The Hang Seng China Enterprises Index or H-share index, which tracks mainland firms listed in the city, generated a 4.77 per cent annualised return from the listing of the first H share, Tsingtao Brewery, on July 15, 1993, to the end of last month. In comparison, the Hang Seng’s annualised return, with dividends reinvested, was 9.11 per cent.