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Investment Strategy
?The Fund may invest in listed companies that derive a significant portion of their revenues from goods
produced or sold, investments made or services performed in the Greater China region, which includes
the People's Republic of China, the Hong Kong & Macau Special Administrative Regions and Taiwan. 
The Fund has not invested in A Shares and will not invest in A Shares until the Manager is able to invest
in A Shares in accordance with applicable regulations in the PRC. The Manager will give prior notice to
Unitholders when the Manager is able to invest in such shares in accordance with applicable regulations
in the PRC.
?The Fund will invest at least 70% of its non-cash assets in Greater China-related financial instruments and
companies.
?The Fund will be managed based on a value-oriented investment strategy. 
 
Risk factors
?Investment Risk
The Sub-Fund's investment portfolio may fall in value due to any of the key risk factors listed below and 
therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of 
principal.
?Equity Market Risk
The Sub-Fund's investment in equity securities is subject to general market risks, whose value may fluctuate
due to various factors, such as changes in investment sentiment, political and economic conditions and
issuer-specific factors.
?Risk associated with small-capitalisation / mid-capitalisation companies
The stock of small-capitalisation/mid-capitalisation companies may have lower liquidity and their prices are
more volatile to adverse economic developments than those of larger capitalisation companies in general.
?PRC Market Risk
Many of the economic reforms in the PRC are unprecedented or experimental and are subject to adjustment
and modification, and such adjustment and modification may not always have a positive effect on foreign
investment in joint stock limited companies in the PRC or in H-shares.

The PRC government's control of currency conversion and future movements in exchange rates may
adversely affect the operations and financial results of the companies in which the Sub-Fund may invest.
?Emerging Markets Risk
The Sub-Fund may invest in emerging markets which may involve increased risks and special considerations
not typically associated with investment in more developed markets, such as liquidity risks, currency risks/
control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, 
regulatory risk and the likelihood of a high degree of volatility. Investment in such markets will be subject
to risks such as market suspension, restrictions on foreign investment and control on repatriation of capital.
?Concentration Risk
The Sub-Fund’s investments are concentrated in the Greater China region. The value of the Sub-Fund may
be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-
Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal
or regulatory event affecting the Greater China region.
?Counterparty and Settlement Considerations
The Sub-Fund will be exposed to credit risk on the counterparties with which it trades and may also bear the
risk of settlement default.
?Foreign Exchange/Currency Risk
The Sub-Fund may invest its assets in securities denominated in a wide range of currencies, some of which
may be denominated in currencies other than the Sub-Fund's base currency and/or may not be freely
convertible. The Net Asset Value of the investments of the Sub-Fund as expressed in HKD will fluctuate in
accordance with the changes in the foreign exchange rate between HKD and the currencies in which the
Sub-Fund's investments are denominated. The Sub-Fund may therefore be exposed to a foreign exchange/
currency risk. The Net Asset Value of the Sub-Fund may be affected unfavourably by fluctuations in the
exchange rates between these currencies and HKD and by changes in exchange rate controls. It may not
be possible or practicable to hedge against the consequent foreign exchange/currency risk exposure.
?Risks Associated with Distribution out of Capital or Effectively out of Capital
Payment of distributions out of capital or effectively out of capital amounts to a return or withdrawal of
part of an investor's original investment or from any capital gains attributable to that original investment
and may result in an immediate reduction of the Net Asset Value per Unit of the Sub-Fund.
?Risks Associated with Derivative Contracts
The Sub-Fund may use derivative contracts for hedging purposes. Risks associated with derivative contracts
include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction
risk. The leverage element/component of a derivative contract can result in a loss significantly greater than
the amount invested in the derivative contract by the Sub-Fund. Exposure to derivative contracts may lead
to a high risk of significant loss by the Sub-Fund.

While the hedging strategy adopted by the Manager is intended to protect investors against a decline in the
value of the Sub-Fund's assets, there is no guarantee that the hedging strategy will be effective and investors
may still be subject to the risk of suffering losses.

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