CUHK Business School celebrates 10 years of tracking sustainability progress
The Centre for Business Sustainability (CBS) at the Chinese University of Hong Kong (CUHK) Business School has released the 10th edition of the Business Sustainability Indices (BSI), offering key insights into ESG performance across different sectors in Hong Kong, the Greater Bay Area, Greater China, and the Asia-Pacific region.
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.
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The 10th Hong Kong BSI (HKBSI)
| 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 |
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 6th Greater Bay Area BSI (GBABSI)
| 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 |
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 5th Greater China BSI (GCBSI)
| 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 |
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 3rd Global (Asia Pacific) BSI
| 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 |
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 2nd Real Estate BSI
| 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 |
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 5th Hotel BSI
| 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 | |
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.
For more information about the results of the latest Business Sustainability Indices, please visit the CBS website: https://cbs.bschool.cuhk.edu.hk/research/