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Hong Kong Representative:
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Fund Manager:
The investment objective of the Fund is to achieve stable current income and long-term capital appreciation for investors, through investing in Mainland listed companies of stable dividends and high rates of cash dividend, and in different types of bonds publicly offered and listed in the Mainland in accordance with law, combining strategic asset allocation and timing, on the basis of long-term investment.
| Fund Manager |
Bank of China Investment Management Co., Ltd. (the "Manager") |
| Launch Date | 11 October 2006 |
| Base Currency | RMB |
| Dealing Frequency |
Daily (each day being business day in both Hong Kong and Mainland) |
| Dividend Policy |
Dividends (if any) will be declared and paid at such time at the discretion of the Manager for no more than 6 times in each financial year. Dividends may be paid out of capital or effectively out of capital. |
| Subscription Fee | Up to 5% of the subscription amount |
| Redemption Fee |
0.125% of redemption amount for the account of Class H fund assets (The redemption fee shall be retained by the Fund) |
| Management Fee | 1.5% p.a. |
| Custodian Fee | 0.25% p.a. |
| Minimum initial Investment | RMB1,000 |
| Minimum subsequent Investment | RMB1,000 |
| ISIN | CNE1000024B8 |
| Date | Currency | NAV per unit |
| 2025-07-04 | RMB | 1.2895 |
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
| Class H | -7.63% | 8.61% | 10.10% |
Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, and is calculated in RMB, NAV to NAV, with dividend reinvested. The performance is calculated net of fee, but not including subscription fee and redemption fee (the actual investment return would be lower than the figures shown above after deducting these fees). Where no past performance is shown there was insufficient data available in that year to provide performance.
Fund launch date: 11 October 2006
Class H launch date: 2 February 2016
| Register Date | Distribution Amount per Fund Unit | NAV per Unit on Ex-dividend Day | Dividend paid out of capital | Dividend paid out of net distributable income |
| 2020-04-09 | 0.1474 | 1.5149 | 100% | 0 |
| 2019-01-17 | 0.043 | 1.0867 | 100% | 0 |
| 2018-01-16 | 0.101 | 1.2965 | 100% | 0 |
| 2017-01-19 | 0.101 | 1.1564 | 100% | 0 |
Investment in fund/sub-funds may involve risks and may not be suitable for all investors. Past performance is not indicative of future results. Investors should read carefully the relevant fund documents for details including but not limited to the risk factors before making any investment decisions. Printed copies of the fund documents or other information of the funds/sub-funds are available from the distributors of the respective funds/sub-funds and BOCHK Asset Management Limited. The above information does not constitute any offer or recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to the investors' needs.
1. Investment Risk
• The Fund is an investment fund. There is no guarantee of the repayment of principal or payment of dividend. Further, there is no guarantee that the Fund will be able to achieve its investment objective and there is no assurance that the stated strategy can be successfully implemented.
2. Risks associated with the MRF arrangement
• Quota restrictions: The Mainland-Hong Kong Mutual Recognition of Funds (MRF) scheme pursuant to which this Fund is authorized is subject to an overall quota restriction. Subscription of Class H units in the Fund may be suspended at any time if such quota is used up.
• Failure to meet eligibility requirements: If the Fund ceases to meet any of the eligibility requirements under the MRF, it may not be allowed to accept new subscriptions. In the worst scenario, the SFC may even withdraw its authorization for the Fund to be publicly offered in Hong Kong for breach of eligibility requirements. There is no assurance that the Fund can satisfy these requirements on a continuous basis.
• Mainland China tax risk: Currently, certain tax concessions and exemptions are available to the Fund and/or its investors under the MRF regime. There is no assurance that such concessions and exemptions or Mainland tax laws and regulations will not change. Any change to the existing concessions and exemptions as well as the relevant laws and regulations may adversely affect the Fund and/or its investors and they may suffer substantial losses as a result.
• Different market practices: Market practices in the Mainland and Hong Kong may be different. In addition, operational arrangements of the Fund and other public funds offered in Hong Kong may be different in certain ways. For example, subscriptions or redemptions of Class H units offered in Hong Kong may only be processed on a day when both Mainland and Hong Kong markets are open. Besides this dealing day arrangement, the Fund may also have different cut-off times from other SFC-authorized funds. Investors should ensure that they understand these differences and their implications.
3. Concentration risk / Mainland market risk
• The Fund invests primarily in securities related to the Mainland market and may be subject to additional concentration risk. Investing in the Mainland market may give rise to different risks including political, policy, tax, economic, foreign exchange, legal, regulatory and liquidity risks.
4. RMB currency and conversion risks
• RMB is currently not freely convertible and is subject to exchange controls and restrictions.
• Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Fund.
• Investors may not receive RMB upon redemption of investments and/or dividend payment or such payment may be delayed due to the exchange controls and restrictions applicable to RMB.
5. Mainland equity risks
• Market risk: The 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.
• Volatility risk: High market volatility and potential settlement difficulties in the Mainland equity market may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.
• Liquidity risk: Securities markets in Mainland China may be less liquid than other developed markets. The Fund may suffer substantial losses if it is not able to dispose of investments at a time it desires.
• High valuation risk: Stocks listed on the Mainland stock exchanges may have a higher price-earnings ratio. Such high valuation may not be sustainable.
• Risk associated with small-capitalisation / mid-capitalisation companies: The Fund may invest in companies of smaller or mid-captialisation. 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.
• Policy risk: Securities exchanges in Mainland typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund.
6. Mainland debt securities risks
• Volatility and liquidity risks: The Mainland debt securities markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations.
• Counterparty risk: The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in.
• Interest rate risk: Investment in the Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.
• Downgrading risk: The credit rating of a debt instrument or its issuer may be downgraded subsequent to investment by the Fund. In the event of such downgrading, the value of the Fund may be adversely affected. The Manager may or may not be able to dispose of the debt instruments that are being downgraded.
• Credit rating agency risk: The credit appraisal system in the Mainland and the rating methodologies employed in the Mainland may be different from those employed in other markets. Credit ratings given by Mainland rating agencies may therefore not be directly comparable with those given by other international rating agencies.
• Risk associated with urban investment bonds: The Fund may invest in urban investment bonds. Urban investment bonds are issued by local government financing vehicles (“LGFVs”), such bonds are typically not guaranteed by local governments or the central government of the Mainland. In the event that the LGFVs default on payment of principal or interest of the urban investment bonds, the Fund could suffer substantial loss and the net asset value of the Fund could be adversely affected.
• Risk associated with asset-backed securities: The Fund may invest in asset-backed securities (including asset-backed commercial papers). Asset-backed securities may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.
• Risk associated with debt securities which are rated BB+ or below by a Mainland credit rating agency or unrated: The Fund may invest in debt securities rated BB+ or below by a Mainland credit rating agency or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities.
7. Risks associated with repurchase and reverse repurchase
The Manager may enter into repurchase and reverse repurchase transactions for the account of the Fund on the Mainland stock exchanges or in the interbank market.
• The collateral pledged under the reverse repurchase transactions in the interbank market may not be marked-to-market. In addition, the Fund may suffer substantial loss when engaging in reverse repurchase transactions as there may be delay and difficulties in recovering cash placed out or realizing the collateral, or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inadequate valuation of the collateral and market movements upon default of the counterparty.
• For repurchase transactions, the Fund may suffer substantial loss as there may be delay and difficulties in recovering collateral pledged with the counterparty or the cash originally received may be less than the collateral pledged due to inadequate valuation of the collateral and market movement upon default of the counterparty.
8. Risks relating to payment to dividends out of capital
• Payment of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of a Unitholder’s original investment or from any capital gains attributable to that original investment.
• Any distribution involving payment of dividends out of or effectively out of the Fund’s capital may result in an immediate reduction of the net asset value per unit.
This webpage has not been reviewed by SFC.
