2021-08-17-港交所-华夏港股通小型股_2021_半年度未经审核报告_24页_937kb

报告摘要

Sub-Fund Name: ChinaAMC Hang Seng Stock Connect Hong Kong SmallCap Index ETF
Stock Code: 03157
Series: ChinaAMC Global ETF Series
Type: Exchange Traded Fund (ETF)
Index Tracked: Hang Seng Stock Connect Hong Kong SmallCap Index
Investment Strategy: Full replication strategy, with a representative sampling strategy used when direct investment is not possible
Trading Commencement: 26 October 2015 on The Stock Exchange of Hong Kong Limited (SEHK)
Unaudited Semi-Annual Period: 1 January 2021 to 30 June 2021

The Sub-Fund is a physical ETF that directly invests in the stocks of the Hang Seng Stock Connect Hong Kong SmallCap Index.
The performance of the Sub-Fund is reported in terms of Total Returns, with the following figures for the period:
- 1-Month Return: 0.95% (HKD NAV-to-NAV), 1.58% (HKD Market-to-Market)
- 3-Month Return: 7.43% (HKD NAV-to-NAV), 7.50% (HKD Market-to-Market)
- Since Launch Return: 38.59% (HKD NAV-to-NAV), 41.50% (HKD Market-to-Market)
The Hang Seng Stock Connect Hong Kong SmallCap Index had a return of:
- 1-Month: 1.24%
- 3-Month: 8.25%
- Since Launch: 62.76%

Total Assets (30 June 2021): HKD 65,014,017
Total Liabilities (30 June 2021): HKD 337,160
Net Assets (30 June 2021): HKD 64,676,857
Total Liabilities and Equity (30 June 2021): HKD 65,014,017
Total Liabilities and Equity (31 December 2020): HKD 55,458,453

As of 30 June 2021, the Sub-Fund held 159 constituent stocks of the Index. The portfolio was divided into various sectors, including:

Basic Materials: 15 stocks (e.g., Aluminum Corp of China Ltd, Jiangxi Ganfeng Lithium Co Ltd)
Communications: 7 stocks (e.g., CITIC Telecom International Holdings Ltd, Hengten Networks Group Ltd)
Consumer, Cyclical: 19 stocks (e.g., Baic Motor Corp Ltd, Hangzhou Tigermed Consulting Co Ltd)
Consumer, Non-cyclical: 19 stocks (e.g., Pharmaron Beijing Co Ltd, Yeahka Ltd)
Energy: 8 stocks (e.g., GCL-Poly Energy Holdings Ltd, China Coal Energy Co Ltd)
Financial: 17 stocks (e.g., China Merchants Securities Co Ltd, Poly Property Services Co Ltd)
Industrial: 10 stocks (e.g., Beijing Capital International Airport Co Ltd, Sany Heavy Equipment International Holdings Co Ltd)
Technology: 8 stocks (e.g., Chinasoft International Ltd, IGG Inc)
Utilities: 2 stocks (e.g., CGN New Energy Holdings Co Ltd, Datang International Power Generation Co Ltd)

GCL-Poly Energy Holdings Ltd: 1,167,000 units, HKD 2,310,660 fair value, 3.57% of net assets
China Reinsurance Group Corp: 415,000 units, HKD 327,850 fair value, 0.51% of net assets
China Travel International Investment Hong Kong Ltd: 138,000 units, HKD 178,020 fair value, 0.28% of net assets
Pharmaron Beijing Co Ltd: 8,200 units, HKD 1,697,400 fair value, 2.62% of net assets

The Sub-Fund's performance may not match the Index due to tracking error.
The Manager may use a representative sampling approach in certain circumstances.
The report is unaudited and should not be used as the sole basis for investment decisions.
Investors are advised to refer to the Sub-Fund's prospectus for more detailed information.
The Sub-Fund does not have any new units issued or redeemed during the reporting period.

Total Assets Increase: From HKD 55,458,453 (31 Dec 2020) to HKD 65,014,017 (30 Jun 2021)
Net Assets Increase: From HKD 55,027,557 (31 Dec 2020) to HKD 64,676,857 (30 Jun 2021)
Performance Discrepancy: The Sub-Fund's returns (both NAV-to-NAV and Market-to-Market) were lower than the Index returns, indicating potential tracking error.
Key Expenses: Management fees, trustee and registrar fees, accounting fees, and other operating expenses.
Cash Flow Trends: Net cash outflows during the period, with a decrease in cash and cash equivalents.

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