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Component changes made to Dow Jones China Indexes

As part of its regular quarterly review process, Dow Jones Indexes has made a number of changes to the composition of its China Index Series.

The component changes in the Dow Jones China Total Market (Dow-China Total Market), Dow Jones Shanghai (Dow-Shanghai), Dow Jones Shenzhen (Dow-Shenzhen) Index, and Dow Jones CBN China 600 Index took effect on 4 January 2006.

With 17 additions and 17 deletions, the number of components in the Dow-China Total Market remains unchanged at 1159 components, which include 1095 A-shares and 64 B-shares. The number of components in the Dow-Shanghai Index has increased to 710 from 708, with 10 additions and eight deletions, and the number of components in the Dow-Shenzhen index decreased to 449 from 451, with seven additions and nine deletions.

The Dow-Shanghai index represents roughly 95 per cent of the free float market capitalization of Shanghai market, and the Dow-Shenzhen index represents roughly 95% of the free float market capitalization of Shenzhen market. The
Dow-China Total Market Index reflects roughly 95 per cent of the free float market capitalization for both the Shanghai and Shenzhen markets.

The composition of the Dow Jones China 88 Index, which tracks the largest and most liquid 88 stocks in China's Class-A market, and represents roughly 36.40 per cent of the total free float market capitalization of both the Shanghai and Shenzhen markets, remains unchanged.

A total of 20 components have been changed in the Dow Jones CBN China 600 Index, which was launched on 6 September 2004 and reflects roughly 80per cent of China's total free float market capitalization.
Dow Jones Indexes has also completed the regular semi-annual review of the Dow Jones CBN China 600 Sector Blue-Chip Indexes, which were launched on 8 September  2005 as subsets of the Dow Jones CBN China 600 Index. As a result of this regular review, the changes for the 14 sectors are as follows:

Add and Delete list of Dow Jones CBN China 600 Sector Blue-Chip Indexes

Aimed at providing investors in China and around the world with an accurate tool for tracking equity performance in China's growing stock markets, the Dow-China Indexes are constructed with the same strict standards used to develop the Dow Jones Global Indexes.

Prev  New
comp Additions Deletions comp
Automobile & Parts  15 1 1 15
Basic Resources  5 1 1 15
Chemicals  15 3 3 15
Construction & Mater  15 1 1 15
Financials  15 1 1 15
Food & Beverage  15 3 3 15
Health Care  15 1 1 15
Industrial Goods & Services  15 2 2 15
Oil & Gas  8 2 0 10
Personal & Household  15 1 1 15
Retail  15 1 1 15
Technology  15 3 3 15
Travel & Leisure  14 2 1 15
Utilities  15 2 2 15

Float-adjusted shares, which exclude all state-owned shares and unlisted employee shares, are used for stock selection and index calculation, in order to provide an accurate representation of the shares that are actually available to investors for trading.

Dow Jones Indexes excludes block holdings of individuals, other companies or governments that exceed 5 per cent of total market value in calculating free-float for selection of component stocks.

The Dow-China 88, Dow-China Total Market, Dow-Shanghai and Dow-Shenzhen were launched 27 May 1996 to commemorate the 100th anniversary of the world's most widely reported market indicator, the Dow Jones Industrial Average, which was launched in 1896. All four indexes in the Dow-China Index series have a base value of 100 on Dec. 31, 1993.

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