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FTSE MONTHLY REPORT - JULY 2015

FTSE CHINA A50 INDEX

Data as at: 31 July 2015

The FTSE China A50 Index is the benchmark for investors to access the China domestic market through A Shares securities of companies incorporated in mainland China and traded by Chinese and institutional investors under the
Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (QFII & RQFII) regulation.
It is a real-time, tradable index comprising the largest 50 A Share companies by full market capitalisation of the
securities listed on the Shanghai and Shenzhen stock exchanges.
The FTSE China A50 Index is a free-float adjusted, liquidity-screened index. It is reviewed quarterly in March, June,
September, and December to ensure the Index remains representative of the underlying China market.

FEATURES
Objective
The index has been designed for the
creation of
structured products, index
tracking funds, ETFs and derivatives. It
represents the performance of the
mainland Chinese market that is available
to A share investors
Universe
Provides coverage of the largest 50 stocks
listed on both the Shanghai and Shenzhen
stock exchanges

The FTSE China A50 Index is the headline index of FTSE China Index Series, which is designed to represent the
performance of the mainland Chinese market that is available to A share investors, but also Chinese companies that
are listed overseas. The FTSE China A Index Series dissects the Chinese A Share market into different size segments
the A50 for the largest 50 blue chip companies, the large cap A 200, the mid cap A 400, the combined large/mid A
600, and FTSE China A Small Cap Index that contains the remaining companies that are in the top 98% of the eligible
universe. The FTSE China Index Series also contains the flagship FTSE China 50 Index that represents the largest Red
Chips, P Chips and H Shares listed on the Hong Kong Stock Exchange.

Investability

FTSE CHINA A50 INDEX COMMENTARY (CNY Total Return)

Stocks are liquidity screened to ensure


that the index is tradable

14238.10

FTSE CHINA A50 INDEX

-2174.16

2.11

FTSE China A 200 Index

1.13

FTSE China A 400 Index


FTSE China A Small Cap Index

1.39
-2.71
-4.0

-2.0

2.0

Liquidity

Global Sector Classification

-13.25%

1-Month Relative Performance against FTSE China A All-Share Index


FTSE China A50 Index

Stocks are free-floated weighted to ensure


that only the investable opportunity set is
included within the index

The FTSE China A50 Index finished


the month in negative territory in
July down 13.25 per cent or 2174.16
index
points,
although
outperforming the FTSE China A AllShare Index by 2.11 per cent. It is
also the best performing segment
when compared to other segments
of the China A Share market,
followed by the FTSE China A 400
4.0 Index with a performance of -13.97
per cent.

The index is calculated in accordance with


the Industry Classification Benchmark
(ICB), the global standard for industry
sector analysis
Availability
The index is now distributed on an intrasecond streaming basis, including total
return index (TRI) values, providing
investors with the fastest and most up-todate read of the China A Share market to
respond more rapidly to market events

INFORMATION
Index Universe

1-Month Relative Performance against FTSE China A 600 Index


0.89

FTSE China A50 Index


FTSE China A 600 Index - Basic Materials -3.58

0.15

FTSE China A 600 Index - Consumer Goods


-0.71

FTSE China A 600 Index - Consumer Services

0.24

FTSE China A 600 Index - Financials

5.23

FTSE China A 600 Index - Health Care


-0.39

FTSE China A 600 Index - Industrials

0.20

FTSE China A 600 Index - Oil & Gas

1.84

FTSE China A 600 Index - Technology


FTSE China A 600 Index - Telecommunications -2.93
-1.52

FTSE China A 600 Index - Utilities


-5.0

5.0

Compared against the FTSE China A


600 Index, the FTSE China A50
Index relative performance in July
was a positive 0.89 per cent. Health
care is the best performing industry,
down 8.91 per cent, followed by the
technology companies, down 12.30
per cent. Basic materials and
telecommunications are the worst
performing industries in July, down
17.72 per cent and down 17.07 per
cent, respectively.
Vietnam was the best performing
Asian market this month with the
FTSE Vietnam Index seeing a rise of
4.56 per cent in July. The second
best performing Asian market was
New Zealand, with the FTSE New
Zealand Index up 2.08 per cent.
Mainland China was the worst
10.0 performer, with the FTSE China A50
Index falling 13.25 per cent.

FTSE China A All-Share Index


Index Launch
13 December 2003
Base Date
21 July 2003
Base Value
5000
Investability Screens
Free float adjusted and liquidity screened
Index Calculation
Real-time and end-of-day indices available
Real-time calculated
streaming basis

on

intra-second

End-of-Day Distribution
Index available at 20:00 local time (12:00
hours London time GMT or 13:00 hours
BST) via FTP and email
Currency
CNY
(real-time),
(end-of-day)

USD

and

HKD

Review Dates
VENDOR CODES

FTSE

XIN9

BLOOMBERG

TXIN9IC

REUTERS

.TRIXIN9

Quarterly in March, June, September and


December
Index Rules
www.ftse.com/products/indices/china

Source: FTSE Group

1 of 6

FTSE China A50 Index

Data as at: 31 July 2015

Index Overview
The FTSE China A50 Index is a real-time tradable index comprising the largest 50 'A' Share companies listed on the Shanghai Stock Exchange and Shenzhen
Stock Exchange. The index offers the optimal balance between representativeness and tradability for China's A Share market. It can be used as a basis for
on-exchange and OTC derivative products, mutual funds and ETFs.

Index Rebased (31 July 2010=100)

FTSE China A50 Index Five-Year Performance (CNY Total Return)

Performance Hightlights

250

The FTSE China A50 Index ended the


month in negative territory in July down
13.25 per cent, although outperforming
the FTSE China A All-Share Index by
2.11 per cent.

200
150
100

Year to date the FTSE China A50 Index


performance is down by 3.23 per cent,
with a volatility of 41.80 per cent, higher
than 2014s volatility of 22.13 per cent.

50
0

FTSE China A50 Index

FTSE China A All-Share Index

FTSE China A50 Index Historical Performance Table (CNY Total Return)
Cumulative Performance
1M
(%)

3M
(%)

FTSE China A50 Index

-13.25

-21.39

4.88

-3.23

51.62

61.33

36.09

17.29

FTSE China A All-Share Index

-15.36

-14.11

22.91

23.49

68.11

95.54

58.47

25.05

Index Name

6M
(%)

YTD
(%)

1Y
(%)

Annualised Performance
3Y
(%)

5Y
(%)

5Y
(%pa)

3Y
(%pa)

2011
(%)

2012
(%)

2013
(%)

2014
(%)

6.36

-17.26

14.56

-11.71

68.75

2.61

9.64

-27.81

6.36

2.64

44.39

1.17

Net Market Cap


(CNYbn)

1M Perf
(%)

Div Yield
(%)

Performance to the FTSE China A50 Index and Selected FTSE Asia Pacific Country Indices in July (CNY Total Return)
Rank
1

Number of
Cons

Index Name
FTSE Vietnam Index

Net Market Cap


(CNYbn)

16

1M Perf
(%)

Rank

4.56

Number of
Cons

Index Name
FTSE Pakistan Index

18

-4.56

FTSE New Zealand Index

14

155

2.08

10

FTSE Indonesia Index

30

498

-5.39

FTSE India Index

126

2,588

1.59

11

Straits Times Index (STI)

30

1,247

-5.55

FTSE Japan Index

479

20,832

0.60

12

FTSE SET Large Cap Index

FTSE Bursa Malaysia KLCI

30

812

-0.33

13

FTSE Korea Index

30

782

-7.32

111

3,197

-7.66

2,595

FTSE ASFA Australia 200 Index

199

6,447

-0.89

14

FTSE TWSE Taiwan 50 Index

50

FTSE Philippines Index

27

391

-1.38

15

FTSE China 50 Index

50

FTSE Hong Kong Index

90

3,146

-2.75

16

FTSE China A50 Index

50

3,730

-7.78
-12.71
-13.25

FTSE China A50 Index Historical Review Turnover


Before Review
Review Month

Number of Adds

Number of Dels

Number of Cons

Net Market Cap (CNYm)

After Review
Number of Cons

Net Market Cap (CNYm)

2-Way Turnover (%)

September 2014

50

2,189,044

50

2,189,044

0.00

December 2014

50

3,178,780

50

3,195,749

7.02

Note:

March 2015

50

3,663,313

50

3,718,603

8.16

June 2015

50

4,046,106

50

4,285,102

11.74

The majority of index changes occurs at the index reviews in March, June, September and December. Review changes to the index may include constituent
additions/deletions, shares in issue and free float changes, and changes due to corporate events.

Source: FTSE Group

2 of 6

FTSE China A50 Index

Data as at: 31 July 2015

Five-Year Historical Industry Breakdown (%)

Industry Breakdown
2
(2.89%)

100
80

2
1
6
1 (1.41%) 2 (1.59%) (7.57%)
(0.12%) (1.97%)
1
(1.39%)

11
(16.80%)

60
40
20
0

24
(66.26%)

Key:

Basic Materials
Consumer Goods
Consumer Services
Financials
Health Care
Industrials
Oil & Gas
Technology
Telecommunications
Utilities

Number of Constituents
24
(66.26%) Index Weight

FTSE China A50 Index Historical Volatility Table (CNY Total Return)
Index Name

YTD (%)*

1Y (%)*

3Y (%)**

5Y (%)***

2011 (%)*

2012 (%)*

2013 (%)*

2014 (%)*

FTSE China A50 Index

41.80

36.79

27.59

26.76

19.29

18.40

24.01

22.13

FTSE China A All-Share Index

39.87

32.83

25.38

24.77

21.17

20.97

20.89

17.56

* Based on annualised daily total log returns.

** Based on annualised weekly total log returns.

*** Based on annualised monthly total log returns.

Volatility (%)

FTSE China A50 Index Historical Rolling Volatility (CNY Total Return)
45
40
35
30
25
20
15
10
5
0

FTSE China A50 Index

FTSE China A All-Share Index

Index volatility is calculated on a rolling 180 days basis.

FTSE China A50 Index Historical Tracking Error (CNY Total Return)
Index Name
FTSE China A50 Index
* Based on annualised daily total log returns.

YTD (%)*

1Y (%)*

3Y (%)**

5Y (%)***

2011 (%)*

2012 (%)*

2013 (%)*

25.94

23.10

18.10

15.33

8.55

7.92

11.36

13.95

2013 (%)*

2014 (%)*

** Based on annualised weekly total log returns.

2014 (%)*

*** Based on annualised monthly total log returns.

Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the tracking error

FTSE China A50 Index Historical Correlation Against FTSE China A All-Share Index (CNY Total Return)
Index Name
FTSE China A50 Index
* Based on annualised daily total log returns.

YTD (%)*
0.7991

1Y (%)*
0.7852

** Based on annualised weekly total log returns.

3Y (%)**
0.7696

5Y (%)***
0.8255

2011 (%)*
0.9151

2012 (%)*
0.9272

0.8806

0.7767

*** Based on annualised monthly total log returns.

Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the correlation

Source: FTSE Group

3 of 6

FTSE China A50 Index

Data as at: 31 July 2015

FTSE China A50 Index Historical Sharpe Ratio (CNY Total Return)
Index Name

YTD*

1Y*

3Y**

5Y***

2011*

2012*

2013*

2014*

FTSE China A50 Index

-0.2089

1.0419

0.4049

0.2274

-1.1848

0.5564

-0.6697

2.2001

0.8297

1.4819

0.6928

0.3686

-1.7239

0.1339

-0.0489

1.8849

FTSE China A All-Share Index


* Based on annualised daily total log returns.

** Based on annualised weekly total log returns.

*** Based on annualised monthly total log returns.

Note: China 3-Month interbank offered rate (CHIBOR) is used as the risk free rate.

FTSE China A50 Index Historical Information Ratio (CNY Total Return)
Index Name

YTD*

1Y*

3Y**

5Y***

2011*

2012*

2013*

2014*

FTSE China A50 Index

-1.0304

-0.7136

-1.8894

-1.4600

1.2326

1.0358

-1.2629

1.7462

* Based on annualised daily total log returns.

** Based on annualised weekly total log returns.

*** Based on annualised monthly total log returns.

Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the information ratio

FTSE China A50 Index Top 10 Constituents


Rank

Local Code

Constituent Name

ICB Subsector

601318

Ping An Insurance (A)

Life Insurance

321,723

8.63

-18.04

600036

China Merchants Bank (A)

Banks

226,320

6.07

-4.14

600016

China Minsheng Banking (A)

Banks

212,214

5.69

-7.52

601166

Industrial Bank (A)

Banks

177,644

4.76

-9.91

600030

Citic Securities (A)

Investment Services

161,590

4.33

-22.74
-11.14

Net Market Cap (CNYm)

Index Weight (%)

1M Perf (%)

600000

Shanghai Pudong Development Bank (A)

Banks

148,987

3.99

000002

China Vanke (A)

Real Estate Holding & Development

118,049

3.16

0.95

601398

Industrial and Commercial Bank of China (A)

Banks

117,200

3.14

-4.30

601328

Bank of Communications (A)

Banks

115,445

3.10

-16.99

10

601766

CRRC (A)

Commercial Vehicles & Trucks

105,802

2.84

-16.23

1,704,974

45.71

Totals

BOTTOM

TOP

FTSE China A50 Index Top 5 and Bottom 5 Performers (CNY Total Return)
Local Code

Constituent Name

ICB Subsector

601186

China Railway Construction (A)

Heavy Construction

Net Market Cap (CNYm)

000002

China Vanke (A)

Real Estate Holding & Development

002594

BYD (A)

600900

Index Weight (%)

1M Perf (%)

45,470

1.22

5.37

118,049

3.16

0.95

Automobiles

22,566

0.60

0.67

China Yangtze Power (A)

Alternative Electricity

53,470

1.43

0.00

601857

PetroChina (A)

Integrated Oil & Gas

44,893

1.20

-1.35

000651

Gree Electric Appliances (A)

Durable Household Products

53,684

1.44

-26.40

601006

Daqin Railway (A)

Railroads

60,476

1.62

-27.21

002415

Hangzhou Hikvision Digital Technology (A)

Electrical Components & Equipment

34,268

0.92

-27.70

000725

BOE Technology Group (A)

Electrical Components & Equipment

76,627

2.05

-28.71

601336

New China Life Insurance (A)

Life Insurance

24,215

0.65

-29.58

FTSE China A50 Index Portfolio Characteristics


FTSE China A50 Index

FTSE China A All-Share Index

Number of Constituents

50

1,796

Full Market Cap (CNYm)

14,142,398

41,680,540

% FTSE China A All-Share Index


Net Market Cap (CNYm)

33.93

100.00

3,730,010

15,296,579

Constituent Sizes (Net Market Cap CNYm)


Average

74,600

8,517

Largest

321,723

321,723

Smallest

4,455

653

Median

55,987

2,173

Source: FTSE Group

4 of 6

FTSE China A50 Index

Data as at: 31 July 2015

FTSE China A50 Index Constituents (CNY Total Return)


Local Code

Constituent Name

ICB Subsector

601318

Ping An Insurance (A)

Life Insurance

321,723

8.63

600036

China Merchants Bank (A)

Banks

226,320

6.07

-4.14

600016

China Minsheng Banking (A)

Banks

212,214

5.69

-7.52

601166

Industrial Bank (A)

Banks

177,644

4.76

-9.91

600030

Citic Securities (A)

Investment Services

161,590

4.33

-22.74

600000

Shanghai Pudong Development Bank (A)

Banks

148,987

3.99

-11.14

000002

China Vanke (A)

Real Estate Holding & Development

118,049

3.16

0.95

601398

Industrial and Commercial Bank of China (A)

Banks

117,200

3.14

-4.30

Rank

Net Market Cap (CNYm)

Index Weight (%)

1M Perf (%)
-18.04

601328

Bank of Communications (A)

Banks

115,445

3.10

-16.99

10

601766

CRRC (A)

Commercial Vehicles & Trucks

105,802

2.84

-16.23

11

601988

Bank of China (A)

Banks

103,170

2.77

-5.41

12

600837

Haitong Securities (A)

Investment Services

103,159

2.77

-20.13

13

601989

China Shipbuilding Industry (A)

Commercial Vehicles & Trucks

100,051

2.68

-10.20

14

600519

Kweichow Moutai (A)

Distillers & Vintners

93,535

2.51

-9.98

15

601288

Agricultural Bank of China (A)

Banks

91,040

2.44

-3.00

16

601668

China State Construction Engineering (A)

Heavy Construction

83,520

2.24

-16.25

17

601169

Bank of Beijing (A)

Banks

78,996

2.12

-19.32

18

000725

BOE Technology Group (A)

Electrical Components & Equipment

76,627

2.05

-28.71

19

000001

Ping An Bank (A)

Banks

74,279

1.99

-14.99

20

601390

China Railway Group (A)

Heavy Construction

67,379

1.81

-4.02

21

601818

China Everbright Bank (A)

Banks

63,259

1.70

-15.30

22

600028

China Petroleum & Chemical (A)

Integrated Oil & Gas

63,068

1.69

-15.01

23

601601

China Pacific Insurance Group (A)

Life Insurance

62,782

1.68

-15.98

24

601006

Daqin Railway (A)

Railroads

60,476

1.62

-27.21

25

000333

Midea Group (A)

Durable Household Products

57,299

1.54

-11.08

26

601939

China Construction Bank (A)

Banks

54,675

1.47

-11.55
-26.40

27

000651

Gree Electric Appliances (A)

Durable Household Products

53,684

1.44

28

600900

China Yangtze Power (A)

Alternative Electricity

53,470

1.43

-0.00

29

600050

China United Network Communications (A)

Mobile Telecommunications

52,483

1.41

-14.75

30

002024

Suning Commerce Group (A)

Specialty Retailers

51,924

1.39

-9.87

31

601628

China Life Insurance (A)

Life Insurance

47,045

1.26

-9.83

32

601186

China Railway Construction (A)

Heavy Construction

45,470

1.22

5.37

33

601857

PetroChina (A)

Integrated Oil & Gas

44,893

1.20

-1.35

34

600104

SAIC Motor (A)

Automobiles

44,594

1.20

-10.00

35

601688

Huatai Securities (A)

Investment Services

44,396

1.19

-16.30

36

000776

GF Securities (A)

Investment Services

43,054

1.15

-17.66

37

002415

Hangzhou Hikvision Digital Technology (A)

Electrical Components & Equipment

34,268

0.92

-27.70

38

601088

China Shenhua Energy (A)

Coal

33,662

0.90

-18.42

39

600999

China Merchants Securities (A)

Investment Services

31,044

0.83

-19.20

40

002736

Guosen Securities (A)

Investment Services

26,826

0.72

-13.07

41

600019

Baoshan Iron & Steel (A)

Iron & Steel

25,724

0.69

-22.31

42

601998

China Citic Bank (A)

Banks

24,288

0.65

-1.43

43

601336

New China Life Insurance (A)

Life Insurance

24,215

0.65

-29.58

44

002594

BYD (A)

Automobiles

22,566

0.60

0.67

45

601800

China Communications Construction (A)

Heavy Construction

22,082

0.59

-17.65
-22.31

46

600011

Huaneng Power International (A)

Conventional Electricity

19,958

0.54

47

600018

Shanghai International Port (A)

Transportation Services

17,972

0.48

-9.23

48

601727

Shanghai Electric Group (A)

Industrial Machinery

13,042

0.35

-10.95

49

601633

Great Wall Motor (A)

Automobiles

10,606

0.28

-22.85

50

600485

Beijing Xinwei Telecom Technology Group (A)

Telecommunications Equipment

4,455

0.12

-13.20

Source: FTSE Group

5 of 6

FTSE China A50 Index

Data as at: 31 July 2015

FTSE China A50 Index Quarterly Review Process (Based on the Upcoming September Review)

AUGUST 2015
S

Tu W Th

10 11 12 13 14 15

Size

1
5

Review Data

16 17 18 19 20 21 22
Cutoff Date 23 24 25 26 27 28 29

[ Close ]

Size Requirement

Companies Listed on Shanghai and


Shenzhen Stock Exchanges

30 31

Free Float

Size

Companies must be constituents of the


FTSE China A All-Share Index, which
includes the largest companies ranked by
full market cap comprising 98% of all
companies listed on Shanghai &
Shenzhen Stock Exchanges for inclusion

Liquidity

Liquidity (March Review Only)

Free Float
Median Liquidity Requirement
Free Float Requirement

New Index Entrant

FF 3%

Must trade 0.05% of its free-float adjusted


shares in issue based on its median daily
trade per month in 10 out of 12 months

- Excluded / Subject to
Committee Approval

3% < FF 15%
Requirement

- Minimum Size

New Index Entrant

Existing FTSE China A All-Share Index


Constituent

- CNY 17bn

Existing FTSE China A


All- Share Index Constituent
10bn

Eligible Companies
- CNY

Constituent Selection
The 50 Constituents are Selected with the
Following Order:
1. Companies Ranked 40th or Above
2. Existing A50 Constituents Ranked
Between 41st and 60th
3. Non-A50
Constituents
Between 41st and 60th

Ranked

Must trade 0.04% of its free-float adjusted


shares in issue based on its median daily
trade per month in 8 out of 12 months

Ran
A Share B Share H Share
Full Existing New
Company
k
Mkt Cap Mkt Cap Mkt Cap Mkt Cap Cons Cons
1
C01
800
300
1,100
Y
Y
2
C02
1,000
1,000
Y
Y
3
C03
500
200
700
Y
...
40
C40
200
200
Y
Y
41
C41
195
195
...
50
C50
150
150
Y
Y
...
60
C60
100
100
Y
Y
61
C61
99
99
Y
...

Companies Ranked
in Descending Order
of Full Market Cap
Including All Share
Classes

SEPTEMBER 2015
S
6
Review

M
7

Tu W Th

10 11 12

13 14 15 16 17 18 19

Implementation 20 21 22 23 24 25 26
Date [ Open ]
27 28 29 30

Reserve List

FTSE CHINA A50 INDEX

Next 5 Highest Ranking Companies that


are not Constituents of the FTSE China
A50 Index

Data definitions available from www.ftse.com


For further information visit www.ftse.com,
email
or call your local FTSE
office: info@ftse.com

2015 London Stock Exchange Group companies. All rights reserved.


The FTSE China A Index Series is calculated by FTSE International Limited FTSE or its agent. All rights in the Index Series vest in FTSE.
London Stock Exchange Group companies includes FTSE International Limited (FTSE), Frank Russell Company (Russell), MTS Next Limited (MTS), and FTSE TMX Global Debt Capital Markets Inc.
(FTSE TMX). All rights reserved. FTSE, Russell, MTS, FTSE TMX and FTSE Russell and other service marks and trademarks related to the FTSE or Russell indexes are trade marks of
the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence.
All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability c
an be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor
any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE China A Index Series
or the fitness or suitability of the Indexes for any particular purpose to which they might be put.
The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock
Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any
information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this
publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior
written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies index values and the use of their indexes to create financial products
require a licence with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
The Industry Classification Benchmark (ICB) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

Source: FTSE Group

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