Developed using the VPI model (Values–Process–Impact), the indices evaluate major listed companies based on their sustainability reports for the fiscal year of 2023 across four dimensions: Values, Management, Practices, and Impact. The findings highlight prevailing trends, drivers, and challenges in corporate sustainability practices.
The 10th Hong Kong BSI (HKBSI)
The overall score for the 82 Hang Seng Index constituents rose 0.41 per cent year-on-year, showing continued progress. Companies demonstrate stronger ESG commitments not only in values and processes but also in implementation and impact. Balanced growth across all four dimensions suggests a more integrated and systemic approach to sustainability.
The data reveals two major leaps over the past decade: first in 2016, following HKEX’s mandatory “Comply or Explain” ESG reporting, and again in 2020, when HKEX required boards to take explicit responsibility for overseeing ESG issues and strategy.
| The Top 10 HKBSI Company Ranking | |
| 1 | BOC Hong Kong (Holdings) Limited |
| 2 | The Hong Kong and China Gas Co Ltd |
| 3 | Sands China Ltd |
| 4 | MTR Corporation Limited |
| 5 | Power Assets Holdings Ltd |
| 6 | Sun Hung Kai Properties Limited |
| 7 | China Resources Power Holdings Co Ltd |
| 8 | Henderson Land Development Co Ltd |
| 9 | Hang Seng Bank Limited |
| 10 | HSBC Holdings plc |
To celebrate this significant milestone of the HKBSI, special “Decade of Excellence Awards” were presented to companies that have consistently demonstrated outstanding commitment to sustainability over the past ten years.
Decade of Sustainability Excellence Award
The Hong Kong and China Gas Company Limited
Decade of Sustainability Excellence Award – Mainland and Macau
China Resources Power Holdings Company Limited
Decade of Economic Sustainability Excellence Award
Hang Seng Bank Limited
Decade of Social Sustainability Excellence Award
MTR Corporation Limited
Decade of Environmental Sustainability Excellence Award
The Hong Kong and China Gas Company Limited
Sustainability Management Excellence Award
HSBC Holdings plc
Sustainability Progress Award
Sands China Ltd.
Results: 10th HKBSI
The 6th Greater Bay Area BSI (GBABSI)
Covering 55 Hang Seng Stock Connect Greater Bay Area Index constituents, GBABSI recorded a 4.13 per cent year-on-year increase in total score. Strong processes have laid the foundation for mature practices, which are now translating into measurable impact, reflected in an impact score of 54.02. This indicates that companies are turning ESG intentions into tangible outcomes.
| The Top 10 GBABSI Company Ranking | |
| 1 | BOC Hong Kong (Holdings) Limited |
| 2 | The Hong Kong and China Gas Company Limited |
| 3 | Sands China Ltd |
| 4 | MGM China Holdings Ltd |
| 5 | MTR Corporation Limited |
| 6 | Sino Land Company Limited |
| 7 | Sun Hung Kai Properties Limited |
| 8 | China Resources Power Holdings Company Limited |
| 9 | Henderson Land Development Company Limited |
| 10 | Hang Seng Bank Limited |
Results: 6th GBABSI
The 5th Greater China BSI (GCBSI)
The GCBSI, which includes 217 listed companies from Hong Kong, Shanghai, Shenzhen, and Taiwan, shows a 0.5 per cent rise in the overall score. Most dimensions recorded steady progress, with the Management dimension leading consistently and reaching nearly 80 points this year. The results point to solid governance and strategic integration of ESG principles across the region.
| The Top 10 GCBSI Company Ranking | |
| 1 | BOC Hong Kong (Holdings) Limited |
| 2 | The Hong Kong and China Gas Company Limited |
| 3 | Sands China Limited |
| 4 | MTR Corporation Limited |
| 5 | Power Assets Holdings Limited |
| 6 | Sun Hung Kai Properties Limited |
| 7 | China Resources Power Holdings Company Limited |
| 8 | Henderson Land Development Company Limited |
| 9 | TCC Group Holdings Company Limited |
| 10 | Hang Seng Bank Limited |
Results: 5th GCBSI
The 3rd Global (Asia Pacific) BSI
Based on 162 constituents from Hong Kong, Australia, and Singapore, the Global (Asia Pacific) BSI reveals that Singapore leads in ESG values, while both Singapore and Hong Kong perform strongly in Management, supported by well-established governance and reporting frameworks. Hong Kong also excels in Practices and Impact, demonstrating robust implementation and stakeholder engagement.
| The Top 10 Global (Asia Pacific) BSI Company Ranking | |
| 1 | BOC Hong Kong (Holdings) Limited |
| 2 | The Hong Kong and China Gas Company Limited |
| 3 | Sands China Ltd |
| 4 | MTR Corporation Limited |
| 5 | Power Assets Holdings Ltd |
| 6 | Sun Hung Kai Properties Limited |
| 7 | China Resources Power Holdings Company Limited |
| 8 | Henderson Land Development Company Limited |
| 9 | Hang Seng Bank Limited |
| 10 | HSBC Holdings plc |
Results: 3rd Global BSI
The 2nd Real Estate BSI
Assessing 25 property and construction companies from the HKBSI, GBABSI, and GCBSI, the Real Estate BSI shows that more firms are moving into higher ESG performance tiers. Hong Kong companies benefit from a mature sustainability ecosystem shaped by HKEX requirements and stakeholder expectations, while Shanghai and Shenzhen firms are progressing steadily, focusing on foundational systems.
| The Top 10 List of the Real Estate BSI | |
| 1 | Sino Land Company Limited |
| 2 | Sun Hung Kai Properties Limited |
| 3 | Henderson Land Development Company Limited |
| 4 | TCC Group Holdings Co., Ltd. |
| 5 | Kerry Properties Limited |
| 6 | China Overseas Land & Investment Limited |
| 7 | Hang Lung Properties Limited |
| 8 | Wharf Real Estate Investment Company Limited |
| 9 | New World Development Company Limited |
| 10 | Swire Properties Ltd |
Results: 2nd Real Estate BSI
The 5th Hotel BSI
Evaluating 38 hotel companies, the latest Hotel BSI records a 5.2 per cent increase in the overall average score. Macao’s hotels lead regionally, while international players maintain global leadership. Hotels in Chinese mainland show the fastest growth, reflecting strong momentum in ESG adoption across the sector.
| The Top 10 List of the Hotel BSI (in alphabetical order) | |
| Hilton Worldwide Holdings Inc. | |
| Hyatt Hotels Corporation | |
| Marriott International, Inc. | |
| Melco Resorts & Entertainment Limited | |
| MGM China Holdings Limited | |
| Sands China Ltd. | |
| Shanghai Jin Jiang International Hotels Co. Ltd. | |
| Sino Hotels (Holdings) Limited | |
| The Hongkong and Shanghai Hotels, Limited | |
| Wynn Macau Limited | |
Results: 5th Hotel BSI
For more information about the results of the latest Business Sustainability Indices, please visit the CBS website: https://cbs.bschool.cuhk.edu.hk/research/