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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific included in "Hang Seng Mainland Freefloat 25" Index

Date:2003-01-20     Publish:本站

HSI Services Limited launched the "Hang Seng Mainland Freefloat 25" Index on 20th January 2003. COSCO Pacific was included in this index as one of the composition stock. The market capitalization weighting is ranked eighth. This new index has prevailed the limitation to which China companies were classified as red chip and H-share in the past by the market; now it can more comprehensively reflect the performance of China companies from different categories listing in Hong Kong.

Currently, there are various indexes reflecting the performance of China companies, including Hang Seng China Enterprises Index (i.e. H-share index) and Hang Seng China-Affiliated Corporations Index (i.e. Red Chip index). While the growth of China economy continues, the distinction between H share and Red Chips becomes blurred, for example, some state-owned enterprises like CNOOC, China Mobile and China Unicom were also subsumed in Red Chip index as constituents. The Hang Seng Mainland Freefloat 25 index is more representative and more comprehensive in reflecting the stock performance of the enterprises whose main business are in mainland. The constituents of this index comprise with 11 H-shares, 12 Red Chips and 2 mainland companies. In terms of the weighting in the index, red chips represent approximately 57%, while H shares are 40% and other mainland companies are 3%.

Most importantly, the new index confines the upper range of weighting of an individual stock in the index, avoiding the problem of distortion of index by oversized market capitalization companies. The index chose 25 enterprises based on the freefloat market capitalization. As the index is calculated by the weighted market capitalization of each constituent, the adjusted market capitalization of each constituent in the new index will be the same as the adjusted market capitalization of the corresponding constituent in the Hang Seng Composite index.

According to HSI Services Limited, despite the launch of a new index reflecting the performance of China companies stocks, the development of H-share index and Red Chip Index will not be stopped. All the indexes will be developed accordingly, and the newly launched index will be useful in promoting the development of index derivative products.