S&P launches index for overseas-listed Chinese firms

LONDON, June 18 (Reuters) - Standard & Poor's (S&P) launched on Wednesday an index tracking the shares of 10 overseas-listed Chinese companies, saying the move would allow investors to gain exposure to firms not listed on the Hong Kong bourse.

S&P said the index comprises of China-domiciled companies with shares that trade on developed market stock exchanges other than Hong Kong.

"The new S&P Overseas China 10 Index fills a gap in the market by providing exposure to leading Chinese stocks which only trade in overseas exchanges," Steven Goldin, vice president at S&P's Index Services said in a statement.

American as well as Global Depository Receipts are eligible for inclusion in the index, which will include US-listed firms such as Baidu.com (BIDU.O: Quote, Profile, Research), Sohu.com (SOHU.O: Quote, Profile, Research) and Yingli Green Energy (YGE.N: Quote, Profile, Research).

As at the end of May, the one- and three-year returns for the index were 46 percent and 29 percent per annum respectively.

The Shanghai Composite Index .SSEC has slid over 44 percent since the start of the year while Hong Kong's Hang Seng Index .HSI has slipped 16 percent.

(Reporting by Sebastian Tong; )