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VL China Fund

VL China Fund

A sub fund (and currently the only sub fund) under VL Trusts, a Hong Kong umbrella unit trust authorized under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, of which VL Asset Management Limited is the Manager.


SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.


Pricing

Fund performance is calculated by VL Asset Management Limited in HKD on a NAV to NAV basis with dividends reinvested and is net of all fees. The fund was launched on 10 August 2015. Past performance is not indicative of future performance.


以立中国基金

乃以立信託基金旗下的子基金(目前是其唯一的子基金),由以立投资管理有限公司担任经理人。以立信託基金根据《香港法例》第571章《证券及期货条例》第104条获认可的香港伞子单位信託。


证监会认可并不表示推荐或认许某投资计划,亦不表示保证某投资计划之商业成效或表现,同时亦不表示该投资计划适合全部投资者或认许其适合任何特定投资者或某一类投资者。


基金價格

基金单位之表现均由本公司按资产淨值对资产淨值之基准以港元计算。表现乃扣除费用后之淨回报,并已包括股息再投资。本基金于2015年8月10日推出。往绩并非将来表现的指标。


以立中國基金

乃以立信託基金旗下的子基金(目前是其唯一的子基金),由以立投資管理有限公司擔任經理人。以立信託基金根據《香港法例》第571章《證券及期貨條例》第104條獲認可的香港傘子單位信託


證監會認可並不表示推薦或認許某投資計劃,亦不表示保證某投資計劃之商業成效或表現,同時亦不表示該投資計劃適合全部投資者或認許其適合任何特定投資者或某一類投資者。


基金價格

基金單位之表現均由本公司按資產淨值對資產淨值之基準以港元計算。表現乃扣除費用後之淨回報,並已包括股息再投資。本基金於2015年8月10日推出。往績並非將來表現的指標。


Class A Class B
Current NAV HKD UnitsAs of 2024-06-11 90.9406 102.0725
Month-to-date
Year-to-date
One-year
Since launch
The NAVs are also available on the following websites: Bloomberg (China Fund HKD Units)

VL China Fund(A Units) Price

Documents

Key Fact Sheets

Monthly Report

Annual Report

Interim Report

Explanatory Memorandum

Notices to Unit Holders

Contact Details of Distributors

Risk Alert

What are the key risks?


Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors. The key risks are as follows:

1. Investment risk
The fund is an investment fund. There is no guarantee of the repayment of principal.
The fund’s investment portfolio may fall in value and therefore your investment in the fund may suffer losses.

2. Concentration risk
The fund’s investments are concentrated in China and Hong Kong. This may result in greater volatility than portfolios which comprise broad-based global investments.

3. Risk of investing in China
Investing in China involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, repatriation, liquidity and regulatory risks.
The stock markets in China are still in a stage of development, which may lead to uncertainties and difficulties in settlement and recording of transactions and in interpreting and applying relevant regulations. These may lead to a higher level of volatility and instability associated with investments in these markets. The financial reporting standards and practices applicable to PRC companies may be less rigorous. As the disclosure and regulatory standards in the PRC are less stringent than in more developed markets, there might be substantially less publicly available information about issuers in the PRC on which the Manager can base investment decisions.

4. Risks relating to Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect (collectively, the “Stock Connect”)
The relevant rules and regulations on the Stock Connect are subject to change which may have potential retrospective effect.
The Stock Connect is subject to quota limitations. Where a suspension in the trading through the programme is effected, the fund’s ability to invest in A-shares through the programme will be adversely affected.
Due to the difference in trading days, on days when the PRC market is open but the Hong Kong market is closed, the fund may be subject to a risk of price fluctuations in A-shares as the fund will not be able to trade through the Stock Connect.
In such events, the fund’s ability to achieve its investment objective could be negatively affected.

5. Equity securities related risk
Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the fund. When equity markets are volatile, the fund’s net asset value may fluctuate substantially. The net asset value of the fund may be adversely affected in the event of a market downturn.

6. China tax risk
The fund may be exposed to risks associated with changes in current Chinese tax laws, regulations and practice (which may have retrospective effect). Having consulted independent tax adviser, the Manager has not made and currently has no intention to make provision in respect of potential tax liability on gains on trading of B-Shares. Further, having taken and considered independent professional tax advice and in accordance with such advice, the Manager will also not make any withholding income tax provision for the account of the fund in respect of any potential PRC tax liability on gross unrealised and realised gains realised on the fund’s trading of A-shares. In the event that such tax liability is imposed, the relevant amounts will be deducted from the fund’s assets which may consequently reduce the value of the units.

7. Foreign exchange risk
An investment in the fund may involve exchange rate risk. The investments of the fund may be denominated in currencies other than the base currency of the fund (which is HKD), including the RMB. The RMB is not freely convertible and subject to exchange controls and restrictions. There is also no guarantee that such other currencies will not depreciate. Fluctuations in the exchange rates between such other currencies and the base currency as well as associated fees and charges may have an adverse impact on the performance of the fund.

8. Performance fee risk
Performance fees may encourage the Manager to make riskier investment decisions than in the absence of performance-based incentive systems. There is no adjustment of equalisation credit or equalisation losses on an individual unitholder basis. This method of calculating performance fee gives rise to the risk that a unitholder redeeming units may still incur performance fee in respect of the units, even though a loss in investment capital has been suffered by the redeeming unitholder.

9. Derivatives risk
The Manager may from time to time utilise derivatives for the purpose of hedging only. These instruments can be highly volatile and expose investors to a high risk of loss. There is also no guarantee that the use of financial derivatives instruments for hedging purposes will be effective and the fund may be subject to substantial loss.

本基金有甚麽主要风险?


投资涉及风险。请参阅解释备忘录,了解风险因素等资料。

1.投资风险

本基金是一个投资基金,并不保证可获退还本金。
本基金的投资组合价值可能下跌,因此,阁下于本基金的投资或会蒙受损失

2. 集中风险
本基金的投资集中于中国及香港,因此,这可能令本基金的波动性高于该等复盖全球的投资组合。

3. 投资于中国的风险
由于政治、税务、经济、汇兑、汇返、流通性及监管风险较高,故相对投资于已发展国家,投资于中国涉及较高损失风险。
中国的股票市场仍处于发展阶段,因而可能会产生不明朗因素及导致在交易的结算及记录和有关规例的注释及应用方面出现困难。该等因素可能导致于该等市场的投资出现较大的波动及不稳定。
中国公司采用的财务申报准则及惯例可能较为宽松。由于中国的披露及监管准则不及已发展市场般严格,故有关中国发行人的公开资料(而经理人可据此作出投资决定)可能会显着较少。

4. 与沪港通及深港通(「股票市场交易互联互通机制」)相关的风险
股票市场交易互联互通机制的相关规则及规例可予改变,而该等改变或可追溯生效。
此机制受额度限制所限。 一旦北向交易暂停,子基金透过该机制投资A股的能力将受到不利影响。
鉴于中港两地的交易日并不相同,当内地市场为交易日而香港市场休市时,子基金将不能透过该机制买卖A股,因而可能承受A股价格波动的风险。
在上述情况下,子基金达致投资目标之能力或将受到不良影响。

5. 与股本证券相关的风险
股票市场可能出现大幅波动,其中价格或会急升或急跌,这将会对本基金造成直接影响。当股票市场波动时,本基金的资产淨值或会大幅波动。本基金的资产淨值于市场低迷时或会受到不利影响。

6. 中国税务风险
本基金可能须面对与中国现行税务法例、法规及惯例变更有关的风险,而有关变动可能具有追溯效力。
经谘询独立税务顾问后,经理人并无且目前无意就买卖B股所得收益的潜在税务责任作出拨备。此外,经考虑及采纳独立专业税务意见后,并根据有关意见,经理人亦不会为本基金就买卖A股所得的未变现及已变现收益总额的任何潜在中国税务责任作出任何预扣所得税拨备。倘须承担有关税务责任,相关金额将于本基金的资产中扣除,故单位的价值可能减少。

7. 外汇风险
投资于本基金或会涉及外汇风险。本基金的投资可能以基准货币(即港元)以外的货币(包括人民币)计值。人民币不能自由兑换且受到外汇管制及限制。概不保证该等其他货币将不会贬值。该等其他货币与基准货币之间的汇率波动,以及相关的开支及费用可能对本基金的表现有不利影响。

8. 表现费风险
相对于在假设不收取表现费的情况下,表现费制度可能鼓励经理人作出较高风险的投资决定。
本基金不会为个别单位持有人就表现费进行均衡信贷或均衡亏损之调整。即使赎回单位的单位持有人的投资本金已蒙受亏损,此计算表现费的方法使该单位持有人仍可能须就单位承担表现费。

9. 衍生工具风险
经理人仅可基于对冲目的而不时运用衍生工具。该等工具的波动性可以甚高,使投资者的损失风险增加。概不保证使用金融衍生工具作对冲用途将会有效,而本基金亦可能蒙受巨额损失。


本基金有甚麼主要風險?


本基金有甚麼主要風險
投資涉及風險。請參閱《解釋備忘錄》,了解風險因素等資料。


1. 投資風險
- 本基金是一個投資基金,並不保證可獲退還本金。
- 本基金的投資組合價值可能下跌,因此,閣下於本基金的投資或會蒙受損失。

2. 集中風險
本基金的投資集中於中國及香港,因此,這可能令本基金的波動性高於該等覆蓋全球的投資組合。

3. 投資於中國的風險

  • - 由於政治、稅務、經濟、匯兌、匯返、流通性及監管風險較高,故相對投資於已發展國家,投資於中國涉及較高損失風險。
  • - 中國的股票市場仍處於發展階段,因而可能會產生不明朗因素及導致在交易的結算及記錄和有關規例的註釋及應用方面出現困難。該等因素可能導致於該等市場的投資出現較大的波動及不穩定。
  • - 中國公司採用的財務申報準則及慣例可能較為寬鬆。由於中國的披露及監管準則不及已發展市場般嚴格,故有關中國發行人的公開資料(而經理人可據此作出投資決定)可能會顯著較少。


4. 與滬港通及深港通(「股票市場交易互聯互通機制」)相關的風險
- 股票市場交易互聯互通機制的相關規則及規例可予改變,而該等改變或可追溯生效。此機制受額度限制所限。
- 一旦北向交易暫停,子基金透過該機制投資A股的能力將受到不利影響。
- 鑑於中港兩地的交易日並不相同,當內地市場為交易日而香港市場休市時,子基金將不能透過該機制買賣A股,因而可能承受A股價格波動的風險。
- 在上述情況下,子基金達致投資目標之能力或將受到不良影響。

5. 與股本證券相關的風險
股票市場可能出現大幅波動,其中價格或會急升或急跌,這將會對本基金造成直接影響。當股票市場波動時,本基金的資產淨值或會大幅波動。本基金的資產淨值於市場低迷時或會受到不利影響。

6. 中國稅務風險
- 本基金可能須面對與中國現行稅務法例、法規及慣例變更有關的風險,而有關變動可能具有追溯效力。
- 經諮詢獨立稅務顧問後,經理人目前無意就買賣B股所得收益的潛在稅務責任作出撥備。此外,經考慮及採納獨立專業稅務意見後,並根據有關意見,經理人亦不會為本基金就買賣A股所得的未變現及已變現收益總額的任何潛在中國稅務責任作出任何預扣所得稅撥備。倘須承擔有關稅務責任,相關金額將於本基金的資產中扣除,故單位的價值可能減少。

7. 外匯風險
投資於本基金或會涉及外匯風險。本基金的投資可能以基準貨幣(即港元)以外的貨幣(包括人民幣)計值。人民幣不能自由兌換且受到外匯管制及限制。概不保證該等其他貨幣將不會貶值。該等其他貨幣與基準貨幣之間的匯率波動,以及相關的開支及費用可能對本基金的表現有不利影響。

8. 表現費風險
- 相對於在假設不收取表現費的情況下,表現費制度可能鼓勵經理人作出較高風險的投資決定。
- 本基金不會為個別單位持有人就表現費進行均衡信貸或均衡虧損之調整。即使贖回單位的單位持有人的投資本金已蒙受虧損,此計算表現費的方法使該單位持有人仍可能須就單位承擔表現費。

9. 衍生工具風險
經理人僅可基於對沖目的而不時運用衍生工具。該等工具的波動性可以甚高,使投資者的損失風險增加。概不保證使用金融衍生工具作對沖用途將會有效,而本基金亦可能蒙受巨額損失。

Frequently asked questions (FAQ)

What is this product?
What is the objective?
What is the investment strategy?
What are the differences in Class A and Class B?
What are the key risks?
What are the fees and charges?
Is there any guarantee?
How can I subscribe to the fund/ redeem my units?
What should I do if I have an enquiry?
Where can I get the latest fund information?
What is the frequency of subscription/redemption?