CSOP SHEN ZHOU FUND - CSOP SHEN ZHOU RMB FUND INTERIM FINANCIAL STATEMENTS 2014 (UNAUDITED)

Transcription

1 (UNAUDITED) FOR THE PERIOD ENDED 30 JUNE 2014

2 FOR THE PERIOD FROM 1 JANUARY 2014 TO 30 JUNE 2014 Contents Page MANAGEMENT AND ADMINISTRATION 1 STATEMENT OF FINANCIAL POSITION 2-3 STATEMENT OF COMPREHENSIVE INCOME 4 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 5 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO 6 INVESTMENT PORTFOLIO 7-8 PERFORMANCE TABLE 9 IMPORTANT: For more information about the Fund, please refer to the Explanatory Memorandum of the Fund on Sub- Fund. Investors should not rely on the information contained in this report for their investment decision.

3 MANAGEMENT AND ADMINISTRATION Manager Directors of the Manager CSOP Asset Management Limited Benoit Descourtieux Suite Xiaosong Yang Two Exchange Square Chen Ding 8 Connaught Place Gaobo Zhang Central Zhongping Cai Hong Kong Liangyu Gao Haipeng Li Trustee and Registrar Auditor BOCI-Prudential Trustee Limited PricewaterhouseCoopers 12/F & 25/F, Citicorp Centre 21/F, Edinburgh Tower 18 Whitfield Road 15 Queen's Road Central Causeway Bay Hong Kong Hong Kong Custodian Solicitors to the Manager Bank of China (Hong Kong) Limited Deacons 14/F, Bank of China Tower 5/F, Alexandra House 1 Garden Road 18 Chater Road Hong Kong Central Hong Kong RQFII Custodian Bank of China Limited No. 1, Fuxingmen Nei Dajie Beijing China - 1 -

4 CSOP SHEN ZHOU FUND CSOP SHEN ZHOU RMB FUND STATEMENT OF FINANCIAL POSITION ASSETS As at 30 June 2014 As at 31 December 2013 (Audited) NON-CURRENT ASSET Deposit reserve 588, ,000 CURRENT ASSETS Financial assets at fair value through profit or loss 1,004,034, ,747,287 Interest income receivable 27,469,803 23,920,028 Amount due from broker 20,000,000 - Subscription receivable Other receivables 194, ,459 Cash and cash equivalents 33,746,231 13,395,113 1,085,445, ,286,887 TOTAL ASSETS 1,086,033, ,594,887 ============= ============= LIABILITIES NON-CURRENT LIABILITY Deferred tax liability - 149,686 CURRENT LIABILITIES Management fee payable 1,927,156 1,001,559 Trustee fee payable 226, ,150 Amount due to broker 10,005,479 - Redemption payable 21,530,268 15,077,263 Provision for withholding tax 1,683,997 3,220,594 Accrued expenses and other payables 164, ,981 35,537,759 19,699,547 TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 35,537,759 19,849,233 ============= ============ NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,050,495, ,745,

5 CSOP SHEN ZHOU FUND CSOP SHEN ZHOU RMB FUND STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June 2014 As at 31 December 2013 (Audited) NUMBER OF UNITS IN ISSUE CLASS A () 15,540, ,028, CLASS I () 84,714, ,192, CLASS I (HKD) 200, CLASS A (USD) 110, NET ASSET VALUE PER UNIT CLASS A () CLASS I () CLASS I (HKD) CLASS A (USD)

6 STATEMENT OF COMPREHENSIVE INCOME Period from Period from 1 January January 2013 to 30 June 2014 to 30 June 2013 INCOME Interest income 28,014,673 23,609,561 Dividend income 1,638,076 1,692,128 Net changes in fair value on financial assets at fair value through profit or loss 26,983,053 6,026,513 Net foreign exchange losses (42,345) (1,954) Other income 77, ,161 TOTAL NET INCOME 56,670,677 31,591,409 =========== =========== EXPENSES Management fee (5,722,586) (5,991,510) Trustee fee (728,076) (781,367) Custodian fee (401,141) (380,848) Auditor s fee (72,076) (72,083) Transaction costs (127,865) (123,919) Other operating expenses (196,033) (140,135) TOTAL OPERATING EXPENSES (7,247,777) (7,489,862) =========== =========== OPERATING PROFIT 49,422,900 24,101, FINANCE COSTS Distribution to unitholders (5,058,726) (15,855,417) PROFIT AFTER DISTRIBUTION TO UNITHOLDERS AND BEFORE TAX 44,364,174 8,246,130 Taxation 1,683,237 (914,090) TOTAL COMPREHENSIVE INOME 46,047,411 7,332,040 INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FROM OPERATIONS 46,047,411 7,332,

7 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS Period ended 30 June 2014 Period ended 30 June 2013 Balance at the beginning of the period 966,745, ,581, Proceeds on issue of units 320,812, ,998,914 Repayments on redemption of units (283,110,519) (258,045,713) Net increase from unit transactions 37,702, ,953, Increase in net assets attributable to unitholders from operations 46,047,411 7,332, Balance at the end of the period 1,050,495,400 1,099,866,

8 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Investments As at 30 June 2014 As at 31 December 2013 % % (Audited) Money market funds - China Listed/Unlisted bonds - China Total investments Other net assets Net assets at the end of the period/year end

9 INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2014 INVESTMENTS Holdings Fair Value % of net assets Money Market Funds China GUANGFA MONEY MARKET FUND-B 41,171,576 41,171, Listed Bonds China CHINA RAILWAY TIELONG CONTAINER LOGISTICS CO LTD 5.8% A 09MAY ,000 3,024, CHUZHOU CITY CONSTRUCTION INVESTMENT CO LTD 6.81% A 23NOV ,000 9,970, FUJIAN LONGYAN COMMUNICATION STATE-OWNED INVESTMENT OPERATION CO LTD 8.15% A 19MAR ,000 10,475, GANSU JIU STEEL GROUP HONGXING IRON & STEEL CO LTD 5.4% A 19MAR ,000 8,991, HANDAN CITY CONSTRUCTION & INVESTMENT CO LTD 7.6% A 25NOV ,000 21,000, HUANGGANG CITY CONSTRUCTION INVESTMENT CO LTD 7.1% A 19OCT ,000 19,774, JINGMEN CITY CONSTRUCTION INVESTMENT CO LTD 7% A 17OCT ,000 30,150, MIANYANG INVESTMENT HLDG GROUP CO LTD 7.7% A 26MAR ,000 10,160, PULANDIAN CITY CONSTRUCTION INVESTMENT CO LTD 7.6% A 19NOV ,000 20,400, RIZHAO PORT CO LTD 6.15% A 03MAR ,000 14,280, SHANGHAI JINSHAN URBAN CONSTRUCTION INVESTMENT CO LTD 6.6% A 21DEC ,000 20,132, SHANGHAI PUDONG ROAD & BRIDGE CONSTRUCTION CO LTD 6.9% A 24OCT ,000 10,285, XINJIANG ZHONGTAI CHEMICAL GROUP CO LTD 7.3% A 03NOV ,534 6,328, XUCHANG GENERAL INVESTMENT CO 6.95% A 16OCT ,000 20,080, ZHEJIANG BAOXINIAO GARMENT CO LTD 7% A 24NOV ,070 3,249, ZHENJIANG CITY CONSTRUCTION INVESTMENT CO 6.76% A 17DEC ,000 20,194, ZHENJIANG NEW AREA ECONOMIC DEVELOPMENT CO 8.16% A 01MAR ,000 20,598, ZTE HOLD CO LTD 6.5% A 28OCT2019 9,820 1,001, Unlisted Bonds China AGRICULTURAL DEVELOPMENT BANK OF CHINA CO LTD 4.95% A 24OCT ,000 30,032, ANGEL YEAST CO LTD 5.68% A 27SEP ,000 10,034, BBMG CORP 5.85% A 07DEC ,000 20,190, BEIJING JINGCHENG MACHINERY ELECTRIC HLDG CO LTD 5.55% A 30NOV ,000 19,967, BEIJING STATE-OWNED ASSETS MANAGEMENT CO LTD 4.97% A 11OCT ,000 9,907,

10 INVESTMENT PORTFOLIO (UNAUDITED) (continued) AS AT 30 JUNE 2014 Unlisted Bonds (continued) Holdings Fair Value % of China net assets CHANGSHA CITY CONSTRUCTION INVESTMENT & DEVELOPMENT CO LTD 6.95% A 24APR ,000 20,450, CHINA DEVELOPMENT BANK 4.72% A 02SEP ,000 58,750, CHINA GOVT BOND 3.46% A 11JUL ,000 19,333, CHINA MERCHANTS SECURITIES CO LTD 4.69% A 24AUG ,000 19,992, CHINA WATER INVESTMENT CO LTD 5.41% A 25OCT ,000 19,894, CITIC SECURITIES CO LTD 4.39% A 08AUG ,000 29,985, EXPORT-IMPORT BANK OF CHINA 3.78% A 21FEB ,000 29,906, FUJIAN ZHANGLONG ENTERPRISE CO LTD 7.7% A 18MAR ,000 20,724, GUANGDONG HLDGS LTD 4.95% A 09JUN ,000 20,012, HANGZHOU MUNICIPAL CONSTRUCTION INVESTMENT GROUP CO LTD 5.9% A 25APR ,000 10,084, HEBEI PUBLISHING MEDIA GROUP LTD CORP 6.08% A 14NOV ,000 19,974, HEFEI INDUSTRIAL INVESTMENT HLDG CO LTD 6.98% A 12MAY ,000 10,060, HENAN DAILY PRESS GROUP 6.5% A 25OCT ,000 30,167, JIANGSU YANGHE GROUP CO LTD 5% A 05JUN ,000 19,990, KUNMING CITY CONSTRUCTION INVESTMENT & DEVELOPMENT CO LTD 7.6% A 13APR ,000 20,682, LESHAN STATE-OWNED ASSET MANAGEMENT CO LTD 6.99% A 18MAR ,000 20,439, LIANYUNGANG CITY CONSTRUCTION INVESTMENT GROUP CO LTD 6.7% A 13MAY ,000 10,012, NINGBO PORT CO LTD 5.91% A 17FEB ,000 10,197, SANY GROUP CO LTD 6.75% A 21OCT ,000 10,200, SHENZHEN CHIWAN WHARF HLDGS LTD 5% A 27JUN ,000 9,986, SICHUAN POWER DEVELOPMENT CO LTD 5.95% A 30OCT ,000 19,904, TANGSHAN URBAN CONSTRUCTION INVESTMENT GROUP CO LTD 7.1% A 26FEB ,000 20,792, TIANJIN PORT CO LTD 4.98% A 31JAN ,000 9,890, TSINGTAO BREWERY GROUP CO LTD 5.04% A 21NOV ,000 19,974, YANGZHOU URBAN CONSTRUCTION STATE-OWNED ASSET HLDG CO LTD 7.1% A 19MAR ,000 20,453, YIMA COAL INDUSTRY GROUP CO LTD 5.44% A 07SEP ,000 19,793, YUNCHENG URBAN CONSTRUCTION INVESTMENT DEVELOPMENT CO LTD 7.48% A 15OCT ,000 20,455, ZHANGJIAGANG MUNICIPAL PUBLIC ASSETS MANAGEMENT CO LTD 5.49% A 30MAY ,000 20,033, ZHANGZHOU JIULONGJIANG CONSTRUCTION CO LTD 5.51% A 21NOV ,000 20,016, ZHANJIANG PORT GROUP CO LTD 5% A 09MAY ,000 19,780, ZHEJIANG PROVINCIAL ENERGY GROUP CO LTD 5.87% A 20FEB ,000 10,247, ZIBO CITY PROPERTY CO LTD 7.4% A 27MAR ,000 10,446, TOTAL LISTED/UNLISTED INVESTMENTS 1,004,034, Other net assets 46,461, NET ASSETS AS AT 30 JUNE ,050,495, =========== ===== TOTAL INVESTMENT AT COST 997,559,

11 PERFORMANCE TABLE FOR THE PERIOD FROM 1 JANUARY 2014 TO 30 JUNE 2014 Net Asset Value of the Fund Net Asset Value per unit Financial period/year ended Class A () Class I () Class I (HKD) Class A (USD) Class A () Class I () Class I (HKD) Class A (USD) As at 30 June ,811, ,194,863 1,621,290 6,867, As at 31 December ,944, ,801, Highest issue price per unit Lowest redemption price per unit Financial period/year ended Class A () Class I () Class I (HKD) Class A (USD) Class A () Class I () Class I (HKD) Class A (USD) As at 30 June As at 31 December