Chinese Utilities Defensive Blue Chips

National Silicon Industry Group

Market Cap: CN¥118.5b

National Silicon Industry Group Co., Ltd.

ASPEED Technology

Market Cap: NT$562.2b

Operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally.

Banco Comercial Português

Market Cap: €15.3b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Amkor Technology

Market Cap: US$17.5b

Provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, and the Asia Pacific.

E.SUN Financial Holding Company

Market Cap: NT$559.6b

Offers various financial banking products and services in Taiwan.

Krung Thai Bank

Market Cap: ฿576.5b

Engages in commercial banking business in Thailand and internationally.

Elia Group

Market Cap: €15.1b

Develops and operates as a transmission system operator in Belgium and Germany.

Mora Telematika Indonesia

Market Cap: Rp311.7t

Operates as a telecommunications infrastructure and network provider in Indonesia and Singapore.

Hua Nan Financial Holdings

Market Cap: NT$542.8b

Provides financial services in Taiwan and internationally.

Bank Polska Kasa Opieki

Market Cap: zł63.9b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Luzhou LaojiaoLtd

Market Cap: CN¥113.0b

Produces and sells alcoholic products in China and internationally.

Enpara Bank

Market Cap: ₺780.3b

Provides banking services and products in Turkey.

SiTime

Market Cap: US$16.6b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

Varun Beverages

Market Cap: ₹1.6t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.

Bank of Hangzhou

Market Cap: CN¥112.1b

Provides various banking products and services in China.

SDIC Power Holdings

Market Cap: CN¥111.9b

Engages in the electricity generation business in China.

Tongfu MicroelectronicsLtd

Market Cap: CN¥111.6b

Provides integrated circuit (IC) encapsulation test services in China and internationally.

Hippo Valley Estates

Market Cap: US$2.1b

Together with its subsidiary, Chiredzi Township (Private) Limited, engages in the growing and milling of sugar cane in Zimbabwe and internationally.

Kasikornbank

Market Cap: ฿547.8b

Provides commercial banking products and services in Thailand and internationally.

Airtel Africa

Market Cap: UK£12.3b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

ING Bank Slaski

Market Cap: zł62.1b

Provides various banking products and services for retail clients and businesses in Poland.

FinecoBank Banca Fineco

Market Cap: €14.2b

Provides banking, credit, trading and investment services in Italy.

Hua Xia Bank

Market Cap: CN¥109.2b

Provides commercial banking services in China and Hong Kong.

mBank

Market Cap: zł61.1b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

Dairibord Holdings

Market Cap: US$2.1b

Manufactures, processes, markets, and distributes milk, food, and beverage products in Zimbabwe.

SCB X

Market Cap: ฿533.7b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Onto Innovation

Market Cap: US$16.0b

Engages in the design, development, manufacture, and support of process control tools that perform macro-defect inspection and metrology in the United States, Taiwan, South Korea, Japan, China, Southeast Asia, Asia, and Europe.

Banco Santander-Chile

Market Cap: CL$14.9t

Provides commercial and retail banking products and services in Chile.

National Bank of Greece

Market Cap: €14.0b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

ASR Nederland

Market Cap: €13.9b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

Bankinter

Market Cap: €13.8b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

Power Assets Holdings

Market Cap: HK$123.3b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

KGI Financial Holding

Market Cap: NT$505.9b

Operates as a financial company in Taiwan and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł59.4b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

Shanghai Iluvatar CoreX Semiconductor

Market Cap: HK$122.1b

Shanghai Iluvatar CoreX Semiconductor Co., Ltd.