Industrial and Commercial Bank of China

State-owned bank in China

"ICBC" redirects here. For other uses, see ICBC (disambiguation).

Industrial and Commercial Bank of China

ICBC head office in Beijing

Native name

| 中国工商银行
Zhōngguó Gōngshāng Yínháng[1]
Company type| Public
State-owned

Traded as

* SSE: 601398 (A ordinary)
* SEHK: 1398 (H ordinary)
* SSE: 360011 (CNY preference)
* SEHK: 84602 (CNH preference)
* SEHK: 4603 (US$ preference)
* SEHK: 4604 (€ preference)
* Hang Seng Component
* CSI A100

ISIN| CNE1000003G1
Industry| Financial services
Founded| 1984; 41 years ago (1984)
Headquarters|

Beijing

China

Key people

| Liao Lin, chairman and president
Products|

* Asset management
* Banking
* Commodities
* Credit cards
* Equities trading
* Insurance
* Investment management
* Mortgage loans
* Private equity
* Wealth management

Revenue|  CN¥725.12 billion
$105.4 billion (2018)[2][3]

Operating income

|  CN¥369.32 billion
$53.68 billion (2018)[2]

Net income

|  CN¥298.72 billion
$43.42 billion (2018)[2]
AUM|  CN¥6.9 trillion ≈ US$1.0 trillion (2022)[4]
Total assets|  CN¥27.70 trillion US$3.8 trillion (2018)[5]
Total equity|  CN¥2.33 trillion
$338.7 billion (2018)[2]
Owner|

* Chinese Central Government
* (70.82% voting rights)
* – Central Huijin Investment Co., Ltd (34.71%)[6]
* – Ministry of Finance (34.60%)
* – China Securities Finance (1.23%)
* Temasek Holdings (2.44% voting rights)
* NSSF (2.43% voting rights)
* Others (24.31% voting rights)

Number of employees

|  434,798 (2022)[7]
Capital ratio|  12.87% (CET1)[3]
Website| icbc.com.cn
icbc-ltd.com/en
icbc-us.com
Industrial and Commercial Bank of China

Simplified Chinese| 中国工商银行股份有限公司
Traditional Chinese| 中國工商銀行股份有限公司
Literal meaning| China Industrial and Commercial Bank, Company Limited by Shares
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Zhōngguó Gōngshāng Yínháng Gǔfèn Yǒuxiàn Gōngsī
Alternative Chinese name
Simplified Chinese| 中国工商银行
Traditional Chinese| 中國工商銀行
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Zhōngguó Gōngshāng Yínháng
Second alternative Chinese name
Chinese| 工行
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Gōngháng

The Industrial and Commercial Bank of China (ICBC; Chinese: 中国工商银行) is a Chinese partially state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is the largest of the "big four" banks in China, and the largest bank in the world by total assets.[8] ICBC was created on 1 January 1984 from what were then the commercial banking operations of the People's Bank of China. ICBC is majority-owned by the Chinese government and has remained so after its landmark initial public offering in 2006. As end of 2021, ICBC shareholders included Central Huijin Investment (34.7 percent), the Chinese Ministry of Finance (31.1 percent), the National Council for Social Security Fund (3.5 percent), adding up to 69.3 percent under the ultimate control of the Ministry of Finance.

ICBC became the world's largest bank by total assets in 2012 (based on year-end balance sheet) and has kept this rank ever since.[9][6][10][5][11] It was ranked first on the Forbes Global 2000 list of the world's top public companies in 2015.[12] On 31 December 2022, it was the third-largest bank in the world by market capitalization at $211 billion.[13] It is one of the most profitable companies in the world, ranking fourth according to Forbes in 2022.[14] It has been designated a systemically important bank by the Financial Stability Board (FSB) since the start of the FSB's listing.

Several former employees of ICBC have moved on to work in prominent government positions in China. Notable ICBC alumni include China Securities Regulatory Commission Chairman Yi Huiman and People's Bank of China Governor Pan Gongsheng.

## History

[edit]

### Background

[edit]

Following the Chinese Communist Revolution in 1949, China adopted a so-called monobank system in which all financial operations were operated by the People's Bank of China (PBC). In 1978-1979, the Chinese authorities initiated banking reform,[15] whose effect was to transform the PBC into a proper central bank while specialized commercial banks were formed under its watch.[16] This resulted in the gradual establishment of a two-tier banking system.[15]

### 1984–2006

[edit]

By rights of a contradiction within the economic functioning of the government of China, the People's Republic, the State Council of China,[17] during September [18] 1983 made a decision to separate certain activities of the government to an exclusively operating organisation, subsequently named the Industrial and Commercial bank of China,[17] established on 1 January 1984.[19][non-primary source needed] ICBC was then the fourth of the four specialist banks of 1978–1979 to be made,[18] from the taking of control of commercial activities[18] ("industrial credit and savings business"[20]) from People's Bank of China so that the latter might be transformed to a newly made central bank.[18][20] ICBC focused on the intermediation of deposits.[21]: 225

ICBC opened its first overseas branch in Singapore in 1993. It opened a branch in Luxembourg in 1999, which became its European headquarters in 2011.[22] In 2000, ICBC acquired the Union Bank of Hong Kong and renamed it ICBC (Asia). A Hong Kong-listed entity, ICBC (Asia) then purchased the Hong Kong subsidiary of Fortis Bank, originally the Hong Kong branch of the Banque Belge pour l'Étranger, and rebranded it under its own name on 10 October 2005.

In June 2005, ICBC established ICBC Credit Suisse Asset Management as a China joint venture with Credit Suisse First Boston and COSCO, with the three partners respectively holding 55, 25, and 20 percent of the venture's equity. Subsequently, ICBC bought out COSCO's stake and acquired an additional 5 percent from Credit Suisse.

As of 2006, ICBC had 2.5 million corporate customers and 150 million individual customers.[23]

### Initial public offering

[edit]

In the runup to its planned initial public offering, on 28 April 2006, three "strategic investors" injected US$3.7 billion into ICBC:

* Goldman Sachs purchased a 5.75% stake for US$2.6 billion, the largest sum Goldman Sachs has ever invested.[24]
* Dresdner Bank invested US$1 billion.[25]
* American Express invested US$200 million.[25]

ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006. It was the world's largest initial public offering at that time valued at US$21.9 billion, surpassing the previous record US$18.4 billion IPO by Japan's NTT DoCoMo in 1998.[26] In 2010, Agricultural Bank of China broke ICBC's IPO record when it raised $22.1 billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.

ICBC raised at least US$14 billion in Hong Kong (H-shares) and another US$5.1 billion in Shanghai (A-shares). Due to heavy subscriptions, the greenshoe (i.e. over-allotment) placements were exercised and ICBC's take rose to US$21.9 billion (17% of ICBC's market value before the IPO), divided in US$16 billion in Hong Kong and US$5.9 billion in Shanghai. Following the global offering, the free float of shares was 22.14% of the market capitalization.

At the end of its first day of trading, the bank's shares closed up almost 15% at HK$3.52 in Hong Kong, compared with the listing price of HK$3.07, which was set at the top of the indicative range due to the strong demand. According to Bloomberg, ICBC's market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world's fifth highest among banks, just behind JPMorgan Chase. Meanwhile, ICBC's Shanghai-listed A-shares recorded more modest gains and ended up 5.1% from the offering price of RMB 3.12.

### Later developments

[edit]

In July 2007, ICBC was ranked 30th in the world in terms of revenue.[27]

In August 2008, ICBC became the second Chinese bank since 1991 to gain US federal approval to establish a branch in New York City.[28] ICBC had signed a lease with the Trump Organization for office space in the Trump Tower in 2008. ICBC was Trump Tower's largest office tenant as of 2012.[29] By October 2020, Donald Trump received $5.4 million from ICBC via the Trump Tower lease.[30]

In June 2009, ICBC spent 80.25 million Canadian dollars (US$58.53 million) to acquire a 70% stake in the Bank of East Asia (BEA).[31] By the end of 2009, the number of credit cards issued exceeded 52 million, a 33% increase equivalent to nearly 13 million cards compared to the previous year. Including other types of bank cards, this bank has issued more than 280 million cards, becoming the 4th largest credit card issuer in the world.[32][33][34]

On 24 January 2011, ICBC opened a branch office in Madrid.[35] On 20 May 2011, Industrial and Commercial Bank of China Ltd. established two branches in Pakistan, one in Karachi and the other in Islamabad. On 18 August 2011, ICBC passed the examination from State Bank of Pakistan and started its business in Pakistan.

During November 2012, ICBC acquired from Standard Bank an 80% stake (valued at $600 million) of the former subsidiary of BankBoston in Argentina, which Standard Bank had purchased in 2006. This was the largest operation of a Chinese bank in Latin America. In Argentina, the bank has ~1,000,000 individual customers, ~30,000 companies of all categories and more than 1600 corporate companies.

During the 2013 Korean crisis, ICBC halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.[36]

It was announced at the end of July 2013 that South Africa's Standard Bank was in talks to sell its markets business in London to the Industrial and Commercial Bank of China for more than $500 million.[37] The transaction was completed on 1 February 2015, after which the London-based operation has been known as ICBC Standard Bank.

In 2014, ICBC was the largest company in the world according to the Forbes Global 2000 list, with revenue reaching 148.7 billion USD and profit amounting to 42.7 billion USD.[38] On 24 September 2014, ICBC Kuwait Branch officially opened in Kuwait City as the first and currently the only Chinese bank in Kuwait. Meanwhile, it is also the fourth branch of ICBC in the Middle East, following branches in Dubai, Abu Dhabi and Doha. On 25 May 2015, the Company further strengthened its presence in the Middle East and Europe by purchasing Turkey's TekstilBank and forming its ICBC Turkey subsidiary.[39]

ICBC Financial Services, the bank's brokerage unit, provided about $88 billion of repo financing at the end of 2015, up from $59 billion two years ago, according to regulatory filings. The figures are before netting agreements that can be used to reduce overall assets and liabilities. Almost all the repo financing that ICBC provides is on U.S. government bonds.[40]

On 18 November 2016, the bank obtained a license to take deposits in Russia.[citation needed]

ICBC launched robo-advisor service to its wealth-management operations in 2017.[41][42]

As of April 2019, ICBC had lent US$100 billion for Belt and Road Initiative projects.[43]: 143  In BRI-participating countries, ICBC has 124 branches.[43]: 143–144

In November 2023, the bank was subject to a ransomware attack, preventing certain trades from clearing.[44] The attack was against the US unit of ICBC, which at the time was considered the world's largest lender by assets, as reported by Bloomberg.[45] The bank was hacked by LockBit, a ransomware group.[46] described by Bloomberg as "a criminal gang with ties to Russia."[45] The attack against ICBC resulted in the bank being unable to clear a large number of US Treasury trades over the next day and forced others to reroute orders, upsetting normal operations.[47] Lockbit ultimately claimed that the bank paid the ransom, a statement which Reuters was unable to verify.[48]

## Finances

[edit]

### Accounting

[edit]

ICBC has the policy[49] of preparing accounts conforming to the[5] International Financial Reporting Standards,[50][5] accepting specifically criteria IFRS 9 (pertains to the definition and rating of asset, liability, and a number of all of the existing purchasing contracts for non-financial purchases[51]) from 1 January 2018, and IFRS 16 (pertaining to lease[52]) from 1 January 2019.[49]

### Basic figures

[edit]

Financials in Renminbi[2][53][54][55][56][57][58]

Year | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010

|
|
|
|
|
|
|
|

Revenue, bln | 107.5 | 126.7 | 193.1 | 181.6 | 257.4 | 310.2 | 309.4 | 380.7
Net Income, bln | 2.473 | 2.311 | 33.70 | 49.26 | 81.52 | 110.8 | 129.4 | 166.0
Assets, trln | 5.279 | 5.671 | 6.454 | 7.509 | 8.684 | 9.757 | 11.79 | 13.46
Equity, bln | 170.5 | 163.0 | 253.4 | 466.5 | 538.4 | 602.7 | 673.9 | 820.4
Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018

|
|
|
|
|
|
|
|

Revenue, bln | 470.6 | 529.7 | 578.9 | 634.9 | 668.7 | 641.7 | 675.7 | 725.1
Net Income, bln | 208.4 | 238.7 | 263.0 | 276.3 | 277.7 | 279.1 | 287.5 | 298.7
Assets, trln | 15.48 | 17.54 | 18.92 | 20.61 | 22.21 | 24.14 | 26.09 | 27.70
Equity, bln | 956.7 | 1125 | 1274 | 1531 | 1789 | 1970 | 2127 | 2330

## Environmental policy and record

[edit]

In 2008, ICBC was the first Chinese bank to adopt the Equator Principles, an international set of social and environmental standards for financial institutions launched in 2003.[59] It has also adopted the Green Credit Policy launched in 2007 by the Chinese Ministry of Environmental Protection.[60] International environmental groups have criticized ICBC for failing to adhere to its social environmental standards and of being hypocritical, because ICBC is involved in the financing of the controversial Gilgel Gibe III Dam in Ethiopia.[59]

ICBC is among other state-owned banks to receive regulatory approval for a $13.6 billion (88.5 billion yuan) state-backed green fund in 2021. ICBC and Bank of China will finance environmentally friendly projects along the Yangtze River by investing 8 billion yuan each in the National Green Development Fund.[61]

## Subsidiaries and international business

[edit]

ICBC Credit Suisse Asset Management is a major domestic subsidiary of ICBC in mainland China. International subsidiaries include ICBC (Asia) in Hong Kong, ICBC (Macau), ICBC Standard Bank in London, ICBC (Europe) in Luxembourg, ICBC Turkey in Istanbul, ICBC Argentina in Buenos Aires, as well as other significant subsidiaries in Thailand, Pakistan, Switzerland, Canada, USA, and Mexico and a retail branch in Singapore.

ICBC (Europe) S.A., based in Luxembourg, operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.[62]

ICBC had the lead role in creating the Belt and Road Inter-Bank Regular Cooperation (BRBR) system, which seeks to integrate financial services among the countries participating in the BRI.[63]: 185–186

Among Chinese banks, ICBC has the most extensive business in the Arab countries.[63]: 185  It has branches in major Gulf countries including UAE, Kuwait, and Qatar.[63]: 185

* ICBC building in Beijing

* ICBC branch building in Beijing

* ICBC branch in Dalian

* ICBC building in Kaifeng

* ICBC building in Shenyang

* ICBC branch in Qingdao

* ICBC building in Nanjing

* ICBC tower in Shanghai

* ICBC building on the Bund in Shanghai

* ICBC building in Ningbo

* ICBC at Kingkey Regent Oriental Hotel in Shenzhen

* ICBC tower in Shenzhen

* ICBC tower in Central, Hong Kong

* ICBC tower in Tokyo

* ICBC tower in Karachi

* ICBC building in Luxembourg

* ICBC branch in Paris

* ICBC building in Warsaw

* ICBC building (formerly First National Bank of Boston) in Buenos Aires

* Torre Madero Office [es] in Buenos Aires, partly occupied by ICBC

## Leadership

[edit]

President of Industrial and Commercial Bank of China

* Chen Li [zh], president January 1984 - July 1985
* Zhang Xiao [zh], president July 1985 - January 1997
* Liu Tinghuan [zh], president January 1997 - February 2000
* Jiang Jianqing, president February 2000 - October 2005, chairman October 2005 - May 2016
* Yang Kaisheng [zh], president October 2005 - May 2013
* Yi Huiman, president May 2013 - September 2016, chairman September 2016 - January 2019
* Gu Shu, president September 2016 - January 2021
* Chen Siqing, chairman April 2019 - February 2024
* Liao Lin [zh], president since January 2021, chairman since February 2024

As of 17 May 2020, the full board membership was:[64]

* Chen Siqing (陈四清), chairman of ICBC, former Bank of China chairman[65]
* Gu Shu, president of ICBC
* Lu Yongzhen, former director on the National Development and Reform Commission
* Zheng Fuqing, former Ministry of Finance of the People's Republic of China official
* Mei Yingchun, former Ministry of Finance of the People's Republic of China and World Bank official
* Feng Weidong, former secretary of the Ministry of Finance of the People's Republic of China
* Cao Liqun, former State Administration of Foreign Exchange official
* Anthony Francis Neoh, former Hong Kong SEC chairman
* Yang Siu Shun, former chairman of PricewaterhouseCoopers Hong Kong
* Shen Si, former executive director of Shanghai Pudong Development Bank
* Nout Wellink, former president and chairman of De Nederlandsche Bank
* Fred Zuliu Hu, former IMF and World Economic Forum official

## Controversies

[edit]

In 2005, the Chinese government arrested several government officials in addition to bankers with regards to the accusation of a scheme to take illegally US$900 million from ICBC.[66]

ICBC lent $400 million towards the completion of the Gibe III dam in Ethiopia. Groups that opposed the dam such as International Rivers and Survival International have complained about or have written to ICBC against the dam's funding.[67][68]

In November 2015, ICBC Standard Bank, an overseas subsidiary acquired in February of that year, agreed to pay a fine of a maximum of $40 million to UK authorities.[69]

On 17 February 2016, the Spanish Guardia Civil supported by Europol, arrested six executives of the Spanish location of the bank accused of money-laundering, who were convicted in 2020 by the Audiencia Nacional.[70][71]

In 2018, the US Federal Reserve had found "serious deficiencies" of the bank on anti-money laundering protections.[72]

On 12 August 2021, a former senior banker at Industrial and Commercial Bank of China, Gu Guoming was sentenced to life in jail by Chinese authorities, after being found guilty of bribery.[73]

## Awards

[edit]

* Forbes Global 2000 – the World's Largest Public Company[74][75]

## References

[edit]

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* Learn Chinese Words, published by http://learn-chinese-words.com – accessdate 2020-02-08 < \- accessed from Google Translate return of copy from within http://big5.icbc.com.cn/icbc/ (Chinese language) – accessdate 2020-02-08
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## Bibliography

[edit]

Flora Xiao Huang, Horace Yeung (2019) Chinese Companies and the Hong Kong Stock Market, sub-heading 6.4.4, published by Routledge, 30 October 2013 ISBN 1134671113, ISBN 9781134671113

## External links

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* Business data for Industrial and Commercial Bank of China:

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Constituents of the SSE 50 Index (as of 23 February 2024)

* China Petroleum & Chemical Corporation
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* China United Network Communications Limited
* TBEA Co., Ltd.
* SAIC Motor
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* China CSSC Holdings Limited
* Jiangsu Hengrui Pharmaceuticals
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* Nari Technology
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* Tongwei Company
* Kweichow Moutai
* Haier Smart Home
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* China Tourism Group Duty Free Corporation
* Zijin Mining Group
* Cosco Shipping
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* Foshan Haitian Flavouring & Food Co
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Constituents of the FTSE China A50 Index

* Agricultural Bank of China
* Bank of China
* Bank of Communications
* Beijing–Shanghai High-Speed Railway
* BYD
* CGN Power
* China CITIC Bank
* China Construction Bank
* China Everbright Bank
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* China Pacific Insurance
* China Petroleum & Chemical
* China Securities
* China Shenhua Energy
* China State Construction Engineering
* China Tourism Group
* China Yangtze Power
* CITIC Securities
* Contemporary Amperex Technology
* East Money Information
* Foshan Haitian Flavouring and Food
* Foxconn Industrial Internet
* Great Wall Motor
* Gree Electric Appliances Inc of Zhuhai
* Haier
* Hygon Information Technology
* Industrial and Commercial Bank of China
* Industrial Bank
* Inner Mongolia Yili Industrial
* Jiangsu Hengrui Medicine
* Kweichow Moutai
* LONGi Green Energy Technology
* Luxshare
* Luzhou Laojiao
* Midea Group
* Mindray
* Muyuan Foodstuff
* Nari Technology
* People's Insurance Company of China
* PetroChina
* Ping An Bank
* Ping An Insurance
* Postal Savings Bank of China
* S.F. Holding
* Shaanxi Coal and Chemical Industry
* Shanghai Pudong Development Bank
* Shanxi Xinghuacun Fen Wine Factory
* Wanhua Chemical Group
* Wuliangye Yibin
* Yihai Kerry
* Zijin Mining

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Hang Seng China Enterprises Index companies of Hong Kong

* Agricultural Bank of China
* Alibaba Group
* Alibaba Health
* Anta Sports
* Baidu
* Bank of China
* Bank of Communications
* Bilibili
* BYD Company
* CG Services
* China Construction Bank
* China Feihe
* China Gas
* China Life Insurance Company
* China Merchants Bank
* China Mobile
* China Overseas Land and Investment
* China Pacific Insurance Company
* China Resources Beer
* China Resources Land
* CITIC Limited
* CNOOC Limited
* Country Garden
* ENN Energy
* Geely Auto
* Haidilao
* ICBC
* Innovent Bio
* JD Health
* JD Logistics
* JD.com
* Kuaishou
* Lenovo
* Li-Ning
* Longfor Properties
* Meituan
* Mengniu Dairy
* NetEase
* Nongfu Spring
* Ping An Insurance
* Postal Savings Bank of China
* Shenzhou International
* Shijiazhuang Pharma Group
* Sino Biopharmaceutical Limited
* Sinopec
* SMIC
* Sunny Optical
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* Xinyi Solar

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Constituents of Hang Seng Index

Finance|

* HSBC
* Hang Seng Bank
* Hong Kong Exchanges and Clearing
* China Construction Bank
* AIA Group
* Industrial and Commercial Bank of China
* Ping An Insurance
* Bank of China (Hong Kong)
* China Life Insurance Company
* China Merchants Bank
* Bank of China

Utilities|

* CLP Group
* The Hong Kong and China Gas Company
* Power Assets Holdings
* China Resources Power
* CK Infrastructure Holdings
* ENN Energy

Properties|

* Henderson Land Development
* Sun Hung Kai Properties
* New World Development
* Hang Lung Properties
* China Overseas Land and Investment
* Link REIT
* Longfor Properties
* China Resources Land
* CK Asset Holdings
* China Resources Mixc Lifestyle
* Wharf Real Estate Investment Company
* Country Garden

Commerce
and
Industry|

* CK Hutchison Holdings
* Galaxy Entertainment Group
* MTR Corporation
* Geely Auto
* Alibaba Health
* CITIC Limited
* WH Group
* China Resources Beer
* Orient Overseas (International) Limited
* Tingyi
* Sinopec
* Techtronic Industries
* Tencent
* China Unicom
* PetroChina
* Xinyi Glass
* Zhongsheng Group
* CNOOC Limited
* China Mobile
* Xinyi Solar
* Semiconductor Manufacturing International Corporation
* Lenovo
* Hengan International
* China Shenhua Energy
* CSPC Pharmaceutical Group
* Sinopharm Group
* Sino Biopharmaceutical Limited
* BYD Company
* China Hongqiao Group
* Xiaomi
* Budweiser Brewing Company APAC
* Sands China
* Chow Tai Fook
* Li Auto
* Anta Sports
* WuXi Biologics
* Shenzhou International
* Mengniu Dairy
* Li-Ning
* WuXi AppTec
* Sunny Optical
* Zijin Mining
* Meituan
* Hansoh Pharmaceutical
* JD Health
* Haier
* Haidilao
* JD.com
* Nongfu Spring
* Baidu
* Trip.com Group
* Alibaba Group
* NetEase

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Constituents of Hang Seng China 50 Index

* Agricultural Bank of China
* Alibaba Group
* Baidu
* Bank of China
* Bank of Communications
* BYD Company
* CATL
* China Construction Bank
* China Life Insurance Company
* China Merchants Bank
* China Mobile
* China Pacific Insurance Company
* China Shenhua Energy
* CITS Group Corporation
* China Yangtze Power
* CITIC Securities
* CNOOC Limited
* Foshan Haitian Flavouring & Food Co
* Great Wall Motor
* Gree Electric
* Hikvision
* ICBC
* Industrial Bank
* JD.com
* Jiangsu Hengrui Medicine
* Kuaishou
* Kweichow Moutai
* LONGi
* Luxshare
* Meituan
* Midea Group
* Mindray
* Muyuan Foodstuff
* NetEase
* Nongfu Spring
* PetroChina
* Ping An Bank
* Ping An Insurance
* Postal Savings Bank of China
* SF Express
* Shanghai Pudong Development Bank
* Shanxi Xinghuacun Fen Wine Factory
* Sinopec
* Tencent
* Vanke
* Wanhua Chemical Group
* Wuliangye Yibin
* WuXi AppTec
* Xiaomi
* Yihai Kerry

* v
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S&P Asia 50 companies

Mainland China|

* Bank of China
* China Construction Bank
* China Life Insurance Company
* China Merchants Bank
* China Mobile
* China Overseas Land and Investment
* China Petroleum & Chemical
* CNOOC Limited
* Industrial and Commercial Bank of China
* Meituan-Dianping
* PetroChina
* Ping An Insurance

Hong Kong|

* AIA Group
* CK Asset Holdings
* CK Hutchison Holdings
* CLP Holdings
* Galaxy Entertainment Group
* Hang Seng Bank
* Hong Kong and China Gas
* Hong Kong Exchanges and Clearing
* Link Real Estate Investment Trust
* Sands China
* Sun Hung Kai Properties

Singapore|

* DBS Group
* Oversea-Chinese Banking
* United Overseas Bank
* Singapore Telecommunications

South Korea|

* Celltrion
* Hyundai Mobis
* Hyundai Motor Company
* KB Financial Group
* KT&G
* LG Chem
* Naver
* POSCO
* Samsung Electronics
* SK Hynix

Taiwan|

* Largan Precision
* Cathay Financial Holding
* CTBC Financial Holding
* Formosa Plastics
* Hon Hai Precision Industry
* MediaTek
* TSMC

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