CONSULTATION ON CHINA ASHARES INDEX INCLUSIONROADMAP
June 2015

Updated Post 2015 MSCI Market Classification Review© 2015 MSCI Inc. All rights reserved.
Please refer to the disclaimer at the end of this document.

BACKGROUND• In March 2014, MSCI launched the Consultation on China A-Shares Index Inclusion
Roadmap• Substantial progress has been made toward the opening of the Chinese equity market
and China A-shares remain on track for potential inclusion into the MSCI Emerging
Markets Index
─ Investors, however, expect further liberalization on quota allocation process, capital
mobility restrictions and clarification on beneficial ownership of investments• MSCI is maintaining the proposed roadmap for a 5% partial inclusion of China Ashares into the MSCI Emerging Markets Index and will form a joint working groupwith CSRC to address remaining market accessibility issues• MSCI may potentially announce the inclusion as soon as the highlighted accessibility
issues are resolved

─ The potential inclusion of China-A shares will remain an independent decision by
MSCI2

KEY HIGHLIGHTS OF 2015 ASSESSMENT• Since the 2014 Annual Mark Classification Review announcement, MSCI has continued
to observe positive market-opening developments in the Chinese capital market.
1. Successful launch of the Shanghai-Hong Kong Stock Connect program (“Stock
Connect”)
2. Expansion of RQFII program from four cities to 12 cities
3. Clarification of the capital gains tax.
• The upcoming launch of the Shenzhen-Hong Kong Stock Connect program andpotential further liberalization of the QFII program could further improve the overall
accessibility of the China A-shares market for international institutional investors.

3

REMAINING CONCERNS TO BE ADDRESSED• Quota Allocation Process (QFII/RQFII)─ Ability to access quota commensurate with the size of assets under management
─ Ability to secure additional quota with certainty should the need arise─ A more streamlined, transparent and predictable quota allocation process• Capital Mobility Restrictions (QFII/RQFII/Stock Connect)
─ Extension of daily liquidity for to all investment vehicles, including open-ended funds, ETFs andseparate accounts
─ Removal of capital lock-up and repatriation restrictions on QFII/RQFII
─ Elimination of potential trading uncertainty due to daily limit on the Stock Connect• Beneficial Ownership (Separate Accounts):
─ Clarification on the Stock Connect beneficial ownership issue is a welcome development
─ Recognizing clear title to ownership in separate accounts is a crucial concern that requires urgent
resolution

4

PROPOSAL FOR 5% INITIAL INCLUSION REMAINS INTACT• MSCI is maintaining its proposal to include China A-shares in the MSCI China Index insteps starting with a partial Inclusion Factor of 5%
─ The inclusion in the MSCI China Index would be reflected in its corresponding composite indexes,
including the MSCI Emerging Markets Index, simultaneously─ The pro forma MSCI China Index would be constructed based on one integrated China equity
universe comprising A-shares, B-shares, H-shares, Red-chips, P-chips and Overseas listed China
companies─ An 5% Inclusion Factor would be applied to the FIF-adjusted market capitalization of China A-sharesin the pro forma MSCI China Index
─ The free float-adjusted market capitalization of China A-shares would be evaluated based on theForeign Inclusion Factor (FIF) subject to a 30% Foreign Ownership Limit (FOL)─ The implementation of this proposal would coincide with the May 2017 Semi-Annual Index Review
─ Any subsequent increase in the Inclusion Factor of China A-shares in the MSCI Emerging Markets
would be subject to positive market liberalization developments and public consultation with market
participants• Please note that this proposal may or may not lead to any changes to the MSCI
Indexes
5

POSSIBLE INDEX INCLUSION ROADMAP OF CHINA A-SHARES
Potential Full Inclusion (100%*)
A 5% inclusion of China AShares will translate into 1.3%
of index weight in the MSCI EM

Others12.8%

Potential Additional Steps:
Partial Inclusion (>5%*)

RU
3.0%
MX
3.5%

Others

IN
5.2%

CHINA

Potential Initial Step:
Partial Inclusion (5%*)
Others
15.9%

CHINA
25.2%

RU
3.7%
MX
4.3%
IN
6.5%

Current Status

BR
6.8%
SA
CHINA 6.9%

Others
17.0%

25.3%

China
25.3%

RU
3.9%

MX
4.6%
IN
7.0%

Emerging
MarketEmerging
Market

KR
14.6%

BR
7.3%
SA
7.4%

TW
13.0%

BR
5.5%

RU
MX

China
30%

IN

BR

CHINA A-Shares SA
1.3%
CHINA Overseas
3.5%

KR
13.7%

Emerging
Market

CHINA
20.3%

China
X%

SA
5.6%

CHINA A-Shares

Emerging
MarketTW
9.8%

CHINA Overseas

KR
11.0%

China
43.6%
CHINA A-Shares
20.5%

CHINA Overseas
2.8%

KR
TW

•

Abolishment of thequota system•

Further improvements inquota allocation mechanismand size of overall quota•

Full liberalization ofcapital mobility
restrictions•

Further relaxation on capital
mobility and other market
accessibility constraints•

Alignment ofInternational
accessibility standards

TW
12.1%

* The percentage number refers to the Inclusion Factor applied to the free float-adjusted market capitalization ofChina A share constituents in the pro forma MSCI China Index. China A-share securities are subject to a foreign
ownership limit of 30%# Overseas listed China companies are will be included in Nov 2015 to May 2016 as announced earlier this year

6

SIMULATED MSCI CHINA INDEX• By including China A-shares and Overseas listed China companies in the MSCI
China equity universe, the number of constituents of the simulated MSCI China
Index would increase from 139 to 522, of which 313 would be China A-shares• The weight of China A-shares in the simulated MSCI Emerging Markets Index and
MSCI China Index would be 1.3% and 4.2% respectively for a 5% partial inclusion

MSCI China A

Current Standard
Weight
# Sec
100%
526

Pro forma (IF* = 100%)
Weight# Sec 1 way Turnover
100%
526
-

Pro forma (IF* = 5%)
Weight 1 way Turnover100%-# Securities
Add
Del
-

MSCI China
A Shares
B Shares
H Shares
Red Chip
P ChipOverseas#

100%
0.0%
0.4%
55.4%
23.8%
20.4%
0.0%

139
0
2
69
32
36
0

100%
47.2%
0.3%
25.1%
10.8%
10.3%
6.3%

522
313
4
87
40
61
17

56.3%
23.5%
0.2%
16.1%
6.9%
6.4%
3.2%

100%
4.2%
0.5%
45.4%
19.5%
18.6%
11.7%

21.1%
2.1%
0.2%
6.7%
2.9%
3.4%
5.9%

383
313
2
18
8
25
17

-

Weight of A Shares in EM
Weight of China in AC Asia ex Japan
Weight of China in EM
Weight of China in ACWI

29.9%
25.3%
2.7%

-

20.5%
49.4%
43.6%
5.9%

-

-

1.3%
35.0%
30.0%
3.3%

-

-

-

Data as o f M ay 29, 2015
*IF refers to Inclusio n Facto r# Represents eligible fo reign listed co mpanies to be included in the the M SCI China Indexes in 2 phaes (No v 2015/M ay 2016)

7

KEY DISCUSSION POINTS• Do you agree that the key focus should be on major roadblocks that makeinvestment (or increased investment) impossible rather than on technicalities
that make investment process more difficult and/or costly?
• Would you support the 5% initial inclusion proposal should there be policyalignments that lead to satisfactory resolution of any/all of the three major
concerns highlighted i.e., allocation of quota, capital mobility and beneficial
ownerships?
• Given the recent clarification of the Stock Connect’s beneficial ownership issue,
do you see the Stock Connect being a reasonable access channel if the coverage
universe is significantly expanded and the daily quota on the northbound accessis removed? If not, what other critical concerns would need to be addressed?
• Is twelve months a reasonable implementation time frame?

8

TRANSITION OF THE EXISTINGMSCI CHINA A INDEX TO THE
PROPOSED MSCI CHINA A
INTERNATIONAL INDEXROADMAP TO A COMPREHENSIVE CHINA EQUITY INDEXRed Chips
23.8%

P-Chips
20.4%

B Shares
Red Chips 0.4%
20.7%

B Shares
0.4%

May
2015

Red Chips
10.8%

H Shares55.4%

P-Chips
17.8%

Nov 2015May 2016

P-Chips
10.3%

H Shares48.2%

Overseas
12.9%

139 Stocks
US$1.02tr

Data as of May 29, 2015

End
Game

Overseas
6.3%

H Shares25.1%

156 Stocks
US$1.17tr• Inclusion of overseas listed Chinesecompanies such as Baidu and Alibaba

A shares47.2%

B Shares0.3%

522 Stocks
US$2.33tr•

Full inclusion of A shares

10

POTENTIAL TRANSITIONS OF MSCI CHINA INDEXESMSCI China(Current)••••

H shares
B shares
Red Chips
P Chips+

Overseas listed China
Companies

H shares
B shares
Red Chips
P Chips
A shares

A Shares

Pro forma MSCI China
•
•
•
•
•
•

MSCI China All
Shares Index *
•
•
•
•
•

+

+

A sharesH shares
B shares
Red Chips
P Chips
Oversea listed China Companies

Overseas listed China
Companies

MSCI China A International
Index ** The two standalone indexes reflect the full inclusion scenario outlined in the "Index Inclusion Roadmap for China A-Shares in
the MSCI Emerging Markets Index“ consultation proposal as part of 2014 MSCI's Annual Market Classification Review.

11

PROPOSED TRANSITION FOR THE EXISTING MSCI CHINA A
INDEXES• If the partial inclusion of China A-shares into the MSCI Emerging Markets Index were to
take place, the current MSCI China A Index would be simultaneously transitioned to the
MSCI China A International Index, constructed based on the China A-share constituentsof the MSCI China All Shares Index• A separate MSCI Domestic China A Index, which is identical to the current MSCI China A
Index would be launched as a standalone domestic benchmark for investors who wish to
maintain a broad exposure of the China A-share market
MSCI China A International Index
FIF Version
FOL= 0.3
Constituents=
313

Current MSCI China A Index
DIF Version
No FOL
Constituents=
526

Data as of May 29, 2015

Transition

Pro Forma MSCI EM Index
RU MX

CHINA
A-SharesMSCI Domestic China A Index

LaunchDIF Version
No FOL
Constituents=
526

IN

CHINA OtherClasses

BR
SA

Emerging
Markets

TW

KR
CHINA Overseas

Others12

MSCI CHINA A INTERNATIONAL INDEXES• The transition of the current MSCI China A Index to the MSCI China A
International Index would decrease the number of constituents from 526 to 313
with an one-way index turnover of 25.3%• For the MSCI China A Investable Market Index (IMI), the number of constituentswould decrease from 1,861 to 1,640, with an one-way index turnover of 21.4%• The turnover is primarily attributed to the higher market size segment cutoff andthe application of the 30% FOL on the free float-adjusted market capitalization ofChina A-shares
Current International
# Sec
# Sec
MSCI China A
526
313
MSCI China A IMI 1,861
1,640# of Securities
Add
Del
0
213
42
263

One-Way
Turnover
25.3%
21.4%

Data as of May 29, 2015

13

QUESTIONS TO EXISTING MSCI CHINA A INDEX CLIENTS• Do you agree with the proposal to transition the existing MSCI China A
Index to the MSCI China A International Index?
─ If yes, do you think an early phased-in approach is more appropriate? For instance, totransition 50% of the market capitalization at the November SAIR and the remaining
100% at the May SAIR?

• What potential complications do you expect as a result of this transition?

14

APPENDIXMSCI CHINA INDEX FAMILYMSCI Indexes

MSCI China *MSCI China All
Shares *MSCI China A
International

MSCI China A

MSCI Overseas China

MSCI ALL China

Methodology/Coverage
Methodology: GIMI
Construction universe: H, B, R, P
Index Representation: H, B, R, P
Weighting: FIF based
139 of stocks:
Methodology: GIMI
Construction universe: H, B, R, P, A
Index Representation: H, B, R, P, A
Weighting: FIF based
505 of stocks:
Methodology: GIMI
Construction universe: H, B, R, P, A
Index Representation: A only
Weighting: FIF based
313 of stocks:

Use Cases
•
•

•
•

•
•

Methodology: GIMI compatible
Construction universe: A only
Index representation: A only
Weighting: DIF based
526 of stocks:•

Methodology: Select constituent based on GIMI
parameters
Construction universe: Overseas China (OC)
Index representation: OC
Weighting: FIF based
14 of stocks:•

Methodology: Composite Index
Construction universe: 3 separate universes H, B, R, P
/ A / OC
Index Representation: H, B, R, P , A, OC
Weighting: Composite DIF + FIF based
679 of stocks:

•

•
•

•

•

The de-facto China benchmark for international
investors who use the MSCI ACWI/EM as policy
benchmark – its the “no decision” option
If, and when, A-shares or other China share classes
become eligible, they may be included in thisindex
Depicts China opportunity of international
investors if A shares are included in the MSCI EM
Index – the future MSCI China.
For international investors who’s China
opportunity set is defined as HK/PRC listed China
securities

Investors
ALL INTERNATIONAL INVESTORS
Asset Owners, Asset Managers, Broker Dealers

ALL INTERNATIONAL INVESTORS
Asset Owners, Asset Managers, Broker Dealers wanting to
pre-position for the benchmark inclusion of A shares in the
MSCI EM index

Represents the A Share component of the MSCIEM benchmark when the full inclusion happens.
Standalone benchmark for China A specialist
Mandates (i.e. QFII mandates)

Asset Owners investing in A-Shares ahead of the benchmark
inclusion, and for whom the ACWI consistency matters

The broadest representation of the China A
opportunity, as a standalone allocation
The broadest benchmark for China A specialist
Mandates (e.g. QFII mandates)
A share Benchmark for domestic China investors

Asset Owners investing in A-Shares ahead of the benchmark
inclusion , who are comfortable with the benchmark misfit,
and want to give more freedom to their managers
Private Banks investing for A share exposure
Domestic Chinese Investor (e.g. a Chinese Insurance
Company)

Standalone benchmark for investors seeking
investment opportunity of China companies listed
in US and Singapore (outside Hong Kong and
Mainland PRC)
Can be combined with other China indexes tooffer global China exposure

Asset Managers offering China specialist mutual funds/ETFs
Private Banks wanting to invest in China companies
currently not listed on HK & PRC

The broadest opportunity set of all Chinesecompanies, listed anywhere in the world
Benchmark for investors seeking a broad
definition of “China” without geographical andbenchmark constraints

Managers offering China specialist mutual funds/ETFs
Private Banks wanting to capture the broadest China
exposure
Potentially as specialist institutional mandates focus on
China - as a carve out of EM mandates

In addition, MSCI maintains over 20 custom composite indexes that include China A-shares at various weights.
* The inclusion of overseas listed China companies will take place over 2 phases in Nov 2015 and May 2016.

16

KEY ACCESS CHANNELS TO CHINA A-SHARESRQFIIEligible
Investors

Institutional investors based in selected eligible
locations

Need license (CSRC) and quota (SAFE)The process can range from weeks to months
Others:-Repatriation: Monthly

Open-Ended Funds:-Repatriation: Weekly

Others:-Repatriation: Monthly-Lock-up: None

-Lock-up: 1 year

-Lock-up: 3 months-Lock-up: 1 year

-Remit Period: None

-Remit Period: 6months-Remit Period: 6months-Remit Period: 6 months

EquityCoverage
Universe-Others: Monthly
repatriation cannot
exceed 20% of NAV ofprevious year

All investors

N.A.

Open-Ended Funds:-Repatriation: Daily-Others: Quota
required to be usedwithin 1 year upon
approval

Stock Connect

Institutional investors that meet certain operation
and AUM requirements
Individual Quota: > US$ 1 billion for non SWF andCentral Bank QFIIs

Individual Quota: None

Application
Process

CapitalMobility

QFII

No restriction-Others: Monthly
repatriation cannot
exceed 20% of NAV ofprevious year

All securities listed on Shanghai and Shenzhen Stock Exchanges

560+ stocks listed on
Shanghai Stock Exchange

17

CUMULATIVE QUOTA USAGE OF QFII, RQFII AND STOCK CONNECT• As of end-May 2015, roughly 50%, 42% and 50% of the QFII , RQFII and Connect
quotas were used, respectively

QFII Quotas Usage as of end-May 2015 (USD bn)

Unused Quota
75.5

Total Quota
US$150bn

RQFII Quotas Usage as of end-May
2015 (USD bn)

Stock Connect Usage as of end-May
2015 (USD bn)

Used Quota
61.7

Used Quota
74.5
UnusedQuota
86.7

Total Quota
US$148bn

UnusedQuota
24.1

Total Quota
US$48bn

Used Quota
24.4

18

TOP 30 CONSTITUENTS OF THE CURRENT MSCI CHINA AND PRO
FORMA MSCI CHINA INDEXMSCI China Current
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Security NameTENCENT HOLDINGS LI (CN)CHINA MOBILECHINA CONSTRUCTION BK HICBC HBANK OF CHINA HPING AN INSURANCE H
CHINA LIFE INSURANCE H
CNOOC
PETROCHINA CO H
CHINA PETRO & CHEM H
CHINA OVERSEAS LAND &INVCHINA MERCHANTS BANK HCHINA PACIFIC INS GRP H
AGRI BANK OF CHINA HLENOVO GROUPCHINA UNICOM
CHINA TELECOM CORP H
CHINA MINSHENG BANK H
CSR CORP HHENGAN INTL GROUP CO
CHINA SHENHUA ENERGY H
BANK OF COMMUNICATIONS H
PICC PPTY & CASUALTY H
CHINA MENGNIU DAIRY CO
CHINA COMMUNIC CONST H
CHINA RESOURCES LANDCHINA CITIC BANK H
WANT WANT CHINA HLDGSGREAT WALL MOTOR HCHINA TAIPING INSURANCEPro Forma MSCI China (Full Inclusion of A-shares)
Share TypeP CHIPRED CHIP
H
H
H
H
H
RED CHIP
H
H
RED CHIP
H
H
H
RED CHIPRED CHIP
H
H
H
P CHIPH
H
H
RED CHIPH
RED CHIPHP CHIPH
RED CHIP

Weight(%)
10.2%
7.9%
7.1%
6.3%
5.2%
3.8%
3.5%
2.7%
2.5%
2.2%
1.5%
1.4%
1.3%
1.1%
1.0%
1.0%
0.9%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.6%

Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Security NameTENCENT HOLDINGS LI (CN)CHINA MOBILECHINA CONSTRUCTION BK HICBC HBAIDU ADRBANK OF CHINA HPING AN INSURANCE H
CHINA LIFE INSURANCE H
CSR CORP A
ALIBABA GROUP HLDG ADR
CNOOCPETROCHINA CO H
CHINA PETRO & CHEM H
PING AN INSURANCE A
CHINA MERCHANTS BANK A
INDUSTRIAL BANK ASHANGHAI PUDONG DEV BK A
CHINA RAILWAY GROUP ACHINA OVERSEAS LAND &INVKWEICHOW MOUTAI A
CITIC SECURITIES CO A
CHINA MERCHANTS BANK H
AGRI BANK OF CHINA A
CHINA PACIFIC INS GRP H
CHINA STATE CONST ENGR ACHINA MINSHENG BANK AICBC ABANK OF COMMUNICATIONS A
CHINA SHIPBUILDING IND A
AGRI BANK OF CHINA H

Share TypeP CHIPRED CHIP
H
H
ADR
H
H
H
A
ADR
RED CHIP
H
H
A
A
A
A
A
RED CHIP
A
A
H
A
H
A
A
A
A
A
H

Pro Forma MSCI China (5% Inclusion of A-shares)
Weight(%)
4.4%
3.5%
3.1%
2.8%
2.3%
2.3%
1.6%
1.5%
1.4%
1.2%
1.2%
1.1%
1.0%
0.8%
0.8%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%

Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Security NameTENCENT HOLDINGS LI (CN)CHINA MOBILECHINA CONSTRUCTION BK HICBC HBAIDU ADRBANK OF CHINA HPING AN INSURANCE H
CHINA LIFE INSURANCE H
ALIBABA GROUP HLDG ADR
CNOOCPETROCHINA CO H
CHINA PETRO & CHEM H
CHINA OVERSEAS LAND &INVCHINA MERCHANTS BANK HCHINA PACIFIC INS GRP H
AGRI BANK OF CHINA H
CTRIP COM INTL ADR
JD.COM ADR
NETEASE COM ADRLENOVO GROUPCHINA UNICOM
CHINA TELECOM CORP H
CHINA MINSHENG BANK H
CSR CORP HHENGAN INTL GROUP CO
CHINA SHENHUA ENERGY H
BANK OF COMMUNICATIONS H
PICC PPTY & CASUALTY H
CHINA MENGNIU DAIRY CO
CHINA COMMUNIC CONST H

Share TypeP CHIPRED CHIP
H
H
ADR
H
H
H
ADR
RED CHIP
H
H
RED CHIP
H
H
H
ADR
ADR
ADR
RED CHIPRED CHIP
H
H
H
P CHIPH
H
H
RED CHIP
H

Weight(%)
8.0%
6.2%
5.6%
5.0%
4.2%
4.1%
3.0%
2.8%
2.2%
2.2%
1.9%
1.7%
1.1%
1.1%
1.1%
0.9%
0.9%
0.9%
0.9%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%

Data as of May 29, 2015

19

TOP 30 CONSTITUENTS WITH MULTIPLE SHARE CLASSES IN THE
PRO FORMA MSCI CHINA INDEX
No. Name
1 CHINA CONSTRUCTION BK
2 ICBC
3 BANK OF CHINA
4 PING AN INSURANCE
5 CHINA LIFE INSURANCE
6 PETROCHINA CO
7 CHINA PETRO & CHEM
8 CHINA MERCHANTS BANK
9 CHINA PACIFIC INS GRP
10 AGRI BANK OF CHINA
11 CHINA MINSHENG BANK
12 CSR CORP
13 CHINA SHENHUA ENERGY
14 BANK OF COMMUNICATIONS
15 CHINA COMMUNIC CONST
16 CHINA CITIC BANK
17 GREAT WALL MOTOR
18 ANHUI CONCH CEMENT
19 CHINA RAILWAY GROUP
20 HUANENG POWER INTL
21 NEW CHINA LIFE INS
22 CITIC SECURITIES CO
23 BYD CO
24 HAITONG SECURITIES CO
25 CHINA RAILWAY CONST
26 CHINA VANKE CO
27 CHINA OILFIELD SVCS
28 JIANGXI COPPER CO
29 ZIJIN MINING GROUP
30 CHINA COAL ENERGY

Weight of H/B Share in MSCI Weight of A Share in MSCIPro Forma China Index
Pro Forma China Index*
3.11%
0.13%
2.75%
0.56%
2.26%
0.18%
1.64%
0.85%
1.53%
0.36%
1.07%
0.27%
0.96%
0.23%
0.60%
0.77%
0.58%
0.42%
0.50%
0.59%
0.37%
0.56%
0.36%
1.40%
0.36%
0.26%
0.36%
0.56%
0.33%
0.15%
0.30%
0.13%
0.29%
0.13%
0.22%
0.21%
0.22%
0.63%
0.20%
0.16%
0.20%
0.17%
0.19%
0.62%
0.19%
0.21%
0.18%
0.43%
0.16%
0.37%
0.15%
0.29%
0.14%
0.10%
0.11%
0.11%
0.11%
0.23%
0.11%
0.08%

Data as of May 29, 2015
*Assuming an Inclusion Factor of 100%
#Assuming an Inclusion Factor of 5%

No. Name
1 CHINA CONSTRUCTION BK
2 ICBC
3 BANK OF CHINA
4 PING AN INSURANCE
5 CHINA LIFE INSURANCE
6 PETROCHINA CO
7 CHINA PETRO & CHEM
8 CHINA MERCHANTS BANK
9 CHINA PACIFIC INS GRP
10 AGRI BANK OF CHINA
11 CHINA MINSHENG BANK
12 CSR CORP
13 CHINA SHENHUA ENERGY
14 BANK OF COMMUNICATIONS
15 CHINA COMMUNIC CONST
16 CHINA CITIC BANK
17 GREAT WALL MOTOR
18 ANHUI CONCH CEMENT
19 CHINA RAILWAY GROUP
20 HUANENG POWER INTL
21 NEW CHINA LIFE INS
22 CITIC SECURITIES CO
23 BYD CO
24 HAITONG SECURITIES CO
25 CHINA RAILWAY CONST
26 CHINA VANKE CO
27 CHINA OILFIELD SVCS
28 JIANGXI COPPER CO
29 ZIJIN MINING GROUP
30 CHINA COAL ENERGY

Weight of H/B Share in MSCI Weight of A Share in MSCIPro Forma China Index
Pro Forma China Index#
5.63%
0.01%
4.99%
0.05%
4.10%
0.02%
2.98%
0.08%
2.78%
0.03%
1.94%
0.02%
1.75%
0.02%
1.09%
0.07%
1.06%
0.04%
0.91%
0.05%
0.67%
0.05%
0.66%
0.13%
0.65%
0.02%
0.65%
0.05%
0.59%
0.01%
0.54%
0.01%
0.52%
0.01%
0.40%
0.02%
0.40%
0.06%
0.37%
0.01%
0.36%
0.02%
0.35%
0.06%
0.35%
0.02%
0.33%
0.04%
0.28%
0.03%
0.27%
0.03%
0.26%
0.01%
0.20%
0.01%
0.20%
0.02%
0.19%
0.01%

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