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2 FTSE Russell Publications 19 August 2021 FTSE Greater China HKD Indicative Index Weight Data as at Closing on 30 June 2021 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) 360 Security (A) (SC SH) <0.005 CHINA Bank of China (H) 0.59 CHINA BTG Hotels (Group) (A) (SC SH) 0.01 CHINA 3SBio (P Chip) 0.03 CHINA Bank of Communications (A) (SC SH) 0.04 CHINA Budweiser Brewing Company APAC 0.11 HONG AAC Technologies Holdings 0.11 HONG Bank of Communications (H) 0.1 CHINA KONG KONG Bank of East Asia 0.05 HONG Business-intelligence of Oriental Nations (A) <0.005 CHINA Accton Technology 0.13 TAIWAN KONG (SC SZ) Acer 0.06 TAIWAN Bank of Guiyang (A) (SC SH) 0.01 CHINA BYD (A) (SC SZ) 0.11 CHINA ADAMA (A) (SC SZ) <0.005 CHINA Bank of HangZhou (A) (SC SH) 0.02 CHINA BYD (H) 0.51 CHINA Addsino (A) (SC SZ) 0.01 CHINA Bank of Jiangsu (A) (SC SH) 0.01 CHINA Byd Electronic (P Chip) 0.11 CHINA Advantech 0.11 TAIWAN Bank Of Nanjing (A) (SC SH) 0.02 CHINA By-health (A) (SC SZ) 0.01 CHINA Aecc Aero Engine Control (A) (SC SZ) <0.005 CHINA Bank of Ningbo (A) (SC SZ) 0.05 CHINA C&S Paper (A) (SC SZ) 0.01 CHINA AECC Aviation Power (A) (SC SH) 0.03 CHINA Bank of Qingdao (A) (SC SZ) <0.005 CHINA Cafe De Coral Holdings 0.01 HONG Agile Group Holdings (P Chip) 0.04 CHINA Bank of Shanghai (A) (SC SH) 0.03 CHINA KONG Agricultural Bank of China (A) (SC SH) 0.1 CHINA Bank of Suzhou (A) (SC SZ) <0.005 CHINA Caitong Securities (A) (SC SH) <0.005 CHINA Agricultural Bank of China (H) 0.23 CHINA Bank of ZhengZhou (A) (SC SZ) <0.005 CHINA Camel Group (A) (SC SH) <0.005 CHINA AIA Group Ltd. 3.22 HONG Baoshan Iron & Steel (A) (SC SH) 0.03 CHINA CanSino Biologics (A) (SC SH) 0.01 CHINA KONG BBMG (A) (SC SH) 0.01 CHINA CanSino Biologics (H) 0.08 CHINA Aier Eye Hospital Group (A) (SC SZ) 0.09 CHINA BBMG (H) 0.01 CHINA Capital Securities 0.03 TAIWAN Air China (A) (SC SH) 0.01 CHINA Beijing Capital (A) (SC SH) 0.01 CHINA Catcher Technology 0.1 TAIWAN Air China (H) 0.03 CHINA Beijing Capital Development (A) (SC SH) <0.005 CHINA Cathay Financial Holding 0.34 TAIWAN Airtac International Group 0.12 TAIWAN Beijing Capital International Airport (H) 0.03 CHINA Cathay Pacific Airways 0.02 HONG KONG Alibaba Group Holding (P Chip) 8.62 CHINA Beijing Dabeinong Technology Group (A) (SC 0.01 CHINA Alibaba Health Information Technology (P 0.22 CHINA SZ) CECEP Solar Energy (A) (SC SZ) <0.005 CHINA Chip) Beijing E-Hualu Info Technology (A) (SC SZ) <0.005 CHINA CECEP Wind-Power (A) (SC SH) <0.005 CHINA Alibaba Pictures Group (P Chip) 0.04 CHINA Beijing Enlight Media (A) (SC SZ) 0.01 CHINA Central China Securities (A) (SC SH) <0.005 CHINA A-Living Services (H) 0.04 CHINA Beijing Enterprises Holdings (Red Chip) 0.04 CHINA Central China Securities (H) <0.005 CHINA All Winner Technology (A) (SC SZ) 0.01 CHINA Beijing Enterprises Water Group (Red Chip) 0.04 CHINA CGN Power (A) (SC SZ) <0.005 CHINA Alpha Group (A) (SC SZ) <0.005 CHINA Beijing Jetsen Technology (A) (SC SZ) <0.005 CHINA CGN Power (H) 0.05 CHINA Aluminum Corp of China (A) (SC SH) 0.02 CHINA Beijing Jingneng Clean Energy (H) 0.01 CHINA Chailease Holding 0.2 TAIWAN Aluminum Corp of China (H) 0.05 CHINA Beijing Kunlun Tech (A) (SC SZ) <0.005 CHINA Champion REIT 0.02 HONG KONG Angang Steel (A) (SC SZ) 0.01 CHINA Beijing Lanxum Technology (A) (SC SZ) <0.005 CHINA Chang Hwa Commercial Bank 0.08 TAIWAN Angang Steel (H) 0.02 CHINA Beijing New Building Materia(A) (SC SZ) 0.02 CHINA Changchun High & New Technology Industry 0.04 CHINA Angel Yeast (A) (SC SH) 0.01 CHINA Beijing Oriental Yuhong Waterproof 0.02 CHINA Group (A) (SC SZ) Anhui Anke Biotechnology (Group) (A) (SC 0.01 CHINA Technology (A) (SC SZ) Changjiang Securities (A) (SC SZ) 0.01 CHINA SZ) Beijing Originwater Technology (A) (SC SZ) 0.01 CHINA Changsha Jingjia Microelectronics (A) (SC SZ) 0.01 CHINA Anhui Conch Cement (A) (SC SH) 0.04 CHINA Beijing Shiji Information Technology (A) (SC 0.01 CHINA Anhui Conch Cement (H) 0.13 CHINA SZ) Changzhou Xingyu Automotive Lighting 0.01 CHINA Systems (A) (SC SH) Anhui Expressway (A) (SC SH) <0.005 CHINA Beijing Shougang (A) (SC SZ) <0.005 CHINA Chaozhou Three-Circle Group (A) (SC SZ) 0.02 CHINA Anhui Expressway (H) 0.01 CHINA Beijing Shunxin Agriculture (A) (SC SZ) 0.01 CHINA Cheng Shin Rubber Industry 0.07 TAIWAN Anhui Gujing Distillery (A) (SC SZ) 0.02 CHINA Beijing Sinnet Technology (A) (SC SZ) 0.01 CHINA Chengdu Kanghong Pharmaceuticals Group <0.005 CHINA Anhui Gujing Distillery (B) 0.04 CHINA Beijing SJ Environmental Protectn & New <0.005 CHINA (A) (SC SZ) Anhui Kouzi Distillery (A) (SC SH) <0.005 CHINA Material (A) (SC SZ) Chengdu Xingrong Investment (A) (SC SZ) <0.005 CHINA Anhui Wenergy (A) (SC SZ) <0.005 CHINA Beijing SL Pharmaceutical (A) (SC SZ) <0.005 CHINA Chicony Electronics 0.04 TAIWAN Anhui Xinhua Media (A) (SC SH) <0.005 CHINA Beijing Tiantan Biological Products (A) (SC 0.01 CHINA China Aerospace Times Electronics (A) (SC <0.005 CHINA Anhui Zhongding Sealing Parts (A) (SC SZ) <0.005 CHINA SH) SH) Anta Sports Products (P Chip) 0.57 CHINA Beijing Ultrapower Software (A) (SC SZ) <0.005 CHINA China Airlines 0.04 TAIWAN ASE Technology Holding 0.29 TAIWAN Beijing Wangfujing Department Store (A) (SC 0.01 CHINA SH) China Aoyuan Group (P Chip) 0.02 CHINA Asia Cement 0.09 TAIWAN Beijing Wantai Biological Pharmacy Enterprise 0.01 CHINA China Avionics Systems (A) (SC SH) 0.01 CHINA ASM Pacific Technology 0.09 HONG (A) (SC SH) China Baoan Group (A) (SC SZ) 0.01 CHINA KONG Beijing Yanjing Brewery(A) (SC SZ) <0.005 CHINA China Cinda Asset Management (H) 0.04 CHINA ASMedia Technology 0.04 TAIWAN Beijing Zhongke Sanhuan High-Tech (A) (SC <0.005 CHINA China Citic Bank (A) (SC SH) 0.01 CHINA Asustek Computer Inc 0.2 TAIWAN SZ) China Citic Bank (H) 0.09 CHINA Asymchem Laboratories Tian Jin (A) (SC SZ) 0.01 CHINA Beijing-Shanghai High Speed Railway (A) (SC 0.01 CHINA China Coal Energy (A) (SC SH) 0.01 CHINA AU Optronics 0.15 TAIWAN SH) China Coal Energy (H) 0.03 CHINA Autobio Diagnostics (A) (SC SH) <0.005 CHINA Betta Pharmaceuticals (A) (SC SZ) <0.005 CHINA China Communications Services (H) 0.03 CHINA Avary Holding Shenzhen (A) (SC SZ) 0.01 CHINA BGI Genomics (A) (SC SZ) <0.005 CHINA China Conch Venture Holdings (P Chip) 0.15 CHINA Avic Aircraft (A) (SC SZ) 0.02 CHINA Blue Moon Group Holdings (P Chip) 0.02 CHINA China Construction Bank (A) (SC SH) 0.01 CHINA Avic Aviation High-Technology (A) (SC SH) 0.01 CHINA BlueFocus Intelligent Communications Group <0.005 CHINA China Construction Bank (H) 1.57 CHINA AVIC Capital (A) (SC SH) 0.01 CHINA (A) (SC SZ) China Cssc Holdings (A) (SC SH) 0.02 CHINA AVIC Electromechanical (A) (SC SZ) 0.01 CHINA Bluestar Adisseo (A) (SC SH) <0.005 CHINA China Development Financial Holdings 0.14 TAIWAN Avic Heavy Machinery (A) (SC SH) <0.005 CHINA BOC Aviation 0.04 HONG China East Education Holdings (P Chip) 0.01 CHINA AVIC Jonhon OptronicTechnology (A) (SC SZ) 0.02 CHINA KONG China Eastern Airlines (H) 0.01 CHINA AVIC SHENYANG AIRCRAFT (A) (SC SH) 0.03 CHINA BOC Hong Kong (Holdings) 0.26 HONG China Eastern Airlines(A) (SC SH) 0.01 CHINA AviChina Industry & Technology (H) 0.03 CHINA KONG China Everbright (RED CHIP) 0.02 CHINA AVICOPTER (A) (SC SH) 0.01 CHINA BOC International (China) (A) (SC SH) <0.005 CHINA China Everbright Bank (A) (SC SH) 0.04 CHINA BAIC Motor (H) 0.02 CHINA BOE Technology Group (A) (SC SZ) 0.05 CHINA China Everbright Bank (H) 0.03 CHINA Bank of Beijing (A) (SC SH) 0.02 CHINA Boe Technology Group (B) 0.01 CHINA China Everbright International (Red Chip) 0.04 CHINA Bank of Changsha (A) (SC SH) 0.01 CHINA Bosideng International Holdings (P Chip) 0.04 CHINA China Evergrande Group (P Chip) 0.07 CHINA Bank of Chengdu (A) (SC SH) <0.005 CHINA Boya Bio pharmaceutical Group (A) (SC SZ) <0.005 CHINA China Feihe (P Chip) 0.12 CHINA Bank of China (A) (SC SH) 0.05 CHINA Bright Dairy & Food (A) (SC SH) <0.005 CHINA China Fortune Land Development (A) (SC SH) <0.005 CHINA Source: FTSE Russell 1 of 7 19 August 2021 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) China Galaxy Securities (A) (SC SH) 0.01 CHINA China Steel 0.37 TAIWAN Double Medical Technology (A) (SC SZ) <0.005 CHINA China Galaxy Securities (H) 0.05 CHINA China Taiping Insurance Holdings (Red Chip) 0.05 CHINA E.Sun Financial Holding 0.24 TAIWAN China Gas Holdings (P Chip) 0.2 CHINA China Tower (H) 0.14 CHINA East Money Information (A) (SC SZ) 0.08 CHINA China Great Wall Securities (A) (SC SZ) 0.01 CHINA China Traditional Chinese Medicine Holdings 0.04 CHINA Eclat Textile 0.1 TAIWAN China Greatwall Technology Group (A) (SC 0.01 CHINA (Red Chip) Ecovacs Robotics (A) (SC SH) 0.03 CHINA SZ) China TransInfo Technology (A) (SC SZ) <0.005 CHINA ENN Ecological Holdings (A) (SC SH) 0.01 CHINA China Hongqiao Group (P Chip) 0.06 CHINA China Travel International Investment Hong 0.01 HONG ENN Energy Holdings (P Chip) 0.31 CHINA China International Capital (A) (SC SH) 0.01 CHINA Kong KONG ENNOSTAR 0.04 TAIWAN China International Capital (H) 0.09 CHINA China United Network Communications (A) 0.03 CHINA ESR Cayman 0.13 HONG China International Marine Containers (A) (SC 0.01 CHINA (SC SH) KONG SZ) China Vanke (A) (SC SZ) 0.05 CHINA Eternal Asia Supply Chain Management (A) <0.005 CHINA China International Marine Containers (H) 0.02 CHINA China Vanke (H) 0.13 CHINA (SC SZ) China International Travel Service (A) (SC SH) 0.14 CHINA China West Construction Group (A) (SC SZ) <0.005 CHINA Eternal Chemical 0.03 TAIWAN China Jinmao Holdings Group (Red
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  • U ACCESS Variable Capital Investment Company Luxembourg

    U ACCESS Variable Capital Investment Company Luxembourg

    Semi-annual report, including Unaudited Financial Statements as at 30th June 2019 U ACCESS Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 189 490 No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report including audited financial statements and the most recent semi-annual report including unaudited financial statements, if published thereafter. U ACCESS Contents Organisation ..................................................................................................................................................... 4 Combined statement of net assets ................................................................................................................... 8 Combined statement of operations and other changes in net assets ............................................................... 9 U ACCESS - BEST SELECTION CHINA A .................................................................................................... 10 U ACCESS - DYNAMIC CHINA (launched as at 9th April 2019)..................................................................... 19 U ACCESS - GLOBAL CREDIT 2020............................................................................................................. 27 U ACCESS - GLOBAL CREDIT 2021............................................................................................................
  • Evergrande Real Estate Group (3333.HK) Scalability Potential Not

    Evergrande Real Estate Group (3333.HK) Scalability Potential Not

    October 9, 2009 Evergrande Real Estate Group Limited March 1, 2010 ACTION Buy Evergrande Real Estate Group (3333.HK) Return Potential: 29% Scalability potential not priced in; initiate with a Buy rating Source of opportunity Investment Profile We believe that Evergrande’s current valuation does not price in the scalability Low High potential of the company on the back of its: (1) strong balance sheet with optimal Growth Growth Returns * Returns * debt structure post its recent IPO and overseas note issuance; (2) attractive land Multiple Multiple bank portfolio located in 17 key municipalities and provincial capitals throughout Volatility Volatility China, with an average land cost of only 9% of 2009 ASP; (3) a standardized Percentile 20th 40th 60th 80th 100th Evergrande Real Estate Group (3333.HK) operation and product line that helps reduce execution risks during times of rapid Asia Pacific Property Peer Group Average scale expansion; and (4) a seasoned management team that is highly motivated * Returns = Return on Capital For a complete description of the investment profile measures please refer to to achieve its growth targets. We initiate coverage on Evergrande with a Buy the disclosure section of this document. rating and a 12-month NAV-based TP of HK$4.15. Catalyst Key data Current Price (HK$) 3.21 (1) We expect stronger-than-peers property sales performance to be achieved by 12 month price target (HK$) 4.15 Market cap (HK$ mn / US$ mn) 48,150.0 / 6,202.2 Evergrande through: (a) providing affordable, quality-competitive, mid-end Foreign ownership (%) -- properties to capitalize on the fast growing housing upgrade needs of less developed provincial capitals in China, and (b) setting asset turnover rather than 12/08 12/09E 12/10E 12/11E EPS (Rmb) 0.21 0.07 0.52 0.59 margin expansion as the business objective in a policy tightening environment, EPS growth (%) (53.9) (65.8) 630.7 13.9 which we think is practical.