MSCI Hong Kong Value Weighted Index

The MSCI Hong Kong Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI Hong Kong Index, which includes Hong Kong large and mid cap stocks. The MSCI Hong Kong Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. Index weights are determined using fundamental accounting data-sales, book value, earnings and cash earnings-rather than market prices.