporations index 4,369.01 4.99 –4.05 8.45 4.22 14.37 0.50 23.06 –11.70 1.39 2.72 16.13 2.5 11.5

Hang Seng mainland 100 6,793.19 3.85 –1.83 13.64 –4.43 14.63 1.01 19.00 –19.30 –1.50 2.77 16.83 3.4 9.3

Hang Seng mainland 25 8,224.57 4.90 –0.32 14.39 0.56 22.09 –0.05 20.06 –14.61 0.19 4.07 17.81 3.7 8.6

Hang Seng mainland Consumer goods index 5,483.17 –1.87 –6.07 — — — — — — — — 14.73 1.9 18.6

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annualised annualised dividendChange (%) return (%) Volatility yield pe ratio

level 3-month ytd 1-year 3-year 5-year 2013 2012 2011 3-year 5-year (%) (%) (times)

Foreign companies index:Hang Seng Foreign Companies Composite index 2,637.73 –0.73 –2.85 8.53 — — –2.07 20.44 — — — 13.18 2.2 n.a.all companies index (including foreign companies):Hang Seng global Composite index 3,241.39 3.67 –2.42 11.91 — — 5.97 23.06 — — — 13.39 3.2 11.3Strategy indexes:Hang Seng Short & leveraged index SeriesShort indexesHSI Short Index 8,035.53 –6.78 –3.02 –15.29 –23.10 –45.32 –8.46 –23.77 13.00 –8.38 –11.37 14.43 — —HSCEI Short Index 1,183.21 –5.50 0.39 –16.15 –10.88 –34.58 –3.33 –20.34 11.77 –3.77 –8.14 19.39 — —Hang Seng H-Fin Short Index 716.75 –4.87 3.47 –16.56 –17.49 –37.85 –9.03 –24.48 17.78 –6.21 –9.07 21.80 — —HSI 2x Short Index 1,124.67 –13.49 –7.04 –30.02 –47.94 –75.86 –18.48 –43.74 19.03 –19.56 –24.75 28.88 — —HSCEI 2x Short Index 60.96 –11.16 –0.83 –32.67 –35.61 –69.41 –11.26 –39.69 11.89 –13.65 –21.09 38.98 — —Hang Seng H-Fin 2x Short Index 25.97 –10.05 5.01 –34.04 –47.26 –73.53 –22.57 –46.27 21.98 –19.20 –23.34 43.96 — —leveraged indexesHSI Leveraged Index 16,987.74 9.12 –2.18 21.20 –5.74 28.31 2.94 46.29 –40.38 –1.95 5.11 28.93 — —HSCEI Leveraged Index 6,201.28 4.67 –10.17 18.14 –45.16 –36.38 –15.01 26.01 –45.10 –18.15 –8.65 38.39 — —Hang Seng H-Fin Leveraged Index 10,979.78 3.03 –16.21 16.33 –43.43 –37.08 –7.76 36.60 –52.92 –17.29 –8.85 42.89 — —Hang Seng risk adjusted index SeriesHangSengRiskAdjustedIndex—HSI20% 55,437.19 6.75 1.89 14.93 12.41 34.56 6.05 23.49 –16.54 3.98 6.12 14.35 — —HangSengRiskAdjustedIndex—HSCEI25% 14,646.80 5.04 –2.16 14.00 –10.80 1.96 –2.04 17.45 –19.92 –3.74 0.39 19.17 — —HSi Volatility index 12.86 –21.44 –5.02 –36.24 –30.64 — –24.02 –27.62 36.10 n.a. — 65.73 — —Hang Seng equal Weighted index 1,666.26 4.38 –0.11 10.58 — — –0.96 22.25 –20.94 — — 14.28 3.1 11.0Hang Seng China enterprises equal Weighted index 2,146.83 1.67 –7.57 10.58 — — –3.02 16.64 –23.89 — — 19.15 2.7 9.6Bond indexes:Hang Seng iBond index SeriesHang Seng iBond Composite Total Return Index 120.73 0.92 1.54 4.61 — — 3.13 5.42 — — — 1.48 — —Hang Seng iBond 1407 Total Return Index 114.09 0.84 0.99 3.68 — — 1.69 1.59 — — — 2.43 — —Hang Seng iBond 1506 Total Return Index 110.90 0.94 1.97 4.56 — — 0.82 — — — — 2.02 — —Hang Seng iBond 1606 Total Return Index 109.26 0.97 1.64 — — — — — — — — 2.15 — —other indexes:dividend point index SeriesHSI Dividend Point Index 559.25 — — — — — — — — — — — — —HSCEI Dividend Point Index 271.29 — — — — — — — — — — — — —mainland-liStedHang Seng China a industry top index 2,064.75 0.68 –5.23 –6.05 –33.72 0.00 –15.14 2.49 –17.89 –12.81 — 16.06 3.6 8.5Hang Seng China a top 100 index 3,887.25 1.16 –6.50 — — — — — — — — 19.22 3.4 7.6Hang Seng China a top 500 index 2,265.90 0.83 –6.14 — — — — — — — — 18.29 2.4 10.9Hang Seng (China a) Corporate Sustainability Benchmark index 1,820.83 1.81 –4.47 2.03 — — –8.87 — — — — 19.03 4.2 6.2Hang Seng (China a) Corporate Sustainability index 1,358.87 0.94 –4.60 –1.12 –15.41 — –7.19 12.95 –17.05 –5.43 — 17.11 4.9 5.7CroSS-marKetHang Seng China 50 index 5,620.96 4.07 –2.35 7.40 –9.53 –7.68 –5.96 16.99 –15.01 –3.28 –1.59 16.63 3.7 7.8Hang Seng China aH index SeriesHang Seng China AH Premium Index 92.38 –1.29 –1.84 –13.27 –8.97 –32.50 –6.83 –9.68 13.18 –3.08 –7.56 14.96 — —Hang Seng China AH (A+H) Index 1,737.20 2.26 –5.53 5.66 –18.65 –15.11 –6.92 14.34 –20.67 –6.65 –3.22 17.29 3.9 7.4Hang Seng China AH (A) Index 1,413.11 1.15 –4.61 –0.85 –25.43 –36.75 –12.48 6.18 –16.56 –9.32 –8.75 16.50 4.1 6.9Hang Seng China AH (H) Index 1,784.94 2.76 –4.83 13.06 –15.96 –2.83 –4.17 17.73 –24.48 –5.63 –0.57 19.87 3.8 7.6Hang Seng China AH Smart Index 3,251.27 3.76 –4.47 — — — — — — — — 16.64 4.2 6.8Hang Seng (mainland and HK) Corporate Sustainability index 2,345.94 4.93 0.10 9.73 1.63 — 0.54 20.48 –19.80 0.54 — 13.81 3.9 8.5

index ranKingS

18

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Hang Seng Family of indexes


3-month index performance (%)

-3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00

-1.87-1.05

-0.730.68

0.830.94

1.151.161.16

1.811.82

2.262.582.712.76

3.043.22

3.673.763.85

4.074.43

4.604.69

4.904.934.99

5.266.116.11

6.61 Hang Seng Corporate Sustainability IndexHang Seng Corporate Sustainability Benchmark IndexHang Seng Infrastructure IndexHang Seng Low Volatility IndexHang Seng China-Af�liated Corporations IndexHang Seng (Mainland and HK) Corporate Sustainability IndexHang Seng Mainland 25Hang Seng IndexHang Seng HK 35Hang Seng REIT IndexHang Seng China 50 IndexHang Seng Mainland 100Hang Seng China AH Smart IndexHang Seng Global Composite IndexHang Seng High Dividend Yield IndexHang Seng Composite IndexHang Seng China AH (H) IndexHang Seng Natural Resources IndexHang Seng China Enterprises IndexHang Seng China AH (A+H) IndexHang Seng China H-Financials IndexHang Seng (China A) Corporate Sustainability Benchmark IndexHang Seng China A Top 100 IndexHang Seng Broad Consumption IndexHang Seng China AH (A) IndexHang Seng (China A) Corporate Sustainability IndexHang Seng China A Top 500 IndexHang Seng China A Industry Top IndexHang Seng Foreign Companies Composite IndexHang Seng High Beta IndexHang Seng Mainland Consumer Goods Index

Performance (%)

1-year index performance (%)

-10.00 -5.00 0.00 5.00 10.00 15.00 20.00

8.458.53

9.379.629.73

10.6710.9911.1611.4811.7911.9112.08

13.0613.64

14.3915.15

5.667.40

3.982.03

1.28-0.85

-1.12-2.16

-6.05-4.00

Hang Seng Corporate Sustainability IndexHang Seng Mainland 25Hang Seng Mainland 100Hang Seng China AH (H) IndexHang Seng Corporate Sustainability Benchmark IndexHang Seng Global Composite IndexHang Seng HK 35Hang Seng IndexHang Seng Composite IndexHang Seng China Enterprises IndexHang Seng China H-Financials IndexHang Seng (Mainland and HK) Corporate Sustainability IndexHang Seng High Beta IndexHang Seng Low Volatility IndexHang Seng Foreign Companies Composite IndexHang Seng China-Af�liated Corporations IndexHang Seng China 50 IndexHang Seng China AH (A+H) IndexHang Seng High Dividend Yield IndexHang Seng (China A) Corporate Sustainability Benchmark IndexHang Seng China A Top 500 IndexHang Seng China AH (A) IndexHang Seng (China A) Corporate Sustainability IndexHang Seng China A Top 100 IndexHang Seng REIT IndexHang Seng China A Industry Top Index

Performance (%)

Notes:

• OnlyindexperformancesofcomparableindexesintheHangSengFamilyofIndexesareincluded.

• 1-YearindexperformancedataarenotavailablefortheHangSengChinaAHSmartIndex,HangSengNaturalResourcesIndex,HangSeng

Infrastructure Index, Hang Seng Broad Consumption Index and Hang Seng Mainland Consumer Goods Index as these indexes were launched

on 22 July 2013.

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3-month index performance (%)

-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00

9.32

9.30

7.67

7.58

4.23

3.22

3.04

2.92

1.80

0.27

-0.35

-1.37

-2.18

-2.41

-4.27

Performance (%)

Information Technology

Energy

Utilities

Telecommunications

LargeCap

Conglomerates

Hang Seng Composite Index

Financials

Materials

Properties & Construction

MidCap

Consumer Goods

Industrials

SmallCap

Consumer Services

1-year index performance (%)

-10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00

64.97

23.82

22.58

15.48

13.23

12.77

11.66

11.16

3.42

6.68

8.82

9.88

10.49

-0.91

-3.60

Performance (%)

Information Technology

Conglomerates

Consumer Services

Industrials

Utilities

Energy

LargeCap

Hang Seng Composite Index

Consumer Goods

MidCap

SmallCap

Financials

Materials

Properties & Construction

Telecommunications

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Hang Seng index and its derived indexes

3-month index performance (%) 1-year index performance (%)

-25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00

9.12

4.89

6.75

-6.78

4.38

-13.49

-21.44

HSI Short Index


HSI Leveraged Index


Hang Seng Risk AdjustedIndex — HSI 20%

Hang Seng Index

HSI 2x Short Index

Performance (%)-40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00

21.20

11.48

14.93

-15.29

10.58

-30.02

-36.24

HSI Leveraged Index

HSI Short Index


Hang Seng Risk AdjustedIndex — HSI 20%


Hang Seng Index

HSI 2x Short Index

Performance (%)

Hang Seng China enterprises index and its derived indexes


-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00

5.04

4.67

2.58

1.67

-5.50

-11.16

HSCEI Short Index


HSCEI 2x Short Index

Hang Seng China EnterprisesEqual Weighted Index

Hang Seng Risk AdjustedIndex — HSCEI 25%

HSCEI Leveraged Index

Performance (%)-40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00

18.14

14.00

10.58

10.99

-32.67

-16.15 HSCEI Short Index

HSCEI 2x Short Index


Hang Seng Risk AdjustedIndex — HSCEI 25%

Hang Seng China EnterprisesEqual Weighted Index

HSCEI Leveraged Index

Performance (%)

Hang Seng China H-Financials index and its derived indexes


-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00

3.03

1.82

-4.87

-10.05





Performance (%)-40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00

16.33

10.67

-16.56

-34.04





Performance (%)

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(HKd mn) Coverage ratio (%) (HKd mn) Coverage ratio (%)

Hong Kong-liStedHong Kong and mainland companies indexes:Hang Seng index 13,866,832 59.21 394,733 51.11

Sub-indexesFinance 5,341,438 148,258Utilities 589,078 10,410Properties 1,408,605 45,381Commerce&Industry 6,527,710 190,685Hang Seng Composite index 20,451,975 87.41 681,511 88.11

Hang Seng Composite industry indexesEnergy 1,363,980 53,705Materials 234,243 10,085Industrials 635,230 34,508Consumer Goods 2,043,701 80,863Consumer Services 1,807,189 60,232Telecommunications 1,934,484 30,628Utilities 1,301,534 31,888Financials 6,136,517 199,889Properties&Construction 2,661,039 90,968Information Technology 1,553,812 72,474Conglomerates 780,246 16,272Hang Seng Composite Size indexesLargeCap 15,911,618 474,876MidCap 3,493,943 154,572SmallCap 1,046,414 52,063Hang Seng Corporate Sustainability Benchmark index 11,838,437 50.61 338,721 43.81

Hang Seng Corporate Sustainability index 9,446,845 40.41 230,964 29.91

Hang Seng High dividend yield index 8,845,349 37.52 231,822 29.82

Hang Seng low Volatility index 10,052,843 42.91 231,310 29.91

Hang Seng High Beta index 1,176,491 5.01 77,125 10.01

Hang Seng natural resources index 1,410,803 6.01 54,597 7.11

Hang Seng infrastructure index 3,908,982 16.71 87,598 11.31

Hang Seng Broad Consumption index 6,974,133 29.81 234,019 30.31

Hong Kong companies indexes:Hang Seng HK 35 6,844,649 89.33 156,263 87.63

Hang Seng reit index 183,580 98.94 4,420 1004

mainland companies indexes:Hang Seng China enterprises index 4,201,656 87.65 222,787 82.85

Hang Seng China H-Financials index 3,264,999 99.66 147,603 99.96

Hang Seng China-affiliated Corp index 3,711,216 92.93 83,188 86.93

Hang Seng mainland 100 10,756,518 84.13 407,918 81.13

Hang Seng mainland 25 7,814,661 61.13 265,551 52.83

Hang Seng mainland Consumer goods index 1,691,636 13.23 69,534 13.83

Foreign companies index:Hang Seng Foreign Companies Composite index 1,663,629 95.87 8,698 96.17

all companies index (including foreign companies):Hang Seng global Composite index 22,115,604 87.98 690,209 88.28

mainland-liStedHang Seng China a industry top index 8,193,517 29.29 196,875 6.09

Hang Seng China a top 100 index 12,085,421 43.19 440,616 13.39

Hang Seng China a top 500 index 18,792,492 67.09 1,288,056 39.09

Hang Seng (China a) Corporate Sustainability Benchmark index 7,115,941 25.49 185,225 5.69

Hang Seng (China a) Corporate Sustainability index 5,869,326 20.99 82,182 2.59

1 Index coverage over Main Board primary listings excluding foreign companies2 Index coverage over Main Board primary listings and REITs excluding foreign companies3 Index coverage over all relevant stocks in the Hang Seng Composite Index4 Index coverage over all REITs listed on the Main Board5 Index coverage over all H-shares listed on the Main Board6 Index coverage over all H-share financial stocks listed on the Main Board7 Index coverage over all foreign companies listed on the Main Board8 Index coverage over all Main Board-listed companies9 Index coverage over all A-shares listed on the Shanghai and Shenzhen Stock Exchanges excluding ChiNext Board stocks

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number of

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number of constituents by Share Class (Weighting)

mainland listed Hong Kong listed

China companies Hong Kong companies Foreign companies

index a H r o HK reit F

Hong Kong -liSted

Hong Kong and mainland companies indexes:

Hang Seng index 50 — 9(25.4%) 12(14.8%) 6(12.4%) 23(47.3%) — —

Sub-indexes

Finance 12 — 6(42.6%) 0(0%) 0(0%) 6(57.4%) — —

Utilities 4 — 0(0%) 1(11.6%) 0(0%) 3(88.4%) — —

Properties 9 — 0(0%) 2(14.9%) 0(0%) 7(85.1%) — —

Commerce&Industry 25 — 3(15.3%) 9(31.5%) 6(30.5%) 7(22.7%) — —

Hang Seng Composite index 387 — 87(29.0%) 51(13.5%) 165(18.6%) 84(38.9%) — —

Hang Seng Composite industry indexes

Energy 20 — 7(61.8%) 5(34.8%) 5(2.6%) 3(0.9%) — —

Materials 23 — 10(53.9%) 3(5.6%) 8(34.6%) 2(6.0%) — —

Industrials 47 — 14(33.1%) 8(18.2%) 20(40.6%) 5(8.0%) — —

Consumer Goods 86 — 11(18.5%) 7(6.7%) 54(54.5%) 14(20.2%) — —

Consumer Services 33 — 6(4.9%) 2(4.4%) 11(9.2%) 14(81.4%) — —

Telecommunications 7 — 1(8.6%) 2(86.3%) 0(0%) 4(5.1%) — —

Utilities 21 — 4(9.9%) 8(26.1%) 5(13.6%) 4(50.4%) — —

Financials 39 — 22(49.1%) 2(0.6%) 1(0.2%) 14(50.1%) — —

Properties&Construction 77 — 9(10.2%) 9(11.9%) 44(20.3%) 15(57.6%) — —

Information Technology 25 — 3(2.7%) 2(8.2%) 15(82.6%) 5(6.6%) — —

Conglomerates 9 — 0(0%) 3(9.4%) 2(9.5%) 4(81.1%) — —

Hang Seng Composite Size indexes

LargeCap 78 — 16(27.2%) 14(14.2%) 15(13.3%) 33(45.3%) — —

MidCap 162 — 40(34.8%) 26(13.4%) 68(33.5%) 28(18.3%) — —

SmallCap 147 — 31(34.5%) 11(4.2%) 82(48%) 23(13.4%) — —

Hang Seng Corporate Sustainability Benchmark index 69 — 17(34.1%) 10(12.6%) 9(12.2%) 33(41.2%) — —

Hang Seng Corporate Sustainability index 30 — 4(24.4%) 4(13.5%) 2(11.1%) 20(51%) — —

Hang Seng High dividend yield index 50 — 14(27.0%) 5(10.3%) 9(23.7%) 19(32.7%) 3(6.3%) —

Hang Seng low Volatility index 40 — 6(13.4%) 4(9.1%) 6(13.5%) 24(64.1%) — —

Hang Seng High Beta index 40 — 20(51.5%) 4(9.5%) 13(31.0%) 3(8.1%) — —

Hang Seng natural resources index 28 — 13(61.4%) 6(24.7%) 7(11.0%) 2(3.0%) — —

Hang Seng infrastructure index 64 — 19(20.9%) 16(33.6%) 12(9.3%) 17(36.2%) — —

Hang Seng Broad Consumption index 138 — 15(10.8%) 12(18.8%) 77(39.7%) 34(30.6%) — —

Hong Kong companies indexes:

Hang Seng HK 35 35 — — — — 35(100%) — —

Hang Seng reit index 10 — — — — — 10(100%) —

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China companies Hong Kong companies Foreign companies

index a H r o HK reit F

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Hang Seng China enterprises index 40 — 40(100%) — — — — —

Hang Seng China H-Financials index 22 — 22(100%) — — — — —

Hang Seng China-affiliated Corporations index 25 — — 25(100%) — — — —

Hang Seng mainland 100 100 — 41(50.9%) 25(24.5%) 34(24.6%) — — —

Hang Seng mainland 25 25 — 14(59.4%) 6(23.4%) 5(17.2%) — — —

Hang Seng mainland Consumer goods index 72 — 11(23.2%) 7(8.4%) 54(68.4%) — — —

Foreign companies index:

Hang Seng Foreign Companies Composite index 15 — — — — — — 15(100%)

all companies index (including foreign companies):

Hang Seng global Composite index 402 — 87(27.3%) 51(12.7%) 165(17.5%) 84(37.2%) — 15(5.2%)

Strategy indexes:

Hang Seng equal Weighted index 50 — 9(17.9%) 12(24.0%) 6(12.2%) 23(45.9%) — —

Hang Seng China enterprises equal Weighted index 40 — 40(100%) — — — — —

mainland-liSted

Hang Seng China a industry top index 50 50(100%) — — — — — —

Hang Seng China a top 100 index 100 100(100%) — — — — — —

Hang Seng China a top 500 index 500 500(100%) — — — — — —

Hang Seng (China a) Corporate Sustainability Benchmark index 28 28(100%) — — — — — —

Hang Seng (China a) Corporate Sustainability index 15 15(100%) — — — — — —

CroSS-marKet

Hang Seng China 50 index 72 35(35.6%) 26(38.0%) 6(13.8%) 5(12.6%) — — —

Hang Seng China aH index Series

Hang Seng China AH Premium Index 108 54 (n.a.) 54 (n.a.) — — — — —

Hang Seng China AH (A+H) Index 108 54(42.1%) 54(57.9%) — — — — —

Hang Seng China AH (A) Index 54 54(100%) — — — — — —

Hang Seng China AH (H) Index 54 — 54(100%) — — — — —

Hang Seng China AH Smart Index 54 24(72.5%) 30(27.5%) — — — — —

Hang Seng (mainland and HK) Corporate Sustainability index 53 15(14.7%) 11(28.4%) 4(9.8%) 2(10.9%) 21(36.2%) — —

A: A-sharesB: B-sharesH: H-sharesR: Red-chipsO: HK-listedcompanieswithover50%oftheirsalesrevenuederivedfrommainlandChina;Non-H-sharesandnon-red-chipsHK: HK-listed companies whose sales revenue is derived from Hong Kong and elsewhere outside mainland ChinaREIT: Real estate investment trustsF: Foreign companies

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0010 : Oil&Gas0020 : Coal0510 : Gold&PreciousMetals0520 : DiversifiedMetals&Minerals0530 : Basic Materials1010 : Industrial Engineering1020 : Industrial Transportation1030 : Commercial&ProfessionalServices2010 : Automobiles2020 : HouseholdGoods&Electronics2030 : Textiles,Clothing&PersonalCare2040 : Food&Beverages2050 : Healthcare2060 : Agricultural Products3010 : Retailers

3020 : Hotels,Casinos&LeisureFacilities3030 : Media&Entertainment3040 : Transportation3050 : Support Services3500 : Telecommunications4000 : Utilities5010 : Banks5020 : Insurance5030 : OtherFinancials6010 : Properties6020 : Construction7010 : IT Hardware7020 : Software&Services7030 : Semiconductors8000 : Conglomerates

industryindex 0010 0020 0510 0520 0530 1010 1020 1030 2010 2020 2030 2040 2050 2060 3010 3020 3030 3040 3050 3500 4000 5010 5020 5030 6010 6020 7010 7020 7030 8000

HSi 9.07 1.01 — — — — 0.61 — — — 2.28 2.28 — — 0.34 3.78 — 0.80 — 6.98 4.81 33.07 9.82 2.11 9.39 — 0.80 8.75 — 4.09HSCi 7.04 0.98 0.19 0.61 0.43 1.97 1.32 0.09 1.93 0.83 3.04 2.55 1.48 0.14 0.71 4.38 0.21 0.83 0.04 5.60 6.44 25.21 8.20 2.34 9.81 1.61 1.68 6.46 0.34 3.55HSSUSB 3.52 1.30 — 0.06 0.04 — 0.68 0.03 — — 1.96 0.37 — 0.12 — 0.66 — 1.17 — 10.28 6.09 35.36 4.65 2.72 11.81 0.66 1.98 10.61 0.26 5.67HSSUS 5.32 — — — — — 0.21 — — — 1.73 — — 0.18 — — — 1.55 — 9.82 8.28 33.39 — 4.11 14.77 0.61 1.56 10.60 — 7.86HSHdyi 4.51 — — 1.88 — — 3.58 — — — 4.49 — — — — 5.44 2.08 — — 7.41 10.92 24.72 — — 28.31 — 3.76 — — 2.90HSlVi 6.81 — — — — — 3.14 — 1.82 — 1.80 — — — 1.98 6.19 2.32 4.85 — 8.00 15.12 17.91 2.36 2.87 13.01 — 2.04 — — 9.78HSHBi — 5.08 — 6.03 4.58 9.36 1.93 — 9.03 — 4.22 — — — — 2.14 — — — — — 9.37 8.03 9.33 21.81 9.10 — — — —HSnri 46.03 21.57 7.79 24.60 — — — — — — — — — — — — — — — — — — — — — — — — — —HSii 5.08 — — — — — 10.66 — — — — — — — — — — 4.12 — 21.22 52.19 — — — — 6.73 — — — —HSBCi — — — — — — — — 8.29 3.57 13.05 10.94 6.37 0.60 3.03 18.82 0.91 — — 15.70 — — — — — — 7.23 11.49 — —HSHK35 — — — — — — — — — — 3.67 0.77 — — — 13.82 — 2.08 — — 12.17 17.42 10.00 5.48 23.37 — 0.62 — 0.76 9.85H-shares index 18.07 4.22 — 0.68 — 0.61 — — 4.64 — — 0.92 1.50 — — — — 0.39 — 2.22 2.24 40.76 17.43 2.49 — 3.82 — — — —HSCCi 15.17 — — — — — 5.67 — 5.37 — — — — 0.85 3.16 — — — — 18.42 21.22 — 1.45 1.18 14.78 1.17 7.42 — — 4.14HSml100 12.94 1.81 — 0.29 0.18 1.43 0.83 — 3.03 0.43 2.48 3.81 1.37 0.13 0.85 — — 0.17 — 10.44 5.49 25.36 7.66 1.24 4.49 2.05 1.76 10.50 — 1.27HSml25 19.91 2.21 — — — — — — — — 3.06 3.59 — — — — — — — 13.39 — 34.50 9.70 — 3.07 — — 10.57 — —HSmCgi — — — — — — — — 23.13 5.99 21.27 29.45 18.39 1.76 — — — — — — — — — — — — — — — —HSFCCi 1.95 1.07 — 22.56 — — — — 5.58 — 31.26 — — — — 16.18 — — — — — — 21.39 — — — — — — —HSgCi 6.64 0.93 0.18 0.91 0.40 1.86 1.24 0.09 1.86 0.78 3.56 2.40 1.40 0.13 0.66 4.25 0.20 0.78 0.04 5.28 6.07 24.32 11.75 2.20 9.25 1.51 1.59 6.08 0.32 3.34HSeWi 8.18 2.07 — — — — 4.11 — — — 6.22 5.92 — — 1.96 4.16 — 4.05 — 4.00 8.00 15.65 5.86 1.98 17.56 — 2.13 2.11 — 6.04HSCeeWi 7.50 7.24 — 2.33 — 2.52 — — 10.77 — — 2.46 5.07 — — — — 2.50 — 2.41 5.06 19.74 15.03 7.66 — 9.71 — — — —industry top index 5.79 3.83 2.19 4.39 — 6.72 3.09 — 4.31 5.48 — 7.87 — — 2.20 1.26 — 1.66 — 3.16 7.18 15.42 1.87 — 5.62 7.29 6.29 1.60 — 2.78HSCat100 2.80 2.67 1.31 2.77 0.90 5.33 1.30 — 3.78 4.34 — 7.53 1.09 0.27 0.92 0.53 — 0.97 — 0.95 2.68 33.35 8.75 7.96 5.16 4.63 — — — —HSCat500 2.48 2.21 0.74 4.64 3.22 9.10 1.33 0.73 3.49 4.08 1.16 5.21 7.18 0.97 1.54 0.56 1.42 1.01 0.08 0.70 3.64 18.10 4.63 6.88 5.27 4.27 2.66 1.56 0.31 0.82HSCaSUSB 3.93 3.01 — 1.41 — 1.91 — — 3.53 1.85 — 1.05 1.77 — 2.23 — — 1.10 — 2.29 0.33 54.81 11.80 — 5.70 1.29 2.00 — — —HSCaSUS 7.72 7.58 — 3.56 — — — — — 4.66 — — — — — — — 1.54 — — — 61.86 4.78 — — 3.25 5.05 — — —China 50 index 11.57 1.81 — 0.32 — — 0.70 — 1.99 1.24 0.86 4.08 — — — — — — — 8.68 1.38 37.81 10.32 4.03 3.12 2.20 — 9.89 — —aH (a+H) index 11.56 3.46 0.65 1.33 — 3.60 0.32 — 2.50 — — 0.82 1.78 — — — — 1.24 — — 1.98 46.01 14.61 5.08 — 4.18 0.86 — — —HSCaHSi 11.58 3.39 0.64 1.29 — 3.56 0.33 — 2.55 — — 0.80 1.77 — — — — 1.23 — — 1.92 46.13 14.63 5.14 — 4.19 0.86 — — —

Note: Weightings may not add up to the total due to rounding.

HSI : Hang Seng IndexHSCI : Hang Seng Composite IndexHSSUSB : Hang Seng Corporate Sustainability Benchmark IndexHSSUS : Hang Seng Corporate Sustainability IndexHSHDYI : Hang Seng High Dividend Yield IndexHSLVI : Hang Seng Low Volatility IndexHSHBI : Hang Seng High Beta IndexHSNRI : Hang Seng Natural Resources IndexHSII : Hang Seng Infrastructure IndexHSBCI : Hang Seng Broad Consumption IndexHSHK35 : Hang Seng HK 35H-shares Index : Hang Seng China Enterprises IndexHSCCI : Hang Seng China-Affiliated Corporations Index

HSML 100 : Hang Seng Mainland 100HSML 25 : Hang Seng Mainland 25HSMCGI : Hang Seng Mainland Consumer Goods IndexHSFCCI : Hang Seng Foreign Companies Composite IndexHSGCI : Hang Seng Global Composite IndexIndustry Top Index : Hang Seng China A Industry Top IndexHSCAT100 : Hang Seng China A Top 100 IndexHSCAT500 : Hang Seng China A Top 500 IndexHSCASUSB : Hang Seng (China A) Corporate Sustainability Benchmark IndexHSCASUS : Hang Seng (China A) Corporate Sustainability IndexChina 50 Index : Hang Seng China 50 IndexAH (A+H) Index : Hang Seng China AH (A+H) IndexHSCAHSI : Hang Seng China AH Smart Index

Hang Seng indUStry ClaSSiFiCation SyStem


industry Sector Subsector definition

00 energy 0010 oil & gas 001010 oil & gas producers Companies involved in exploration for, refining, distribution and supply and production of oil and gas

001020 oil & gas equipment & Services

Manufacturersofequipmentandprovidersof supplies and services to oil and gas producers

0020 Coal 002010 Coal Companies involved in mining, distribution and supply of coal

05 materials 0510 gold & precious metals

051010 gold & precious metals

Companies engaged in exploration for and refining of gold and other precious metals aswellasdiamonds;andcompaniesinvolved in the development of mines for the same

0520 diversified metals & minerals

052010 iron & Steel Producers, processors and traders of iron andsteelandrelatedproducts;includescompanies that primarily mine for the same

052020 Copper Producers, processors and traders of copper andrelatedproducts;includescompaniesthat primarily mine for the same

052030 aluminium Producers, processors and traders of aluminiumandrelatedproducts;includescompanies that primarily mine for the same

052040 other metals & minerals

Producers, processors and traders of metals andmineralsnotclassifiedelsewhere;andcompanies engaged in general mining

0530 Basic materials 053010 Fertilisers & agricultural Chemicals

Producers and distributors of fertilisers, pesticides or other agriculture-related chemicals

053020 Forestry & timber Manufacturers and distributors of timber andrelatedwoodproducts;ownersandoperators of timber tracts, forest nurseries and sawmills

053030 paper Manufacturers and distributors of all grades of paper

053040 Specialty Chemicals Companies that produce and supply polymers, dyes, coatings and other chemicals for specialised applications

10 industrials 1010 industrial engineering

101010 Commercial Vehicles & trucks

Manufacturers and distributors of commercial vehicles such as trucks, buses, ferriesandcruisers;containerproducers;and companies that provide related assemblies and parts

101020 industrial Components & equipment

Makers, distributors and installers of general industrial machinery and components such ascastingandmouldingequipment,laminates, printed circuit boards, electrical wires and glass




101030 environmental engineering

Manufacturers of power-generating equipmentandsuppliersofenvironmentalprotection related products and services such as power turbines, waste treatment andpollutioncontrolequipment

101040 Heavy industrial machinery

Manufacturers of heavy machinery including constructionequipment,heavyagriculturalmachinery and producers of related parts

101050 new energy materials Producers and distributors of environmental friendly energy materials such as solar cells and green energy storage devices

101060 aerospace & defence Manufacturers of civil or military aerospace anddefenceequipment,partsorproducts

1020 industrial transportation

102010 Shipping & port operation

Ownersandoperatorsofportsandterminalfacilities;providersofmarinetransportationfor commercial use

102020 railway & toll-road operation

Providers of industrial railway transportation andrailwaylines;companiesthatoperateroads, highways, bridges and tunnels

102030 air Freight & logistics Companies providing air freight transportation,courierandlogisticsservices;providers of mail and package delivery services for commercial and consumer use

1030 Commercial & professional Services

103010 Sourcing & Supply Chain Service

Providers of procurement service of diversified products for the commercial and industrialsectors;companiesprovidingcontract logistics solutions along the entire supply chain

103020 printing & packaging Makers and distributors of cardboard, bags, boxes, cans and containers used for packaging;companiesprovidingcommercialprinting services

20 Consumer goods

2010 automobiles 201010 automobiles Companies that produce and distribute passenger automobiles and light trucks

201020 auto parts Manufacturers and distributors of parts and accessories for automobiles and motorcycles

2020 Household goods & electronics

202010 Home appliances Manufacturers and distributors of electric household appliances and related products

202020 Consumer electronics Manufacturers and distributors of consumer electronics,suchasTVsandother audio-visual products

202030 toys & leisure products Manufacturers and distributors of leisure productsandequipment,includingsportsequipment,bicyclesandtoys

202040 Household goods Manufacturers and distributors of durable household products, including soft home furnishings or furniture, kitchenware and consumer specialties not classified elsewhere




2030 textiles, Clothing & personal Care

203010 textiles & Fabrics Producers and traders of fabrics, yarns and relatedtextileproducts;providersofrelatedprocessing services

203020 apparel Designers, makers and distributors of all types of clothing

203030 Footwear Designers, makers and distributors of all types of footwear

203040 Jewellery & timepieces Designers, makers and distributors of jewellery, jadeites, gemstones, watches, timepieces and similar items

203050 other accessories Manufacturers and distributors of leather goods, handbags, eyewear and other accessories not classified elsewhere

203060 Cosmetics & personal Care

Manufacturers and distributors of personal care and beauty products, including cosmetics, perfumes, toiletries, personal-care and hygiene products

2040 Food & Beverages 204010 packaged Foods Producers and distributors of processed food, including noodles, snacks, fruit, vegetables and frozen food products

204020 dairy products Producers and suppliers of milk, ice cream and other dairy-related products

204030 non-alcoholic Beverages

Manufacturers and distributors of non-alcoholic beverages, such as soda, fruit juices, tea, coffee and bottled water

204040 alcohols Producers and traders of beer, wine, spirits and other alcoholic beverages

204050 Food additives Producers and distributors of food additives such as flavours and fragrances

2050 Healthcare 205010 medical devices & Services

Manufacturers and suppliers of healthcare equipmentanddevices;healthcareserviceproviders

205020 pharmaceuticals Companies engaged in the research, development, production or distribution of pharmaceuticals

205030 Biotechnology Companies engaged in the research, development and manufacturing of biological substances (usually involving genetic analysis and engineering)

2060 agricultural products 206010 poultry & meat Companies engaged in livestock raising, livestock slaughtering, and the production and supply of meat, poultry or fish products

206020 agricultural products Companies that grow, process and trade agricultural goods, such as crops, fruits, brewing materials, edible oil and corn-based refined products

206030 animal Feeds Companies engaged in the manufacturing, development and distribution of feedstock products and related activities




30 Consumer Services

3010 retailers 301010 department Stores Ownersandoperatorsofdepartmentstores

301020 Supermarkets & Convenience Stores

Ownersandoperatorsofstoresofferingdiversified general merchandise

3020 Hotels, Casinos & leisure Facilities

302010 Casinos & gaming Ownersandoperatorsofcasinosandgaming facilities including companies which provide lottery and betting services

302020 Hotels & resorts Operatorsandmanagersofhotels,motels,lodges, resorts, spas and campgrounds

302030 travel & tourism Companies providing travel and tourism-related services, including travel agents, online travel reservation services, cruise-ship operators and automobile rental firms

302040 restaurants Ownersandoperatorsofrestaurants,bars,coffeeshops,fast-foodfacilities;providersof food catering services

302050 leisure & recreational Facilities

Providers of leisure facilities and services, including fitness centres, sports team management and amusement parks

3030 media & entertainment

303010 advertising & marketing

Companies providing advertising, marketing or public relations services

303020 Broadcasting Ownersandoperatorsoftelevisionorradiobroadcasting systems

303030 movies & entertainment

Companies engaged in the production and distribution of movies, television shows, music, artiste management and theatre operation

303040 publishing Publishers of newspapers, magazines and books;providersofinformationviaprintorelectronic media

3040 transportation 304010 public transport Companies that provide passenger transportation, such as buses, taxis, rail and ferry companies

304020 airlines Companies that provide passenger air transportation, including airport operators and service providers to airline companies

3050 Support Services 305010 Support Services Providers of non-financial services to consumer sectors not classified elsewhere (e.g. education, employment, cleaning and laundry, funeral services, property management and security services)

35 telecommunications 3500 telecommunications 350010 Satellite & Wireless Communication

Providers of satellite and wireless data communication solutions and related services

350020 telecommunication Services

Operatorsofprimarilyfixed-linetelecommunication networks

40 Utilities 4000 Utilities 400010 electricity Companies that produce or distribute electricity

400020 gas distribution Companies that distribute and transmit gas to end-users




400030 Water Companies that provide water to end-users, including operators of water treatment plants

400040 alternative/ renewable energy

Companies which develop, manage and operate clean energy projects such as hydropower and wind farms

50 Financials 5010 Banks 501010 Banks Banks providing a broad range of financial services, including retail banking, loans and money transfer

5020 insurance 502010 insurance Insurance companies with diversified products in life, health and property and casualty insurance, including brokers and agencies which sell the same

5030 other Financials 503010 Securities & Brokerage Non-bank institutions that provide financial services focused on securities broking and dealing and margin financing

503020 investment & asset management

Companies that invest in securities for earningsgrowthandcapitalappreciation;providers of custodial, trustee and other related asset management services

503030 Financing Non-bank institutions that provide financing services, including personal credit, credit cards, lease financing, travel-related money services and pawn shops

503040 other Financials Companies engaged in financial activities not specified elsewhere, include stock exchanges, corporate finance advisory firms and other service providers to financial institutions

60 properties & Construction

6010 properties 601010 real estate agencies Real estate service providers, such as real estate agents, brokers and appraisers

601020 property development Companies that develop and sell property

601030 property investment Companies engaged in property ownership mainly for the purpose of leasing and rental income

601040 real estate investment trusts

Real estate investment trusts that focus investment in a portfolio of income-generating properties, such as shopping malls, offices, hotels and service apartments

6020 Construction 602010 Construction materials Manufacturers and wholesalers of building materials including cement, concrete and tiles

602020 Building Construction Constructors of commercial and residential buildings

602030 Heavy Construction & engineering

Companies engaged in civil engineering projects such as construction of railways, roads, highways and reclamation dredging




70 information technology

7010 it Hardware 701010 telecommunication equipment

Producers and distributors of telecommunicationequipment,suchastelephones, handsets and components, and providers of repair and maintenance services for the same

701020 Computers & peripherals

Manufacturers and distributors of personal computers, servers, mainframes, workstations and related peripherals, such as mass-storage drives, mouse, keyboards and printers

7020 Software & Services 702010 System applications & it Consulting

Companies that provide consulting services relating to information technology, such as computer system design, systems integration, network and systems operations, data management and storage solutions

702020 e-Commerce & internet Services

Companies providing Internet-related services, such as Internet access providers, search engines and providers of website design, web hosting and e-mail services, including companies that provide solutions and platforms for e-commerce or electronic payments

702030 Software Companies engaged in developing and producing software designed for specialised applications

7030 Semiconductors 703010 Semiconductors Companies engaged in the manufacturing and distribution of semiconductors and semiconductorequipment

80 Conglomerates 8000 Conglomerates 800010 Conglomerates Diversified companies engaged in three or more businesses classified in different sectors with each business contributing morethan10%butnotsubstantiallytoturnover

Vendor CodeS


priCe index total retUrn indextHomSonreUterS BloomBerg

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SUmmary page 0#.HSix HSix — —Hong Kong-liStedHong Kong and mainland Companies indexes:Hang Seng Index and Sub-indexes Hang Seng Index .HSI HSI .HSIDV HSI 1 Hang Seng Finance Sub-index .HSNF HSF .HSNFDV HSI 2 Hang Seng Utilities Sub-index .HSNU HSU .HSNUDV HSI 3 Hang Seng Properties Sub-index .HSNP HSP .HSNPDV HSI 4 HangSengCommerce&IndustrySub-index .HSNC HSC .HSNCDV HSI 5Hang Seng Composite Index and Sub-indexes Hang Seng Composite Index .HSCI HSCI .HSCIDV HSI 6 Hang Seng Composite Industry Indexes Energy .HSCIE HSCIEN .HSCIEDV HSI 29 Materials .HSCIM HSCIMT .HSCIMDV HSI 30 Industrials .HSCIIG HSCIIN .HSCIIGDV HSI 8 Consumer Goods .HSCICG HSCICG .HSCICGDV HSI 9 Consumer Services .HSCIS HSCISV .HSCISDV HSI 10 Telecommunications .HSCIT HSCITC .HSCITDV HSI 31 Utilities .HSCIU HSCIUT .HSCIUDV HSI 11 Financials .HSCIF HSCIFN .HSCIFDV HSI 12 Properties&Construction .HSCIPC HSCIPC .HSCIPCDV HSI 13 Information Technology .HSCIIT HSCIIT .HSCIITDV HSI 14 Conglomerates .HSCIC HSCICO .HSCICDV HSI 15 Hang Seng Composite Size Indexes Hang Seng Composite LargeCap Index .HSLI HSLI .HSLIDV HSI 34 Hang Seng Composite MidCap Index .HSMI HSMI .HSMIDV HSI 35 Hang Seng Composite SmallCap Index .HSSI HSSI .HSSIDV HSI 36Hang Seng Corporate Sustainability Benchmark Index .HSSUSB HSSUSB .HSSUSBDV HSI 46Hang Seng Corporate Sustainability Index .HSSUS HSSUS .HSSUSDV HSI 39Hang Seng High Dividend Yield Index .HSHDYI HSHDYI .HSHDYIDV HSI52HangSengLowVolatilityIndex .HSLVI HSLVI HSLVIDV HSI55Hang Seng High Beta Index .HSHBI HSHBI .HSHBIDV HSI56Hang Seng Natural Resources Index .HSNRI HSNRI .HSNRIDV —Hang Seng Infrastructure Index .HSII HSII .HSIIDV —Hang Seng Broad Consumption Index .HSBCI HSBCI .HSBCIDV —Hong Kong Companies indexes:Hang Seng HK 35 .HSH35 HSHK35 .HSH35DV HSI 38Hang Seng REIT Index .HSREIT HSREIT .HSREITDV HSI 33mainland Companies indexes:Hang Seng China Enterprises Index .HSCE HSCEI .HSCEDV HSI 21Hang Seng China H-Financials Index .HSHFI H-FIN .HSHFIDV HSI 32Hang Seng China-Affiliated Corporations Index .HSCC HSCCI .HSCCDV HSI 22Hang Seng Mainland 100 .HSM100 HSML100 .HSM100DV HSI 37Hang Seng Mainland 25 .HSFM25 HSFML25 .HSFM25DV HSI 28Hang Seng Mainland Consumer Good Index .HSMCGI HSMCGI .HSMCGIDV —Foreign Companies index:Hang Seng Foreign Companies Composite Index .HSFCCI HSFCCI .HSFCCIDV HSI 48all Companies index (including foreign companies):Hang Seng Global Composite Index .HSGCI HSGCI .HSGCIDV HSI 49Strategy indexes:HangSengShort&LeveragedIndexSeries Short Indexes HSI Short Index .HSISI HSISI — — HSCEI Short Index .HSCEISI HSCEISI — — Hang Seng H-Fin Short Index .HFINSI HFINSI — — HSI 2x Short Index .HSI2SI HSI2SI — — HSCEI 2x Short Index .HSCEI2SI HSCEI2SI — — Hang Seng H-Fin 2x Short Index .HFIN2SI HFIN2SI — — Leveraged Indexes HSI Leveraged Index .HSILI HSILI — — HSCEI Leveraged Index .HSCEILI HSCEILI — — Hang Seng H-Fin Leveraged Index .HFINLI HFINLI — —Hang Seng Risk Adjusted Index Series HangSengRiskAdjustedIndex–HSI20% .HSRAIHSI20 HSRHSI1 — — HangSengRiskAdjustedIndex(ER)–HSI20% .HSRAIHSIER20 HSRHSIE1 — — HangSengRiskAdjustedIndex–HSCEI25% .HSRAICEI25 HSRCEI2 — — HangSengRiskAdjustedIndex(ER)–HSCEI25% .HSRAICEIER25 HSRCEIE2 — —HSIVolatilityIndex .VHSI VHSI — —HangSengEqualWeightedIndex .HSEWI HSEWI .HSEWIDV HSI 50HangSengChinaEnterprisesEqualWeightedIndex .HSCEEWI HSCEEWI .HSCEEWIDV HSI 51Bond indexes:Hang Seng iBond Composite Total Return Index .HSIBCI HSIBCI — — Hang Seng iBond 1407 Total Return Index .HSIB1407 HSIB1407 — — Hang Seng iBond 1506 Total Return Index .HSIB1506 HSIB1506 — — Hang Seng iBond 1606 Total Return Index .HSIB1606 HSIB1606 — —other indexes:Hang Seng Dividend Point Index Series HSI Dividend Point Index .HSIDPI HSIDPI — — HSCEI Dividend Point Index .HSCEIDPI HSCEIDPI — —mainland-liStedHang Seng China A Industry Top Index .HSCAIT HSCAIT .HSCAITDV HSCAITDVHang Seng China A Top 100 Index .HSCAT100 HSCAT100 .HSCAT100DV HSI53Hang Seng China A Top 500 Index .HSCAT500 HSCAT500 .HSCAT500DV HSI54Hang Seng (China A) Corporate Sustainability Benchmark Index .HSCASUSB HSCASUSB .HSCASUSBDV HSI 47Hang Seng (China A) Corporate Sustainability Index .HSCASUS HSCASUS .HSCASUSDV HSI 40CroSS-marKetHang Seng China 50 Index .HSC50 HSC50 .HSC50DV HSC50DVHang Seng China AH Index Series Hang Seng China AH Premium Index .HSCAHPI HSAHP — — Hang Seng China AH (A+H) Index .HSCAHI AHXAH .HSCAHIDV HSI 42 Hang Seng China AH (A) Index .HSCAHAI AHXA .HSCAHAIDV HSI 43 Hang Seng China AH (H) Index .HSCAHHI AHXH .HSCAHHIDV HSI 44 Hang Seng China AH Smart Index .HSCAHSI HSCAHSI .HSCAHSIDV —Hang Seng (Mainland and HK) Corporate Sustainability Index .HSMHSUS HSMHSUS .HSMHSUSDV HSI 41

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Index Research: Hang Seng Composite LargeCap/MidCap Indexesand Hang Seng China AH Premium Index

HANG SENG INDEXES QUARTERLY

2nd Quarter2014

HANG SENG INDEXES QUARTERLY

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