惠理中華新星基金
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
（於開曼群島註冊成立之獲豁免有限公司）
半 年 度 報 告 2 0 1 5
截至二零一五年六月三十日止六個月
S E M I - A N N U A L
R E P O R T
For the six months ended 30 June 2015
2 0 1 5
Value Partners Limited
9th Floor, Nexxus Building
41 Connaught Road Central, Hong Kong
Tel: (852) 2880 9263
Fax: (852) 2565 7975
Email: vpl@vp.com.hk
Website: www.valuepartners.com.hk
In the event of inconsistency, the English text of this Semi-Annual Report shall prevail over the Chinese
text. This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the
funds. Subscriptions are to be made only on the basis of the information contained in the prospectus, as
supplemented by the latest semi-annual and annual reports.
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
Contents
Pages
General information
2-3
Manager’s report
4-7
Statement of financial position (unaudited)
8-9
Investment portfolio (unaudited)
Investment portfolio movements (unaudited)
10 - 15
16
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
1
1
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
GENERAL INFORMATION
Executive Directors
Mr Tse Wai Ming, Timothy
Mr Kee Chong Li Kwong Wing
Mr Nigel David Stead
Mr Mo Chun Wah, Jonathan (Alternate Director)
Manager
Value Partners Limited
9th Floor, Nexxus Building
41 Connaught Road Central
Hong Kong
Directors of the Manager
Dato’ Cheah Cheng Hye
Mr Ho Man Kei, Norman
Mr So Chun Ki Louis
Custodian and Administrator’s Agent
HSBC Institutional Trust Services (Asia) Limited
1 Queen’s Road Central
Hong Kong
Administrator and Principal Office
Bank of Bermuda (Cayman) Limited
P.O. Box 513
HSBC House
68 West Bay Road
Grand Cayman KY1-1106
Cayman Islands
Registered Office
P.O. Box 309
Ugland House
South Church Street
George Town
Grand Cayman
Cayman Islands
British West Indies
2
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
Auditor
PricewaterhouseCoopers
P.O. Box 258
George Town
Grand Cayman, KY1-1104
Cayman Islands
Legal Advisors
With respect to Cayman Islands law
Maples and Calder
53rd Floor, The Center
99 Queen’s Road Central
Hong Kong
With respect to Hong Kong law
King & Wood Mallesons
13th Floor, Gloucester Tower
The Landmark
15 Queen’s Road Central
Hong Kong
Information available from:
Value Partners Limited
9th Floor, Nexxus Building
41 Connaught Road Central
Hong Kong
Investor hotline : (852) 2143 0688
Fax
: (852) 2565 7975
Email
: fis@vp.com.hk
Website
: www.valuepartners.com.hk
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
GENERAL INFORMATION (Continued)
Recent awards and achievements
Corporate awards
2015
•
The Asset Triple A, Investor and Fund Management Awards 2015
Fund Management Company of the Year (Hong Kong)
– The Asset
•
Asset Management Awards for Excellence 2014/15
Best Fund Provider - China Equity
– Asian Private Banker
•
2015 Hong Kong’s Best Cross-Border Financial Institutionas
Outstanding Fund Management Business
– Hong Kong’s Wen Wei Po
2014
•
Fund of the Year Awards 2014
(i) High Dividend Fixed Income – Outstanding Achiever
(ii) China Equity – Outstanding Achiever
(iii) Investor Education – ETF – Outstanding Achiever
– Benchmark Magazine
•
Hong Kong Business Awards 2014
Enterprise Award
– DHL/South China Morning Post
•
Management Firm of the Year
– AsiaHedge Awards 2014
•
2014 - Asia Hedge Fund 25
Value Partners was ranked no. 2 in Asia Hedge Fund 25
– Institutional Investor’s Alpha Magazine, September 2014
•
2014 Top 100 Hedge Fund
Value Partners was ranked as Asia’s largest hedge fund manager,
and 58th worldwide
– Institutional Investor’s Alpha Magazine, May 2014
•
The Asset Triple A, Investor and Fund Management Awards 2014
Asset Management Company of the Year (Hong Kong)
– The Asset
•
Investment Performance Awards 2014
Asian Fund House of the Year
– AsianInvestor
Value Partners China Greenchip Fund Limited
2014
^
•
Lipper Fund Awards 2014
Best Equity Greater China Fund – 5 Years
– Lipper^
Based on returns as of year end 2013.
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
3
3
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
MANAGER’S REPORT
What started as a normal market correction for Chinese stocks turned into an ugly stampede.
In a market dominated by retail investors, who were sitting on huge paper gains, there was
a mad rush to cash in at the first sign of restrictions on the use of margin financing. As of
8 July 2015, the Shanghai Composite Index plunged 32% (in local currency terms) from its
peak on 12 June, within a matter of weeks. Government measures to restore stability were
too little, too late.
All of a sudden, euphoria gave way to big anxiety.
While China investing has always been a roller-coaster ride, this time the swing is wilder
and more frightening than usual. From past experience, we know it is important to step back
and evaluate calmly. Our conclusion is that the situation is not as bad as it may seem. Here
are our reasons:
4
•
Not a real collapse. Actually, despite the recent fall, Chinese equities as measured
by the Shanghai A-share market (represented by the Shanghai Composite Index),
still showed a gain of about 8% year to date and 70% over the past 12 months as of
8 July 2015 (all in local currency terms). The crash in June and early July 2015 has
hurt those who entered the market recently, but the numerous investors who have
been in the market for a longer period are still profitable. This explains a lack of
real panic, and it is a reason not to over-react to the severe setback in June and July.
After all, a bull market has to climb a wall of worry.
•
“Capitalism with Chinese characteristics” means that the government has huge power
to influence markets. Developing a healthy stockmarket is a top official priority,
and many tools remain available to make this happen. For example, the government
has significant room to reduce interest rates and bank reserve ratios. Unlike some
Western countries, Chinese government agencies can intervene forcefully in the
market to get what they want without the need to gain legislative approval. The
central bank has come out to provide liquidity to the China Securities Finance
Corporation, a government-backed agency that has been buying shares in the market.
Our impression is that because the market’s recent fall hasn’t caused social or
financial instability, the government hasn’t felt a pressing need to bring out the
bazooka. China has the world’s biggest pool of savings, but the wealth is mainly
allocated to bank deposits and real estate, with the amount tied up in stocks estimated
at only 10% to 15% of household wealth.
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
MANAGER’S REPORT
•
Some of the worst excesses in the market have been purged, at least for the time
being. For example, the excessive use of margin loans to buy stocks is widely
blamed for the plunge – but in recent weeks, the outstanding amount of margin loans
has dropped to less than 1.5 trillion renminbi from a peak of 2.3 trillion renminbi on
18 June. The total is dropping so quickly that it should be below 1 trillion renminbi (the
level at the end of 2014) by mid-July.
And valuations have become much more reasonable, especially for the Hong Kong-listed H
shares, which is our favourite segment of the Chinese equity markets. As of 8 July 2015, the
H shares (represented by the MSCI China Index) traded at about 9.2 times forward earnings.
Chinese A shares – using the CSI 300 Index as the benchmark – were down to approximately
13.5 times forward earnings, a 9% discount to the 10-year average.
Market outlook
It is possible – only time will tell – that what has happened will be seen as a swift and
frightening correction within the context of an on-going bull market. In a market with
Chinese characteristics, brutal corrections need to happen from time to time to cure excesses
that could otherwise make it impossible to sustain a healthy market.
The recent troubles do have some lingering impact, however. Renewed caution among
investors is apparent, and in the big cities with concentrations of stockmarket speculators,
there may be some negative wealth effect, we also see a possible slowdown in China’s
reform agenda. The Chinese government is sincere about wanting to deregulate financial
markets and further liberalize capital flows in and out of the country – but it may now do
this more cautiously, to safeguard its power to carry out market interventions.
Fund performance and portfolio strategy update
Value Partners China Greenchip Fund Limited (the “Fund”) returned 9.7% in the first six
months up to the end of June. For reference, the Hang Seng Index and the MSCI China
Index were up 13.7% and 14.6% over the same period, respectively. In terms of annualized
returns, the Fund was up 17.2%, 9.1% and 15.4% for the 3-year, 5-year and since inception (8
April 2002) periods, respectively. For reference, the MSCI China Index’s annualized returns
are 14.8%, 7.3% and 15.4% over the respective periods.
We have experienced many cycles of bust and boom before, and our bottom-up stock
selection has continued to be the key driver of the Fund’s positioning. Our investments
remained focused on Hong Kong-listed stocks, especially H shares which are trading at
attractive valuations. This reflects our disciplined value investing approach and should help
mitigate some of the near-term drawdowns. History may not repeat itself but it often rhymes.
We believe this market correction will once again benefit the true value investors who
invest based on a bottom-up approach. As the Chinese stockmarkets learn the lessons and
become more mature, investors will gradually appreciate value investing and look into the
fundamentals of companies.
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
5
5
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
MANAGER’S REPORT (Continued)
Corporate update
We are pleased to announce that Value Partners has won two new awards in the second
quarter. In The Asset Triple A Investor and Fund Management Awards 2015, we were
named “Fund Management Company of the Year (Hong Kong)”. This highly acclaimed title
recognizes our consistent efforts in achieving above-benchmark performance across different
asset classes for our institutional and retail clients. In addition, we were also crowned “Best
Fund Provider – China Equity” in the Asian Private Banker Asset Management Awards for
Excellence 2014/15. Asian Private Banker is a prestigious industry publication established in
2009 for Asia’s private banking community.
As we continue to grow, our leading position in the fund management industry is also
reflected in the industry role played by our Chairman and Co-Chief Investment Officer
Dato’ Cheah Cheng Hye. In the annual London Value Investor Conference on 20 May 2015,
Dato’ Cheah was the only value investor in Asia that was invited to give a speech. In his
presentation entitled “Chinese Stocks: From Ugly Duckling to Beautiful Princess,” Dato’
Cheah inspired the audience (with more than 400 people) with a brand new perspective on
evaluating risks and opportunities in China’s stockmarkets.
Value Partners Limited
21 August 2015
Fund performance mentioned is referred to Value Partners China Greenchip Fund Limited (Class A shares). All
performance figures are sourced from HSBC Institutional Trust Services (Asia) Limited and Bloomberg (Data
computed in HK$ terms on NAV-to-NAV basis with dividends reinvested) as at 30 June 2015. Performance data
is net of all fees.
Individual stock performance is not indicative of fund performance.
The views expressed are the views of Value Partners Limited only and are subject to change based on market
and other conditions. The information provided does not constitute investment advice and it should not be
relied on as such. All material has been obtained from sources believed to be reliable, but its accuracy is not
guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please
note that any such statements are not guarantees of any future performance and actual results or developments
may differ materially from those projected.
6
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
MANAGER’S REPORT (Continued)
Value Partners China Greenchip Fund Limited – NAV as at 30 June 2015
Classes
Class A HKD
Class A USD
Class A AUD Hedged
Class A CAD Hedged
Class A NZD Hedged
Class A2 QDis HKD
NAV per share
HK$66.85
USD11.17
AUD11.33
CAD11.21
NZD11.40
HK$12.26
Since launch return compared to indices
From 8 April 2002 to 30 June 2015
700%
600%
500%
Value Partners China Greenchip Fund Limited
Hong Kong Hang Seng Index#
MSCI China Index
+568.5%
+564.2%
400%
300%
200%
+248.0%
100%
0%
-100%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
#
Hang Seng Index refers to Hang Seng Price Return Index up to 31 December 2004, thereafter it is the Hang
Seng Total Return Index. Hang Seng Total Return Index includes dividend reinvestment whereas Hang Seng
Price Return Index does not take into account reinvestment of dividends.
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
7
7
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 30 June 2015
30.6.2015
HK$
31.12.2014
HK$
Assets
Financial assets at fair value through profit or loss
Amounts receivable on sale of investments
Amounts receivable on subscription of shares
Dividends and interest receivables
Other receivables
Deposits with brokers
Cash and cash equivalents
6,416,264,819
186,200,185
56,315,295
26,139,365
5,370
10,509,122
74,242,917
5,358,617,800
269,112,144
16,850,014
9,647,835
71
14,501,171
56,938,020
Total assets
6,769,677,073
5,725,667,055
Liabilities
Financial liabilities at fair value through profit or loss
Amounts payable on purchase of investments
Amounts payable on redemption of shares
Management fee and performance fee payable
Distribution payable
Bank overdrafts
Accruals and other payables
2,414,107
212,615,939
41,084,369
96,601,280
12,810,878
189,418,623
2,992,254
–
410,512,809
7,581,755
22,124,140
7,619,068
32,377,700
1,275,328
Liabilities (excluding net assets attributable to
shareholders)
557,937,450
481,490,800
6,211,739,623
5,244,176,255
Net assets attributable to shareholders
8
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued)
AS AT 30 June 2015
30.6.2015
31.12.2014
Net asset value per share
– Class N share 872,584
(31.12.2014: 1,353,750) shares outstanding
HK$66.85
HK$60.92
– Class A HKD share with 56,410,911
(31.12.2014: 57,157,941) shares outstanding
HK$66.85
HK$60.92
– Class A USD share with 3,310,917
(31.12.2014: 1,162,205) shares outstanding
US$11.17
US$10.26
– Class A AUD Hedged share with 3,375,121
(31.12.2014: 629,870) shares outstanding
AUD11.33
AUD10.37
– Class A CAD Hedged share with 103,815
(31.12.2014: 38,906) shares outstanding
CAD11.21
CAD10.35
– Class A NZD Hedged share with 452,831
(31.12.2014: 306,651) shares outstanding
NZD11.40
NZD10.39
– Class A2 QDis HKD share with 149,496,981
(31.12.2014: 134,850,756) shares outstanding
HK$12.26
HK$11.30
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
9
9
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED)
AS AT 30 JUNE 2015
Holdings
Fair
value
HK$
% of
net assets
2,829,445
7,973,145
4,201,626
56,107,894
189,757,351
134,073,886
0.90
3.06
2.16
379,939,131
6.12
74,707,360
91,065,970
39,032,844
56,030,600
118,905,500
93,012,520
54,731,180
111,593,640
72,268,785
128,288,040
49,495,300
243,479,850
85,669,220
43,693,890
93,070,340
63,802,560
219,734,200
247,090,022
1.20
1.47
0.63
0.90
1.91
1.50
0.88
1.80
1.16
2.06
0.80
3.92
1.38
0.70
1.50
1.03
3.54
3.98
1,885,671,821
30.36
FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS
Listed Equity Securities
China
Chongqing Changan Automobile Co Ltd
Shanghai Mechanical and Electrical Industry Co Ltd
Yantai Changyu Pioneer Wine Company Limited
Hong Kong – H shares
China National Building Material Co Ltd – H Shares
China Railway Construction Corporation Ltd. – H Shares
Guangzhou R&F Properties Co Ltd – H Shares
Haitong Securities Co Ltd – H Shares
Huadian Fuxin Energy Corporation Ltd. – H Shares
Huadian Power International Corporation Ltd. – H Shares
Huaneng Renewables Corporation Ltd. – H Shares
Huatai Securities Co Ltd – H Shares
Legend Holdings Corporation – H Shares
New China Life Insurance Co Ltd – H Shares
PetroChina Co Ltd – H Shares
Ping An Insurance (Group) Co. of China Ltd. – H Shares
Qingdao Port International Co Ltd – H Shares
Sinopec Engineering (Group) Co Ltd – H Shares
Sinotrans Ltd. – H Shares
Tong Ren Tang Technologies Co Ltd – H Shares
Zhuzhou CSR Times Electric Co Ltd – H Shares
ZTE Corporation – H Shares
10
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
10,192,000
7,601,500
4,104,400
2,733,200
32,050,000
10,828,000
17,486,000
5,095,600
1,667,100
2,770,800
5,722,000
2,325,500
18,746,000
6,085,500
18,002,000
4,863,000
3,782,000
12,529,920
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED) (Continued)
AS AT 30 June 2015
Holdings
Fair
value
HK$
% of
net assets
1,304,000
4,450,000
3,954,000
17,360,000
3,015,200
18,238,000
7,750,000
19,292,000
4,528,000
14,624,000
16,169,600
20,203,000
108,141,900
242,345,600
83,973,320
139,703,080
79,825,000
52,860,080
119,086,400
85,696,640
0.26
0.33
1.74
3.90
1.35
2.25
1.28
0.85
1.92
1.38
948,004,620
15.26
55,056,600
60,175,500
108,336,060
32,759,300
26,937,390
81,855,900
114,619,520
53,987,160
57,315,500
59,585,520
29,410,524
0.89
0.97
1.74
0.53
0.43
1.32
1.85
0.87
0.92
0.96
0.47
FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS (Continued)
Listed Equity Securities (Continued)
Hong Kong – Red chips
Beijing Tong Ren Tang Chinese Medicine Co Ltd
Billion Industrial Holdings Ltd.
China Overseas Land & Investment Ltd.
China State Construction International Holdings Ltd.
China Taiping Insurance Holdings Co Ltd
CSPC Pharmaceutical Group Ltd.
Hua Hong Semiconductor Ltd.
MMG Ltd.
Shanghai Industrial Holdings Ltd.
Sino-Ocean Land Holdings Ltd.
Hong Kong – Others
AAC Technologies Holdings Inc.
BYD Electronic (International) Co Ltd
Champion Real Estate Investment Trust
China Fiber Optic Network System Group Ltd.
China Lesso Group Holdings Ltd.
China Singyes Solar Technologies Holdings Ltd.
China Traditional Chinese Medicine Co Ltd
China XLX Fertiliser Ltd.
ENN Energy Holdings Ltd.
EVA Precision Industrial Holdings Ltd.
Four Seas Mercantile Holdings Ltd.
1,257,000
5,731,000
25,431,000
12,362,000
4,269,000
8,235,000
18,136,000
10,973,000
1,226,000
26,134,000
6,855,600
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
1
11
1
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED) (Continued)
AS AT 30 June 2015
Holdings
Fair
value
HK$
% of
net assets
59,644,000
12,385,000
12,692,000
935,000
166,841
15,416,000
25,667,500
12,614,000
42,516,000
9,267,000
1,270,000
63,106,000
1,443,000
28,738,000
5,371,000
5,527,000
9,015,000
7,610,000
13,198,000
15,592,000
126,890,000
10,167,000
101,991,240
122,611,500
88,844,000
86,113,500
45,647,697
57,501,680
213,040,250
45,410,400
75,678,480
25,113,570
1,778,000
65,630,240
54,401,100
32,473,940
27,660,650
18,869,511
76,537,350
62,630,300
209,056,320
40,383,280
190,335,000
72,084,030
1.64
1.97
1.43
1.39
0.73
0.93
3.43
0.73
1.22
0.40
0.03
1.06
0.88
0.52
0.45
0.30
1.23
1.01
3.37
0.65
3.06
1.16
2,393,831,012
38.54
FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS (Continued)
Listed Equity Securities (Continued)
Hong Kong – Others (Continued)
GOME Electrical Appliances Holding Ltd.
Greentown China Holdings Ltd.
Haitong International Securities Group Ltd.
Hengan International Group Co Ltd
Hong Kong Exchanges and Clearing Ltd.
Ju Teng International Holdings Ltd.
Luye Pharma Group Ltd.
NewOcean Energy Holdings Ltd.
Perfect Shape (PRC)Holdings Ltd.
Q Technology (Group) Co Ltd
Real Gold Mining Ltd.
Scud Group Ltd.
Shenzhou International Group Holdings Ltd.
Sinomax Group Ltd.
Sitoy Group Holdings Ltd.
Sky Light Holdings Ltd.
Sunac China Holdings Ltd.
Texwinca Holdings Ltd.
Tingyi (Cayman Islands) Holding Corp.
TK Group (Holdings) Ltd.
Tongda Group Holdings Ltd.
Towngas China Co Ltd
12
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED) (Continued)
AS AT 30 June 2015
Fair
value
HK$
% of
net assets
5,227,507,453
84.16
52,711,299
50,862,932
0.85
0.82
103,574,231
1.67
34,657,139
494,047
0.55
0.01
35,151,186
0.56
832,829
268,164,092
4.31
7,069,675
280,059,894
4.51
548,223,986
8.82
Holdings
FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS (Continued)
Listed Equity Securities (Continued)
Total Hong Kong
Singapore
Hongkong Land Holdings Limited
SIIC Environment Holdings Ltd
Taiwan
Primax Electronics Ltd.
Taiwan Semiconductor Manufacturing Co Ltd
Equity Linked Notes
CICC Financial Trading Ltd (Kweichow Moutai
Co. Ltd A Shrs) ELN 19 Mar 2018
CICC Financial Trading Ltd (Wuliangye Yibin
Co. Ltd A Shrs) ELN 17 Dec 2017
829,200
45,240,700
3,529,000
14,000
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
1
13
3
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED) (Continued)
AS AT 30 June 2015
Holdings
Fair
value
HK$
% of
net assets
2,646,984
104,863,745
1.69
43,000
13,845,647
0.22
118,709,392
1.91
FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS (Continued)
Participation Notes
BOCI Financial Products Ltd. (Wuliangye Yibin
Co Ltd A Shares) P Note 28 Nov 2016
Credit Suisse Nassau (Kweichow Moutai Co Ltd
A Shares) P Note 22 Oct 2019
Unlisted Equity Securities
Euro-Asia Agricultural (Holdings) Co Ltd
4,266,000
–
–
Unlisted Equity Warrants
Ju Teng International Holdings Ltd. CWts 14 Oct 2016
6,606,250
3,137,969
0.05
21,471
0.00
6,416,264,819
103.29
Currency Forwards
Total financial assets at fair value
through profit or loss
14
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
INVESTMENT PORTFOLIO (UNAUDITED) (Continued)
AS AT 30 June 2015
Holdings
Fair
value
HK$
% of
net assets
FINANCIAL LIABILITIES AT FAIR VALUE
THROUGH PROFIT OR LOSS
Currency Forwards
(2,414,107)
(0.04)
Total financial liabilities at fair value
through profit or loss
(2,414,107)
(0.04)
Total investments, net
6,413,850,712
Total investments, at cost
6,447,759,312
103.25
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
1
15
5
VALUE PARTNERS CHINA GREENCHIP FUND LIMITED
(Incorporated as an exempted company in Cayman Islands with limited liability)
Investment portfolio movements (unaudited)
FOR THE SIX MONTHS ENDED 30 JUNE 2015
% of net assets
30.6.2015
31.12.2014
Listed equity securities
China
Hong Kong
– H shares
– Red chips
– Others
Singapore
South Korea
Taiwan
6.12
7.68
30.36
15.26
38.54
1.67
–
0.56
25.99
13.25
36.51
0.56
0.76
7.51
92.51
92.26
Equity linked notes
8.82
1.15
Participation notes
1.91
8.76
Unlisted equity securities
0.00
0.00
Unlisted equity warrants
0.05
–
Currency forwards
Total investments, net
16
SEMI–ANNUAL REPORT 2015
For the six months ended 30 June 2015
(0.04)
103.25
0.01
102.18