First published on the Cleantech Investor website, 8 September 2011
The China CleanTech Index, or China Green Enterprise Development Index, was launched yesterday at the Top Capital finance conference in Xiamen, Fujian Province, China. The China CleanTech Index is published by Sino CleanTech, the Beijing-based Chinese arm of Australian CleanTech which promotes investment from Chinese investors into cleantech both in China and internationally.
The China CleanTech Index measures the performance of Chinese cleantech companies listed on stock exchanges around the world. It includes 114 companies with a combined market capitalisation of over 750 billion Renminbi (US$117 billion). The index is updated monthly and published on the
SinoCleantech website.
The performance of the China CleanTech Index has been measured since July 2008. Over that period it has, generally, underperformed its benchmarks, which include the Wilder Hill New Energy Global Innovation Index (NEX), the Cleantech Index (CTIUS), the China Shanghai Composite Index (SHCOMP) and the MSCI World Index (MSCI). This underperformance, which disguises some very good individual company results during the period, can be explained in large part by a reduction in valuations from the high levels of 2007.
The Index has displayed significant volatility, a characteristic of the Chinese cleantech market, which has seen a rush of IPOs - combined with variable demand conditions in sub-sectors such as solar and wind. The table below provides a breakdown of the most important sectors, by both market capitalisation and number of companies.
China CleanTech Index - Sector Breakdown
| | Market Cap by sector (%) | No. of companies by Sector |
Solar | 23 | 28 |
Water | 18 | 15 |
Wind | 18 | 15 |
Wave, Tidal, Hydro | 17 | 8 |
Energy Efficiency & Biomaterials | 10 | 15 |
Environmental Services | 5 | 8 |
Storage & Fuel Cells | 4 | 13 |
Waste | 2 | 5 |
Biogas | 1 | 1 |
Green Buildings | 1 | 3 |
Biofuel | 1 | 3 |
| 100 | 114 |
China CleanTech 20
The China Cleantech 20 is a ranking of the largest Index constituents by market capitalisation. The list of constituents will be revised quarterly. Current constituents (listed below) include very strong representation from the water, solar and wind sectors.
Company | Sector | Stockmarket |
China Yangtze Power Co., Ltd | Wave, Tidal, Hydro | Shanghai (SH) |
Sinovel Wind Group Company Limited | Wind | Shanghai (SH) |
GCL-Poly Energy Holdings | Solar | HKSE |
Xinjiang Goldwind Science & Technology Co. | Wind | Shenzhen SX (SHE) |
Chongqing Water Group Company Limited | Water | Shanghai (SH) |
Chengdu Xingrong Investment Co., Ltd | Water | Shenzhen SX (SHE) |
Tsinghua Tongfang Co., Ltd. | Energy Efficiency & Biomaterials | Shanghai (SH) |
China Longyuan Power Group Corp. | Wind | HKSE |
Foshan Electrical And Lighting Co., Ltd | Energy Efficiency & Biomaterials | Shenzhen SX (SHE) |
Beijing Originwater Technology Co., Ltd | Water | Shenzhen SX (SHE) |
Beijing Capital Co., Ltd | Water | Shanghai (SH) |
Shanghai 3f New Materials Company Ltd | Environmental Services | Shanghai (SH) |
Henan Xindaxin Materials Co., Ltd | Solar | Shenzhen SX (SHE) |
Trina Solar | Solar | NYSE |
Shanghai Aero Auto Electromechanical | Solar | Shanghai (SH) |
Beijing Water Business Doctor Co., Ltd | Water | Shenzhen SX (SHE) |
Eguard Resources Development Co., Ltd | Waste | Shenzhen SX (SHE) |
Shanghai Chaori Solar Energy Science | Solar | Shenzhen SX (SHE) |
Zhongshan Public Utilities Group Co., Ltd | Water | Shenzhen SX (SHE) |
Yingli Green Energy | Solar | NYSE |
The China CleanTech 20 Index has consistently underperformed the overall China CleanTech Index, indicating that the smaller stocks have generally fared better than the larger ones.
Best & Worst Performers
The best and worst performing stocks included in the China CleanTech Index over the twelve months to July 2011 are listed in the following table.
Best performers (share price gain > 50%) | |
Gushan Environmental Energy | |
China Energy Recovery Inc. | |
Shanghai 3f New Materials Company Ltd | |
GCL-Poly Energy Holdings | |
Chaowei Power Holdings Limited | |
Hunan Corun New Energy Co. Ltd | |
Hunan Chendian Int'l Dev. Share-Holding | |
Sichuan Minjiang Hydropower Co., Ltd | |
| |
Worst Performers (share price loss > 50%) | LED International Holdings Ltd | Smartheat Inc. | Tsinghua Tongfang Co., Ltd | China Solar Energy Holdings Limited | China Sunergy | Advanced Battery Technologies | China Ritar Power Corp | Coslight Technology International Group | Hong Kong Highpower Technology, Inc. | Beijing Originwater Technology Co., Ltd | Duoyuan Global Water | A-Power Energy Generation Systems Ltd | Cleantech Solutions International Inc. |
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| Xiangtan Electric Manufacturing Co., Ltd | |
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