Interim Report For the period from 1 January 2015 to 30 June 2015 (Unaudited accounts)

Transcription

1 HAITONG RMB INVESTMENT FUND SERIES - Haitong Global RMB Fixed Income Fund (A sub-fund of an open ended unit trust established as an umbrella fund under the laws of Hong Kong) Interim Report For the period from 1 January 2015 to 30 June 2015 (Unaudited accounts)

2 HAITONG Contents RMB INVESTMENT FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND ADMINISTRATION AND MANAGEMENT Pages REPORT OF MANAGER 1 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 2 STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF CHANGES IN EQUITY 4 NOTES TO THE FINANCIAL STATEMENTS 6 to 5 STATEMENT OF MOVEMENT IN PORTFOLIO HOLDINGS 87 INVESTMENT PORTFOLIO 9

3 HAITONG ADMINISTRATION RMB INVESTMENT AND MANAGEMENT FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND Hai 22/F 189 MANAGER Tong Asset Management (HK) Limited TRUSTEE BOCI-Prudential AND REGISTRAR Central Des Li Po Voeux Chun Road Chambers 12/F 18 & 25/F, Citicorp Causeway Whitfield Bay Road Trustee Centre Limited Hong Kong Hong Kong Lo Poon DIRECTORS Wai Ho OF THE MANAGER AUDITORS Ernst Zhang Mo Xinjun Yiu 22/F, 1 Tim CITIC & Mei Young Yang Jianxin Yibin Central Hong KongAvenue Tower Bank 14/F, 1 CUSTODIAN Hong Garden Bank of Kong China Road of China (Hong Tower Kong) Limited King 13/F, The SOLICITORS Landmark & Gloucester Wood Mallesons TO Tower THE MANAGER 15 Central Hong Queen's KongRoad Central 1

4 HAITONG REPORT OF RMB MANAGER INVESTMENT FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND Market Duringthefirsthalfof2015thedimsumbondmarketgeneratedpositivereturnsasawhole;bondpricesfell Review Inthefirsthalfof2015,HighYieldBondoutperformedInvestmentGradeBondandGovernmentBond.The mainreasonsareasfollows:firstly,althoughinvestor sappetitedroppedduetodefaulteventatthe and went up. beginningoftheyear2015,sporadiccreditincidentsdidnotescalateintosystemrisksothattheinvestor s confidencerecoveredsinceapril.additionally,pooreconomicdatastimulatedratecutexpectationandmore easingpoliciesandthusimprovedinvestor sappetite.withtherecoveryofrealestatemarket,highyield Bond Inthesecondquarterof2015,reboundedChineseeconomydatabecamethemaindriverofthemarket. OfficialManufacturingPurchasingManagers Index(PMI)stoodabovetheexpansion-contractionlinefor rallied of fourmonthsinarowsincemarch.thehsbcmanufacturingpmialsorecoveredfrom48.9inaprilto49.4in June. Onthefirsttwomonthsofthisyear,offshoreRMBagainsttheUSDdepreciatedform6.2128to undertheinfluenceofchinainterestratecuts.itappreciatedsincethemidmarchandreachedapeakat recovery economy data improved market sentiment Finally,CNH/USDkeptrangechangebetween6.19and6.22andclosedatanappreciationof Portfolio 0.15% Review end June. Thefundgenerated3.01%returnsduringthefirsthalfof2015,theportfolio sweightedaveragedurationwas 1.73yearsandweightedaverageyieldwasapproximately6.32%.Cashandcashequivalentscomposed Market 3.71% Outlook the portfolio. Goingintothesecondhalfof2015,webelievedimsumbondswillbeabletomaintainlong-termbullishness. Lookingatthesupplyside,decreasedsupplypressuresupportedOffshoreRMBBondmarket.Thegross supplyofcnhbondsdecreasedsignificantlyyearonyear.themainreasonsareasfollows:firstly,issuers mayfocusonusdinadvanceoftheusratehike.secondly,thecostsforonshorebondissuinghave declinedsignificantly,whichwillalsolimitoffshoreissuingvolume.lookingatthefundamentalaspect, Chineseeconomydataisexpectedtobebetterinthesecondhalf2015.FortheChinesePropertymarket, investorswillregainconfidencestepbystepwiththerecoveredsalesvolumeandalleviatedcapital shortages.inaddition,moodyupgradeditsoutlookforchina spropertymarkettostablefromnegativeon2 June, which also support the real estate bond the future. 2

5 HAITONG STATEMENT For the period RMB OF from INVESTMENT PROFIT 1 January OR 2015 LOSS FUND to AND SERIES 30 June OTHER HAITONG COMPREHENSIVE GLOBAL RMB INCOME FIXED (UNAUDITED) INCOME FUND INCOME For the period from to 1 January 30 June 2015 Year ended through income profit or on financial assets at fair value 15,695,201 RMB 31 December 44,981,867 RMB 2014 Interest Realised Net Foreign Other gains/(losses) Income on exchange gains/(losses) bank deposits on differences, financial on investments assets net at fair value through profit or loss (9,331,614) 8,382,223 69,625 (140) (7,833,625) 395, , EXPENSES Management Trustee Legal fee 14,815,295 (2,482,928) (347,550) 37,871,810 License Custodian and professional fee - (7,739,000) Auditors' fee (3,292) (1,062,750) Printing remuneration fee (50,647) (87,696) (157,744) (163,439) (92,539) Postage expenses (34,468) (15,202) (99,459) (52,976) (6,582) Publishing Brokerage Other Sundry charge fee and other transaction costs (13,700) (45,610) (14,300) (127,930) (10,719) PROFIT expenses AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 11,719,902 (3,095,393) 28,347,214 (9,524,596) (11,458) 3

6 HAITONG STATEMENT As at 30 June RMB OF 2015 INVESTMENT FINANCIAL POSITION FUND SERIES (UNAUDITED) - HAITONG GLOBAL RMB FIXED INCOME FUND ASSETS Cash and cash equivalents 30 30,252,881 June As RMB 2015 at 31 December 44,858,695 As RMB 2014 at Interest Subscription Financial receivable assets proceeds at on fair debt receivable value securities through profit or loss 417,917,500 6,544,434 9, ,091,486 9,580,684 TOTAL Prepayments ASSETS 454,753,540 28, ,570,571 11,760 27,946 LIABILITIES Management Trustee fee payable fee payable 395,942 56, ,954 Redemption Dividend Custodian payable fee proceeds payable to unitholders payable(note 3) 8,828, ,500 7,655 19,053,114 1,900,799 10,990 78,053 Other TOTAL Amounts payables LIABILITIES due to and brokers accruals 14,221,245 4,000, ,600 21,651,975 35,065 - EQUITY Net TOTAL asset LIABILITIES value attributable AND EQUITY to unitholders 440,532, ,753, ,918,596 NUMBER OF UNITS IN ISSUE 4,407, ,142, ,570,571 NET ASSET VALUE PER UNIT

7 HAITONG STATEMENT For the period RMB OF from INVESTMENT CHANGES 1 January IN 2015 FUND EQUITY to SERIES 30 June (UNAUDITED) HAITONG GLOBAL RMB FIXED INCOME FUND Net attributable asset unitholders RMB value to 883,218,304 (361,784,959) 93,831,461 28,347,214 At 1 January 2014 Subscription of units Redemption of units 607,918,596 (35,693,424) Profit and total comprehensive income for the year Distribution to unitholders (173,764,514) 3,486,791 11,719,902 At 31 December 2014 and 1 January 2015 (8,828,480) Subscription of units Redemption of units Profit and total comprehensive income for the period Distribution to unitholders At 30 June ,532,295 5

8 HAITONG NOTES As at 30 TO June RMB THE 2015 INVESTMENT FINANCIAL STATEMENTS FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND 1GENERAL HaitongRMBInvestmentFundSeries(the"Trust")wasconstitutedasanopen-endedunittrust establishedasanumbrellafundunderthelawsofhongkongpursuanttoatrustdeeddated 6 "Manager") TheTrustcurrentlyconsistsoftwosub-fundswhichareHaitongGlobalRMBFixedIncomeFund August2010(the"TrustDeed")betweenHaiTongAssetManagement(HK)Limited(the and and BOCI-Prudential Trustee "Trustee"). HaitongGlobalRMBFixedIncomeFund(the"Sub-Fund")wasconstitutedasaseparatesub-fundof thetruston6august2010.thesub-fundisanopen-endedunittrustandisauthorisedbythe China Fund. SecuritiesandFuturesCommissionofHongKong(the"SFC")underSection104(1)ofthe SecuritiesandFuturesOrdinanceandisrequiredtocomplywiththeCodeonUnitTrustsandMutual FundsestablishedbytheSFC(the"SFCCode").AuthorisationbytheSFCdoesnotimplyofficial approval TheinvestmentobjectiveoftheSub-FundseekslongtermcapitalgrowthandincomeinRMBterms or recommendation. byinvestingprimarilyin(i)fixedincomeanddebtinstruments;(ii)deposits;and(iii)collective TheSub-FundseekstoinvestinIncomeInstrumentsissuedordistributedoutsidemainlandChinain 2BASIS the primary schemes. OF PREPARATION and secondary majority markets, of ThefinancialstatementsoftheSub-FundhavebeenpreparedinaccordancewithInternational FinancialReportingStandards("IFRSs")issuedbytheInternationalAccountingStandardBoard AND ACCOUNTING some the of which Instruments POLICIES may be offered are denominated on a private placement RMB. basis. ("IASB")andtherelevantdisclosureprovisionsoftheTrustDeedanditssupplementaldeeds,and Thefinancialstatementshavebeenpreparedunderthehistoricalcostbasis,exceptforfinancial disclosure specified Appendix E of SFC Code. assetsclassifiedatfairvaluethroughprofitorlossthathavebeenmeasuredatfairvalue.the financialstatementsarepresentedinrenminbi("rmb")andallvaluesareroundedtothenearest RMB TheaccountingpoliciesandmethodsofcomputationusedinthepreparationoftheseInterim FinancialStatementsareconsistentwiththoseusedintheAnnualFinancialStatementsfortheyear except where otherwise indicated. ended 31 December

9 HAITONG NOTES As at 30 TO June RMB THE 2015 INVESTMENT FINANCIAL STATEMENTS FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND 3Distribution TheinterimdividenddistributionwasRMB2.00peruniton4,414,240.06units.TheSub-Fund declared 26 June 2015 and paid 09 July

10 HAITONG STATEMENT For the period RMB OF ended INVESTMENT MOVEMENT 30 June 2015 IN FUND PORTFOLIO SERIES - HOLDINGS HAITONG GLOBAL (UNAUDITED) RMB FIXED INCOME FUND % of net 30 asset June As value 2015 at % of 31 net December asset As value 2014 at Listed Unlisted Debt securities Denominated in RMB 95.20% 1.15% 93.02% Total investment portfolio 96.35% 96.18% 3.16% Other Total net net assets % 3.65% % 3.82% 8

11 HAITONG RMB INVESTMENT FUND SERIES - HAITONG GLOBAL RMB FIXED INCOME FUND INVESTMENT PORTFOLIO (UNAUDITIED) AS AT 30 June 2015 Nominal Value / Holding Hong Kong LISTED DEBT SECURITIES Denominated in RMB Market Value RMB Accrued Interest RMB % of net assets 21VIANET GROUP INC 6.875% S/A 26JUN2017 8,700,000 8,645,451 8, % AGILE PROPERTY HLDGS LTD 6.5% S/A 28FEB2017 8,000,000 7,776, , % AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 4.75% S/A 30JAN2025 1,000, ,030 19, % AVIC INTL FINANCE & INVESTMENT LTD 4.8% S/A 10APR2017 3,000,000 3,046,500 32, % BESTGAIN REAL ESTATE LYRA LTD 4.5% S/A 04DEC2018 3,450,000 3,493,470 11, % BOC AVIATION PTE LTD 4.2% S/A 05NOV2018 5,000,000 5,068,300 32, % BOHAI GENERAL CAPITAL LTD 6.4% S/A 16OCT2017 4,000,000 3,999,960 53, % CENTRAL PLAZA DEVELOPMENT LTD 5.75% S/A 17FEB ,270,000 12,345, , % CHINA CITY CONSTRUCTION INTL CO LTD 5.35% S/A 03JUL2017 5,000,000 5,009, , % CHINA CONSTRUCTION BANK CORP 4.9% S/A 12NOV2024 7,600,000 7,671,288 51, % CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP CO LTD 8.3% S/A 19NOV2017 5,000,000 4,932,000 48, % CHINA ITS HLDGS CO LTD 10% S/A 08NOV ,000,000 15,075, , % CHINA NEW TOWN FINANCE I LTD 5.5% S/A 06MAY2018 4,000,000 4,007,840 33, % CHINA POWER INTL DEVELOPMENT LTD 4.5% S/A 09MAY2017 7,000,000 7,065,660 44, % DATANG TELECOM HONG KONG HLDGS CO LTD 5.5% S/A 29SEP2017 5,000,000 5,033,050 70, % FAR EAST HORIZON LTD 5.45% S/A 11DEC ,300,000 10,517,948 30, % FONTERRA COOPERATIVE GROUP LTD 4% S/A 22JUN2020 3,000,000 3,012,930 2, % FUTURE LAND DEVELOPMENT HLDGS LTD 9.75% S/A 23APR ,100,000 28,469, , % GEMDALE ASIA INVESTMENT LTD 6.5% S/A 04MAR ,000,000 19,038, , % GREENLAND HONG KONG HLDGS LTD 5.5% S/A 23JAN ,000,000 10,072, , % GREENTOWN CHINA HLDGS LTD 5.625% S/A 13MAY ,300,000 11,316,724 85, % GUOSEN SECURITIES OVERSEAS CO LTD 6.4% S/A 24APR2017 8,690,000 8,849, , % HNA GROUP INTL CO LTD 8% S/A 13NOV2017 5,000,000 4,961,950 53, % HONG KONG AVIATION LTD 7.5% S/A 04NOV ,000,000 13,263, , % ICBCIL FINANCE CO LTD 3.9% S/A 18JUN2018 3,000,000 3,016,650 4, % INTL OFFSHORE TWO PTE LTD 7.5% S/A 01APR2018 5,000,000 5,069,950 93, % IT LTD 6.25% S/A 15MAY ,000,000 22,951, , % JINCHUAN GROUP CO LTD 4.75% S/A 17JUL2017 4,000,000 3,911,960 84, % LONGFOR PROPERTIES CO LTD 6.75% S/A 28MAY ,000,000 22,338, , % MODERN LAND CHINA CO LTD 11% S/A 22JAN ,200,000 17,884, , % NEW WORLD CHINA LAND LTD 5.5% S/A 06FEB2018 5,000,000 5,167, , % ORIENT HONGSHENG LTD 6.5% S/A 26NOV ,280,000 18,476, , % QILU INTL FINANCE BVI CO LTD 6.25% S/A 10SEP ,000,000 18,019, , % SHENZHEN QIANHAI FINANCIAL HLDGS CO LTD 4.55% S/A 28OCT2017 1,000,000 1,020,890 7, % START PLUS INVESTMENTS LTD 5.55% S/A 24JUN2018 6,000,000 6,000,540 6, % TIMES PROPERTY HLDGS LTD % S/A 16JUL ,000,000 22,886,840 1,085, % UNICAN LTD 5.15% S/A 02JUL2018 4,000,000 4,000, % UNICAN LTD 5.6% S/A 18SEP2017 9,000,000 9,103, , % UNIVERSAL NUMBER ONE CO 5.7% Q 30JAN2017 8,000,000 8,067,840 78, % VALUE SUCCESS INTL LTD 4.75% S/A 04NOV2018 6,000,000 6,165,900 45, % VAST EXPAND LTD 5.2% S/A 11SEP2017 6,000,000 6,048,780 95, % YIELDKING INVESTMENT LTD 5.15% S/A 31JUL2017 9,000,000 9,034, , % YUFU ETERNITY LTD 5.625% S/A 26NOV ,000,000 9,975,000 55, % YUNNAN ENERGY INVESTMENT OVERSEAS CO LTD 5.5% S/A 5,000,000 4,987,150 53, % ZHUHAI DA HENG QIN CO LTD 4.75% S/A 11DEC2017 5,000,000 5,081,150 13, % UNLISTED DEBT SECURITIES Denominated in RMB 412,880,000 6,526, % SHANDONG INTL HONG KONG LTD 5.8% S/A 07DEC2015 5,000,000 5,037,500 18, % 5,037,500 18, % Total investment portfolio 424,461, % Other net assets 16,070, % Total net assets 440,532, % Total investments, at cost 413,817,368 Note: Investments are accounted for on a trade-date basis. 9