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Singapore Exchange, SPH and FTSE launch FTSE ST China Top Index

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Singapore Press Holdings, publisher of the Straits Times newspaper, has joined forces with the Singapore Exchange and FTSE Group to launch the FTSE ST China Top Index, a new member of the

Singapore Press Holdings, publisher of the Straits Times newspaper, has joined forces with the Singapore Exchange and FTSE Group to launch the FTSE ST China Top Index, a new member of the FTSE ST Index series.

The FTSE ST China Top Index is a tradable index that tracks the 20 largest China stocks listed on the Singapore Exchange. To be eligible for inclusion in the index, companies must have either at least 30 per cent ownership by the Chinese government, companies or nationals, or derive at least haldf of their revenues from China.

The inclusion of the revenue criterion allows companies that were previously not eligible for the existing FTSE ST China Index to be included in the new index, including Ferrochina, Hsu Fu Chi International and Yanlord Land Group.

The other constituents of the index at launch are Bio-Treat Technology, Capitaretail China Trust, China Aviation Oil (S) Corporation, China Energy, China Hongxing Sports, China Sky Chemical Fibre, China Xlx Fertiliser, Cosco Corporation (S), Delong Holdings, Epure International, Fibrechem Technologies, Hong Leong Asia, Midas Holdings, Pacific Andes, People’s Food Holdings, Synear Food Holdings and Yangzijiang Shipbuilding Holdings.

‘The FTSE ST China Top Index has been created in response to demand from institutional investors and fund managers in China and around the world for an index that will give them instant exposure to a smaller, readily tradable basket of highly liquid Singapore-listed China stocks,’ says Ignatius Low, money editor of the Straits Times. ‘This is part of our commitment to making the FTSE ST Index series a comprehensive barometer of the Singapore securities market.’

Both the FTSE ST China Index and the FTSE ST China Top Index will offer opportunities for the creation of and investment into China index-linked products, including exchange-traded funds, structured products and other derivatives. The FTSE ST China Index, with its larger basket of 50 component stocks, will continue to act as a general market barometer of the state of China companies listed in Singapore.

Companies in both indices are selected according to their market capitalisation levels as of June 20. They are subject to the same index calculation methodology, free float weighting and liquidity screening criteria as the revamped Straits Times Index and other FTSE ST indices launched in January.

The FTSE ST China Top Index will also be covered by Chinese financial information and media service provider Xinhua Finance, with whom the Singapore Exchange is working to profile the component stocks of the FTSE ST China Index.

Singapore Press Holdings publishes 14 newspapers in four languages and publishes and produces more than 100 magazine titles in Singapore and the region, covering interest ranging from lifestyle to information technology.

The Singapore Exchange, established in December 1999 from the merger of the Stock Exchange of Singapore and the Singapore International Monetary Exchange, is the Asia-Pacific region’s first demutualised and integrated securities and derivatives exchange and is listed on its own market.

The FTSE Group has offices in Beijing, London, Frankfurt, Hong Kong, Madrid, Paris, New York, San Francisco, Boston, Shanghai, Sydney and Tokyo, and serves clients in 77 countries worldwide. It calculates and manages the FTSE Global Equity Index Series, which includes the FTSE All-World Index, the FTSE4Good series and the FTSEurofirst Index series, and domestic indices such as the FTSE 100. The company has collaborative arrangements with the Athens, Amex, Cyprus, Euronext, Johannesburg, London, Madrid, Nasdaq, Thailand and Taiwan stock markets, as well as Nomura Securities and Xinhua Finance.

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