Also known as: 恒生指數 · HSI Index (Bloomberg) · .HSI (RIC)
At a glance
- Review frequencyQuarterly
- Constituent count100
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 8 fields | |||
| Sub indexes | Finance, Utilities, Properties, Commerce and Industry | There are four sub-indexes: Finance, Utilities, Properties, and Commerce and Industry.Open p.4 ↗ |
The index has four sub-indexes: Finance, Utilities, Properties, and Commerce and Industry. |
| Sub index assignment rule | Constituents are assigned to one sub-index based on HSICS industry classification and the published mapping table. | Constituents will be assigned to one of the sub-indexes based on the industry classification of the HSICS and the following mapping table:Open p.4 ↗ |
Each constituent is assigned to one sub-index based on its HSICS industry classification and the mapping table. |
| 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. |
| Index family | Hang Seng Composite LargeCap & MidCap Index family | Universe: Constituents of the Hang Seng Composite LargeCap & MidCap Index as of index review data cut-off date; excluding secondarylisted Foreign CompaniesOpen p.1 ↗ |
The index is based on constituents of the Hang Seng Composite LargeCap & MidCap Index. |
| Objective | To serve as a benchmark to reflect the overall performance of the Hong Kong stock market. | Objective: To serve as a benchmark to reflect the overall performance of the Hong Kong stock market.Open p.1 ↗ |
The index serves as a benchmark reflecting the overall performance of the Hong Kong stock market. |
| Intended use | Benchmark | Objective: To serve as a benchmark to reflect the overall performance of the Hong Kong stock market.Open p.1 ↗ |
The index is intended to serve as a benchmark. |
| Market classification | Hk connect | Objective: To serve as a benchmark to reflect the overall performance of the Hong Kong stock market.Open p.1 ↗ |
The index covers the Hong Kong stock market. |
| Size segment | Custom | Constituents of the Hang Seng Composite LargeCap & MidCap Index as of index review data cut-off dateOpen p.1 ↗ |
The index draws on large-cap and mid-cap constituents rather than a single standard size segment. |
| M2 Universe · 5 fields | |||
| Universe data cutoff | As of the index review data cut-off date | Constituents of the Hang Seng Composite LargeCap & MidCap Index as of index review data cut-off date; excluding secondarylisted Foreign CompaniesOpen p.1 ↗ |
The universe is determined using constituents as of the index review data cut-off date. |
| Markets | Hong Kong | Objective: To serve as a benchmark to reflect the overall performance of the Hong Kong stock market.Open p.1 ↗ |
The universe covers securities in the Hong Kong stock market. |
| Security types | Foreign listing, Stapled, Other | excluding secondarylisted Foreign Companies, Stapled Securities, Biotech Companies with stock names end with marker “B” and Specialist Technology Companies with stock names end with marker “P”.Open p.1 ↗ |
The universe text identifies foreign companies, stapled securities, biotech companies marked B, and specialist technology companies marked P as relevant security categories. |
| Parent universe index | Hang Seng Composite LargeCap & MidCap Index | Universe: Constituents of the Hang Seng Composite LargeCap & MidCap Index as of index review data cut-off date; excluding secondarylisted Foreign CompaniesOpen p.1 ↗ |
The universe consists of constituents of the Hang Seng Composite LargeCap & MidCap Index as of the review data cut-off date. |
| Exclusions | Secondary-listed foreign companies, Stapled securities, Biotech companies with stock names ending with marker B, Specialist technology companies with stock names ending with marker P | excluding secondarylisted Foreign Companies, Stapled Securities, Biotech Companies with stock names end with marker “B” and Specialist Technology Companies with stock names end with marker “P”.Open p.1 ↗ |
Secondary-listed foreign companies, stapled securities, B-marker biotech companies, and P-marker specialist technology companies are excluded. |
| M3 Eligibility screens · 4 fields | |||
| Index review meeting counting date | Listing history is counted up to the index review meeting date. | Requirements: Listing History At least 3 months Requirements: (counting up to the index review meeting date)Open p.1 ↗ |
The three-month listing-history period is counted up to the index review meeting date. |
| Trading history | Minimum value: 3 months | Requirements: Listing History At least 3 months Requirements: (counting up to the index review meeting date)Open p.1 ↗ |
A security must have a listing history of at least three months, counted up to the index review meeting date. |
| Liquidity screen | Metric: Liquidity ratio; Window: Monthly; Threshold: 0.001 | 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 require a minimum turnover velocity of 0.1% on a monthly basis, with details in the Index Methodology General Guide. |
| Minimum size | Metric: Rank; Threshold: Membership in the Hang Seng Composite LargeCap & MidCap Index | Market Value Hang Seng Composite LargeCap & MidCap Index constituents Requirements: Listing History At least 3 monthsOpen p.1 ↗ |
The market-value requirement is satisfied by being a constituent of the Hang Seng Composite LargeCap & MidCap Index. |
| M4 Selection and constituent count · 9 fields | |||
| Industry group assignment rule | Candidates are assigned to one HSICS Industry Group, including Financials, Information Technology, Consumer Discretionary, Consumer Staples, Properties & Construction, Telecommunications, Utilities, Healthcare, Energy, Materials, Industrials, and Conglomerates. | Eligible candidates will be assigned to one of the below Industry Groups according to their industry classification of the Hang Seng Industry Classification System (“HSICS”):Open p.2 ↗ |
Eligible candidates are assigned to one of the specified HSICS Industry Groups. |
| Industry group mix review frequency | at least every two years | The combination of the Industry Groups will be reviewed at least every two years.Open p.2 ↗ |
The combination of Industry Groups is reviewed at least every two years. |
| Hong Kong company minimum count | 20 | The index will also maintain at least 20 constituents that are classified as “Hong Kong” Companies and this number will be reviewed at least every two years.Open p.2 ↗ |
The index maintains at least 20 constituents classified as Hong Kong Companies. |
| Existing constituent removal considerations | Smallest constituents and constituents with the lowest liquidity within an Industry Group may be removed if suitable replacements are available. | Existing constituents failing to meet the eligibility requirements may be considered for removal. Even if existing constituents fulfil all the eligibility requirements, the smallest constituents and the constituents with lowest liquidity within the Industry Group may be considered for removal from the HSI subject to the availability of appropriate replacement candidates.Open p.3 ↗ |
Existing constituents may be removed for failing eligibility or, even if eligible, if they are among the smallest or least liquid in their Industry Group and suitable replacements exist. |
| Review addition deletion discretion | Each review may or may not add or delete constituents. | In each review, there may or may not be constituent additions or deletions.Open p.3 ↗ |
A periodic review does not guarantee constituent additions or deletions. |
| Selection method | Committee | The final constituent selection will be decided by the HSI Advisory Committee after taking the above into consideration.Open p.3 ↗ |
Constituents are selected by the HSI Advisory Committee after considering representativeness, market capitalisation, turnover, financial performance and sectoral balance. |
| Ranking metrics | Name: market capitalisation; Direction: Descending; Step order: 1, Name: Turnover; Direction: Descending; Step order: 2, Name: financial performance, including profitability; Step order: 3, Name: Representativeness; Step order: 4 | In general, eligible securities will be evaluated within each Industry Group according to the following considerations:
Representativeness; Market capitalisation; Turnover; and Financial performance, including profitability.Open p.3 ↗ |
Eligible securities are evaluated within each Industry Group using representativeness, market capitalisation, turnover, and financial performance including profitability. |
| Target constituent count | 100 | Fixed at 100 (in the progress of expansion).Open p.3 ↗ |
The number of constituents is fixed at 100, with expansion in progress. |
| Industry neutrality rule | Eligible candidates are assigned to HSICS Industry Groups; each group targets at least 50% market-capitalisation coverage, and cross-industry constituent changes may restore sectoral balance. | Target to cover at least 50%, in terms of market capitalisation, for each Industry Group; Characteristics of the Industry Group which include the distribution of the listed companies in terms of their size and number;Open p.2 ↗ |
Selection is conducted by HSICS Industry Group, targeting at least 50% market-capitalisation coverage per group and allowing cross-group changes to restore sectoral balance. |
| M6 Review and rebalance schedule · 5 fields | |||
| Review frequency | Quarterly | Review Quarterly (Data cut-off end-March / June / September / Frequency: December)Open p.5 ↗ |
The index is reviewed quarterly. |
| Review types | Quarterly review | Review Quarterly (Data cut-off end-March / June / September / Frequency: December)Open p.5 ↗ |
The stated review type is a quarterly review. |
| Review months | March, June, September, December | Review Quarterly (Data cut-off end-March / June / September / Frequency: December)Open p.5 ↗ |
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 Quarterly (Data cut-off end-March / June / September / Frequency: December)Open p.5 ↗ |
The quarterly review uses data cut-offs at the end of March, June, September, and December. |
| Rebalance frequency | Quarterly | Rebalancing Quarterly Frequency:Open p.5 ↗ |
The index is rebalanced quarterly. |
| M8 Corporate actions, IPOs, ad-hoc changes · 1 field | |||
| 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.5 ↗ |
Terms and calculation details, including corporate-action related calculation details, are covered in the Index Methodology General Guide on HSIL's website. |
Open points · 22Model-written, for reference
- 1The supplied sections do not state the official index name, short name, local-language name, index code, ISIN, or third-party vendor tickers.
- 2The supplied sections do not state launch date, base date, base value, calculation currency, methodology version, or methodology date.
- 3The supplied sections do not identify a separate calculation agent or specify the benchmark regulatory status.
- 4The supplied sections do not state the index family type or factor exposures.
- 5The supplied sections do not specify exchanges or listing boards beyond the Hong Kong stock market context.
- 6The supplied sections do not state a company nationality assignment rule.
- 7The supplied sections do not provide numeric minimum market capitalisation, minimum free float, foreign room, voting rights, minimum price, financial screens, ESG exclusions, suspension treatment, or an extreme-price screen.
- 8The liquidity rule refers to the Index Methodology General Guide for detailed turnover velocity mechanics, which is not included.
- 9No explicit tie-break rule is stated for candidates with equal ranking metrics.
- 10No reserve list or pre-ranked replacement candidate pool is described.
- 11No weighting scheme, free-float factor, share count source, capping rule, or divisor adjustment rule is stated in the selection and constituent count section.
- 12Announcement timing and publication method for review results were not stated.
- 13Effective date rule for quarterly review changes was not stated.
- 14Weight reset frequency for capping or factor weights was not separately stated.
- 15Rank buffer, size-segment buffer, liquidity buffer for existing constituents, and maximum turnover per review were not stated.
- 16Fast-entry rule for large new listings was not stated.
- 17Ad hoc deletion triggers, replacement policy, merger and spin-off treatment, deletion price, and share or free-float change thresholds were not stated.
- 18The separate Index Methodology General Guide was referenced, but its corporate-action rules were not included.
- 19Not coveredM5 Weighting and capping: not covered by this edition
- 20Not coveredM7 Buffers and turnover control: not covered by this edition
- 21Not coveredM9 Calculation and return variants: not covered by this edition
- 22Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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