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The China CleanTech Index provides the definitive measure of the performance of Chinese cleantech companies that are listed on stock exchanges around the world
The cleantech industry is split into a number of sub-sectors as detailed in the table below. Each of the sub-sectors contains companies that have both environmental and economic benefits
Bioga
Geothermal - Hot dry rocks and conventiona
Biofuel
Low Emissions Transport Technologie
Carbon Tradin
Solar Thermal and Photovoltaic
Energy Efficiency & Biomaterial
Waste Management & Recyclin
Energy Storage & Fuel Cell
Wate
Environmental Service
Wave, Tidal & Hydr
Green Building
Wind Generatio
The cleantech sector is fundamentally different to Socially Responsible Investments (SRI) or Environmental, Social and Governance (ESG) performance. SRI and ESG look at incremental improvements in company performance and can be seen as 'operational hygiene' measures that find the best in class. Cleantech focuses on companies whose output positively enhances the communities and ecologies in which they reside. It is about doing 'more good' rather than 'less bad'
With over 160 companies falling under the coverage of the Index and with a combined market capitalisation of over 1 trillion Renminbi (US$165 billion), the China CleanTech Index presents for the first time a picture of the Chinese cleantech industry's growth in a single measure
The Index is weighted by market capitalisation and is benchmarked against the following indices to show its relative performance
- Wilder Hill New Energy Global Innovation Index (NEX) - which measures the performance of global clean energy stock
- Cleantech Index (CTIUS) - which measures the performance of global cleantech stock
- China Shanghai Composite Index (SHCOMP) - which measures the performance of stocks listed in Shanghai
- MSCI World (MSCI) - which provides a measure of the performance of global stock markets
The rules for the formulation and management of the Index have been developed with reference to global best practice. An overview of these rules is provided in the annual performance report
The China Cleantech Index is updated each month and published on the SinoCleantech website at www.sinocleantech.com and on the Australian CleanTech website at www.auscleantech.com.au. It is published internationally in conjunction with Cleantech Investor (www.cleantechinvestor.com) and in China in conjunction with Top Capital (www.topcapital.cn)
Monthly results can be emailed directly to interested parties by subscribing at www.sinocleantech.com
China CleanTech Index Performanc
The China CleanTech Index underperformed all of its four benchmarks for the month of March 2014 and recorded a loss of 4.5%
The China CleanTech Index fell from 46.8 to 44.7 over the month of March recording a 4.5% loss. This compared to the NEX loss of 2.5%, the CTIUS loss of 0.9%, the Shanghai Composite loss of 1.1% and the MSCI loss of 0.1%. The China CleanTech 20 fared worse with a loss of 5.7%
Over the first quarter of 2014, the China CleanTech Index recorded a gain of 0.7%, underperforming all but one of its benchmark indices. Over the quarter, the NEX gained 11.3%, the CTIUS gained 3.1%, the Shanghai Composite lost 3.9% and the MSCI gained 0.8%
The twelve month gain for the China CleanTech Index now stands at 15.1% strongly outperforming both the Shanghai Composite although behind the other benchmarks
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2009 2010 2011 2012 2013 3/2014 1Q14 6 Mths 12 Mths 3Yr
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(CCTI) 77.5% -9.6% -48.0% -16.5% 29.2% -4.5% 0.7% 7.2% 15.1% -45.1
(CCT20) 59.6% -15.6% -47.4% -15.5% 24.1% -5.7% -6.3% 0.5% 1.3% -49.8
(NEX) 39.7% -14.6% -40.2% -5.5% 53.7% -2.5% 11.3% 18.1% 56.3% -13.0
(CTIUS) 8.1% 7.3% -18.3% 7.3% 37.0% -0.9% 3.1% 12.5% 27.8% 11.5%
(SHCOMP)80.0% -14.3% -21.7% 3.2% -6.7% -1.1% -3.9% -5.9% -9.1% -30.6%
(MSCI) 27.0% 9.6% -7.6% 13.2% 24.1% -0.1% 0.8% 8.4% 16.7% 25.4
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CCTI - China CleanTech Index
CCT20 - China CleanTech 20
NEX - Wilder Hill New Energy Global Innovation Inde
CTIUS - Cleantech Index
SHCOMP - China Shanghai Composite Index
MSCI - MSCI World
The market capitalisation of the 165 stocks in the China CleanTech Index is RMB 1.06 trillion (US$171 billion) after its rebalance, up slightly from its prior peak of RMB 1.05 trillion in February 2014 and a long way up from its trough of RMB 604 billion in November 2012
Best and Worst Stock
The best and worst performers in terms of share price performance over the month and the first quarter of 2014 are shown in the table below
Over the month, 13 companies recorded share price gains of more than 20% and 12 companies recorded losses of more than 20%. Over the quarter, 20 companies recorded share price gains of more than 40% and 6 companies recorded losses of more than 30%
March 201
Best Performer
Share Price Gain > 20
China Clean Energy Inc
Guangzhou Hongli Opto Electronic Co Lt
HC Semite
Bodisen Biotech, Inc
Shenzen Das Intellitech Co., Ltd
China Singyes Solar Tech. Hold. Lt
Shunfeng Photovoltaic Internationa
Advanced Battery Technologie
Coslight Technology International Grou
Hong Kong Highpower Technology, Inc
China Recycling Energy Corp
CleanTech Innovations Inc
Shanghai Taisheng Wind Power Equipmen
Worst Performer
Share Price Loss > 20
LED International Holdings Ltd
Canadian Solar In
China Solar & Clean Energy Solns., Inc
Dongying Photovoltaic Power Co Lt
LDK Sola
Suntech Power Holding
Yingli Green Energ
China Sun Group High Tech Co
Duoyuan Global Wate
Zhejiang Fuchunjiang Hydropower Equi
China Energine International (Hldgs) Lt
China Ming Yang Wind Power Group Lt
First Quarter 201
Best Performer
Share Price Gain > 40
China Clean Energy Inc
Foshan Electrical and Lighting Co., Ltd. (FSL
Guangzhou Hongli Opto Electronic Co Lt
HC Semite
Bodisen Biotech, Inc
China Singyes Solar Tech. Hold. Lt
China Solar & Clean Energy Solns., Inc
Shenzhen Topraysola
Shunfeng Photovoltaic Internationa
Advanced Battery Technologie
China BAK Batter
China Sun Group High Tech Co
Hong Kong Highpower Technology, Inc
Jiangxi Ganfeng Lithium Co.,Ltd
Sichuan Tianqi Lithium Industries, Inc
Sound Global Lt
China Renewable Energy Investment Lt
CleanTech Innovations Inc
Shanghai Taisheng Wind Power Equipmen
Titan Wind Energy (Suzhou) Co Lt
Worst Performer
Share Price Loss > 30
LED International Holdings Ltd
SmartHeat In
Dongying Photovoltaic Power Co Lt
LDK Sola
Suntech Power Holding
Duoyuan Global Wate
Index Rebalanc
The China CleanTech Index underwent its quarterly rebalancing at the end of March which took account of recent share issues and other corporate activity
After some detailed company research undertaken over the last quarter, 14 additional companies have been added the Index. These companies are detailed below
Leader Environmental Technologie
LS9.S
Environmental Service
Leader Environmental Technologies Limited provides design, manufacture, assembly, installation and support services of environmental protection systems, primarily for industrial waste gas and wastewater emissions and wastewater treatments
RINO International Corporatio
RIN
Environmental Service
RINO International Corporation is engaged in the business of designing, manufacturing, installing and servicing wastewater treatment and flue gas desulphurization equipment for use in China's iron and steel industry. www.rinogroup.co
Tinci Holdings Limite
TNCI.LO
Environmental Service
Tinci Holdings Limited is engaged in the design and installation of environmental engineering systems to power industry customers and other heavy power users in China. Its core business is the design and management of Flue Gas Desulphurization (FGD) engineering projects. www.tinciholdings.co
Hareon Solar Technolog
600401.S
Sola
Hareon Solar Technology is engaged in the design, manufacture and sale of solar cells and modules. www.hareonsolar.com
Trony Solar Holding
2468.H
Sola
Trony Solar Holdings develops, manufactures and sells solar products including BIPV projects, PV power plant projects and Off-grid PV systems. www.trony.com
China Industrial Waste Managemen
CIW
Wast
China Industrial Waste Management is engaged in the collection, treatment, disposal and recycling of industrial wastes, municipal sludge and sewage treatment. www.chinaciwt.co
China Metal Recyclin
0773.H
Wast
China Metal Recycling is engaged in the recycling, processing and marketing of metals, including ferrous and nonferrous metals. www.chinametalrecycle.co
Dongjiang Environmenta
002672.S
Wast
Dongjiang Environmental Company Limited activities comprise industrial waste treatment business, which involves treatment of waste liquid, sludge, waste residue and other waste generated by industrial enterprises. www.dongjiang.com.c
Shanghai Young Sun Investmen
900935.S
Wast
Shanghai Youngsun Investment operates urban sewage treatment business and related consulting services
CT Environmental Grou
1363.H
Wate
CT Environmental Group provides one-stop centralized and customized wastewater treatment and industrial water supply services focusing on industrial wastewater treatment. www.chongto.co
HanKore Environment Tech Grou
B22.S
Wate
Hankore Environment Tech Group is an integrated water environment company engaged in the financing, engineering and construction and , operation for municipal utilities. www.hankore.co
Jiangxi Sanchuan Water Mete
300066.S
Wate
Jiangxi Sanchuan Water Meter Co is engaged in the research, development, production and distribution of water meter products. www.ytsanchuan.co
Tri-Tech Holdin
TRI
Wate
Tri-Tech Holding Inc. is a provider of integrated solutions, products and technologies to water resource management and environmental protection industries. www.tri-tech.c
Wuhan Sanzhen Industry Holdin
600168.S
Wate
Wuhan Sanzhen Industry Holding is engaged in the production and supply of tap water. www.600168.com.c
Component Sub-Indice
To provide an analysis of the China CleanTech Index, eight sub-indices have been developed. The performance of each of these sub-indices over the last five years and the current quarter are shown in the table and charts below
Four of the eight sub-indices recorded gains for the quarter. The best results were the 14.6% gain for the China Efficiency Index and the 11.8% gain for the China Solar Index. The worst results were recorded by the 19.7% loss from the China Waste Index and 7.7% loss from the China Hydro Index
China CleanTech Sub-Indice
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2009 2010 2011 2012 2013 1Q1
China Efficiency Index 102.4% 31.8% -60.4% -30.9% 23.5% 14.6
China Environment Index 157.4% 13.5% -31.1% -21.8% 37.7% -6.7
China Solar Index 92.4% -13.0% -57.5% -36.2% 76.9% 11.8
China Storage Index 141.0% -15.1% -36.6% 11.7% 32.2% 6.3
China Waste Index 65.7% 99.1% -25.9% -12.5% 32.5% -19.7
China Water Index 113.5% 9.6% -49.7% -8.0% 37.6% 0.9
China Hydro Index 78.9% -35.6% -23.0% 1.1% -9.9% -7.7
China Wind Index 45.8% -21.0% -57.7% -32.5% 48.5% -5.6
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Index Component Companie
The 20 largest Index constituents by market capitalisation on 31 March 2014 are provided in the table below. These stocks will be the constituents of the China CleanTech 20 until the Index rebalance on 30 June 2014
In the China CleanTech 20, the greatest sub-sector representations are Water with eight companies followed by Wind with four companies
New entrants to this list at this rebalance are Shunfeng Photovoltaic International, Sichuan Tianqi Lithium Industries and Guangdong Golden Dragon Development. These have taken the place of Shanghai Aero Auto Electromechanical, Beijing SPC Environment Protection and Beijing SJ Environmental Protection
China Yangtze Power Co., Ltd
Wave, Tidal, Hydr
Shanghai (SH
600900.S
China Longyuan Power Group Cor
Win
HKS
0916.H
China Everbright Internationa
Wate
HKS
0257.H
Beijing Enterprises Water Grou
Wate
HKS
0371.H
GCL-Poly Energy Holding
Sola
HKS
3800.H
Beijing Originwater Technology Co., Ltd
Wate
Shenzhen SX (SHE
300070.S
Sinohydro Group Lt
Wave, Tidal, Hydr
Shanghai (SH
601669.S
Chongqing Water Group Company Limite
Wate
Shanghai (SH
601158.S
Xinjiang Goldwind Science & Technology Co
Win
Shenzhen SX (SHE
002202.S
Tsinghua Tongfang Co., Ltd
Energy Efficiency & Biomaterial
Shanghai (SH
600100.S
Huaneng Renewables Corp Lt
Win
HKS
0958.H
Sound Environmental Resources Co., Ltd
Wast
Shenzhen SX (SHE
000826.S
Chengdu Xingrong Investment Co.,Lt
Wate
Shenzhen SX (SHE
000598.S
Shunfeng Photovoltaic Internationa
Sola
HKS
1165.H
Beijing Capital Co., Ltd
Wate
Shanghai (SH
600008.S
Sinovel Wind Group Company Limite
Win
Shanghai (SH
601558.S
Fujian Longking Co., Lt
Environmental Service
Shanghai (SH
600388.S
Sichuan Tianqi Lithium Industries, Inc
Storage & Fuel Cell
Shenzhen SX (SHE
002466.S
Guangdong Golden Dragon Development Inc
Wate
Shenzhen SX (SHE
000712.S
Tianjin Capital Environmental Protection Group Co., Ltd
Wate
Shanghai (SH
600874.S
To view tables and charts, please visit
Http://media.abnnewswire.net/media/en/docs/76881-MAR2014-ENG.pd