China’s position as the second-largest economy in the world makes it an important market for global investors looking to diversify and access its dynamic growth potential. The continued liberalization of China’s capital markets and the inclusion of China A-shares in some global indices has also contributed to the growth of China’s stock market. Our China indices offer both domestic and international investors the opportunity to access China’s growth while placing a premium on transparency and liquidity.
The Many Ways to Access China's Markets
Since the launch of the Dow Jones China 88 Index in 1996 and the S&P China BMI in 1997, S&P Dow Jones Indices has continued to innovate and allow foreign investors a clearer view of the many facets of China’s markets. All our indices can be used for benchmarking and performance evaluation purposes, or licensed to create financial products tracking specific investment objectives.
Comprehensive, unbiased representations of global markets
Representative of specific markets and efficient to replicate
Track the performance of local-currency-denominated government and corporate bonds from China
Track the performance of strategies that reduce exposure to high-carbon companies in a systematic way
Representative of specific investment themes or strategies
Broad Benchmark Indices
S&P DJI’s China indices offer extensive coverage, tracking over 5,000 securities across all segments of the Chinese equity market.
In December 2013, S&P DJI expanded its existing A-share index offerings with the launch of the S&P China A Domestic BMI. At the same time, we introduced the S&P China All-Shares, combining A-shares with offshore listings, in order to provide a comprehensive view of the Chinese equity market. Both indices are constructed based on the well-known S&P Global BMI (Broad Market Index) methodology. Today we offer a variety of China benchmarks for both domestic and foreign market participants, including or excluding sanctioned securities and applying foreign ownership limits and reduced A-share inclusion rates as applicable.
Investors interested in China’s stock market often cite its growth and potential opportunity for future appreciation. S&P DJI creates tools designed to help market participants measure the growth of this dynamic market, providing transparent, market-representative indices comprised of liquid constituents that are easy to replicate and designed to support financial products.
The S&P China A 300 seeks to provide efficient exposure to onshore Chinese equities, expanding beyond the limited A-share representation provided by broad emerging market benchmarks. The headline large-cap index is complemented by the S&P China A MidCap 500 and S&P China SmallCap 1000 for those seeking deeper coverage of the A-share market.
The S&P China A 300 has an extensive track record dating back to 2004 and offers potential methodology advantages compared to widely used peer benchmarks including:
The S&P China 500’s primary objective is to be representative of the total Chinese equity market. The index is designed to track the 500 largest and most-liquid Chinese companies while approximating the sector composition of the broader equity market. All Chinese share classes, including A-shares and offshore listings, are eligible for inclusion, subject to meeting minimum size and liquidity requirements. The largest companies (measured by total market cap, including all share classes) are selected within each GICS® sector with the goal of matching the sector weights of the broader S&P Total China BMI.
Fixed Income Indices
Chinese government bonds include Chinese sovereign bonds, government bills, China agency bonds, and Chinese provincial bonds. The corporate bond market in China has experienced strong growth over the past decade and currently represents 36% of the S&P China Bond Index’s composition. The corporate sectors represented are Financials, Communication Services, Utilities and Industrials.
The S&P China Bond Index Series seeks to track the performance of local-currency-denominated government and corporate bonds from China. The family includes separate sub-indices for various government-issued bonds as well as corporate bonds from various sectors.
The iBoxx families of China-focused bond indices are designed to track the performance of local-currency-denominated government and sub-sovereign bonds, as well as dollar-denominated bonds from China. The families include sub-indices for government-issued bonds as well as corporate issuers.
Market Value of the S&P China Corporate Bond Index and S&P China Government Bond Index
The iBoxx ChinaBond indices are a joint initiative between IHS Markit (now part of S&P Global) and China Bond Pricing Center Co., Ltd. (“CBPC”). The partnership combines the bond valuation data and domestic market expertise of CBPC with IHS Markit’s award-winning global fixed income index expertise, and provides a way to assess the performance of RMB-denominated bonds issued by the Chinese government and Chinese policy banks.
Market Value of iBoxx ChinaBond Government & Policy Banks Bond Index
The iBoxx USD Asia ex-Japan China is a segment of the broader iBoxx USD Asia ex-Japan index family, tracking USD-denominated bonds from Chinese issuers while upholding minimum standards of investability and liquidity. The index series offers a range of sub-indices, including sectors, ratings and maturity buckets.
Market Value of iBoxx USD Asia ex-Japan China
The S&P China A Carbon Efficient Index is designed to measure the performance of companies in the S&P China A Domestic BMI, while overweighting or underweighting those companies that have lower or higher levels of carbon emissions per unit of revenue. These carbon weight adjustments are calculated using the S&P Carbon Global Standard, a proprietary carbon classification system. The carbon-to-revenue footprint metrics are calculated by S&P Global Trucost, a leader in carbon and environmental data and risk analysis.
The S&P China A 300 Sustainability Screened Index is designed to measure the performance of stocks in the S&P China A 300 Index, excluding companies involved in controversial weapons, small arms, tobacco and fossil fuels at specific involvement thresholds.
The S&P BOCHK China Hong Kong Greater Bay Area Net Zero 2050 Climate Transition Index is the first climate transition index covering listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area. The index reflects how companies in the GBA can be aligned with a 2050 net zero trajectory and with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. The index can serve as a valuable tool for domestic and global investors who are seeking enhanced transparency and opportunities related to climate transition in the region.
Factors such as size, value and dividends have played a part in asset allocation decisions for decades. With the advent of factor indexing, passive investors gained access to a broader range of exposures. Today, investors can access factors both individually and in combination through a range of index-based ETFs, tapping into a world of sophisticated strategies that were once available only via active management.
With continuous efforts from Chinese authorities to encourage profit distribution and improve corporate governance, the size of the dividend pool in China’s equity market is steadily growing. For income seekers, a focus on growing and sustainable dividends in the China A-share market could offer a relevant approach to diversifying income and tracking high-yield opportunities in an emerging market.
The S&P China A-Share Dividend Opportunities Index is designed to offer a transparent, rules-based, diversified, tradable strategy for market participants looking for high-yielding stocks listed in China that meet dividend sustainability requirements.
The S&P China A-Share LargeCap Low Volatility High Dividend 50 Index is designed to offer liquid and tradable exposure to dividends and low volatility, two well-known risk factors that have delivered risk premia in the China A-share market.
Our indices combine cutting-edge quantitative techniques with human expertise to capture long-term, market-altering themes with precision. We offer cost-efficient, curated access to tech, electric vehicles and other megatrends reshaping China’s market.
As China’s economy continues to mature, expectations that consumption and service-related industries will become increasingly important are on the rise. Because the country’s stock market remains dominated by “old economy” sectors, some investors are seeking alternative index solutions in order to participate in the next leg of China’s growth.
The S&P New China Sector Index is designed to measure the performance of China- and Hong Kong-domiciled companies in consumption and service-oriented industries. All Chinese share classes, including A-shares and offshore listings, are eligible for inclusion.
As the green transition continues and electric vehicle sales take off globally, China is leading the race as the largest BEV market and as a dominant player in battery manufacturing.
The S&P U.S. & China Electric Vehicle Index is designed to measure the performance of U.S. and China-domiciled companies involved in the EV value chain.
Explore our full range of China indices, including those designed specifically for domestic investors.