With the gradual opening up of China's capital market, "going overseas" is a difficult "only way" for Chinese public fund companies that have an international vision, seek to expand their business scope and participate in global competition.
After the initial difficult exploration and brutal market screening, some of the Hong Kong subsidiaries of public funds have developed and achieved remarkable results in this fully market-oriented competition by virtue of the " right time" of being the first to go to sea, the " right place" of being the international financial center of Hong Kong and the " right people" of being united and fighting together.
Dacheng International Asset Management Limited (hereinafter referred to as "Dacheng International"), which was officially established in 2009, is one of them.
"Strictly speaking, at that time (Dacheng International) was considered a 'nobody' in the Hong Kong capital market, very weak, and it was with the spirit of precision and pragmatism, the pioneering spirit of daring to be the first, step by step, that it came out of its own way and slowly approached the center of the stage. At present, Dacheng International has become a pioneer in some niche areas, launched flagship products, and received recognition from the industry." Xiao Jian, Vice General Manager of Dacheng Fund Management Co., Ltd (hereinafter referred to as "Dacheng Fund" or "parent company") and CEO of Dacheng International, said in an exclusive interview with China Fund News.
Xiao Jian also said that Hong Kong is a blessed and precious land with natural geographical and human advantages. Hong Kong's economy is resilient, perhaps with ups and downs in the past two years, but it is very confident in Hong Kong's long-term future, and the Hong Kong subsidiaries of public funds working in it have a wide space.
After thirteen years of deep ploughing, Dacheng international makes use of the powerful resources of its parent company's in-depth research on asset allocation to bring into play its advantages closer to the international market and further tap investment opportunities.
What is even more remarkable is that many "overseas" subsidiaries are still struggling to survive in the highly competitive Hong Kong market for capital management institutions, while Dacheng International has achieved profits for four consecutive years from 2018 to 2021, which is an outstanding performance in the entire Hong Kong subsidiary industry.
" Landed" in Hong Kong, Think globally
"We (Dacheng International) were one of the first fund companies to go to sea. At that time, the AUM of entire public fund industry was not very large, and we dared to go to sea mainly because we firmly believe in the role of the Hong Kong market as a 'bridgehead' and its status as an international financial center. " Xiao Jian said.
In Xiao Jian's view, the Hong Kong market is pivotal at both the international and national levels. He believes that at the international level, the time difference between Hong Kong and other international financial centers such as New York and London gives it a natural geographical advantage in terms of global trading hours and free flow of cross-border capital, and "Nylonkong" (New York) still has a strong capital attraction; at the national level, Hong Kong is an important window for China to open up to the outside world，and an important bridge for capital and technology to" Bringing in" and "Going global"，with importance political, economic and cultural significance.
"Hong Kong has significant advantages in many aspects such as language, visa, law, trade, population flow and foreign exchange, and these historical precipitations, not elsewhere in a short period of time can simply copy and casually replace." Xiao Jian said that if we fail to realize the importance of Hong Kong, we will miss many historical opportunities.
Dacheng International has seized the historical opportunity to slowly move from the "marginalized" to the center of the stage in Hong Kong's asset management industry.
In 2008, the China Securities Regulatory Commission(CSRC) clarified the conditions and procedures for fund companies to establish, acquire or participate in operating institutions outside of China. Dacheng Fund established a wholly-owned subsidiary, Dacheng International, in Hong Kong with a capital injection of HK$ 100 million in the following year.
Dacheng International, coordinated development with its parent company, is actively developing cross-border business and global investment business, and is committed to building a global investment platform, becoming an internationally renowned investment management company, and establishing the image of "Explorer" and "Specialist" of global China concept investment.
At present, Dacheng International has a full range of cross-boundary and overseas business licences, Licensed by the Hong Kong Securities and Futures Commission (SFC) for Type 1 regulated activity (dealing in securities), Type 4 regulated activity (advising on securities) and Type 9 regulated activity (asset management). In addition, the company also has RQFII/QFII qualification. It is also one of only four fund companies that have both domestic and foreign social security manager qualifications.
Looking back on the development of cross-border business, Xiao Jian said that the RQFII mechanism had been one of the important boosts for the development of Dacheng International. In December 2011, the regulator started to implement the RMB Qualified Foreign Institutional Investor (RQFII) pilot for Hong Kong, and Dacheng International was immediately granted the qualification by the China Securities Regulatory Commission (CSRC).
In recent years, the CSRC has further lowered the QFII qualification requirements, expanded the scope of the RQFII pilot, removed its investment quota restrictions, and vigorously improved the ease of access to the mainland market for Hong Kong and other foreign investors. RQFII not only provides a way for foreign investors to invest in China's domestic assets, but also helps to establish a mechanism for the repatriation of RMB from abroad, becoming a carrier for the repatriation of RMB and advancing the process of RMB internationalization.
Dacheng International has also taken full advantage of its strengths and launched its flagship fund in the Hong Kong market, an RQFII mixed strategy public fund with investment objectives including domestic equity and fixed income assets, which is currently one of the largest actively managed funds in Hong Kong to invest in A-shares.
On the QFII side, Dacheng International's other segregated account products have a total asset management AUM close to HK $10 billion.
In 2018, the CSRC further refined the requirements for“ Public Fund overseas”. In October of the same year, Dacheng International Becomes the First Hong Kong Institution to Complete Filing to Provide Hong Kong Investment Advisory Services, to be one of only four fund companies that have both domestic and overseas social security manager qualifications, adding another powerful impetus for its overseas “Voyage”.
In addition, Xiao Jian introduced that Dacheng International attaches great importance to financial technology development and innovation, and has actively participated in promoting online investor education and fund sales this year, as well as participating in a number of policy regimes such as the cross-border financial management pass and the interconnection between the two places to better facilitate the two-way flow of cross-border capital and promote cross-border financial innovation and reform.
Be the "Pioneer" in the niche
After base on Hong Kong, Dacheng International has also mapped out its own path while taking root in its market.
After a difficult initial period, Dacheng International has taken root and grown in Hong Kong, and has since risen to the top in a number of segments, and has rapidly increased its market share and influence. In recent years, even with the impact of geopolitical events and the spread of international epidemics, the company has still achieved good results.
“A free and open Hong Kong is like a 'non-discriminatory arena' where financial institutions from all over the world can come to set up their businesses. There is a lot of competition in the asset management field. The fact that we have been able to achieve four consecutive financial years of sustained profitability is also proof that we are slowly coming out of a distinctive and differentiated development path in the offshore market." Xiao Jian said. Dacheng International's unique development path is to establish at the beginning of the“ Absolute return for investors” concept as the goal, has been adhered to and focused on active management for many years.
According to Dacheng International's website1, there are currently five actively managed strategic funds, they are the equity fund
“Da Cheng Overseas China Concept Fund”, the multi-asset allocation fund “Da Cheng China Balanced Fund” and three fixed income funds “Da Cheng Money Market Fund”, “the Da Cheng Hong Kong Dollar Money Market Fund” and the “Da Cheng Short Term Bond Fund”. Among them, “Da Cheng Hong Kong Dollar Money Market Fund” is the Hong Kong market issued at that time and can achieve rapid redemption of the money market fund.
Dacheng International's flagship fund, Da Cheng China Balanced Fund3, is a highlight in the company's development. This fund was launched in response to the demand for overseas RMB investment in China A-shares, and its AUM exceeded HK$51,4 billion at its peak and HK$31,4 billion as of today.
Since its launch in 2014, the fund has traversed bull and bear cycles, with returns of 23.05% in 2017, -15.50% in 2018, and positive returns for 3 consecutive years since 2019, 26.15% and 31.79% in 2019 and 2020, respectively, and 2.35% in 2021, a year of intense market shocks. Since 2022 until August 31, 2022, the return is -10.21%[1],2,4,5,6.
Xiao Jian also said that because the Hong Kong market is rich in investable targets and financial derivatives, making the fund products can be more flexible in terms of allocation. Therefore, our flagship fund, Da Cheng China Balanced Fund, is basically a "hybrid" investment, which requires research on both stocks and bonds, as well as familiarity with various derivatives, so it is not easy to stand out. After years of planning, the company has also made a comprehensive layout in multi-business lines and diversified product strategies, while taking advantage of the company's active management, many of its products have been awarded by Bloomberg, China Fund Industry Association, China Securities News and other authoritative institutions for many years.
In addition, Xiao said Dacheng International had set up FOHF（Fund of Hedge Fund）as a Discretionary Account. The main diversification allocation direction, for example, Targeting opportunities to match when there are significant arbitrage opportunities in the South American market foreign exchange, Tokyo market, Singapore futures market, etc. will also be allocated when there are opportunities, global vision layout.
Xiao Jian said that it is not an easy task to develop the Hong Kong market, In contrast, many overseas global capital management giants, such as BlackRock, Fidelity, etc., are operating in Hong Kong, there is a big gap between Chinese fund subsidiaries in terms of brand and capital management scale.However, through the sharpening and testing of the Hong Kong market, the competitiveness and influence of Dacheng International is increasing in the process of long-time exploration and accumulation.
"We have a clear recognition of our strengths, First, we have strong A-share investment capabilities, and second, our ability to offer a more complete range of product types to match the demand for capital management from the mainland."Xiao Jian introduced that Dacheng International and Dacheng Fund, the parent company, have different emphases on overseas business. In terms of positioning, Dacheng Fund's overseas investment products are mainly passive QDII products, while Dacheng International focuses on active investment management. Data shows that in recent years, the "cross-border AUM" including Dacheng Fund's international business and Dacheng International has grown by more than 30% annually.
"Compared to international asset management companies that have already entered the Hong Kong market, frankly speaking, due to the late entry into the Hong Kong market, the late-stage disadvantage of Chinese-owned companies is also a problem that has to be faced. In addition to brand recognition, reputation, sales distribution is also at a relative disadvantage." Xiao jian said. He also introduced that the main channel of local fund sales in Hong Kong is bank distribution, and we face greater pressure on fund product distribution. Most retail customers in Hong Kong are concentrated in a few large banks and mainly sell products from large global fund houses. Outside of this, private banks usually have strict entry sub-test criteria, and generally speaking, it is more difficult for Chinese-owned institutions to enter the private bank's entry list. Since its establishment, Dacheng International has accumulated relatively long-term and excellent investment performance by virtue of the year-on-year improvement of its active management ability, and has now successfully entered the distribution of many banks, such as the important product pool of Bank of China Hong Kong.
In addition to main distribution, Dacheng International is also actively promoting cooperation with Internet platforms to expanding reach and increasing influence. For example, working with local Hong Kong Internet brokers to promote money market fund and other top-performing funds. "Compared to the Mainland, it will take more time to enlighten and popularize both Internet finance in the Hong Kong market. For financial technology innovation (Fintech), we hold a very open mind and are doing it with a long-term mindset." Xiao Jian said.
Compared with the timing and geographical advantage, "Human Relations " is the key to victory and defeat. The core factor behind Dacheng International's success in developing niche areas is the excellent talent. It is reported that after more than ten years of accumulation, Dacheng International has built a lean, professional, efficient and outstanding team. Data show that Dacheng International Investment and research team is very stable, the average fund managers engaged in 16 years and an average age of 8 years in the company.
"Dacheng International's consistent philosophy of hiring is, stressing unity, focus on the team; integrity and expertise, meritocratic move." Xiao Jian believes that the achievements of Dacheng International in the past few years are not unrelated to the stability of personnel.
"In recent years, Dacheng International has not lost staff in core positions, which is the most difficult and crucial." Xiao Jian emphasized that the core of the development of the asset management business lies in people. Therefore, Dacheng international will continue to maintain high standards in personnel recruitment and look for like-minded people with similar dreams.
“Big Time” to continue fighting
RMB internationalization, mutual recognition of funds, Bond Connect, Cross-border Wealth Management Connect, ETF Connect, etc. will bring new opportunities for these Hong Kong subsidiaries to explode in demand for wealth management in mainland China. At the same time, they are becoming a bridgehead for mainland public fund companies to go global. It can be said that this "big time" has given the Hong Kong subsidiary a broad space, and Xiao Jian said that Dacheng International has been well prepared and will continue to seize the market opportunities.
Xiao Jian is looking forward to the historical opportunity, saying that the north-south interoperability of the bond market is beneficial for domestic RMB holders to invest in the international market, and bonds are less risky compared to other investment targets; while after the opening of ETF connectivity, a portion of domestic RMB assets with relatively high risk allocation can go with Hong Kong stocks or overseas assets, and overseas funds can also be allocated to A-share ETFs. He believes that this is a step further and lays the foundation for higher levels of connectivity.
"The more open and inclusive a person is, the more stable it is, (just like people) the investment of capital is also the same, to be two-way open, exchange and inclusive, to make the money really come in and go out, to meet the people's growing demand for investment and financial management, this is actually our next step to think about." Xiao Jian said so.
Xiao Jian also pointed out that Dacheng international will play an active role in secondary or dual listing business in line with the return of china-listed shares in the future. At the same time, will also focus on some biotechnology companies listed in the Hong Kong stock market, and will be involved in ESG investment and standardized management business. Secondly, the company will continue to pay attention to financial technology development and innovation.
Xiao Jian said that to do asset management business in Hong Kong is to be based in Hong Kong and have a vision of the world, and to do a good job in investment and sales in Hong Kong, Asia Pacific and even global layout. In order to effectively hedge exchange rate risk and diversify portfolio regional risk, globalization of asset allocation has become a future investment trend for domestic institutions and individuals. Dacheng International is committed to leading domestic capital to "go global" and providing investors with overseas multi-category, multi-market and multi-currency investment services to build a diversified and globalized investment portfolio. At the same time, it will also play an important role in attracting overseas long-term capital to invest in mainland China and play its own strengths and expertise in long China's capital market.
As for the opportunities in overseas markets, Xiao Jian said, considering that the overall valuation of Hong Kong stocks is currently at a low position, significantly lower than the A-share market and other developed markets, the long-term allocation value is obvious, the policy level can guide funds to increase the allocation of Hong Kong stocks, enhance the pricing power of Chinese capital to Hong Kong stocks, improve the overall strength of the Hong Kong capital market and international competitiveness, which is conducive to consolidating and enhancing the status of Hong Kong as an international financial center. In addition, it is also suggested that the regulators can consider launching a RMB pricing mechanism for Hong Kong stocks, and adopting dual currency pricing is also conducive to promoting the process of RMB internationalization.
"Dacheng International is like a small sailboat going to sea, with the goal of slowly becoming a big ship, but it takes time to become a big ship. Under the background of the new era, our vision has been clearly written on our flag, and we will move forward one stick after another, firmly towards a larger management scale, better management performance and a more international management style." Xiao Jian is confident about the future.
Important information
Da Cheng China Balanced Fund
l Da Cheng China Balanced Fund (“The Fund”) is an investment fund and not a bank deposit. There is no guarantee of the repayment of principal. There is also no guarantee of dividend or distribution payments during the period you hold the units of the Fund. The instruments invested by the Fund may fall in value and therefore your investment in the Fund may suffer losses.
l The Fund invests primarily in a diversified portfolio of domestic securities traded in China and denominated and settled in RMB.
l The RQFII policy and rules are new and there may be uncertainty to its implementation and such policy and rules are subject to change. The uncertainty and change of the laws and regulations in the PRC (including the RQFII policy and rules) may adversely impact the Fund and such changes may also have potential retrospective effect. Investing in PRC-related companies and in PRC markets involve certain risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange, liquidity, legal and regulatory risk.
l The Fund is denominated in RMB and the majority of the investments of the Fund are made in RMB. Investors may invest in the Fund in RMB, HKD as well as USD. There is no guarantee that RMB will not depreciate. Investors should take into account the potential risk of loss in respect of creations, redemptions and dividends arising from fluctuations in value between HKD/USD and the RMB.
l The valuation of the Fund's investments may involve uncertainties and judgmental determinations, and independent pricing information may not at all times be available. If such valuations should prove to be incorrect, the Net Asset Value of the Fund may be adversely affected.
l Investment involves risks. There is a risk that you may lose a substantial part of all your investment. You are advised to consult the intermediary before investing. You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the Fund is suitable for you having regard to your financial situation, investment experience and objectives.
l You should not make any investment decision solely based on this document alone. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors.
Da Cheng Overseas China Concept Fund
l Da Cheng Overseas China Concept Fund (the “Sub-Fund”) is authorized by the Securities and Futures Commission (the “SFC”) in Hong Kong under Section 104 of the SFO. SFC authorisation is not a recommendation or endorsement of the Sub-Fund nor does it guarantee the commercial merits of the Sub-Fund 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.
l The Sub-Fund is a sub-fund of DCI Investment Trust which is a trust established as an umbrella fund under the laws of Hong Kong. The objective is to achieve long term capital growth in the value of assets by investing in companies which the Manager believes will benefit from the economic growth and development of China. The Sub-Fund will seek to achieve its investment objective by primarily investing in China Concept Stocks, which are listed on stock exchanges outside the People’s Republic of China.
l Investment involves risks. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors before investing. The Sub-Fund may not be suitable for all investors.
l Investment involves risks. There is a risk that you may lose a substantial part of all your investment.
l The value of units may go down as well as up. Past performance or estimate is not indicative of future performance.
l You should not make any investment decision solely based on this document alone. You are advised to consult the intermediary before investing. You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the Fund is suitable for you having regard to your financial situation, investment experience and objectives. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors before investing.
l This material is issued by Da Cheng International Asset Management Co., Ltd. (“DCI”) and has not been reviewed by the SFC.
Da Cheng Money Market Fund
l Da Cheng Money Market Fund (“The Fund”) is a sub-fund of DCI Investment Trust which is a trust established as an umbrella fund under the laws of Hong Kong. The purchase of a Unit in the Fund is not the same as placing funds on deposit with a bank or deposit-taking company. The Fund does not guarantee principal and the Manager has no obligation to redeem the Units at the offer value. The Fund does not have a constant Net Asset Value. The Fund is not subject to the supervision of the Hong Kong Monetary Authority.
l The Fund seeks to achieve a return in US Dollars in line with a combination of RMB, HKD and US Dollars money market rates, with primary considerations of both capital security and liquidity. There can be no assurance that the Fund will achieve its investment objective.
l The Fund seeks to achieve its investment objective by investing primarily (i.e. not less than 70% of its Net Asset Value) in RMB-denominated, HK Dollars-denominated and US Dollars denominated and settled short-term deposits and high quality money market instruments issued by governments, quasi-governments, international organisations and financial institutions. The Fund may invest in commercial papers, certificates of deposits and commercial bills. There is no specific geographical allocation of the country of issue of the debtsecurities or deposits, except that the Fund will not invest more than 30% of its Net Asset Value in emerging markets.
l Investments are subject to investment risks, including Investment risks, Risks associated with debt securities, Risks associated with bank deposits, Risks relating to repurchase agreements, Risks associated with restrictions on redemption, Hedging / derivative risk, PRC related risks, RQFII regime related risks, Risks associated with PRC inter-bank bond market, Currency risk, RMB currency risk and RMB denominated classes risk, Hedged RMB and HKD denominated classes risk, Distributions out of/effectively out of capital risk, etc.
l Investment involves risks. There is a risk that you may lose a substantial part of all your investment. You are advised to consult the intermediary before investing. You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the Fund is suitable for you having regard to your financial situation, investment experience and objectives.
l You should not make any investment decision solely based on this document alone. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors.
Da Cheng Hong Kong Dollar Money Market Fund
l Da Cheng Hong Kong Dollar Money Market Fund (“The Fund”) is a sub-fund of DCI Investment Trust which is a trust established as an umbrella fund under the laws of Hong Kong. The purchase of a Unit in the Fund is not the same as placing funds on deposit with a bank or deposit-taking company. The Fund does not guarantee principal and the Manager has no obligation to redeem the Units at the offer value. The Fund does not have a constant Net Asset Value. The Fund is not subject to the supervision of the Hong Kong Monetary Authority.
l The Fund’s investment objective is to invest in short-term deposits and high quality money market instruments including debt securities. The Fund seeks to achieve a return in Hong Kong Dollars in line with prevailing money market rates in Hong Kong, with primary considerations of both capital security and liquidity. There can be no assurance that the Fund will achieve its investment objective.
l The Fund seeks to achieve its investment objective by investing primarily (i.e. not less than 70% of its Net Asset Value) in HK Dollars-denominated and settled short-term deposits and high quality money market instruments (including debt securities) issued by governments, quasi-governments, international organisations and financial institutions. The Fund may invest in commercial papers, certificates of deposits and commercial bills. There is no specific geographical allocation of the country of issue of the debt securities or deposits, except that the Fund will not invest more than 30% of its Net Asset Value in emerging markets.
l Investments are subject to investment risks, including Investment risks, Risks associated with debt securities, Risks associated with bank deposits, Risks relating to repurchase agreements, Risks associated with restrictions on redemption, Hedging / derivative risk, PRC related risks, RQFII regime related risks, Risks associated with PRC inter-bank bond market, Currency risk, MOP denominated Classes risk, RMB currency risk and RMB denominated classes risk, Hedged RMB denominated classes risk, Distributions out of/effectively out of capital risk, etc.
l Investment involves risks. There is a risk that you may lose a substantial part of all your investment. You are advised to consult the intermediary before investing. You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the Fund is suitable for you having regard to your financial situation, investment experience and objectives.
l You should not make any investment decision solely based on this document alone. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors.
Da Cheng Short Term Bond Fund
l Da Cheng Short Term Bond Fund (” The Fund”) is authorized by the Securities and Futures Commission (the “SFC”) in Hong Kong under Section 104 of the SFO. SFC authorization is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund 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.
l The investment objective of the Fund is to achieve long term capital growth through investing globally in a portfolio consisting primarily of short-term debt securities denominated in USD, EUR, HKD or RMB, which aim to generate a steady flow of income in addition to capital appreciation for the Fund, including debt securities issued in emerging markets. There can be no assurance that the Fund will achieve its investment objective.
l The Fund primarily invests in in short-term deposits and fixed income instruments and debt securities including but not limited to USD, EUR, HKD or offshore RMB denominated debt securities (i.e. “Dim Sum” bonds), government bonds, fixed and floating rate bonds, zero coupon bonds and convertible bonds. The Fund may also invest in commercial papers, certificates of deposits and commercial bills.
l The value of units may go down as well as up. Past performance or estimate is not indicative of future performance.
l Investment involves risks. There is a risk that you may lose a substantial part of all your investment. You are advised to consult the intermediary before investing. You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the Fund is suitable for you having regard to your financial situation, investment experience and objectives.
l Investment involves risks. Investments are subject to Investment risks, Currency risk, Risk associated with debt securities rated below investment grade or unrated, Emerging markets risk, Risks associated with debt securities, Risks of investing convertible bonds, Risks associated with investments in LAPs, Risks associated with collateralised and/or securitised products, Risks of investing in other collective investment schemes/funds, Risks relating to securities financing transactions, Hedging / derivative risk, PRC related risks, Risks associated with urban investment bonds, RMB currency risk and RMB denominated classes risk, MOP denominated Classes risk and Distributions out of/effectively out of capital risk, etc.
l You should not make any investment decision solely based on this document alone. Investors should read the Fund’s Explanatory Memorandum for further details including risk factors. The Fund may not be suitable for all investors.
l This material is issued by Da Cheng International Asset Management Co., Ltd. (“DCI”) and has not been reviewed by the SFC.
Disclaimers
This material is issued by Da Cheng International Asset Management Co., Ltd. (“DCI”) and has not been reviewed by the SFC. Investments are subject to investment risks, investors should not make any investment decision solely based on this document. Any opinion or estimate contained in this document is made on a general basis and is not to be relied on by investor as advice. Investors should not invest in the Fund unless the intermediary who sells it to you has explained that the Fund is suitable for you. Investor should read the Fund’s Explanatory Memorandum/ Offering Document/ Product Key Facts Statement/ Risk Factors before making any investment decision. Copies of the Offering Documents can be obtained at DCI’s Hong Kong Office (Tel: +852 3765 6788) or offices of the participating distributors. The value of units may go down as well as up. Past performance is not indicative of future performance. DCI, its associates or its distributors accepts no responsibility and does not guarantee the return of the Fund. DCI endeavors to ensure the accuracy and reliability of the information provided in this material and guarantee its accuracy or reliability and accepts liability for any loss or damage arising from any inaccuracies or omission.
[1]. Source: Dacheng International Asset Management Limited. All information is cut off from January 1, 2017 to August 31, 2022
2. The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested.
3. Fund launch date and Class A Units launch date: 03 March 2014.
4. The fund size quoted includes all classes of the fund.
5. RMB Class A Units has been selected as the representative unit class of the Sub-Fund for the purpose of presenting past performance information by the Manager on the basis that RMB is the base currency of the Sub-Fund.
6. These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay.
