STRATEGY NOTE. April 18, UPDATE ON MSCI A-SHARE INCLUSION Analyst: Wong Chi-man, CFA (Tel: (852) );

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1 April 18, 2018 Summary. As A-shares will be officially included in the MSCI Emerging Markets Index starting in late May, we take this opportunity to review the latest situation and offer investment ideas to investors. Currently, we estimate a total of about US$12bn in passive funds will flow into A-shares during the two stages of inclusion (May and August). In the long term, the estimated fund flow may reach US$249bn, but it depends on the progress of China s capital market reform. Following a correction of nearly 15% since late January, we believe the current valuation of the A-share market has become more attractive for investors with a longer investment horizon. We believe that investors with limited experience in the A-share market should initially pay more attention to the following 10 large-cap A- share companies: Ping An Insurance-A, Kweichow Moutai, China Merchants Bank-A, Hangzhou Hikvision Digital Technology, Industrial Bank, Midea Group, China State Construction Engineering, Jiangsu Hengrui Medicine, Baoshan Iron & Steel, and Kangmei Pharmaceutical. Recap of the A-share inclusion process. Because of the daily net buy limit of the Stock Connect program, the implementation of A- share inclusion in the MSCI Emerging Markets Index will be carried out in two steps: (i) 2.5% of the free float will be included based on the quarterly review results in May 2018; and (ii) 5% of the free float will be included based on the quarterly review results in August Therefore, A-shares will account for a 0.41% weighting of the MSCI Emerging Markets Index in June The weighting will increase to 0.81% in September Based on the latest stock universe in March, 236 large cap A-shares are expected to be included. Figure 1: Weighting of A-shares in MSCI Emerging Markets Index Sources: MSCI, CGIS Research (Based on March 2018 data) Figure 2: Methodology of picking 236 large cap A-shares Sources: MSCI, CGIS Research (based on March 2018 data) 1

2 About US$12bn of passive fund inflow initially. According to MSCI, there is about US$1.5trn of funds tracking the MSCI Emerging Markets Index. Based on a weighting of 0.81% after the two stages of inclusion, we estimate the initial passive fund inflow to A-shares will be about US$12bn. However, if we assume 100% of the free float of the eligible A-shares is included, the weighting will jump to 16.6%, and the estimated passive fund inflow will reach US$249bn. But it may take 8-10 years to achieve full inclusion, based on the experience in other emerging markets, unless China pushes forward a much faster opening of the capital account. Figure 3: Weighting of A-shares in MSCI Emerging Markets Index Sources: MSCI, CGIS Research (Based on March 2018 data) Northbound trading has become much more active. Average daily turnover (ADT) of northbound trading jumped from RMB3.3bn in 2016 to RMB9.6bn in The ADT of 4M2018 grew further to RMB18.9bn. It is even more active than the ADT of southbound trading, which was HK$19.3bn in 2018 YTD. The accumulated net buy of northbound trading also exceeded RMB407bn(US$64.8bn). Figure 4: Daily turnover of southbound trading Figure 5: Accumulated net buy of northbound trading Sources: WIND, CGIS Research Sources: WIND, CGIS Research 2

3 Only the healthcare sector has posted a positive return YTD. As the Shanghai Composite Index has dropped about 15% since late January, the MSCI China A Inclusion Index (including the 236 large cap A-share companies) has lost about 5.5% YTD. Only the healthcare sector has posted a positive return YTD (6.87%). Other relatively resilient sectors include materials (thanks to supply-side reforms) and energy (thanks to the rebound in oil prices). The weakest sectors include consumer discretionary (profit-taking after the huge rally last year), industrials (both the construction and railway sectors were relatively weak) and financials (profit-taking after the re-rating last year). (Note: Telecom services is not included in our discussion because there is only one stock in this sector.) Figure 6: YTD sector performance of MSCI China A Inclusion Index Health Care 6.87 Materials (0.34) Energy (0.81) Real Estate (1.27) Utilities (2.35) Information Technology (2.47) Consumer Staples (4.66) Figure 7: Sector breakdown of MSCI China A Inclusion Index (market cap) Telecommunication Services 0.1% Real Estate 6.0% Materials 7.2% Information Technology 8.2% 圖表標題 Utilities 3.3% Consumer Discretionary 9.7% Consumer Staples 11.1% Energy 2.0% MSCI China A Inclusion Index (5.49) Financials (6.03) Industrials (7.79) Consumer Discretionary (9.65) Telecommunication Services (14.56) Industrials 13.3% Health Care 5.5% Financials 33.6% Sources: MSCI, CGIS Research (based on April 2018 data) Undemanding valuation after a major correction. After a correction of about 15% since late January, the forward PER of the Shanghai Composite Index dropped to 11.6x, which is largely in line with the 5-year average of 11.4x. It is also near the low-end of range after the market collapse in mid The situation is similar for the Shenzhen Composite Index. Its latest forward PER is 18.2x, which is lower than the 5-year average 20.9x. Since there are more new economy-related stocks in the Shenzhen Composite Index, it is reasonable to see the Shenzhen market enjoying a higher valuation. Figure 8: Forward PER of Shanghai Composite Index 3

4 Figure 9: Forward PER of Shenzhen Composite Index 10 stocks for investors who have limited experience in the A-share market. Since A-share companies will initially represent a weighting of only 0.81% of the MSCI Emerging Markets Index, we picked 10 stocks investors should pay attention to if they have limited experience in the A-share market so that they do not need to spend too much time picking stocks initially. For simplicity, the 10 stocks were selected based on an equal weighting, with 3 financials stocks, 2 healthcare stocks, 1 consumer discretionary stock, 1 consumer staple stock, 1 industrials stock, 1 materials stock and 1 information technology stock. Therefore, we picked stocks mainly from industries with higher weightings and skipped stocks in the utilities, energy, real estate and telecommunication services sectors, as these four sectors together account for only about 11.4% of the weighting. In other words, we focus on 89% of the weighting. A list of 10 stocks. Unless we believe the stock has a very poor outlook, we generally picked stocks from the Top 3 market cap stocks in each industry mentioned above. Although the performance of financials has been unimpressive YTD, we still included three stocks in our model portfolio to avoid a large deviation from the index weighting. The 10 stocks are Ping An Insurance-A ( CH), Kweichow Moutai ( CH), China Merchants Bank-A ( CH), Hangzhou Hikvision Digital Technology ( CH), Industrial Bank ( CH), Midea Group ( CH), China State Construction Engineering ( CH), Jiangsu Hengrui Medicine ( CH), Baoshan Iron & Steel ( CH) and Kangmei Pharmaceutical ( CH). Figure 10: A list of 10 large cap A-share companies Ticker Company name Sector Price (RMB) Market cap (US$m) 2019E PBR (x) dividend yield (%) Estimated weighting in MSCI China A Inclusion Index (%) CH Equity Ping An Insurance Group Co of China Ltd Financials , CH Equity Kweichow Moutai Co Ltd Consumer staples , CH Equity China Merchants Bank Co Ltd Financials , CH Equity Hangzhou Hikvision Digital Technology Co Ltd Information Technology , CH Equity Industrial Bank Co Ltd Financials , CH Equity Midea Group Co Ltd Consumer discretionary , CH Equity China State Construction Engineering Corp Ltd Industrials , CH Equity Jiangsu Hengrui Medicine Co Ltd Healthcare , CH Equity Baoshan Iron & Steel Co Ltd Materials , CH Equity Kangmei Pharmaceutical Co Ltd Healthcare ,

5 Figure 11: 12-month model portfolio prepared by CGS Research Ticker Company name Price (RMB) Market cap (US$m) 2019E PBR (x) dividend yield (%) CH Equity Beijing New Building Materials PLC , CH Equity Changchun High & New Technology Industries Inc , CH Equity Guizhou Space Appliance Co Ltd , CH Equity Kweichow Moutai Co Ltd , CH Equity NavInfo Co Ltd , CH Equity Ping An Insurance Group Co of China Ltd , CH Equity Poly Real Estate Group Co Ltd , CH Equity Sichuan Swellfun Co Ltd , CH Equity Yantai Jereh Oilfield Services Group Co Ltd , CH Equity Guangdong Zhengye Technology Co Ltd Note: Stocks highlighted in red are included in the MSCI China A Inclusion Index. Sources: Bloomberg, CGS Research Figure 12: Top 15 A-shares owned by northbound investors (amount) Amount owned by northbound Ticker Company name Price (RMB) Market cap (US$m) PER (X) 2019E PBR (x) dividend yield (%) investors (US$m) % CH Equity Kweichow Moutai Co Ltd , , CH Equity Jiangsu Hengrui Medicine Co Ltd , , CH Equity Ping An Insurance Group Co of China Ltd , , CH Equity China Yangtze Power Co Ltd , , CH Equity Inner Mongolia Yili Industrial Group Co Ltd , , CH Equity Shanghai International Airport Co Ltd , , CH Equity China International Travel Service Corp Ltd , , CH Equity SAIC Motor Corp Ltd , , CH Equity China Merchants Bank Co Ltd , , CH Equity Foshan Haitian Flavouring & Food Co Ltd , , CH Equity Qingdao Haier Co Ltd , , CH Equity Founder Securities Co Ltd , n.a n.a. 1, CH Equity Anhui Conch Cement Co Ltd , , CH Equity Zhengzhou Yutong Bus Co Ltd , , CH Equity Fuyao Glass Industry Group Co Ltd , (Based on April 17, 2018 data) Figure 13: Top 15 A-shares owned by northbound investors (% stake) Ticker Company name Price (RMB) Market cap (US$m) PER (X) 2019E PBR (x) dividend yield (%) (Based on April 17, 2018 data) % stake owned by northbound investors CH Equity Shanghai International Airport Co Ltd , CH Equity Jason Furniture Hangzhou Co Ltd , CH Equity Zhengzhou Yutong Bus Co Ltd , CH Equity Founder Securities Co Ltd , n.a n.a CH Equity Jiangsu Hengrui Medicine Co Ltd , CH Equity Fuyao Glass Industry Group Co Ltd , CH Equity Guangzhou Baiyun International Airport Co Ltd , CH Equity China International Travel Service Corp Ltd , CH Equity Inner Mongolia Yili Industrial Group Co Ltd , CH Equity China Yangtze Power Co Ltd , CH Equity Opple Lighting Co Ltd , CH Equity Sichuan Swellfun Co Ltd , CH Equity Oppein Home Group Inc , CH Equity Shanghai Flyco Electrical Appliance Co Ltd , CH Equity Hongfa Technology Co Ltd ,

6 Figure 14a: A-share large caps to be included in the MSCI Emerging Markets Index Ticker Company name Sector Price (RMB) Estimated weighting Market cap 2019E in MSCI PBR (x) dividend (US$m) China A yield (%) Inclusion Index (%) CH Equity Midea Group Co Ltd Consumer Discretionary , CH Equity SAIC Motor Corp Ltd Consumer Discretionary , CH Equity Gree Electric Appliances Inc of Zhuhai Consumer Discretionary , CH Equity Suning.com Co Ltd Consumer Discretionary , CH Equity Qingdao Haier Co Ltd Consumer Discretionary , CH Equity China International Travel Service Corp Ltd Consumer Discretionary , CH Equity BYD Co Ltd Consumer Discretionary , CH Equity Huayu Automotive Systems Co Ltd Consumer Discretionary , CH Equity Shenzhen Overseas Chinese Town Co Ltd Consumer Discretionary , CH Equity Fuyao Glass Industry Group Co Ltd Consumer Discretionary , CH Equity Shanghai Oriental Pearl Group Co Ltd Consumer Discretionary , CH Equity China Shipbuilding Industry Group Power Co Ltd Consumer Discretionary , CH Equity Chongqing Changan Automobile Co Ltd Consumer Discretionary , CH Equity China Grand Automotive Services Co Ltd Consumer Discretionary , CH Equity Hangzhou Robam Appliances Co Ltd Consumer Discretionary , CH Equity Guangzhou Automobile Group Co Ltd Consumer Discretionary , CH Equity China Film Co Ltd Consumer Discretionary , CH Equity Liaoning Cheng Da Co Ltd Consumer Discretionary ,281 n.a. n.a n.a CH Equity CITIC Guoan Information Industry Co Ltd Consumer Discretionary ,177 n.a. n.a n.a CH Equity Wanxiang Qianchao Co Ltd Consumer Discretionary ,635 n.a. n.a n.a CH Equity Wuhu Shunrong Sanqi Interactive Entertainment Network Consumer Discretionary , CH Equity China South Publishing & Media Group Co Ltd Consumer Discretionary , CH Equity Chinese Universe Publishing and Media Co Ltd Consumer Discretionary , CH Equity Weifu High-Technology Group Co Ltd Consumer Discretionary , CH Equity Anhui Xinhua Media Co Ltd Consumer Discretionary , CH Equity Kweichow Moutai Co Ltd Consumer Staples , CH Equity Wuliangye Yibin Co Ltd Consumer Staples 67 40, CH Equity Inner Mongolia Yili Industrial Group Co Ltd Consumer Staples , CH Equity Jiangsu Yanghe Brewery Joint-Stock Co Ltd Consumer Staples , CH Equity Foshan Haitian Flavouring & Food Co Ltd Consumer Staples , CH Equity Yonghui Superstores Co Ltd Consumer Staples , CH Equity Luzhou Laojiao Co Ltd Consumer Staples , CH Equity Henan Shuanghui Investment & Development Co Ltd Consumer Staples , CH Equity Shanxi Xinghuacun Fen Wine Factory Co Ltd Consumer Staples , CH Equity Muyuan Foodstuff Co Ltd Consumer Staples , CH Equity New Hope Liuhe Co Ltd Consumer Staples , CH Equity Tsingtao Brewery Co Ltd Consumer Staples , CH Equity Beijing Dabeinong Technology Group Co Ltd Consumer Staples , CH Equity Shanghai Bailian Group Co Ltd Consumer Staples , CH Equity China Petroleum & Chemical Corp Energy , CH Equity PetroChina Co Ltd Energy , CH Equity Shaanxi Coal Industry Co Ltd Energy , CH Equity Shanxi Lu'an Environmental Energy Development Co Ltd Energy , CH Equity Offshore Oil Engineering Co Ltd Energy , CH Equity Shanxi Xishan Coal & Electricity Power Co Ltd Energy 7.5 3,764 n.a. n.a CH Equity Ping An Insurance Group Co of China Ltd Financials , CH Equity China Merchants Bank Co Ltd Financials , CH Equity Industrial Bank Co Ltd Financials , CH Equity Shanghai Pudong Development Bank Co Ltd Financials , CH Equity Industrial & Commercial Bank of China Ltd Financials , CH Equity Bank of Communications Co Ltd Financials , CH Equity China Minsheng Banking Corp Ltd Financials , CH Equity Agricultural Bank of China Ltd Financials , CH Equity China Pacific Insurance Group Co Ltd Financials , CH Equity CITIC Securities Co Ltd Financials , CH Equity Bank of China Ltd Financials , CH Equity Ping An Bank Co Ltd Financials , CH Equity China Everbright Bank Co Ltd Financials , CH Equity Bank of Beijing Co Ltd Financials ,

7 Figure 14b: A-share large caps to be included in the MSCI Emerging Markets Index Ticker Company name Sector Price (RMB) Market cap (US$m) 2019E PBR (x) dividend yield (%) Estimated weighting in MSCI China A Inclusion Index (%) CH Equity Guotai Junan Securities Co Ltd Financials , CH Equity Bank of Shanghai Co Ltd Financials , CH Equity Huaxia Bank Co Ltd Financials , CH Equity China Merchants Securities Co Ltd Financials , CH Equity Huatai Securities Co Ltd Financials , CH Equity GF Securities Co Ltd Financials , CH Equity Haitong Securities Co Ltd Financials , CH Equity Bank of Ningbo Co Ltd Financials , CH Equity Shenwan Hongyuan Group Co Ltd Financials , CH Equity Bank of Jiangsu Co Ltd Financials , CH Equity New China Life Insurance Co Ltd Financials , CH Equity Orient Securities Co Ltd/China Financials , CH Equity China Construction Bank Corp Financials , CH Equity China Life Insurance Co Ltd Financials , CH Equity Bank of Nanjing Co Ltd Financials , CH Equity Anxin Trust Co Ltd Financials , CH Equity Founder Securities Co Ltd Financials , n.a n.a CH Equity Everbright Securities Co Ltd Financials , CH Equity Avic Capital Co Ltd Financials , CH Equity Industrial Securities Co Ltd Financials , CH Equity Guosen Securities Co Ltd Financials , CH Equity Bank of Hangzhou Co Ltd Financials , CH Equity Changjiang Securities Co Ltd Financials , CH Equity China CITIC Bank Corp Ltd Financials , CH Equity Western Securities Co Ltd Financials ,204 n.a. n.a n.a CH Equity Dongxing Securities Co Ltd Financials ,207 n.a. n.a n.a CH Equity Bank of Guiyang Co Ltd Financials , CH Equity Hubei Biocause Pharmaceutical Co Ltd Financials , CH Equity Guoyuan Securities Co Ltd Financials , CH Equity First Capital Securities Co Ltd Financials ,251 n.a. n.a n.a CH Equity Sinolink Securities Co Ltd Financials , CH Equity SooChow Securities Co Ltd Financials , CH Equity Southwest Securities Co Ltd Financials , CH Equity SDIC Capital Co Ltd Financials , n.a CH Equity Shanxi Securities Co Ltd Financials 7.7 3, CH Equity Huaan Securities Co Ltd Financials ,887 n.a. n.a n.a CH Equity Pacific Securities Co Ltd/The/China Financials ,029 n.a. n.a n.a CH Equity Northeast Securities Co Ltd Financials , n.a n.a CH Equity Sealand Securities Co Ltd Financials ,807 n.a. n.a n.a CH Equity Jiangsu Hengrui Medicine Co Ltd Health Care , CH Equity Kangmei Pharmaceutical Co Ltd Health Care , CH Equity Yunnan Baiyao Group Co Ltd Health Care , CH Equity Shanghai Fosun Pharmaceutical Group Co Ltd Health Care , CH Equity Meinian Onehealth Healthcare Holdings Co Ltd Health Care , CH Equity Huadong Medicine Co Ltd Health Care , CH Equity Beijing Tongrentang Co Ltd Health Care , CH Equity Shanghai Pharmaceuticals Holding Co Ltd Health Care , CH Equity Tasly Pharmaceutical Group Co Ltd Health Care , CH Equity Shenzhen Salubris Pharmaceuticals Co Ltd Health Care , CH Equity Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd Health Care , CH Equity Dong-E-E-Jiao Co Ltd Health Care , CH Equity Jointown Pharmaceutical Group Co Ltd Health Care , CH Equity China Resources Sanjiu Medical & Pharmaceutical Health Care , CH Equity Guizhou Bailing Group Pharmaceutical Co Ltd Health Care , n.a CH Equity China State Construction Engineering Corp Ltd Industrials , CH Equity CRRC Corp Ltd Industrials , CH Equity China Railway Group Ltd Industrials , CH Equity Daqin Railway Co Ltd Industrials , CH Equity China Railway Construction Corp Ltd Industrials , CH Equity Luxshare Precision Industry Co Ltd Industrials ,

8 Figure 14c: A-share large caps to be included in the MSCI Emerging Markets Index Ticker Company name Sector Price (RMB) Market cap (US$m) 2019E PBR (x) dividend yield (%) Estimated weighting in MSCI China A Inclusion Index (%) CH Equity China Southern Airlines Co Ltd Industrials , CH Equity Power Construction Corp of China Ltd Industrials , CH Equity AECC Aviation Power Co Ltd Industrials , CH Equity Shanghai International Port Group Co Ltd Industrials , CH Equity Sany Heavy Industry Co Ltd Industrials , CH Equity Metallurgical Corp of China Ltd Industrials , CH Equity Han's Laser Technology Industry Group Co Ltd Industrials , CH Equity China Eastern Airlines Corp Ltd Industrials , CH Equity Beijing Orient Landscape & Environment Co Ltd Industrials , CH Equity AVIC Aircraft Co Ltd Industrials , CH Equity Weichai Power Co Ltd Industrials , CH Equity Xinjiang Goldwind Science & Technology Co Ltd Industrials , CH Equity Zhengzhou Yutong Bus Co Ltd Industrials , CH Equity Ningbo Zhoushan Port Co Ltd Industrials , CH Equity Shanghai International Airport Co Ltd Industrials , CH Equity Fangda Carbon New Material Co Ltd Industrials , CH Equity COSCO SHIPPING Holdings Co Ltd Industrials , CH Equity Air China Ltd Industrials , CH Equity China Gezhouba Group Co Ltd Industrials , CH Equity Zhejiang Chint Electrics Co Ltd Industrials , CH Equity China Communications Construction Co Ltd Industrials , CH Equity China National Chemical Engineering Co Ltd Industrials , CH Equity Suzhou Gold Mantis Construction Decoration Co Ltd Industrials , CH Equity Shanghai Construction Group Co Ltd Industrials , CH Equity TBEA Co Ltd Industrials , CH Equity Xiamen C & D Inc Industrials , CH Equity Tus-Sound Environmental Resources Co Ltd Industrials , CH Equity China Spacesat Co Ltd Industrials , CH Equity XCMG Construction Machinery Co Ltd Industrials , CH Equity Zoomlion Heavy Industry Science and Technology Co Ltd Industrials , CH Equity Guangshen Railway Co Ltd Industrials 4.3 4, CH Equity COSCO SHIPPING Development Co Ltd Industrials , CH Equity China Avionics Systems Co Ltd Industrials , CH Equity Shanghai Tunnel Engineering Co Ltd Industrials 7 3, CH Equity China International Marine Containers Group Co Ltd Industrials , CH Equity Jihua Group Corp Ltd Industrials ,560 n.a. n.a n.a CH Equity Spring Airlines Co Ltd Industrials , CH Equity China Nuclear Engineering Corp Ltd Industrials , CH Equity COSCO SHIPPING Energy Transportation Co Ltd Industrials , CH Equity Hangzhou Hikvision Digital Technology Co Ltd Information Technology , CH Equity BOE Technology Group Co Ltd Information Technology , CH Equity Focus Media Information Technology Co Ltd Information Technology , CH Equity ZTE Corp Information Technology , CH Equity Sanan Optoelectronics Co Ltd Information Technology , CH Equity Iflytek Co Ltd Information Technology , CH Equity Zhejiang Dahua Technology Co Ltd Information Technology , CH Equity LONGi Green Energy Technology Co Ltd Information Technology , CH Equity O-film Tech Co Ltd Information Technology , CH Equity Hengtong Optic-electric Co Ltd Information Technology , CH Equity Aisino Corp Information Technology , CH Equity GoerTek Inc Information Technology , CH Equity Giant Network Group Co Ltd Information Technology , n.a CH Equity Dongxu Optoelectronic Technology Co Ltd Information Technology ,569 n.a. n.a n.a CH Equity Unisplendour Corp Ltd Information Technology , n.a CH Equity Hundsun Technologies Inc Information Technology , CH Equity Guangzhou Haige Communications Group Inc Co Information Technology , CH Equity DHC Software Co Ltd Information Technology , CH Equity Beijing Shiji Information Technology Co Ltd Information Technology , CH Equity Shanghai 2345 Network Holding Group Co Ltd Information Technology 6.3 3, CH Equity Baoshan Iron & Steel Co Ltd Materials , CH Equity Anhui Conch Cement Co Ltd Materials ,

9 Figure 14d: A-share large caps to be included in the MSCI Emerging Markets Index Ticker Company name Sector Price (RMB) Market cap (US$m) 2019E PBR (x) dividend yield (%) Estimated weighting in MSCI China A Inclusion Index (%) CH Equity Inner Mongolia BaoTou Steel Union Co Ltd Materials ,828 n.a. n.a n.a CH Equity Zijin Mining Group Co Ltd Materials , CH Equity Kangde Xin Composite Material Group Co Ltd Materials , CH Equity Zhejiang Huayou Cobalt Co Ltd Materials , CH Equity Tianqi Lithium Corp Materials , CH Equity Shandong Gold Mining Co Ltd Materials , CH Equity China Molybdenum Co Ltd Materials , CH Equity Jiangxi Ganfeng Lithium Co Ltd Materials , CH Equity China Northern Rare Earth Group High-Tech Co Ltd Materials , CH Equity BBMG Corp Materials , CH Equity Qinghai Salt Lake Industry Co Ltd Materials , CH Equity Rongsheng Petro Chemical Co Ltd Materials , CH Equity Zhejiang Longsheng Group Co Ltd Materials , CH Equity Hesteel Co Ltd Materials , CH Equity Jiangxi Copper Co Ltd Materials , CH Equity Zhongjin Gold Corp Ltd Materials , CH Equity Shanxi Taigang Stainless Steel Co Ltd Materials 6 5, CH Equity Sinopec Shanghai Petrochemical Co Ltd Materials , CH Equity China Hainan Rubber Industry Group Co Ltd Materials ,383 n.a n.a CH Equity Tongling Nonferrous Metals Group Co Ltd Materials , CH Equity Jiangsu Bicon Pharmaceutical Listed Co Materials , n.a CH Equity Angang Steel Co Ltd Materials , CH Equity Shenzhen Zhongjin Lingnan Nonfemet Co Ltd Materials 9.3 3, CH Equity Maanshan Iron & Steel Co Ltd Materials , CH Equity Jinduicheng Molybdenum Co Ltd Materials , n.a CH Equity China Vanke Co Ltd Real Estate , CH Equity Poly Real Estate Group Co Ltd Real Estate , CH Equity China Merchants Shekou Industrial Zone Holdings Co Ltd Real Estate , CH Equity China Fortune Land Development Co Ltd Real Estate , CH Equity Future Land Holdings Co Ltd Real Estate , CH Equity Greenland Holdings Corp Ltd Real Estate , CH Equity Gemdale Corp Real Estate , CH Equity RiseSun Real Estate Development Co Ltd Real Estate , CH Equity Xinhu Zhongbao Co Ltd Real Estate 4.4 6, n.a CH Equity Shanghai Lujiazui Finance & Trade Zone Development Real Estate , CH Equity Youngor Group Co Ltd Real Estate ,883 n.a. n.a n.a CH Equity Jinke Properties Group Co Ltd Real Estate 5.5 4, CH Equity Zhejiang China Commodities City Group Co Ltd Real Estate , n.a CH Equity Financial Street Holdings Co Ltd Real Estate , CH Equity Shanghai Zhangjiang High-Tech Park Development Real Estate ,157 n.a. n.a n.a CH Equity Dr Peng Telecom & Media Group Co Ltd Telecommunication Services , CH Equity China Yangtze Power Co Ltd Utilities , CH Equity China National Nuclear Power Co Ltd Utilities , CH Equity Zhejiang Zheneng Electric Power Co Ltd Utilities , CH Equity SDIC Power Holdings Co Ltd Utilities , CH Equity Sichuan Chuantou Energy Co Ltd Utilities , CH Equity Huaneng Power International Inc Utilities , CH Equity Huadian Power International Corp Ltd Utilities 3.5 5, CH Equity Shenergy Co Ltd Utilities , CH Equity Beijing Capital Co Ltd Utilities , CH Equity Shenzhen Energy Group Co Ltd Utilities , CH Equity Hubei Energy Group Co Ltd Utilities ,

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