China Select Fund a sub-fund of Citi Investment Trust (Cayman) II

Transcription

1 China Select Fund a sub-fund of

2 Contents Page(s) Administration and management 1-2 Statement of financial position 3-4 Statement of comprehensive income 5 Statement of changes in net assets attributable to unitholders 6 Statement of cash flows 7-8 Investment portfolio 9-14 Statement of movements in portfolio holdings 15

3 Administration and management Manager Citigroup First Investment Management Limited 50/F, Champion Tower 1, Three Garden Road Central, Hong Kong Telephone No. : Fax No. : Directors of the Manager Cyrille Troublaiewitch Song Li Sub-Manager China Asset Management (Hong Kong) Limited 37/F, Bank of China Tower 1 Garden Road Central, Hong Kong Telephone No. : Fax No. : Trustee, Administrator and Principal Office Cititrust (Cayman) Limited 27 Hospital Road Grand Cayman Cayman Islands Transfer Agent Citicorp Financial Services Limited Citi Tower, One Bay East (effective 27 August 2016) 83 Hoi Bun Road Kwun Tong, Kowloon Hong Kong 1

4 Administration and management (continued) Custodian and Sub-Administrator Citibank, N.A., Hong Kong Branch 50/F, Champion Tower 1, Three Garden Road Central, Hong Kong Legal Counsel to the Manager as to matters of Hong Kong law Simmons & Simmons 13th Floor, One Pacific Place 88 Queensway Hong Kong as to matters of Cayman Islands law Harney Westwood & Riegels 3601 Two Exchange Square 8 Connaught Place Central, Hong Kong Auditors KPMG Century Yard, Cricket Square Grand Cayman, KY Cayman Islands 1 Prior to 28 June 2016, Champion Tower was known as Citibank Tower. 2

5 Statement of financial position as at 30 June 2016 Assets Current assets As at 30 June 2016 As at 31 December 2015 (audited) Cash and cash equivalents $ 1,639,268 $ 7,330,595 Financial assets at fair value through profit or loss 88,098, ,717,895 Amounts due from brokers 3,682,726 2,369,173 Subscription receivable 21,356 39,505 Dividend receivable 703,998 - Total assets $ 94,145,877 $ 122,457,168 - Liabilities Current liabilities Amounts due to brokers $ 2,280,604 $ 3,583,945 Redemption payable 2,353,374 1,540,406 Accruals and other payables 171, ,769 Total liabilities (excluding net assets attributable to unitholders) $ 4,805,873 - $ 6,079,120 Net assets attributable to unitholders $ 89,340,004 $ 116,378,048 3

6 Statement of financial position as at 30 June 2016 (continued) Total number of units in issue As at 30 June 2016 As at 31 December 2015 (audited) AUD units 77, ,036 EUR units 10,190 20,380 GBP units 4,888 4,888 HKD units 5,115,995 5,434,101 SGD units 211, ,686 USD units 7,971,363 8,855,462 Net asset value per unit in local currency AUD units AUD AUD EUR units EUR EUR GBP units GBP GBP HKD units HKD HKD SGD units SGD SGD USD units USD USD

7 Statement of comprehensive income for the six months ended 30 June 2016 Six months ended 30 June 2016 Six months ended 30 June 2015 Interest income $ 217 $ 715 Dividend income 1,259,981 1,570,525 Net (loss)/profit on financial instruments at fair value through profit or loss (17,394,083) 16,004,765 Net foreign exchange (loss)/profit (25,979) 3,596 Total (loss)/income $ (16,159,864) $ 17,579,601 Management fee $ (830,953) $ (1,205,404) Performance fee - (2,263,027) Administration fee (34,627) (50,225) Audit fee (18,751) (16,437) Trustee fee (4,973) (4,972) Custodian fee (15,363) (19,837) Financial statements preparation fee (7,480) (7,471) Legal fee (1,518) (8,779) Bank charges (19) (1,192) Others (2) (9,625) Total operating expenses $ (913,686) $ (3,586,969) (Loss)/profit before tax $ (17,073,550) $ 13,992,632 Withholding tax expense (79,941) (65,784) Capital gains tax credit 300,365 - Change in net assets attributable to unitholders from operations and total comprehensive (loss)/income for the period $ (16,853,126) $ 13,926,848 5

8 Statement of changes in net assets attributable to unitholders for the six months ended 30 June 2016 Six months ended 30 June 2016 Six months ended 30 June 2015 Balance at 1 January $ 116,378,048 $ 133,421,043 Transactions with unitholders Subscription of units AUD units $ - $ 1,548,089 EUR units - 115,563 GBP units - 162,898 HKD units 14,595 1,287,068 SGD units 18, ,041 USD units 12,829,403 67,294,721 $ 12,862,495 $ 71,390,380 Redemption of units AUD units $ (292,789) $ (1,003,150) EUR units (124,740) (419,390) GBP units - (100,253) HKD units (415,915) (5,302,744) SGD units (566,099) (3,728,214) USD units (21,647,870) (66,861,407) $ (23,047,413) $ (77,415,158) Total transactions with unitholders $ (10,184,918) $ (6,024,778) Change in net assets attributable to unitholders from operations and total comprehensive (loss)/income for the period $ (16,853,126) $ 13,926,848 Balance at 30 June $ 89,340,004 $ 141,323,113 6

9 Statement of cash flows for the six months ended 30 June 2016 Operating activities Six months ended 30 June 2016 Six months ended 30 June 2015 Change in net assets attributable to unitholders from operations and total comprehensive (loss)/income for the period $ (16,853,126) $ 13,926,848 Adjustments for: Interest income (217) (715) Dividend income (1,259,981) (1,570,525) Capital gains tax credit (300,365) - Withholding tax expenses 79,941 65,784 Operating (loss)/gain before changes in working capital $ (18,333,748) $ 12,421,392 Decrease/(increase) in financial assets at fair value through profit or loss 24,619,366 (7,890,353) Increase in amounts due from brokers (1,313,553) (3,851,893) (Decrease)/increase in amounts due to brokers (1,303,341) 3,858,927 (Decrease)/increase in accruals and other payables (782,874) 1,255,003 Interest received Dividend received 555, ,588 Capital gains tax received 300,365 - Withholding tax paid (79,941) (65,784) Net cash generated from operating activities $ 3,662,474 $ 6,379,595 Financing activities Proceeds from unit subscriptions $ 12,880,644 $ 71,073,682 Payments on unit redemptions (22,234,445) (75,935,320) Net cash generated used in financing activities $ (9,353,801) $ (4,861,638) 7

10 Statement of cash flows for the six months ended 30 June 2016 (continued) Six months ended 30 June 2016 Six months ended 30 June 2015 Net (decrease)/increase in cash and cash equivalents $ (5,691,327) $ 1,517,957 Cash and cash equivalents at 1 January 7,330,595 5,449,824 Cash and cash equivalents at 30 June $ 1,639,268 $ 6,967,781 8

11 Investment portfolio as at 30 June 2016 Listed China A Share access products 1 Holdings Market value % of total net assets BEIJING ZHONGKE SANHUAN HI-A CITI-PNOTE 100,000 $ 218, CITI - CW17 BAOJI TITANIU 150, , CITI - CW17 GREATWALL INF 160, , CITI -CW17 INNER MONGOLI 250, , CITI -CW17 GUANGZHOU ZHI CITIGROUP GLOBA 120, , CITI -CW17 HENAN LINGRUI 299, , CITI -CW17 SHANGYING GLO (CITIGROUP GLOB 120, , CITI -CW17 YUAN LONGPING CITIGROUP GLOBA 150, , CITI -CW17 ZHANGZHOU PIE 80, , CITI-CW17 BEIJING UNIST CITIGROUP GLOBAL 89, , CITI-CW17 TANGHAN JIDO 160, , CITIGROUP GLOBAL MA WARRANTS 17/01/17 220, , DALIAN DAYANG TRANDS CO LT-A CITI-PNOTE 60, , RISING NONFERROUS METAL SH-A CITI-PNOTE 60, , SHENZHEN FASTPRINT CIRCUIT-A CITI- PNOTE 80, , SICHUAN TUOPAI SHEDE WINE -A CITI- PNOTE 130, , ZHEJIANG HUAYOU COBALT CO -A CITI-PNOTE 80, , $ 7,165,

12 Investment portfolio as at 30 June 2016 (continued) Hong Kong listed equities Holdings Market value % of total net assets ANHUI CONCH CEMENT CO LTD-H ORD CL H 271,000 $ 650, AURORA OPTOELECTRONICS CO-A , , AVICHINA INDUSTRY & TECH CO CNY1 'H' 700, , BANK OF CHINA LTD - H CNY1 4,000,000 1,593, BEIJING ENTERPRISES WATER GR HKD0.1(POST 4,326,000 2,598, BEIJING TONG REN TANG CHINESE MEDICINE C 977,000 1,157, BOC AVIATION LTD 370,000 1,876, CHINA AIRCRAFT LEASING GROUP 1,971,000 1,847, CHINA HARMONY NEW ENERGY AUT ,200,000 1,174, CHINA MOBILE (HK)LTD 352,500 4,028, CHINA RESOURCES CEMENT 2,320, , CHINA RESOURCES LAND LTD SHS 1,316,000 3,070, CHINA TAIPING INSURANCE HOLDIN 870,000 1,619, CHINA ZHENGTONG AU HKD ,781,500 1,021, CHONGQING CHANGAN AUTOMOBI-B 922,122 1,283, CNOOC LTD HKD0.02 1,738,000 2,155, CONCORD NEW ENERGY GROUP LTD 22,500,000 1,247, COWELL E HOLDINGS INC 1,900, , CSPC PHARMACEUTICAL GROUP LTD 3,000,000 2,668,

13 Investment portfolio as at 30 June 2016 (continued) Market value % of total net assets Holdings Hong Kong listed equities (continued) FOSUN INTERNATIONAL HKD0.10 1,051,500 1,355, FUYAO GLASS INDUSTRY GROUP-H 800,000 1,852, GALAXY ENTERTAINMENT GRP LTD HKD ,000 1,096, GEELY AUTOMOBILE ORD SHS 2,600,000 1,404, GEZHOUBA CO LTD-A 500, , GUANGZHOU R&F PROPERTIES - H 900,000 1,133, HAITONG SECURITIES 'H'CNY1 1,240,800 2,085, HENAN LINGRUI PHARMACEUTIC-A , , IMAX CHINA HOLDING INC 127, , IND & COMM BK OF CHINA-H 5,613,000 3,103, LIVZON PHARMACEUTICAL GROU-H 380,000 1,707, PEOPLE'S INSURANCE 'H'CNY1 3,000,000 1,148, PING AN INSURANCE GROUP CO-H 'H' CNY1 763,500 3,360, SHANGHAI PHARMACEU 'H'CNY1 1,262,200 2,778, TENCENT HOLDINGS LTD ORD HKD ,000 9,079, XINYI SOLAR HLDGS HKD0.10 7,000,000 2,752, $ 64,437,

14 Investment portfolio as at 30 June 2016 (continued) United States listed equities Holdings Market value % of total net assets BAIDU.COM - ADR SPON ADR REP A 14,480 $ 2,444, IKANG HEALTHCARE GROUP-ADR IKANG HEALTHC 105,500 1,934, JD.COM INC-ADR JD.COM INC-ADR 96,200 2,042, Unlisted China A Share access products $ 6,421, BOCI FINL PRODUCT LTD BANK OF COMMUNICATIONS CO-A 200,000 $ 168, BOCI FINL PRODUCT LTD DALIAN DAYANG TRANDS CO LT-A 90, , BOCI FINL PRODUCT LTD GUANGDONG HONGTEO ACCURATE-A 18,000 81, BOCI FINL PRODUCT LTD GUANGDONG HONGTU TECH -A 78, , BOCI FINL PRODUCT LTD GUANGDONG KAIPING CHUNHUI -A 100, , BOCI FINL PRODUCT LTD HUBEI FEILIHUA QUARTZ GLAS-A 209, , BOCI FINL PRODUCT LTD HUNAN CHANGGAO HIGH VOLTAG-A 50,000 90, BOCI FINL PRODUCT LTD NANFENG VENTILATOR CO LTD-A 185, , BOCI FINL PRODUCT LTD ORIENT SECURITIES CO LTD-A 80, , BOCI FINL PRODUCT LTD ZHEJIANG ASIA-PACIFIC MECH-A 60, , UBS AG TANGEL PUBLISHING CO LTD 72, , UBS AG ALPHA GROUP-A 35, , UBS AG BEIJING CISRI-GAONA MATERI 60, , UBS AG CHENGDU CORPRO TECHNOLOGY -A 100, , UBS AG GUANGDONG KAIPING CHUNHUI -A 244, , UBS AG GUANGDONG ZHENGYE TECHNOLO-A 201,500 1,496, UBS AG HUNAN CHANGGAO HIGH VOLTAG-A 140, , UBS AG JIANGXI GANFENG LITHIUM CO-A 40, , UBS AG NANJING YUNHAI SPECIAL -A 242, , UBS AG NAVTECH INC-A 55, , UBS AG SHANGHAI LANSHENG CORP-A 179, ,

15 UBS AG TAIHAI MANOIR NUCLEAR EQUITY-A 30, , UBS AG WEDGE INDUSTRIAL CO LTD-A 629,851 1,414, UBS AG YUNNAN LINCANG XINYUAN GER-A 170, , $ 10,073,

16 Investment portfolio as at 30 June 2016 (continued) Holdings Market value % of total net assets Total investments $ 88,098, (Total cost of investments: $90,350,574) 1,241, Other net assets Total net assets $ 89,340, The access products are listed in Ireland and Luxembourg and the underlying securities of these access products are A Shares listed in mainland China. 14

17 Statement of movements in portfolio holdings for the six months ended 30 June 2016 % of total net assets 30 June 2016 % of total net assets 31 December 2015 Listed China A Share access products Unlisted China A Share access products Hong Kong listed equity securities United States listed equity securities China listed equity securities Total investments Other net assets Total net assets