| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
other Other |
Editorial |
The disclaimer was rewritten and expanded. It retains the reference-only, no-warranty, no-liability, and change-without-notice language, but replaces generic professional-advice guidance with investment-risk language, advice against relying solely on the document, independent investment-advice recommendations, and a new disclosure concerning HSBC Group conflicts of interest and related safeguards. |
| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
other Other |
Editorial |
The amendment-history entry for version 2.3 is reformatted by inserting the heading “Amendment History” and moving “Date Description” onto a separate line. No index methodology rule, date, threshold, or historical amendment description is changed. |
| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
M6 Review and rebalance schedule |
Editorial |
The vendor-code table adds WIND as a data vendor and lists WIND codes for the Price Index (.HSI -> HSI.HI), Gross Total Return Index (.HSIDV/HSIRH -> HSIRH.HI), and Net Total Return Index (.HSIDVN/HSINH -> HSINH.HI). Review/rebalancing frequency, weighting, capping, dates, currency, and dissemination frequency are unchanged. |
| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
M4 Selection and constituent count |
Editorial |
Editorial change: wording only, no rule changed. |
| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
M4 Selection and constituent count |
Minor |
The updated section adds the HSICS industry-group mapping and explicit rules for setting constituent counts by industry group, including a target of at least 50% market-cap coverage per group, industry characteristics and index-versus-market weighting considerations, and a minimum of 20 constituents classified as “Hong Kong” Companies. It also requires reviews of the industry-group combination and Hong Kong constituent minimum at least every two years. |
| 2026-10-02 |
Hang Seng Index |
v2.3-2023.11.20 → v2.3-2025.03.24 |
other Other |
Minor |
The HSI universe exclusion for Specialist Technology Companies changes the required stock-name marker from “PC” to “P”. This alters the eligibility screen for securities classified as Specialist Technology Companies. |
| 2023-12-01 |
Hang Seng Index |
v2.2-2023.05.03 → v2.3-2023.11.20 |
other Other |
Minor |
The amendment history adds version 2.3, dated July 2023. It records that Primary-listed Foreign Companies were added to the index universe with weight capping, and that the cap on the number of “Hong Kong” constituents was removed, effective from the November 2023 index review. |
| 2023-12-01 |
Hang Seng Index |
v2.2-2023.05.03 → v2.3-2023.11.20 |
M6 Review and rebalance schedule |
Major |
The capping rule was changed from a single 8% cap on every constituent to differentiated caps based on foreign-company status: non-foreign companies remain capped at 8% individually, while foreign companies are capped at 4% individually and 10% in aggregate. This affects expected constituent weights and index calculation outcomes. |
| 2023-12-01 |
Hang Seng Index |
v2.2-2023.05.03 → v2.3-2023.11.20 |
M4 Selection and constituent count |
Minor |
The required number of constituents classified as “Hong Kong” Companies changes from a fixed range of 20 to 25 to a minimum of 20 with no stated upper cap. The biennial review requirement for this number remains unchanged. |
| 2023-12-01 |
Hang Seng Index |
v2.2-2023.05.03 → v2.3-2023.11.20 |
M3 Eligibility screens |
Minor |
The eligibility criteria section removes the separate "Greater China Companies" geographical requirement. All other stated criteria—LargeCap/MidCap constituent status, at least three months' listing history, and the monthly turnover velocity test—remain unchanged. |
| 2023-12-01 |
Hang Seng Index |
v2.2-2023.05.03 → v2.3-2023.11.20 |
M10 Governance, change policy, disclosure |
Minor |
The index universe exclusion was narrowed from all Foreign Companies to “secondarylisted Foreign Companies.” Other listed exclusions and the stated objective remain unchanged. |
| 2023-05-12 |
Hang Seng Index |
v2.0-2021.05.14 → v2.2-2023.05.03 |
other Other |
Editorial |
The disclaimer is substantively unchanged. The only edit updates the copyright year from 2021 to 2023. |
| 2023-05-12 |
Hang Seng Index |
v2.0-2021.05.14 → v2.2-2023.05.03 |
other Other |
Minor |
The amendment history adds two later methodology updates. September 2022 adds a profitability consideration for candidate financial-performance assessment, while May 2023 records exclusion of Specialist Technology Companies from the index universe and fixes the constituent number at 100. |
| 2023-05-12 |
Hang Seng Index |
v2.0-2021.05.14 → v2.2-2023.05.03 |
M4 Selection and constituent count |
Minor |
The constituent-count expansion language was updated. The prior interim target of reaching 80 constituents by mid-2022 was removed; the current text states that the number is fixed at 100 while expansion is still in progress. |
| 2023-05-12 |
Hang Seng Index |
v2.0-2021.05.14 → v2.2-2023.05.03 |
M4 Selection and constituent count |
Minor |
The constituent-selection criterion for financial performance now expressly includes profitability. The other selection and removal principles remain unchanged. |
| 2023-05-12 |
Hang Seng Index |
v2.0-2021.05.14 → v2.2-2023.05.03 |
M10 Governance, change policy, disclosure |
Minor |
The index universe exclusion list is expanded. In addition to Foreign Companies, Stapled Securities, and Biotech Companies marked “B”, Specialist Technology Companies whose stock names end with the marker “PC” are now excluded from eligibility. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
other Other |
Minor |
The updated methodology adds front-matter language defining the index objective and its starting universe. The universe is limited to Hang Seng Composite LargeCap & MidCap Index constituents at the review data cut-off, excluding Foreign Companies, Stapled Securities, and Biotech Companies whose stock names end with marker “B”. It also notes that HSIL may make exceptions in special situations. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M1 Identity, objective, classification |
Minor |
The entire HSICS section was removed in the updated document, including the Hang Seng Industry Classification System sub-index industry code table. The deleted passage also contained other rules on quarterly reviews, calculation, rebalancing, dissemination, contacts, and disclaimer. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M1 Identity, objective, classification |
Editorial |
The prior HSI section at pages 8-8 is absent in the updated version, but neither the supplied previous text nor updated text contains any rule wording to compare. Therefore no substantive index-rule change can be identified from the provided evidence. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The prior H-share eligibility restriction was removed: Mainland China enterprises' H-shares listed on HKEx are no longer stated to be ineligible unless the company has no unlisted share capital. The provided updated excerpt contains no replacement text for the removed section. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The prior section linking market-value rank bands to required listing histories, defining MV rank averages, and setting turnover treatment by listing history has been removed. The updated version contains no corresponding text in the supplied section, so those explicit eligibility/turnover rules are no longer present here. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The updated methodology removes the dedicated listing-history eligibility rule. The prior text normally required at least 24 months of listing before HSI inclusion, while allowing very large market-cap stocks with less history to be considered under a stricter market-cap requirement. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The updated methodology removes the standalone 24-month turnover test. Previously, each stock was assessed over eight quarterly sub-periods, received weighted points for ranking in the top 90th percentile of universe turnover, and needed at least 8 of 12 points to pass. The updated text contains no corresponding turnover requirement section. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
other Other |
Editorial |
A new disclaimer page was added, stating that the document's information is for reference only, is not warranted as accurate or complete, does not constitute professional advice, and may change without notice. It also includes a 2021 copyright notice. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The updated methodology removes the standalone market value eligibility rules. These previously defined individual stock MV as the average of month-end values over the past 12 months and required eligible stocks to fall within the top 90th percentile of the universe by total MV. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
other Other |
Editorial |
An Amendment History section was added, documenting prior methodology issues and revisions from September 2011 through May 2021. It is a historical disclosure log rather than a new operative index rule in this change. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M1 Identity, objective, classification |
Minor |
A new “Other Information” summary section was added, disclosing quarterly reviews with quarter-end data cut-offs, quarterly rebalancing, freefloat-adjusted market-cap weighting, an 8% individual security cap, launch/base data, dissemination frequency, and vendor codes. Because the section was absent in the prior version and states index-level characteristics including weighting and capping, the addition is substantive for index users. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M1 Identity, objective, classification |
Minor |
The updated methodology adds an HSICS sub-index code-to-industry mapping table. It assigns numeric codes to industry categories, including codes 00, 05, 10, 23, 25, 28, 35, 40, 50, 60, 70, and 80, and lists Conglomerates without a code in the supplied text. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M1 Identity, objective, classification |
Minor |
The updated methodology adds a Sub-indexes section identifying four sub-indexes: Finance, Utilities, Properties, and Commerce and Industry. It also states that constituents are assigned to one sub-index according to their HSICS industry classification and the mapping table. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M4 Selection and constituent count |
Minor |
The updated methodology adds a constituent-count policy: the index targets 80 constituents by mid-2022 and will ultimately be fixed at 100. This introduces a numerical selection/universe-size rule that was absent from the prior section. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M4 Selection and constituent count |
Minor |
A new 'Principles of Constituent Selection' section was added. It specifies that eligible securities are assessed by Industry Group based on representativeness, market capitalisation, turnover, and financial performance; permits cross-Industry Group changes for sectoral balance; and states that eligible but smallest or least-liquid constituents may still be removed if suitable replacements exist. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M4 Selection and constituent count |
Minor |
The updated methodology adds an HSICS section defining the Industry Group taxonomy and principles for determining constituent numbers by Industry Group. It introduces a minimum 50% market-capitalisation coverage target for each Industry Group and requires maintaining 20–25 constituents classified as “Hong Kong” Companies, with reviews at least every two years. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M4 Selection and constituent count |
Minor |
The updated methodology adds a provision stating that eligible candidates are assigned to Industry Groups based on their Hang Seng Industry Classification System (HSICS) classification. The excerpt introduces an industry-based classification step but does not list the Industry Groups or any selection thresholds in the supplied text. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M4 Selection and constituent count |
Minor |
Section Constituent Selection added |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
M3 Eligibility screens |
Minor |
The updated methodology adds an Eligibility Criteria section. It restricts eligible securities to Hang Seng Composite LargeCap and MidCap Index constituents that are Greater China companies, require at least three months of listing history counted to the index review meeting date, and satisfy a monthly turnover velocity minimum of 0.1%. |
| 2021-08-23 |
Hang Seng Index |
v1.0-2011.08.16 → v2.0-2021.05.14 |
other Other |
Minor |
The 2011 HSI management-methodology cover/table-of-contents section and its initial rules were removed in the 2021 document set; the updated version contains no corresponding section text. The deleted passage covered HSI overview and governance responsibilities, plus the beginning of the constituent eligibility/universe rules. |