HKEx to introduce H-shares index futures Dec. 8

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Last updated at: (Beijing Time) Thursday, October 23, 2003

HKEx to introduce H-shares index futures Dec. 8

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Hong Kong Exchanges and Clearing Limited (HKEx) announced Wednesday that it will introduce H-shares Index Futures for trading on the Hong Kong Futures Exchange, a wholly-owned subsidiary of HKEx, on Dec. 8, 2003.

The H-shares Index Futures are the latest product offered by HKEx to meet the growing needs of investors who are interested in Chinese mainland related-securities, said Patrick Conroy, HKEx chief operating officer.

"As the Chinese mainland economy continues to expand rapidly, there is growing interest among institutional investors and individuals in Chinese mainland-related products," said Conroy, "In addition to representing an effective hedging mechanism, H-shares Index Futures will provide excellent opportunities for investors to benefit from movements in the prices of H-shares."

The underlying index for H-shares Index Futures is the Hang Seng China Enterprises Index (HSCEI). The HSCEI is a market capitalization-weighted stock index compiled by HSI Services Limited. The index currently comprises 32 Main Board-listed H shares with a combined market capitalization of 30.26 billion US dollars ( as of Oct. 20, 2003).

The Contract Multiplier for H-shares Index Futures will be 50 Hong Kong dollars ( 6.41 US dollars). At the index level of 3,700,the contract value would be 185,000 Hong Kong dollars (23,717 US dollars), according to HKEx.

There will be four Contract Months available for trading: spot month, next calendar month and next two calendar quarter months (the calendar quarter months are March, June, September and December). At the launch, the Contract Months available for trading will be December 2003, January 2004, March 2004 and June 2004, HKEx said.

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