2021-11-24-港交所-力宝专选中港地产_力宝专选中港地产ETF_（半年报截至2021年9月30日）_12页_205kb

LIPPO SELECT HK & MAINLAND PROPERTY ETF Summary

Core Content Overview

The Lippo Select Hong Kong and Mainland Property ETF is a fund that tracks the performance of the Lippo Select HK & Mainland Property Index through a full replication strategy. The fund's financial performance and portfolio composition are outlined in the semi-annual financial statements for the six months ended 30 September 2021.

Key Information

• Dealing NAV as of 30 September 2021: HKD 80.09 million
• Dealing NAV per unit as of 30 September 2021: HKD 68.1623
• Fund Return for the period: -19.7%
• Number of units in issue as of 30 September 2021: 1,175,000
• Net assets attributable to unitholders per unit as of 30 September 2021: HKD 68.1623
• Net assets attributable to unitholders as of 30 September 2021: HKD 80,090,708
• Net assets attributable to unitholders as of 31 March 2021: HKD 154,838,540
• Total investments at fair value as of 30 September 2021: HKD 78,474,921
• Total investments at cost as of 30 September 2021: HKD 84,617,774
• Total listed investments as of 30 September 2021: 97.98% of net assets
• Total investments in REITs as of 30 September 2021: 5.18% of net assets
• Total number of constituent stocks as of 30 September 2021: 52
• Total unadjusted market capitalization of constituent stocks: HKD 1895.3 billion
• Underlying Index performance for the period: -19.6%
• No single constituent security exceeded 10% of the fund's net asset value as of both 30 September 2021 and 31 March 2021.

Main Points

Fund Objective

The ETF aims to closely match the benchmark weightings of the Lippo Select HK & Mainland Property Index by using a full replication strategy.

Key Performance Metrics

• The fund experienced a -19.7% return for the six months ended 30 September 2021, which closely mirrors the -19.6% performance of the Underlying Index.
• The fund's net assets declined from HKD 154.8 million to HKD 80.1 million, reflecting the overall market downturn.

Management and Legal Entities

• Manager: Lippo Investments Management Limited
• Trustee: BOCI-Prudential Trustee Limited
• Custodian and Administrator: Bank of China (Hong Kong) Limited
• Registrar: Computershare Hong Kong Investor Services Limited
• Service Agent: HK Conversion Agency Services Limited
• Legal Adviser: King & Wood Mallesons

Investment Portfolio

• The fund holds 52 constituent stocks and REITs.
• The largest holdings include:
  • China Overseas Land & Investment Ltd (6.16% of net assets)
  • China Resources Land Ltd (7.10% of net assets)
  • China Vanke Co Ltd-H (5.70% of net assets)
  • Country Garden Hldgs Co Ltd (5.82% of net assets)
  • Longfor Group Hldgs Ltd (6.62% of net assets)
  • Sunac China Hldgs Ltd (5.19% of net assets)

Regulatory Compliance

• The fund complies with the SFC Code regarding investment limitations and prohibitions.
• No single constituent security exceeds 10% of the fund's net asset value, ensuring compliance with the regulatory threshold.

Financial Highlights

Statement of Net Assets

• Total Assets as of 30 September 2021: HKD 80,134,678
• Total Liabilities as of 30 September 2021: HKD 43,970
• Equity (Net Assets): HKD 80,090,708

Statement of Comprehensive Income

• Total comprehensive (loss)/income for the period: HKD -21,631,529
• Net (loss)/gain on investments: HKD -26,453,421
• Dividend income: HKD 5,303,169
• Interest income: HKD 9
• Total operating expenses: HKD -428,278
• (Loss)/profit before tax: HKD -21,578,867
• Withholding tax: HKD -52,662

Summary of Portfolio Movements

• Investment changes for the period include:
  • Additions and disposals of various stocks and REITs.
  • Corporate actions such as rights issues and share splits.
• The closing holdings as of 30 September 2021 reflect adjustments made during the period, including:
  • Redemption of units: HKD -53,116,303
  • Subscription of units: HKD 3,801,050
  • Net change in units: HKD -53,116,303 (resulting in a decrease in the number of units in issue from 1,825,000 to 1,175,000)

Conclusion

The Lippo Select HK & Mainland Property ETF experienced a significant decline in value during the six months ended 30 September 2021, with a -19.7% return. The fund's portfolio is managed in line with the Lippo Select HK & Mainland Property Index, and it adheres to regulatory limits on single security holdings. The net asset value per unit has decreased, and the fund's total assets have dropped significantly from the previous quarter. The portfolio shows diversification across multiple property-related companies, with no single security exceeding 10% of the fund's net assets.