Also known as: 恒生中國企業指數 · HSCEI Index (Bloomberg) · .HSCE (RIC)
At a glance
- Review frequencyQuarterly
- Constituent count50
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 9 fields | |||
| Index name | Hang Seng China Enterprises Index | Objective: To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong.Open p.1 ↗ |
The official index name is the Hang Seng China Enterprises Index. |
| Administrator | Hang Seng Indexes Co Ltd | This methodology document should be read in conjunction with the Index Methodology General Guide on Hang Seng Indexes Co Ltd (“HSIL”)’s website.Open p.1 ↗ |
Hang Seng Indexes Co Ltd is the index provider and administrator referenced in the methodology document. |
| Index family | Hang Seng Indexes | This methodology document should be read in conjunction with the Index Methodology General Guide on Hang Seng Indexes Co Ltd (“HSIL”)’s website.Open p.1 ↗ |
The index belongs to the Hang Seng Indexes family. |
| Methodology version | 3.1 | 3.1 May 2023 from the index universeOpen p.3 ↗ |
The latest listed methodology version is 3.1, issued in May 2023. |
| Methodology date | 2023-05 | 3.1 May 2023 from the index universeOpen p.3 ↗ |
The latest listed methodology amendment is dated May 2023. |
| Objective | To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong. | Objective: To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong.Open p.1 ↗ |
The index is intended to serve as a benchmark reflecting the overall performance of Mainland securities listed in Hong Kong. |
| Intended use | Benchmark | Objective: To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong.Open p.1 ↗ |
The stated purpose is to serve as a benchmark. |
| Market classification | Hk connect | Objective: To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong.Open p.1 ↗ |
The index covers Mainland securities listed in Hong Kong. |
| Limitations | HSIL may determine the most appropriate handling in special situations because exceptions to the general approach may arise. | Readers are reminded that there might be exceptions in the index handling to the below general approach in some special situations and HSIL reserves the right to determine the most appropriate handling.Open p.1 ↗ |
The methodology may be subject to exceptions in special situations, with HSIL reserving the right to determine the appropriate handling. |
| M2 Universe · 7 fields | |||
| Eligible universe definition | Securities listed on the Main Board of the HKEX, excluding the specified security and company categories. | Universe: Securities listed on the Main Board of the HKEX excluding Stapled Securities, Foreign Companies, Biotech Companies with stock names end with marker “B”, Specialist Technology Companies with stock names end with marker “P”, and Investment Companies listed under Chapter 21 of HKEX’s Listing Rules.Open p.1 ↗ |
The eligible universe is Main Board-listed HKEX securities after the specified exclusions. |
| Markets | Hong Kong, Mainland China | Universe: Securities listed on the Main Board of the HKEX excluding Stapled Securities, Foreign Companies, Biotech Companies with stock names end with marker “B”, Specialist Technology Companies with stock names end with marker “P”, and Investment Companies listed under Chapter 21 of HKEX’s Listing Rules.Open p.1 ↗ |
The universe consists of Mainland securities listed in Hong Kong. |
| Exchanges | HKEX | Universe: Securities listed on the Main Board of the HKEX excluding Stapled Securities, Foreign Companies, Biotech Companies with stock names end with marker “B”, Specialist Technology Companies with stock names end with marker “P”, and Investment Companies listed under Chapter 21 of HKEX’s Listing Rules.Open p.1 ↗ |
Eligible securities must be listed on HKEX. |
| Boards | Main Board | Universe: Securities listed on the Main Board of the HKEX excluding Stapled Securities, Foreign Companies, Biotech Companies with stock names end with marker “B”, Specialist Technology Companies with stock names end with marker “P”, and Investment Companies listed under Chapter 21 of HKEX’s Listing Rules.Open p.1 ↗ |
The universe is limited to securities listed on the Main Board of HKEX. |
| Security types | H share, Other | Objective: To serve as a benchmark to reflect the overall performance of Mainland Securities listed in Hong Kong. Universe: Securities listed on the Main Board of the HKEXOpen p.1 ↗ |
The universe covers Mainland securities listed on HKEX, subject to stated exclusions. |
| Nationality rule | Securities must be Mainland Securities. | Geographical Mainland Securities Requirements:Open p.1 ↗ |
The index is geographically limited to Mainland Securities. |
| Exclusions | Stapled Securities, Foreign Companies, Biotech Companies with stock names ending with marker “B”, Specialist Technology Companies with stock names ending with marker “P”, Investment Companies listed under Chapter 21 of HKEX’s Listing Rules | Universe: Securities listed on the Main Board of the HKEX excluding Stapled Securities, Foreign Companies, Biotech Companies with stock names end with marker “B”, Specialist Technology Companies with stock names end with marker “P”, and Investment Companies listed under Chapter 21 of HKEX’s Listing Rules.Open p.1 ↗ |
Stapled securities, foreign companies, B-marker biotech companies, P-marker specialist technology companies, and Chapter 21 investment companies are excluded. |
| M3 Eligibility screens · 4 fields | |||
| Geographical requirement | Mainland Securities | Geographical Mainland Securities Requirements:Open p.1 ↗ |
Geographical eligibility requires the security to be a Mainland Security. |
| Liquidity details reference | Index Methodology General Guide | Turnover Velocity Test for Tradable Indexes Requirements: (minimum velocity of 0.1% on monthly basis, details please refer to the Index Methodology General Guide)Open p.1 ↗ |
Detailed turnover velocity test requirements are contained in the Index Methodology General Guide. |
| Trading history | Minimum value: 1 month | Listing History At least one monthOpen p.1 ↗ |
A security must have a listing history of at least one month. |
| Liquidity screen | Metric: Liquidity ratio; Window: Monthly; Threshold: 0.1 | Turnover Velocity Test for Tradable Indexes Requirements: (minimum velocity of 0.1% on monthly basis, details please refer to the Index Methodology General Guide)Open p.1 ↗ |
Tradable indexes apply a turnover velocity test with a minimum monthly velocity of 0.1%. |
| M4 Selection and constituent count · 4 fields | |||
| Buffer zone | Existing constituents ranked below 60th are removed; non-constituents ranked 40th or above are added, subject to maintaining 50 constituents. | Existing constituents ranked lower than 60th will be removed from Buffer Zone: the index, while non-constituent stocks ranked 40th or above will be included; Securities will be added or excluded according to their Combined MV Rank to maintain the number of constituents at 50.Open p.1 ↗ |
The selection buffer removes existing constituents ranked below 60th and adds non-constituents ranked 40th or above, using Combined MV Rank to maintain 50 constituents. |
| Selection method | Rank by metric | The top 50 securities with the highest Combined MV Rank will be selected as constituents.Open p.1 ↗ (not found verbatim in the PDF) |
Constituents are selected by ranking eligible securities according to their Combined MV Rank. |
| Ranking metrics | Name: Combined MV Rank; Direction: Highest; Step order: 1 | The top 50 securities with the highest Combined MV Rank will be selected as constituents.Open p.1 ↗ (not found verbatim in the PDF) |
Securities are ranked by Combined MV Rank, with the highest-ranked securities selected. |
| Target constituent count | 50 | Number of Fixed at 50 Constituents:Open p.1 ↗ |
The index has a fixed target of 50 constituents. |
| M6 Review and rebalance schedule · 6 fields | |||
| Fast entry constituent count reset | The constituent number is reset at the next regular review after a fast entry. | The constituent number will be reset in the next regular review.Open p.2 ↗ |
After an ad hoc fast-entry addition, the constituent count is reset in the next regular review. |
| Review frequency | Quarterly | Review Frequency: Quarterly (Data cut-off end-March / June / September / December) Rebalancing Frequency: QuarterlyOpen p.2 ↗ |
The index is reviewed quarterly. |
| Review types | Quarterly review, Ad hoc | Review Frequency: Quarterly (Data cut-off end-March / June / September / December) Rebalancing Frequency: Quarterly Fast Entry:Open p.2 ↗ |
The index has quarterly regular reviews and ad hoc additions or removals. |
| Review months | March, June, September, December | Review Frequency: Quarterly (Data cut-off end-March / June / September / December)Open p.2 ↗ |
Quarterly review data cut-offs occur at the end of March, June, September and December. |
| Data cutoff rule | Data cut-off at the end of March, June, September and December. | Review Frequency: Quarterly (Data cut-off end-March / June / September / December)Open p.2 ↗ |
Quarterly review data are cut off at the end of March, June, September and December. |
| Rebalance frequency | Quarterly | Rebalancing Frequency: QuarterlyOpen p.2 ↗ |
The index is rebalanced quarterly. |
| M8 Corporate actions, IPOs, ad-hoc changes · 3 fields | |||
| Fast entry | Size threshold: full market capitalisation ranked within the top 10 existing constituents on first trading day; Timing: normally after the close of the 10th trading day of the new issue | A newly listed security will be added to the index if its full market capitalisation ranks within the top 10 of the existing constituents on its first trading day. The ad hoc addition will normally be implemented after the close of the 10th trading day of the new issue.Open p.2 ↗ |
A newly listed security is added if its full market capitalisation ranks within the top 10 existing constituents on its first trading day, normally after the close of its 10th trading day. |
| Replacement policy | Reserve list | Replacement for Ad-hoc Yes, the outgoing constituent will be replaced by the Removal: highest ranked candidate from last regular review.Open p.2 ↗ |
An outgoing constituent removed ad hoc is replaced by the highest-ranked candidate from the last regular review. |
| Corporate actions guide ref | Index Methodology General Guide | For more information on the terms used in this document and calculation details, please refer to the Index Methodology General Guide on HSIL’s website.Open p.2 ↗ |
Terms and calculation details are covered in the Index Methodology General Guide on HSIL's website. |
Open points · 25Model-written, for reference
- 1Index short name or official abbreviation is not stated.
- 2Local-language index name is not stated.
- 3Vendor index code, ISIN, and third-party data-vendor tickers are not stated.
- 4Calculation agent, launch date, base date, base value, and calculation currency are not stated.
- 5Benchmark regulation status is not stated.
- 6Size segment, index family type, and factor exposures are not explicitly stated.
- 7The precise definition of Mainland Securities is not provided.
- 8Minimum size or rank requirement is not stated beyond reference to eligibility criteria.
- 9Minimum free float, foreign room, voting rights, minimum price, financial screens, ESG exclusions, suspension treatment, and extreme-price screen are not stated.
- 10The detailed turnover velocity methodology and any buffer for existing constituents are deferred to the Index Methodology General Guide and not provided.
- 11The detailed definition and calculation window for Combined MV Rank are not provided in this section; the document refers to the Index Methodology General Guide.
- 12No tie-breaking rule is stated for securities with identical Combined MV Rank.
- 13No sector or industry neutrality requirement is stated in this section.
- 14No reserve list or pre-ranked replacement candidate rule is stated in this section.
- 15Weighting scheme, free-float treatment, share-count source, caps, and divisor adjustment rules are not stated in the selection and constituent count section.
- 16Review announcement timing and publication channel were not stated.
- 17The effective date or implementation date for quarterly review changes was not stated.
- 18How often capped or factor weights are reset was not stated separately from quarterly rebalancing.
- 19Rank buffer, size-segment buffer, liquidity buffer for existing constituents, and maximum turnover per review were not stated.
- 20Specific ad hoc deletion triggers, merger and spin-off treatment, deletion price, and share or free-float change implementation threshold were not stated.
- 21Boards excluded from fast entry were not stated.
- 22Not coveredM5 Weighting and capping: not covered by this edition
- 23Not coveredM7 Buffers and turnover control: not covered by this edition
- 24Not coveredM9 Calculation and return variants: not covered by this edition
- 25Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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