2025-08-29-港交所-ＸＬ二博时中创业_2025半年度未经审核财务报告（仅备有英文版）页_14页_829kb
报告摘要
Bosera SZSE ChiNext Daily (2x) Leveraged Product Summary
Core Information
- Product Name: Bosera SZSE ChiNext Daily (2x) Leveraged Product
- Stock Code: 7234
- Series: Bosera Leveraged and Inverse Series
- Reporting Period: 1 January 2025 to 30 June 2025 (Unaudited)
- Type: Leveraged and Inverse ETF
- Index: ChiNext Index (HK$)
- Objective: To provide investment results that closely correspond to the performance of a leveraged or inverse index of the ChiNext Index, before fees and expenses
Key Parties Involved
| Role | Name | Address |
|---|---|---|
| Manager | Bosera Asset Management (International) Co., Limited | Suite 4109, Jardine House, One Connaught Place, Central, Hong Kong |
| Trustee | Cititrust Limited | 50/F., Champion Tower, Three Garden Road, Central, Hong Kong |
| Registrar | Computershare Hong Kong Investor Services Limited | 46/F, HopewellCentre, 183 Queen's Road East, Wanchai, Hong Kong |
| Legal Counsel | Simmons & Simmons | 30/F, One Taikoo Place, 979 King's Road, Hong Kong |
| Auditors | Ernst & Young | 27/F, One Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong |
| Administrator and Custodian | Citibank, N.A., Hong Kong Branch | 50/F., Champion Tower, Three Garden Road, Central, Hong Kong |
| Service Agent | HK Conversion Agency Services Limited | 1/F, One & Two Exchange Square, 8 Connaught Place, Central, Hong Kong |
| Listing Agent | Altus Capital Limited | 21 Wing Wo Street, Central, Hong Kong |
Financial Position (As at 30 June 2025)
| Item | 30 June 2025 (Unaudited) HK$ | 31 December 2024 (Audited) HK$ |
|---|---|---|
| Total Assets | 187,446,634 | 200,450,575 |
| Total Liabilities | 12,969,652 | 14,875,018 |
| Net Assets Attributable to Unitholders | 174,476,982 | 185,575,557 |
Profit or Loss (For the Period 1 January 2025 to 30 June 2025)
| Item | 2025 (Unaudited) HK$ | 2024 (Unaudited) HK$ |
|---|---|---|
| Total Comprehensive Loss | (4,313,930) | (9,513,812) |
| Operating Expenses | (1,702,624) | (542,939) |
| Investment Losses | (3,331,922) | (9,197,178) |
| Interest Income | 677,537 | 216,761 |
| Distribution Income | 8,442 | 4,651 |
| Rebate Income | 34,637 | 4,893 |
Changes in Net Assets (For the Period 1 January 2025 to 30 June 2025)
| Item | 2025 (Unaudited) HK$ | 2024 (Unaudited) HK$ |
|---|---|---|
| Net Assets at the Beginning of the Period | 185,575,557 | 19,300,179 |
| Issue of Units | 69,770,015 | 240,664 |
| Redemption of Units | (76,554,660) | (3,964,380) |
| Net (Redemption)/Issue of Units | (6,784,645) | 240,664 |
| Total Comprehensive Loss | (4,313,930) | (9,513,812) |
| Net Assets at the End of the Period | 174,476,982 | 19,300,179 |
| Units | 2025 (Unaudited) | 2024 (Unaudited) |
|---|---|---|
| Units at the Beginning of the Period | 48,800,000 | 7,500,000 |
| Issue of Units | 20,000,000 | 1,300,000 |
| Redemption of Units | (22,800,000) | (1,400,000) |
| Net Redemption of Units | (2,800,000) | (100,000) |
| Units at the End of the Period | 46,000,000 | 7,400,000 |
Cash Flows (For the Period 1 January 2025 to 30 June 2025)
| Item | 2025 (Unaudited) HK$ | 2024 (Unaudited) HK$ |
|---|---|---|
| Net Cash Flows Used in Operating Activities | (12,835,443) | (2,425,224) |
| Net Cash Flows (Used in)/Generated from Financing Activities | (6,784,645) | 240,664 |
| Net Decrease in Cash and Cash Equivalents | (19,620,088) | (2,184,560) |
| Cash and Cash Equivalents at the Beginning of the Period | 103,270,509 | 11,595,484 |
| Cash and Cash Equivalents at the End of the Period | 83,650,421 | 13,780,044 |
Investment Portfolio (Unaudited)
| Asset Type | Fair Value HK$ | % of Net Assets |
|---|---|---|
| Financial Assets at FVPL | 8,495,684 | 4.87% |
| Total Return Swaps | 8,488,541 | 4.87% |
- Counterparties: Goldman Sachs, Citigroup Global Markets, CICC
- Contracts: TRS EQUITY~L49~608, TRS EQUITY~L49~605, TRS EQUITY~L49~603, TRS EQUITY~L49~602, TRS EQUITY~L49~607
- Expiry Dates: 02/07/2025, 19/05/2026, 25/06/2025, 12/09/2025, 30/06/2025
Performance Table (Unaudited)
| Date | Net Asset Value (HK$) | Net Asset Value per Unit (HK$) |
|---|---|---|
| 30 June 2025 | 175,329,339 | 3.8115 |
| 31 December 2024 | 186,637,494 | 3.8245 |
| 31 December 2023 | 28,724,709 | 3.8300 |
| 31 December 2022 | 38,940,347 | 6.9536 |
| Date | Highest Issue Price per Unit (HK$) | Lowest Redemption Price per Unit (HK$) |
|---|---|---|
| 30 June 2025 | 4.3342 | 2.5739 |
| 31 December 2024 | 6.1073 | 2.3211 |
| 31 December 2023 | 9.2195 | 3.5794 |
| 11 May 2022 to 31 December 2022 | 11.7547 | 6.0455 |
Performance Comparison with Index
| Date | Product Performance (%) | Index Performance (%) |
|---|---|---|
| 30 June 2025 | -0.34 | 3.99 |
| 31 December 2024 | -4.11 | 8.97 |
| 31 December 2023 | -42.61 | -20.67 |
| 11 May 2022 to 31 December 2022 | -13.13 | -3.85 |
Main Points and Key Insights
- The Product is a leveraged and inverse structure, designed to track the ChiNext Index with a 2x multiplier.
- The Product is managed by Bosera Asset Management (International) Co., Limited and administered by Citibank, N.A., Hong Kong Branch.
- The financial statements are prepared under the historical cost convention, with FVPL assets and liabilities measured at fair value.
- The Product experienced a loss of -0.34% for the period ending 30 June 2025, compared to a 3.99% gain in the underlying index.
- Net assets declined from 185,575,557 HK$ at the start of the period to 174,476,982 HK$ at the end.
- Cash and cash equivalents decreased from 103,270,509 HK$ to 83,650,421 HK$.
- Operating activities used a net cash flow of 12,835,443 HK$ during the period.
- Financing activities resulted in a net cash outflow of 6,784,645 HK$ due to more redemptions than unit issues.
- The Product uses swap-based synthetic replication to achieve its investment objective, with initial margin provided by unit subscription proceeds.
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