Hang Seng Index

The Hang Seng Index (HSI) is a market-capitalisation-weighted stock market index in Hong Kong adjusted for free float. It tracks and records daily changes in the largest stock listings on the Stock Exchange of Hong Kong (SEHK) and serves as the primary indicator of overall market performance in Hong Kong. These 88 constituent companies represent about 58% of the capitalisation of the SEHK.

HSI was publicized on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexes Company Limited, which is a wholly owned subsidiary of Hang Seng Bank, one of the largest banks in Hong Kong in terms of market capitalisation. It is responsible for compiling, publishing and managing the Hang Seng Index and a range of other stock indexes, such as Hang Seng China Enterprises Index, Hang Seng China AH Index Series, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng China A Industry Top Index, Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series. Hang Seng Bank, in turn, is an indirectly wholly owned subsidiary of another listed international financial institution HSBC Holdings plc, owned through its Hong Kong subsidiary.

History

Ho Sin Hang, founding chairman of the Hang Seng Bank, conceived the idea of creating the Hang Seng Index as a "Dow Jones Index for Hong Kong". Along with Hang Seng Director Lee Quo-wei, he commissioned Hang Seng's head of Research Stanley Kwan to create the index in 1964, the index was initially used for internal reference in the Hang Seng Bank, they debuted the index on November 24, 1969.

Investing in the Hang Seng Index Mutual and exchange-traded funds Index funds, including mutual funds and exchange-traded funds (ETFs), can replicate, before fees and expenses, the performance of the index by holding the same stocks as the index in the same proportions. ETFs that replicate the performance of the index are issued by Hang Seng Investment Management (Tracker Fund of Hong Kong, ), CSOP Asset Management (), and iShares ().

CSOP Asset Management offers an inverse ETF () that produces -1x daily return of the Hang Seng Index, as well as leveraged ETFs which attempt to produce 2x the daily return of either investing in () or shorting () the index.

Derivatives In the derivatives market, the Hang Seng Index is traded as a futures contract on the Hong Kong Futures Exchange (HKFE). The full contract specifications are below: +Contract SpecificationHang Seng Index (HSI)Contract Size: HK$50 Hang Seng Index PointsExchange: HKFE Sector: Index Tick Size: 1Tick Value: 50 HKDBig Point Value (BPV): 50Denomination: HKDDecimal Place: 0

Statistics

When the Hang Seng Index was first published, its base of 100 points was set equivalent to the stocks' total value as of the market close on July 31, 1964. Its all-time low is 58.61 points, reached retroactively on August 31, 1967, after the base value was established but before the publication of the index. The Hang Seng passed the 10,000 point milestone for the first time in its history on December 10, 1993, and, 13 years later, passed the 20,000 point milestone on December 28, 2006. In less than 10 months, it passed the 30,000 point milestone on October 18, 2007. Its all-time high, set on January 26, 2018, was 33,223.58 points at closing. From October 30, 2007, through March 9, 2008, the index lost 9,426 points or approximately 30%. On September 5, it fell past the 20,000 mark the first time in almost a year to a low of 19,708.39, later closing at 19,933.28. On October 8, 2008, the index closed at 15,431.73, over 50% less than the all-time high and the lowest closing value in over two years. On October 27, 2008, the index further fell to 10,676.29 points, having fallen nearly two-thirds from its all-time peak, but passed the 20,000 point milestone again to 20,063.93 on 24 July 2009. The index reached 25,000.00 on August 19, 2014, reaching as high as 25,201.21 that day, later closing at 24,909.26 points. It continued rising to hit 26,000 on April 8, 2015, with a close of 26,236.86 The following day, it rose to as much as 27,922.67 before closing at 26,944.39. Yet again, another milestone was reached on April 13, 2015, rising to over 28,000 points, or closing to 28,016.34, the highest since December 2007. On July 8, 2015, the index fell as much as 2139 points. On 21 August the index entered a bear market. The index at that point hovered around 18000–19000 points, until it ended in February 2016. On 24 June 2016, the market fell 1,000 points in response to UK EU referendum results that "Leave" won the vote against "Remain". Then, the markets continuously fell on 27 and 28 June 2016 before recovered slightly on 29 June 2016.

Annual returns The following table shows the annual development of the Hang Seng Index, which was calculated from 1964.

Year Closing level Change in Indexin Points Change in Indexin % 1965 82.14 1966 79.69 −2.45 −2.98 1967 66.92 −12.77 −16.02 1968 107.55 40.63 60.71 1969 155.47 47.92 44.56 1970 211.64 56.17 36.13 1971 341.36 129.72 61.29 1972 843.40 502.04 147.07 1973 433.68 −409.72 −48.58 1974 171.11 −262.57 −60.54 1975 350.00 178.89 104.55 1976 447.67 97.67 27.91 1977 404.02 −43.65 −9.75 1978 495.51 91.49 22.64 1979 879.38 383.87 77.47 1980 1,473.59 594.21 67.57 1981 1,405.82 −67.77 −4.60 1982 783.82 −622.00 −44.24 1983 874.94 91.12 11.63 1984 1,200.38 567.35 89.62 1985 1,752.45 552.07 45.99 1986 2,568.30 815.85 46.55 1987 2,302.75 −265.55 −10.34 1988 2,687.44 384.69 16.70 1989 2,836.57 149.13 5.55 1990 3,024.55 187.98 6.63 1991 4,297.33 1,272.78 42.08 1992 5,512.39 1,215.06 28.28 1993 11,888.39 6,376.00 115.67 1994 8,191.04 −3,697.40 −31.10 1995 10,073.39 1,882.35 22.98 1996 13,451.45 3,378.06 33.53 1997 10,722.76 −2,728.69 −20.29 1998 10,048.58 −674.18 −6.29 1999 16,962.10 6,913.52 68.80 2000 15,095.53 −1,866.57 −11.00 2001 11,397.21 −3,698.32 −24.50 2002 9,321.29 −2,075.92 −18.21 2003 12,575.94 3,254.65 34.92 2004 14,230.14 1,654.20 13.15 2005 14,876.43 646.29 4.54 2006 19,964.72 5,088.29 34.20 2007 27,812.65 7,847.93 39.31 2008 14,387.48 −13,425.17 −48.27 2009 21,872.50 7,485.02 52.02 2010 23,035.45 1,162.95 5.32 2011 18,434.39 −4,601.06 −19.97 2012 22,656.92 4,222.53 22.91 2013 23,306.39 649.47 2.87 2014 23,605.04 298.65 1.28 2015 21,914.40 −1,690.64 −7.16 2016 22,000.56 86.16 0.39 2017 29,919.15 7,918.59 35.99201825,845.70−4,073.45−13.61201928,189.752,344.059.07202027,231.13−958.62−3.40202123,397.67−3,833.46−14.08202219,781.41−3,616.26−15.46202317,047.39−2,734.02−13.82202420,059.953,012.5617.67202525,630.545,570.5927.77

Components On January 2, 1985, four sub-indices were established in order to make the index clearer and to classify constituent stocks into four distinct sectors. There are 88 HSI constituent stocks in total. As of January 2026 they are: TickerNameSub-indexHSBC Holdings plcFinanceHKEx LimitedFinanceChina Construction BankFinanceAIA Group LimitedFinanceIndustrial and Commercial Bank of ChinaFinancePing An InsuranceFinanceBOC Hong Kong (Holdings) LtdFinanceChina LifeFinanceChina Merchants BankFinanceBank of China LtdFinanceCLP Holdings LimitedUtilitiesHong Kong and China Gas Company LimitedUtilitiesPower Assets Holdings LimitedUtilitiesChina Resources PowerUtilitiesCheung Kong Infrastructure Holdings LimitedUtilitiesENN EnergyUtilitiesHenderson Land Development Company LimitedPropertiesSun Hung Kai Properties LimitedPropertiesHang Lung Properties LimitedPropertiesChina Overseas Land & Investment LimitedPropertiesLink REITPropertiesLongfor PropertiesPropertiesChina Resources Land LimitedPropertiesCK Asset HoldingsPropertiesChina Resources Mixc LifestylePropertiesWharf Real Estate Investment Company LimitedPropertiesCK Hutchison Holdings LimitedCommerce & IndustryGalaxy Entertainment Group Ltd.Commerce & IndustryMTR Corporation LtdCommerce & IndustryGeely AutoCommerce & IndustryAlibaba HealthCommerce & IndustryCITIC LimitedCommerce & IndustryBYD ElectronicsCommerce & IndustryWH GroupCommerce & IndustryChina Resources BeerCommerce & IndustryMidea GroupCommerce & IndustryOrient Overseas (International) LimitedCommerce & IndustryTingyiCommerce & IndustrySinopec CorpCommerce & IndustryTechtronic IndustriesCommerce & IndustryTencent Holdings LimitedCommerce & IndustryChina UnicomCommerce & IndustryPetroChina Company LimitedCommerce & IndustryXinyi GlassCommerce & IndustryZhongsheng GroupCommerce & IndustryCNOOC LimitedCommerce & IndustryChina Mobile LtdCommerce & IndustryXinyi SolarCommerce & IndustrySemiconductor Manufacturing International CorporationCommerce & IndustryLenovoCommerce & IndustryKuaishouCommerce & IndustryHengan International Group Co. LtdCommerce & IndustryChina Shenhua EnergyCommerce & IndustryCSPC Pharmaceutical GroupCommerce & IndustrySinopharm GroupCommerce & IndustrySino BiopharmCommerce & IndustryBYD CompanyCommerce & IndustryChina Hongqiao GroupCommerce & IndustryXiaomiCommerce & IndustryBudweiser Brewing Company APACCommerce & IndustrySands ChinaCommerce & IndustryChow Tai FookCommerce & IndustryLi AutoCommerce & IndustryAnta SportsCommerce & IndustryZTO ExpressCommerce & IndustryWuXi BiologicsCommerce & IndustryShenzhou InternationalCommerce & IndustryMengniu DairyCommerce & IndustryLi-NingCommerce & IndustryWuXi AppTecCommerce & IndustrySunny OpticalCommerce & IndustryJD LogisticsCommerce & IndustryZijin MiningCommerce & IndustryMeituanCommerce & IndustryHansoh Pharmaceutical GroupCommerce & IndustryJD HealthCommerce & IndustryHaierCommerce & IndustryHaidilaoCommerce & IndustryJD.comCommerce & IndustryNongfu SpringCommerce & IndustryBaiduCommerce & IndustryTrip.com GroupCommerce & IndustryAlibaba GroupCommerce & IndustryPop MartCommerce & IndustryNetEaseCommerce & Industry

Hang Seng Index

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