2023-04-28-港交所-ＸＬ二博时中创业_截至2022年12月31日止的年报_45页_1mb

Bosera SZSE ChiNext Daily (2x) Leveraged Product Annual Report Summary (11 May 2022 to 31 December 2022)

Core Content Overview

This report provides the financial statements and related disclosures for Bosera SZSE ChiNext Daily (2x) Leveraged Product, a product under the Bosera Leveraged and Inverse Series, for the period from 11 May 2022 (date of commencement of operations) to 31 December 2022.

The financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and include:

• Statement of Financial Position
• Statement of Profit or Loss and Other Comprehensive Income
• Statement of Changes in Net Assets Attributable to Unitholders
• Statement of Cash Flows
• Notes to the Financial Statements
• Investment Portfolio (Unaudited)
• Performance Table (Unaudited)
• Information on Exposure from Financial Derivative Instruments (Unaudited)

The independent auditor's report confirms that the financial statements give a true and fair view of the financial position and performance of the Product for the reporting period, in accordance with IFRSs.

Key Entities Involved

Main Financial Highlights

Statement of Financial Position (As at 31 December 2022)

• Total Assets: HK$39,839,783

  • Financial assets at FVPL: HK$5,676
  • Interest receivables: HK$24,612
  • Prepayment and other receivables: HK$15,679
  • Margin accounts: HK$18,645,807
  • Rebates receivable: HK$372,500
  • Time deposit: HK$2,000,000
  • Cash and cash equivalents: HK$18,775,509

• Total Liabilities: HK$2,643,000

  • Financial liabilities at FVPL: HK$1,540,346
  • Management fee payable: HK$140,176
  • Custodian, fund administration and trustee fee payables: HK$28,486
  • Other payables and accruals: HK$933,992

• Net Assets Attributable to Unitholders: HK$37,196,783

• Total Liabilities and Equity: HK$39,839,783

Statement of Profit or Loss and Other Comprehensive Income

• Total Loss for the Period: HK$11,614,544
• Operating Expenses: HK$2,859,713
• Investment Losses: HK$9,274,822
  • Net realised losses on sale of FVPL assets and liabilities: HK$7,740,151
  • Net change in unrealised losses on FVPL assets and liabilities: HK$1,534,671

Statement of Changes in Net Assets Attributable to Unitholders

• Net Assets at Beginning of Period: Not applicable (new product)
• Issue of Units: 5,600,000 units, valued at HK$48,811,327
• Net Assets at End of Period: HK$37,196,783

Statement of Cash Flows

• Net Cash Used in Operating Activities: HK$30,035,818
• Net Cash from Financing Activities: HK$48,811,327
• Net Increase in Cash and Cash Equivalents: HK$18,775,509
• Cash and Cash Equivalents at End of Period: HK$18,775,509

Key Audit Matters

• The independent auditor confirmed that the financial statements are free from material misstatement and give a true and fair view in accordance with IFRSs.
• Key audit matter: Existence and valuation of financial liabilities at fair value through profit or loss (FVPL).
  • The financial liabilities at FVPL were valued at HK$1,540,346 (4% of net assets).
  • The auditor performed procedures including:
    • Confirming quantities with brokers and custodians.
    • Assessing the valuation process.
    • Testing valuations against independent third-party sources.
    • Evaluating the valuation techniques for total return swaps.
    • Reviewing the adequacy of disclosures.

Investment Strategy and Objective

• The investment objective is to provide returns that closely correspond to the performance of a relevant leveraged or inverse index of the ChiNext Index (HK$)(CNH), before fees and expenses.
• The Manager intends to use a swap-based synthetic replication strategy.
• The Product will provide an initial margin (Initial Amount) from subscription proceeds to swap counterparties, which will be held in a segregated account.
• The swap counterparties will provide the Product with exposure to the Index (net of transaction costs).

Accounting Policies and Standards

• The financial statements are prepared under the historical cost convention, except for financial instruments measured at fair value through profit or loss (FVPL).
• The Product has adopted all applicable and effective IFRSs for the first time.
• The following IFRSs are expected to be relevant upon becoming effective:
  • Amendments to IAS 8
  • Amendments to IAS 1
  • Amendments to IFRS Practice Statement 2
  • Definition of Accounting Estimates
  • Disclosure of Accounting Policies
  • Making Materiality Judgements
• These amendments are not expected to have a significant impact on the financial statements.

Conclusion

• The independent auditor has issued an unqualified opinion, confirming the true and fair view of the financial position and performance of the Product.
• The Trustee has confirmed that the Manager has managed the Product in accordance with the Trust Deed.
• The Product remains in going concern basis of accounting, with no material uncertainty identified.