The Hang Seng Index is an indicator of the changes of blue-chip stocks in Hong Kong and a widely watched index in Asia. At the same time, it is also widely used as a standard to measure the performance of funds. The Hang Seng Index is calculated by the weighted capital market value method, with a total of 33 constituent stocks. The 33 constituent stocks belong to four sub-indices of industry and commerce, finance, real estate and public utilities respectively, and the total market value accounts for about 70% of the total market value of all listed stocks on the Hong Kong Stock Exchange.

The English-Chinese Dictionary of Securities Investment by the Commercial Press explains: Hang Seng Index Futures. Futures contracts with Hang Seng Index as the trading variety. Each point of Hang Seng Index represents HK$ 50, and both parties to the transaction settle according to the market index at the time of liquidation or contract expiration, and there is no physical delivery.

In view of the increasing concern of the Hong Kong stock market and the increasing demand for related hedging instruments, the Hong Kong Futures Exchange launched the Hang Seng Index Futures Contract as early as May 1986, and then launched the Hang Seng Index Option Contract in March 1993. 1997, the trading volume of Hang Seng Index futures ranked sixth in the world. Stock index futures contracts are based on Hang Seng Index and its four sub-indices: real estate, public utilities, finance and industry and commerce. The contract is divided into four months, namely the current month, the next month and the last two quarters. The month is April, so the contract is divided into Hang Seng Index in April, Hang Seng Index in May, Hang Seng Index in June and Hang Seng Index in September. After the cash delivery of the April contract, the contract becomes a May contract, a June contract, a September contract and a 65438+February contract, and then repeats. The contract value is equal to the current settlement price of the contract multiplied by HK$ 50.