2021-08-31-港交所-南方中创业板_南方中创业板－Ｒ_截至二零二一年六月三十日止的未经审核中期报告_32页_937kb

CSOP SZSE CHINEXT ETF Summary

Core Information

• Fund Type: CSOP ETF Series, a sub-fund of the umbrella unit trust.
• Launch Date: 13 May 2015
• Stock Codes: 83147 (RMB counter), 03147 (HKD counter)
• Index: ChiNext Index, which includes the top 100 A-Share companies on the Shenzhen Stock Exchange, ranked by total market capitalization, free float market capitalization, and turnover.
• Investment Strategy:
  • Primary Strategy: Full-replication, investing 50% to 100% of its net asset value in index securities.
  • Ancillary Strategy: Synthetic representative sampling, investing up to 50% in financial derivative instruments, mainly funded total return swaps.

Fund Performance

• Dealing NAV (30 June 2021): RMB 12.2872
• Units Outstanding: 65,700,000
• Total Assets Under Management (AUM): Approximately RMB 807.3 million
• Performance Comparison:
  • RMB counter: 16.95% return
  • Index: 17.22% return
• YTD Price Return (RMB counter): 17.96%

Financial Position (As at 30 June 2021)

• Total Assets: RMB 868,923,523
• Total Liabilities: RMB 61,656,397
• Net Assets Attributable to Unitholders: RMB 807,267,126

Financial Highlights

• Net Assets per Unit (30 June 2021): RMB 12.2872
• Net Assets per Unit (31 December 2020): RMB 10.5064
• Units in Issue:
  • 30 June 2021: 65,700,000 units
  • 31 December 2020: 51,900,000 units

Comprehensive Income (For the period ended 30 June 2021)

• Total Net Income: RMB 128,060,450
• Total Operating Expenses: RMB 5,038,961
• Operating Profit: RMB 123,021,489
• Taxation: RMB 108,035
• Total Comprehensive Income: RMB 122,913,454

Cash Flow (For the period ended 30 June 2021)

• Net Increase in Cash and Cash Equivalents: RMB 61,028,044
• Cash and Cash Equivalents at the End of the Period: RMB 61,499,822
• Net Cash Generated from Operating Activities: RMB 176,969,078
• Net Cash Used in Financing Activities: RMB (115,941,034)

Key Financial Policies

• Accounting Standards: Prepared in accordance with HKAS 34 "Interim Financial Reporting" for the six months ended 30 June 2021.
• Valuation: Investments are valued at the last traded price on the valuation day.
• Liquidity: The fund maintains sufficient liquidity to meet redemption requests.

Taxation

• Hong Kong Profits Tax: Exempt due to being a collective investment scheme under Section 104 of the Securities and Futures Ordinance.
• PRC Withholding Tax:
  • Dividend income: 10% withholding tax applied
  • Interest income: Withholding tax was charged during the period

Related Party Transactions

• Management Fee: 0.99% per annum of the net asset value, inclusive of Trustee and Registrar fees.
• Trustee Fee and Registrar's Fee: Included in the management fee.
• Bank Balances:
  • Held with The Hongkong and Shanghai Banking Corporation Limited: RMB 61,499,822 (30 June 2021), RMB 471,778 (31 December 2020)
  • HSBC Bank (China) Company Limited: RMB 460 (30 June 2021)
• Swap Contracts: Entered into with Huatai Capital Investment Limited (a connected person) for RMB 61,082,723 (30 June 2021), RMB Nil (31 December 2020)

Risk Management

• Market Risk:
  • The fund's exposure to market price, interest rate, and currency risk is aligned with the ChiNext Index.
  • Industry concentration is tracked, with the fund holding all 100 constituent companies of the index.
• Sensitivity Analysis:
  • If the index increases by 25%, operating profit would increase by approximately RMB 201,733,952.
  • If the index decreases by 25%, operating profit would decrease by an equal amount.

Portfolio Rebalance

• The fund has experienced 21 index rebalances since inception.
• The RMB counter had an average daily turnover of RMB 1.5 million in June 2021.
• The HKD counter had an average daily turnover of HKD 7.8 million in June 2021.

Additional Notes

• The fund is authorized by the Hong Kong SFC and governed by the Trust Deed dated 25 July 2012.
• The Manager is CSOP Asset Management Limited, and the Trustee is HSBC Institutional Trust Services (Asia) Limited.
• The fund's financial statements are unaudited and prepared in accordance with the same accounting policies as the annual financial statements.