2025-04-30-港交所-易方达Ａ５０_易方达Ａ５０－Ｒ_截至2024年12月31日之经审核年度财务报告_39页_2mb

E Fund (HK) MSCI China A50 Connect ETF 2024 Annual Report Summary

Core Content

E Fund (HK) MSCI China A50 Connect ETF is a sub-fund of the E Fund ETFs Trust, listed on The Stock Exchange of Hong Kong Limited (SEHK) under the stock codes 83111 (RMB Counter) and 03111 (HKD Counter). It aims to provide investment returns that closely correspond to the performance of the MSCI China A50 Connect Index, which represents the top 50 large-cap China A shares using a sector-neutral approach.

Main Points

• Manager: E Fund Management (Hong Kong) Co., Limited
• Trustee: HSBC Institutional Trust Services (Asia) Limited
• Custodian: The Hongkong and Shanghai Banking Corporation Limited (HK) and HSBC Bank (China) Company Limited (PRC)
• Service Agent/Conversion Agent: HK Conversion Agency Services Limited
• Listing Agent: GF Capital (Hong Kong) Limited
• Auditor: PricewaterhouseCoopers (PwC)
• Legal Counsel: Simmons & Simmons

Key Information

• Outstanding Units: As of 31 December 2024, the Sub-Fund had 24,000,000 units outstanding.
• Net Asset Value (NAV): The NAV per unit was RMB 2.1036 as of 31 December 2024.
• Total Size: The total size of the Sub-Fund was approximately RMB 50.49 million.
• Average Daily Trading Volume: Approximately RMB 0.981 million as reported by Bloomberg.
• Performance Summary (NAV-to-NAV return):
  • Since Launch: -19.1%
  • YTD (Year to Date): 20.2%
  • 1 Month: 1.9%
  • 3 Months: -4.3%
  • 6 Months: 11.3%
  • 1 Year: 20.2%
• Index Performance (Net Total Return):
  • Since Launch: -18.3%
  • YTD: 20.7%
  • 1 Month: 2.0%
  • 3 Months: -4.3%
  • 6 Months: 11.5%
  • 1 Year: 20.7%

Financial Highlights

Statement of Financial Position (As at 31 December 2024)

• Total Assets: RMB 50,539,247
• Total Liabilities: RMB 52,386
• Net Assets Attributable to Unitholders: RMB 50,486,861

Statement of Comprehensive Income

• Total Income (RMB): RMB 9,034,106
• Total Expenses (RMB): RMB (289,534)
• Profit Before Tax (RMB): RMB 8,744,572
• Profit After Tax (RMB): RMB 8,571,842

Statement of Changes in Net Assets Attributable to Unitholders

• Net Assets at the Beginning of the Year: RMB 104,963,219
• Net Assets at the End of the Year: RMB 50,486,861
• Units Issued: 6,000,000
• Units Redeemed: (42,000,000)
• Units Outstanding: 24,000,000

Statement of Cash Flows

• Net Cash Generated from Operating Activities: RMB 62,929,389
• Net Cash Used in Financing Activities: RMB (85,045,045)
• Decrease in Cash and Cash Equivalents: RMB (22,115,656)
• Cash and Cash Equivalents at the End of the Year: RMB 190,586

Investment Portfolio

• Investments: The Sub-Fund held 50 constituents of the MSCI China A50 Connect Index as of 31 December 2024.
• Investment Value: RMB 50,345,780
• Net Gain on Investments: RMB 7,291,527
• Investment Strategy: The Sub-Fund uses a physical representative sampling strategy and invests up to 100% of its Net Asset Value in index securities.

Auditor's Report

• Opinion: PwC issued an unqualified opinion, confirming the financial statements give a true and fair view of the Sub-Fund’s financial position and transactions in accordance with IFRS.
• Key Audit Matters:
  • Existence and valuation of investments were key matters.
  • The auditor tested the existence of investments through direct confirmations from the custodian and valued investments by comparing management pricing to external sources.
  • No material exceptions were found during testing.
• Independence: The auditor is independent of the Sub-Fund in accordance with the IESBA Code.
• Going Concern: The Management assessed the Sub-Fund’s ability to continue as a going concern and used the going concern basis of accounting.

Notes to the Financial Statements

• The financial statements are prepared in accordance with IFRS Accounting Standards.
• The Sub-Fund is authorized by the Securities and Futures Commission (SFC).
• The Sub-Fund is managed under the Trust Deed dated 25 July 2012.
• The investment objective is to closely track the performance of the MSCI China A50 Connect Index, excluding fees and expenses.
• The Sub-Fund is authorized under QFI (Qualified Foreign Institutional Investor) rules, allowing foreign investors to access the PRC securities market through RMB or foreign convertible currencies.

Disclaimer

• Past performance is not indicative of future performance.
• The performance figures are based on calendar year end NAV-to-NAV returns with dividends reinvested.
• The report is exempt from SFC pre-vetting and authorization.
• The auditor does not express assurance on the other information in the annual report.