DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
World Bank Document Public Disclosure Authorized Sustainable Investment in China 2009 September 1, 2009 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized www.bsr.org About this Report Sustainable Investment in China 2009 is the third in a series of reports which investigates and provides recommendations for the development of sustainable investment (SI) in emerging economies. This report, which focuses on the SI market in China, has been commissioned by the International Finance Corporation (IFC) and prepared by BSR. The first two reports in the series covered Brazil and India, and were prepared by TERI-Europe. As with the previous reports, this report focuses on “sustainable investment,” defined as domestic and foreign investment in the country’s publicly listed companies using strategies that take environmental, social, and governance (ESG) issues into consideration. The report also briefly covers sustainable investment by private equity investors. The report is based on literature review as well as interviews with individuals. The authors would like to thank the interviewees for their review of this report for accuracy. Any errors that remain are those of the authors. Please direct comments or questions to Adam Lane at [email protected]. DISCLAIMER BSR maintains a policy of not acting as a representative of its membership, nor does it endorse specific policies or standards. The views expressed in this publication are those of its authors and do not reflect those of BSR members. In addition, investment products and organizations referenced in this report are for illustrative purposes only and should not be construed as investment advice. Investors should perform their own due diligence on any potential investments. ABOUT IFC IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totalled US$16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org. IFC’s Sustainable Investing Team. For the past four years, IFC's Sustainable Investing team has delivered technical and financial support for projects that aim to mobilize sustainable capital flows into emerging markets. The goal is to increase the volume of mainstream investment that uses ESG analysis as a standard practice in their investment decision. IFC’s approach is twofold: » To catalyze capital market flows into sustainable investment, IFC works to (a) promote the business case for sustainable investment by drawing lessons from IFC’s own portfolio, (b) establish frameworks to identify and assess new sustainable investment opportunities, and (c) develop new financial products (e.g. Sustainability indices); and » To support fund managers investing in sustainable companies, IFC works (a) with private equity funds in IFC’s portfolio to assist them to establish ESG analytical processes, and (b) with capital market actors to improve the enabling environment for the market to recognize and value sustainability in corporate valuation. BSR | Sustainable Investment in China 2009 2 IFC is committed to continue its work in partnership with key market actors to improve the enabling environment and address barriers to sustainable investment in emerging markets. In order to do this, IFC’s work is centered in three areas: policies and standards, knowledge management and investment vehicles. The Sustainable Investing team is part of IFC’s Environment and Social Development Department, and benefits from the generous financial support of IFC and the Governments of Japan, the Netherlands, Norway, Canada, South Africa and Switzerland. For more information, please visit the Sustainable Investing website at www.ifc.org/sustainableinvesting. ABOUT BSR A leader in corporate responsibility since 1992, BSR works with its global network of more than 250 member companies to develop sustainable business strategies and solutions through consulting, research, and cross-sector collaboration. With six offices in Asia, Europe, and North America, BSR uses its expertise in the environment, human rights, economic development, and governance and accountability to guide global companies toward creating a just and sustainable world. Visit www.bsr.org for more information. BSR | Sustainable Investment in China 2009 3 Table of Contents Acknowledgments 6 Glossary of Abbreviations 7 Executive Summary 9 1 Introduction 11 Objectives 11 Scope 11 Structure of the Report 13 2 Country Overview 14 Economy 14 Securities Market 22 Regulatory and Policy Frameworks 25 3 Key ESG Issues 32 A Challenge for Business: A World of ESG Indicators 32 ESG Issues and their Impact on Chinese Development 33 Common ESG Themes in China 33 ESG Impact on Specific Industries 36 4 Sustainable Investment Activities 39 Mutual Funds 40 Pension Funds 48 Life and Property Insurance 54 Foreign Investment in Listed Equity 56 Private Equity & Venture Capital 61 Distressed Asset Management Companies 72 5 Supporting Infrastructure 73 Government Policy 73 Non-Financial Information Disclosure 74 Sustainability Indices 77 Independent Sustainability Research Institutions 81 BSR | Sustainable Investment in China 2009 4 Networks and Associations 84 Development Finance Institutions 87 Civil Society 88 6 Challenges and Opportunities for Development of the Sustainable Investment Market 93 Challenges in Sustainable Investment 93 Recommendations 97 Formation of China Sustainable Investment Working Group 98 ESG Disclosure and Research Enhancement 101 Increasing ESG Education 103 Appendix 1: China’s ESG Profile 106 Appendix 2: Estimated Stock of Sustainable Investment in China 112 Appendix 3: List of Mutual Funds 113 Appendix 4: List of Life Insurance and Property Insurance 116 Appendix 5: List of Qualified Foreign Institutional Investors 119 Appendix 6: Review of Major Reforms in China 122 Appendix 7: Portfolio Composition of Shanghai Stock Exchange Corporate Governance Index and Social Responsibility Index 125 BSR | Sustainable Investment in China 2009 5 Acknowledgments All Pensions Group Asset Management Y. K. Park Asia Asian Corporate Governance Jamie Allen Association Association for Sustainable & Wai-Shin Chan Responsible Investment in Asia Bank of China Investment Management Daixi Yu CCB-Principal Asset Management Jun Xu Carbon Disclosure Project Sue Howells Changjiang Pension Insurance Co., Ltd Weisha Li China Banking Regulatory Commission Yanfei Ye China Center for Market Value Guofang Liu Management F&C Management Ltd Alexis Krajeski Fortis Investments Florian Sommer Generation Investment Management David Y Yeh LLP Global Reporting Initiative Sean Gilbert Gold Stone Investment Limited Jianguo Cui Guosen Securities Co., Ltd Ping Wang IDFC Global Alternatives (Hong Kong) Melissa Brown Ltd Industrial Fund Management Co., Ltd Zhao Xin, Zhaoyang Liu Mercer Helga Birgden Japan Research Institute Eiichiro Adachi Ministry of Environmental Protection of Dongfang Feng China National Council for Social Security Fund Weihua Wang, Zhongxin Liu, Yuyin Zhan New Horizon Capital Cher Teck Quek, Hao Song Principles for Responsible Investment Narina Mnatsakanian Robeco Min Lu Shanghai Stock Exchange Danian Situ Shenzhen Stock Exchange Jiahang Fei Sumitomo Trust & Banking Akira Inoue Tsing Capital Don Ye, Yan Zhu UNEP Finance Initiative Susan Steinhagen BSR | Sustainable Investment in China 2009 6 Glossary of Abbreviations ADB Asian Development Bank ADRs American Depository Receipts AGM Annual General Meeting AMC Asset Management Company ASrIA Association for Sustainable & Responsible Investment in Asia AUM Assets under Management Cap Capitalization CBA China Banking Association CBRC China Banking Regulatory Committee CDP Carbon Disclosure Project CFA Chartered Financial Analyst CIRC China Insurance Regulatory Commission COP Communication on Progress CSI China Securities Index Co. Ltd. CSR Corporate Social Responsibility CSRC China Securities Regulatory Commission DFI Development Finance Institutions DJSI Dow Jones Stock Index EA Enterprise Annuity EGM Extraordinary General Meeting EIA Environmental Impact Assessment ESG Environmental, Social and Governance ETF Exchange Traded Fund FDI Foreign Direct Investment GAC General Administration of Customs GDP Gross Domestic Product GEM Growth Enterprise Market GHG Greenhouse Gas GRI Global Reporting Initiative ICBC Industrial and Commercial Bank of China IFC International Finance Corporation ILPA Institutional Limited Partners Association IPE Institute of Public and Environmental Affairs IPO Initial Public Offering JRI Japan Research Institute BSR | Sustainable Investment in China 2009 7 LPs Limited Partners MEP Ministry of Environmental Protection MOFCOM Ministry of Commerce NaCSSeF National Council for the Social Security Fund NDRC National Development and Reform Commission NPI Non-Profit Incubator NPL Non-Performing Loan NSSF National Social Security Fund OFDI Outward Foreign Direct Investment PBOC People’s Bank of China PE Private Equity PRI Principles for Responsible Investment QFII Qualified Foreign Institutional Investors SAFE State Administration of Foreign Exchange SAM Sustainable Asset Management SASAC State-owned Assets Supervision and Administration Commission SEPA State Environmental Protection Administration SI Sustainable Investment SME Small and Medium Enterprises
Load more

Recommended publications
  • Chinaamc CSI 300 Index ETF (Stock Code: 83188/3188) Fund Factsheet
    ChinaAMC CSI 300 Index ETF (Stock Code: 83188/3188) Fund Factsheet As of 29 Apr 2016 37/F, Bank of China Tower, 1 Garden Road, Hong Kong • ChinaAMC CSI 300 Index ETF (the ”Fund”) is a passively managed exchange traded fund and is listed on The Stock Exchange of Hong Kong Limited (the “SEHK”), investing primarily and directly in underlying A-Shares of CSI 300 Index through the Renminbi Qualified Foreign Institutional Investor (“RQFII”) quota obtained by the Fund’s Manager. • The Fund is subject to single country (the PRC) concentration risk. Investing in emerging markets, such as the PRC, involves a greater risk such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks. • The RQFII policy and rules are new and such policy and rules are subject to change, such changes may have retrospective effect. Repatriations of the invested capital and net profits by RQFIIs are permitted daily and are not subject to any lock-up periods or prior approval. There is no assurance, however, that repatriation restrictions will not be imposed in the future. Any new restrictions on repatriation may impact on the Fund’s ability to meet redemption requests. • There are risks and uncertainties associated with the current PRC tax laws and regulations. The Manager will at present make certain provisions for the Fund in respect of any potential tax liability. In case of any shortfall between the provision and actual tax liabilities, which will be debited from the Fund’s assets, the Fund’s asset value will be adversely affected. • The SEHK’s dual counter model in Hong Kong is new and the Fund is one of the first ETFs to have units traded and settled in RMB and HKD.
    [Show full text]
  • Bank of China Limited, Luxembourg Branch
    http://www.oblible.com BANK OF CHINA (LUXEMBOURG) S.A. (incorporated with limited liability under the laws of Luxembourg) Issue of EUR 800,000,000 0.125 per cent. Notes due 2023 Guaranteed by Bank of China Limited, Luxembourg Branch under the U.S.$40,000,000,000 Medium Term Note Programme of Bank of China Limited ______________ These Listing Particulars (the “Listing Particulars”) are prepared in connection with the U.S.$40,000,000,000 Medium Term Note Programme (the “Programme”) established by Bank of China Limited (the “Bank”), and the EUR 800,000,000 0.125 per cent. Notes due 2023 (the “Notes”) to be issued by Bank of China (Luxembourg) S.A. (the “Issuer”) and unconditionally and irrevocably guaranteed by Bank of China Limited, Luxembourg Branch (the “Guarantor”) on 16 January 2020 under the Programme. The Offering Circular in respect of the Programme dated 4 April 2019 (the “Principal Offering Circular”) as supplemented by the supplemental offering circular dated 8 October 2019 (the “Supplement”) and the second supplemental offering circular dated 8 October 2019 (the “Second Supplement”, and together with the Principal Offering Circular and the Supplement, the “Offering Circular”), is set out in Annex A hereto and forms part of these Listing Particulars. Terms defined in the Offering Circular have the same meaning when used in these Listing Particulars. Pursuant to the Approval by the Enterprise Borrowing Foreign Debt Registration Certificate of [2019] (《企业借用外债备案登记证明》(发改办外资备 [[2019]51 号])) issued by the NDRC General Office on 24 January 2019 (the “NDRC Approval”), the Bank is not required to complete the pre-issuance registration in respect of the Notes with the NDRC as the Notes will be issued within the NDRC Approval.
    [Show full text]
  • C-Shares CSI 300 Index ETF Prospectus 匯添富資產管理（香 港）有限公司
    China Universal International ETF Series C-Shares CSI 300 Index ETF Prospectus 匯添富資產管理（香 港）有限公司 China Universal Asset Management (Hong Kong) Company Limited 2701 One IFC, 1 Harbour View Street, Central, Hong Kong Tel: (852) 3983 5600 Fax: (852) 3983 5799 Email: [email protected] Web: www.99fund.com.hk Important - If you are in any doubt about the contents of this Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant and/or other financial adviser for independent professional financial advice. CHINA UNIVERSAL INTERNATIONAL ETF SERIES (a Hong Kong umbrella unit trust authorized under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong) C-Shares CSI 300 Index ETF (Stock Codes: 83008 (RMB counter) and 03008 (HKD counter)) PROSPECTUS MANAGER China Universal Asset Management (Hong Kong) Company Limited LISTING AGENT FOR C-Shares CSI 300 Index ETF GF Capital (Hong Kong) Limited 3 July 2013 The Stock Exchange of Hong Kong Limited (“SEHK”), Hong Kong Exchanges and Clearing Limited (“HKEx”), Hong Kong Securities Clearing Company Limited (“HKSCC”) and the Hong Kong Securities and Futures Commission (“Commission”) take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus. China Universal International ETF Series (“Trust”) and its sub-funds set out in Part 2 of this Prospectus, including its initial Sub-Fund, C-Shares CSI 300 Index ETF (“CSI 300 ETF”) (collectively referred to as the “Sub- Funds”) have been authorised by the Commission pursuant to section 104 of the Securities and Futures Ordinance.
    [Show full text]
  • Harvest Global Investments Limited
    IMPORTANT: If you are in any doubt about the contents of this Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent financial advice. HARVEST FUNDS (HONG KONG) ETF (a Hong Kong umbrella unit trust authorised under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong) Harvest MSCI China A Index ETF (RMB Counter Stock Code: 83118 HKD Counter Stock Code: 03118) Harvest MSCI China A 50 Index ETF (RMB Counter Stock Code: 83136 HKD Counter Stock Code: 03136) Harvest CSI Smallcap 500 Index ETF (RMB Counter Stock Code: 83150 HKD Counter Stock Code: 03150) PROSPECTUS Manager Harvest Global Investments Limited Investment Adviser Harvest Fund Management Co., Ltd. Listing Agent for the Harvest CSI Smallcap 500 Index ETF Altus Capital Limited 16 November 2018 Hong Kong Exchanges and Clearing Limited (“HKEx”), The Stock Exchange of Hong Kong Limited (the “SEHK”), Hong Kong Securities Clearing Company Limited (“HKSCC”) and the Hong Kong Securities and Futures Commission (the “SFC”) take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus. The Trust and the Sub-Funds have each been authorised as collective investment schemes by the SFC. SFC authorisation 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.
    [Show full text]
  • Deregulation, Competition, and Consumer Choice of Insurer: Evidence from Liberalization Reform in China's Automobile Insurance
    Deregulation, competition, and consumer choice of insurer: Evidence from liberalization reform in China’s automobile insurance market Abstract: In 2015, the China Insurance Regulatory Commission initiated a liberalization reform in the automobile insurance industry to grant insurers more discretion in policy design, underwriting, and ratemaking. The deregulation intended to increase competition and choices for the consumer; yet, there was little scientific evidence on how the insurance market responded to the reform. This article examines the effectiveness of this deregulation reform in China. Leveraging a large industry dataset of more than seven million automobile insurance policies from 63 major automobile insurers operating in China, we study policyholders’ switching behavior among insurance providers. To better understand the heterogeneity in the impact of deregulation on market performance and consumer choice, we further analyze the switching pattern among different types of insurers according to the insurer's size, the company’s business structure, the jurisdiction’s market power, and the customer’s risk type. Overall, the empirical results suggest that the reform has met its original goal, leading to higher market competition and more diversified consumer choices. We further confirm that the average premium dropped significantly after the reform for all three jurisdictions implementing the reform; yet, the insurers’ pricing strategy was risk type-dependent, i.e., the average premium for the high risk customers increased, while the average premium for the low risk customers decreased substantially. Keyword: Automobile insurance, competition, deregulation, insurer switching 1 Introduction Deregulation, in general, leads to enhanced competition. This trend has been observed in various industries, such as airline, telecommunication, and healthcare.
    [Show full text]
  • Expert Affidavit
    Case 4:13-cr-00147-SMR-CFB Document 224-2 Filed 03/13/15 Page 1 of 17 DECLARATION OF TONG YAO I, Tong YAO, declare as follows: 1. I am older than (18) years of age. Except as indicated herein, I have persona! knowledge of the facts and circumstances of the matters set forth in this Declaration. If called as a witness, I could and would testi~’ competently to the matters set forth herein. 2. 1am a native of Changzhou, Jiangsu Province, China. I lived in China until I came to the United States in 1994 for graduate school. I have remained in the United States for 21 years. I teach and publish primarily in English, but I remain fluent in Mandarin. 3. I currently hold the title of Associate Professor of Finance at the Tippie College of Business at the University of Iowa. My field of specialization is financial markets, with a sub-specialization in Asian financial markets. I have studied and published multiple papers about Asian stock markets, and the Chinese stock market in particular. A current copy of my curriculum vitae is attached to this Declaration as Exhibit A. 4. I was asked to determine whether a publicly traded Chinese corporation, DBN, was owned or controlled by the Chinese government, or any entity controlled by the Chinese government, at any time from 2011 through 2014. 5. DBN is a private Chinese corporation, registered at the Industrial and Commercial Administration Authority as “Company Limited by Shares (Listed, Invested or Controlled by Natural Persons),” with its principal place of business in Beijing.
    [Show full text]
  • Greening the Field? How Ngos Are Shaping Corporate Social Responsibility in China, In: Journal of Current Chinese Affairs, 43, 4, 75–110
    Journal of Current Chinese Affairs China aktuell Corporate Social Responsibility: Global Norms and Chinese Forms Davis, Susannah M. and Dirk C. Moosmayer, Greening the Field? How NGOs Are Shaping Corporate Social Responsibility in China, in: Journal of Current Chinese Affairs, 43, 4, 75–110. URN: http://nbn-resolving.org/urn/resolver.pl?urn:nbn:de:gbv:18-4-8008 ISSN: 1868-4874 (online), ISSN: 1868-1026 (print) The online version of this article and the other articles can be found at: <www.CurrentChineseAffairs.org> Published by GIGA German Institute of Global and Area Studies, Institute of Asian Studies in cooperation with the National Institute of Chinese Studies, White Rose East Asia Centre at the Universities of Leeds and Sheffield and Hamburg University Press. The Journal of Current Chinese Affairs is an Open Access publication. It may be read, copied and distributed free of charge according to the conditions of the Creative Commons Attribution-No Derivative Works 3.0 License. To subscribe to the print edition: <[email protected]> For an e-mail alert please register at: <www.CurrentChineseAffairs.org> The Journal of Current Chinese Affairs is part of the GIGA Journal Family which includes: Africa Spectrum ● Journal of Current Chinese Affairs ● Journal of Current Southeast Asian Affairs ● Journal of Politics in Latin America ● <www.giga-journal-family.org> Journal of Current Chinese Affairs 4/2014: 75–110 Greening the Field? How NGOs Are Shaping Corporate Social Responsibility in China Susannah M. DAVIS and Dirk C. MOOSMAYER Abstract: China’s state-led model of corporate social responsibility (CSR) does not seem to present a promising environment for the participation of non-governmental organizations (NGOs).
    [Show full text]
  • 2014 ANNUAL REPORT 1 BANK of NINGBO Co.,Ltd 2 2014 ANNUAL REPORT 3 BANK of NINGBO Co.,Ltd 1
    2014 ANNUAL REPORT 1 BANK OF NINGBO Co.,Ltd 2 2014 ANNUAL REPORT 3 BANK OF NINGBO Co.,Ltd 1 Chapter One Important Notes The Board of Directors, Board of Supervisors, directors, supervisors and senior managers of the Company ensure the authenticity, accuracy and completeness of contents, and guarantee no fraulds, misleading statements or major omissions in this report. They are willing to burden any individual and joint legal responsibilities. All the directors, supervisors and senior managers are able to guarantee the authenticity, accuracy and completeness of this report without any objection. The 6th meeting of the 5th Board of Directors of the company approval the text and abstract of 2014 Annual Report on 24 April 2015. 15 out of 17 directors were present. Director Li Hanqiong authorize director Chen Guanghua to vote. Director Ben Shenglin authorize director Zhu Jiandi to vote. Part of supervisors attended this meeting as well. The Company's profit distribution plan was passed by the Board of Directors as follows: taking the total share capital on 31 Dec. 2014 as the base number, cash bonus of RMB 4.5 yuan (including tax) per 10 shares was distributed to all shareholders, and 2 shares for every 10 shares were given by converting capital reserve into share capital. This plan will be submitted to 2014 general meeting of stockholders for further approval. The Chairman of the board Mr. Lu Huayu, the president Mr. Luo Mengbo, the vice president Mr. Luo Weikai, who is in charge of accounting, and the general manager of accounting department Ms. Sun Hongbo hereby declare to pledge the authenticity, accuracy and completeness of financial statements in the annual report.
    [Show full text]
  • UBS Shifting Asia – Smart Cities
    25 September 2019 Chief Investment Office GWM Investment Research Sustainable investment in Asia Shifting Asia Wind powered turbines in the Pacific Ocean Gettyimages Editorial Dear reader, Few would have forecast a few years ago that China would to follow suit. Many have also backed regulators to enhance emerge as the world’s second largest green bond issuer in corporate stewardship and governance code frameworks 2018, just two percentage points behind the US; or that and enforced ESG disclosure reporting. The HKMA, which Abenomics would transform Japan into the world’s fastest- regulates the Hong Kong financial system and manages an growing sustainable investing (SI) market with a similar as- HKD 4 trillion Exchange Fund, is a case in point; it has been sets under management (AUM) penetration to what the US uniquely positioned to put into practice what it has promul- had in 2014; or that in 2019 Asia would have more stock gated via new green finance and ESG regulation. Others, like exchanges with mandatory environmental, social and gov- Singapore’s Temasek, have adopted ESG into investment ernance (ESG) reporting than any region in the world. decisions strongly motivated by climate change risk. Attitudes toward sustainable investment in Asia have Asian asset owners have embraced SI because of the rising changed radically in just a few years. And while it has acceptance that SI does not compromise financial returns become evident that governments must lead in Asia to or performance. For long-term investors, including pension produce meaningful change to sustainability challenges, funds and insurance companies, SI can lower downside risk there has also been indirect pressure from the wider public from “stranded assets” created by climate change and on governments and corporations, particularly on issues re- transition risk.
    [Show full text]
  • E FUND CSI 100 A-Share Index ETF
    IMPORTANT: The Stock Exchange of Hong Kong Limited (the “SEHK”), Hong Kong Exchanges and Clearing Limited (“HKEx”), the Securities and Futures Commission (“SFC”) and the Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this Announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Announcement. The Manager accepts full responsibility for the accuracy of the information contained in this Announcement as at the date of publication, and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, there are no other facts the omission of which would make any statement misleading and opinions expressed in this Announcement have been arrived at after due and careful consideration. SFC authorisation 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. THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. E FUND CSI 100 A-Share Index ETF RMB Counter Stock Code: 83100 HKD Counter Stock Code: 03100 (Sub-fund of E Fund ETFs Trust (the “Trust”), a Hong Kong umbrella unit trust, authorised under Section 104 of the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong SAR)) Announcement Change of Underlying Index and Change of Name and Short Name of the Sub-Fund Dear Unitholders, E Fund Management (Hong Kong) Co., Limited (the “Manager”), the manager of the Trust and the Sub- Fund, hereby announces that, with effect from 7 December 2020 (the “Effective Date”), the underlying index of the Sub-Fund will be changed to CSI 300 Index.
    [Show full text]
  • China Landscape: Selections from the Taikang Collection 2019
    China Landscape: Selections from the Taikang Collection 2019 March 21 – May 5, 2019 Opening Reception: March 21, Thursday, 4:00pm Producer: Taikang Insurance Group General Organizer: Chen Dongsheng General Coordinator: Ying Weiwei Curator: Tang Xin Artists: Ai Xuan, Ai Zhongxin, Cai Guo-Qiang, Chen Ren, Chen Shaoxiong, Chen Yifei, Chen Zhen, Ding Fang, Ding Yi, Fang Lijun, Gao Weigang, Hu Xiangqian, Jiang Zhaohe, Jiang Zhuyun, Jin Shangyi, Li Yo u son g , Liu Chuang, Liu Kaiqu, Liu Wei, Liu Wei, Liu Xiaodong, Liu Xinyi, Liu Ye, Luo Zhongli, Ma Qiusha, Mao Xuhui, Nabuqi, Qiu Xiaofei, Shang Yang, Shen Yaoyi, Shi Chong, Su Tianci, Sui Jianguo, Wang Guangle, Wang Guangyi, Wang Sishun, Wang Yuyang, Wu Dayu, Wu Guanzhong, Wu Zuoren, Xie Molin, Xu Bing, Xu Wenkai (aaajiao), Yang Jiechang, Yao Qingmei, Yuan Qingyi, Yu Yo uha n , Zeng Fanzhi, Zhang Peili, Zhang Wenyuan, Zhang Xiaogang, Zhao Bandi, Zhao Zhao, PSFO, Zhou Chunya Address: No.A07, 798 Art Zone No.2 Jiuxianqiao Rd, Chaoyang District, Beijing, CHINA Open Hours: 11:00 - 17:00 Monday to Sunday About the Exhibition Taikang Insurance Group will present “China Landscape: Selections from the Taikang Collection 2019” from 21st March to 5th May 2019 at No.A07, 798 Art Zone. The exhibition is the third time we show Taikang Collection publicly, following its inaugural presentation at the National Art Museum of China in 2011 and the Wanlin Art Museum of Wuhan University in 2015. Warming up the inauguration of Taikang Art Museum, Chen Dongsheng, Chairman of the Board and Chief executive Officer of Taikang Insurance Group, plays the leading role of the general organizer of the exhibition, while Ying Weiwei, Secretary of The Board, Assistant President of Taikang Insurance Group plays the role of the general coordinator.
    [Show full text]
  • Chinaamc CSI 300 Index ETF (The "Fund"), Investor Should Refer to the Fund's Prospectus for Details, Including the Risk Factors
    Investment involves risks, including the loss of principle. Past performance is not indicative of future results. Before investing in the ChinaAMC CSI 300 Index ETF (the "Fund"), investor should refer to the Fund's prospectus for details, including the risk factors. You should not make investment decision based on the information on this material alone. Please note: • The Fund aims to provide investment result that, before fees and expenses, closely corresponds to the performance of the CSI 300 Index (the "Index"). The Fund invests in the PRC's securities market through the RQFII investment quota granted to the Manager and the Stock Connect. • The Fund is subject to concentration risk as a result of tracking the performance of a single geographical region (the PRC) and may likely be more volatile than a broad-based fund. • The Fund is subject to risks relating to the RQFII regime, such as default in execution or settlement of transaction by a PRC broker or the PRC Custodian, change of RQFII policy and rules and uncertainty to their implementa- tion, repatriation restrictions and insufficient RQFII quota to the Fund. • The Fund is subject to risks associated with the Stock Connect, such as change of relevant rules and regulations, quota limitations, suspension of the Stock Connect programme. In the event that the Fund’s ability to invest in A-Shares through the Stock Connect on a timely basis is adversely affected, the Manager can only rely on RQFII investments to achieve the Fund’s investment objective. • Investing in emerging markets, such as the PRC, involves a greater risk such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks.
    [Show full text]