Investment Objective

To provide members with long-term capital appreciation. A portfolio of underlying APIFs invests primarily in a portfolio of Hong Kong and China-related equity securities and listed instruments. Hong Kong and China-related equity securities / listed instruments are defined as equity securities and instruments listed on the Hong Kong Stock Exchange or other exchanges of issuers generating a substantial portion of their revenues and / or profits in the People’s Republic of China (including, but not limited to, China A shares via the Stock Connect). The constituent fund utilizes both active investment strategy and rule-based investment strategy.

Fund Details

Latest Fund Expense Ratio: 1.51%

Launch Date(dd/mm/yyyy): 01/01/2008

Unit Price: HKD 1.0019

Fund Size: HKD 7,440.5M

Fund Commentary

China equities declined during the quarter amid concerns over the impact of COVID-19. Compared to global and other Asian peers, the Chinese market was a notable outperformer. China, which was seen as ‘ahead of the curve’ despite that it was the first country to record cases of COVID19, took measures to lock down the city of Wuhan. Its measures to contain the spread were deemed a success as the number of active cases of COVID-19 in China appeared to peak in February and subsequently fell sharply. A mix of interest rate cuts and fiscal (tax and spending) measures were also announced during the quarter by the Chinese authorities to support economic growth. Meanwhile, the spread of COVID-19 appeared to be relatively contained in Hong Kong and the market also outperformed the wider Asian market.

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