1. Capitalized terms not otherwise defined herein shall have the same meanings as set forth in the applicable Explanatory Memorandum.
2. SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
3. Investment involves risks. Before making any investment decisions, perspective investors are reminded to peruse carefully the applicable Explanatory Memorandum. The Fund may not be suitable for all investors.
4. All information and materials contained in this page are prepared for general information purposes only, and shall not, in whole or in part, be regarded as an offer to sell, to subscribe, or provide any recommendation to sell investments.

1. Investment risks
• The Sub-Fund's investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.

2. Risks of investing in equity securities
• The Sub-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.
• High market volatility and potential settlement difficulties in certain equity markets (such as the PRC market) may also result in significant fluctuations in the prices of the equity securities traded on such markets and thereby may adversely affect the value of the Sub-Fund.
• Securities exchanges in certain countries (such as Mainland China) 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 Sub-Fund.

3. Concentration risk
• The Sub-Fund may invest globally without geographical restrictions but may invest significantly in any one region or country or any one industry sector. This may result in greater volatility and potential settlement difficulties than portfolios which comprise broad-based global investments and thereby may adversely affect the value of the Sub-Fund. The value of the Sub-Fund may therefore be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may also be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the relevant market.

4. Currency risk
• Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also, a class of units may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.

5. Emerging markets risk
• Investments in emerging markets may involve increased risks and special considerations not typically associated with investments in more developed countries/regions. This is due to, among other things, greater market volatility, lower liquidity and trading volume, political and economic uncertainties, settlement risk (including risks arising from settlement procedures), currency risks/control, legal and taxation risks, custody risks, greater risk of market shut down and more governmental limitations on foreign investment than those typically found in developed markets.

6. Hedging / derivative risk
• The Sub-Fund may invest in derivatives for hedging purposes to the extent permitted by the Code and in adverse situations its use of financial derivative instruments may become ineffective and/or cause the Sub-Fund to suffer significant loss.
• Risks associated with the use of financial derivative instruments include volatility risk, credit risk, liquidity risk, management risk, valuation risk, counterparty risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Sub-Fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the Sub-Fund.

7. RMB currency risk and RMB denominated classes risk
• RMB is currently not freely convertible and is subject to exchange controls and restrictions and investors may be adversely affected by movements of the exchange rates between Renminbi and other currencies.
• Currency conversion is also subject to the Sub-Fund's ability to convert the proceeds into RMB (due to exchange controls and restrictions applicable to RMB) which may also affect the Sub-Fund's ability to meet redemption requests from Unitholders in RMB denominated classes of units or to make distributions, and may delay the payment of redemption proceeds or dividends under exceptional circumstances.
• Non-RMB based investors who invest in RMB denominated classes are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors' base currency will not depreciate. Any depreciation of RMB could adversely affect the value of investors' investment in the RMB denominated classes of units.
• Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.

8. Hedged class risk
• Investors in hedged classes bear the associated costs and may also be exposed to the risks associated with the instruments used in the hedging process. There is no guarantee that the desired hedging instruments will be available or that the hedging techniques employed by the Manager will be effective in achieving their desired result. Hedging can also limit potential gains of a hedged class of Units. Whilst hedging may protect investors against a decrease in the value of the base currency relative to the relevant class currency, it may also preclude investors from benefitting from any increase in value of the base currency. Investors should also be aware that the volatility of a hedged class may be higher than that of the equivalent class denominated in the Sub-Fund's base currency.

9. Distributions out of/effectively out of capital risk
• Payments of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of the amount investors originally invested or from any capital gains attributable to that original investment. Any distributions involving payment of distributions out of or effectively out of the Sub-Fund's capital may result in an immediate decrease in the NAV per Unit.
• In addition, the distribution amount and the NAV of the hedged classes may be adversely affected by the differences in the interest rates of the reference currency of the hedged unit classes and the Sub-Fund's base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged classes.

The investment objective of the Sub-Fund is to achieve long term capital growth through a portfolio of global equities and equity-related securities. There can be no assurance that the Sub-Fund will achieve its investment objective.

The Sub-Fund seeks to achieve its investment objective by investing primarily (i.e. not less than 70% of its NAV) in a portfolio of equity and equity related securities of companies listed on stock exchanges worldwide. Equity related securities may include common and preferred stocks and shares, and convertible preference shares.

There is no specific geographical allocation of the country or region of issuer of the equities and equity-related securities. Countries or regions in which the Sub-Fund may invest in include Hong Kong, Mainland China, Japan, Korea, Australia, Canada, the European Union and the United States. Other than the Sub-Fund's investments in Mainland China which is subject to the limit set out in the “Ancillary investments” below, there is no limit on the Sub-Fund's investments in equity or equity related securities of companies listed on stock exchanges in emerging market countries.

There is also no restriction on market capitalisation in relation to the equity and equity related securities which the Sub-Fund may invest in.

The Sub-Fund maintains a portfolio that includes the Manager's investment ideas. The Manager aims to identify companies believed to deliver higher-than-expected earnings over the medium to long term, utilizing an extensive fundamental research approach combined with a top-down analysis of the macro environment. The top-down perspective involves identifying themes and megatrends across geographical and sector boundaries. This approach, together with fundamental research, identifies quantitative metrics such as return on capital and earnings estimation.

The Sub-Fund currently has no intention to invest in structured deposits, structured products or over-the-counter securities. The Sub-Fund will not invest in collateralised and/or securitised securities (including asset backed commercial papers and mortgage backed securities).

The Sub-Fund's net derivative exposure may be up to 50% of its Net Asset Value.

Since the Sub-Fund is newly set up for less than a full calendar year, there is insufficient data to provide a useful indication of past performance to investors.

Fund Name	Da Cheng Global Equity Fund	Launch Date	3/11/2025
Manager	Da Cheng International Asset Management Company Limited	Trustee and Registrar	BOCI-Prudential Trustee Limited
Custodian	Bank of China (Hong Kong) Limited	Dealing frequency	Daily
Base Currency	USD