Financial Performance - The net assets attributable to unitholders for Global X Hang Seng High Dividend Yield ETF were HK$526,436,175, down from HK$564,778,840 as of March 31, 2022, indicating a decline of approximately 6.8%[7]. - The total liabilities for Global X Electric Vehicle & Battery Active ETF were RMB 1,434,625, which is a significant increase from RMB 362,813 as of March 31, 2022[9]. - Dividend income for Global X MSCI China ETF decreased to HK$40,296,893 from HK$6,829,350, representing a decline of approximately 69.5% year-over-year[11]. - The total comprehensive loss for the period for Global X China Biotech ETF was RMB190,728,491, a significant increase from RMB91,843,733 in the prior year, reflecting a rise of approximately 107%[11]. - The operating loss for Global X High Dividend Yield ETF was HK$136,014,199, compared to HK$3,485,394 in the previous year, indicating a significant increase in losses[11]. - The Global X CSI 300 ETF experienced a loss before tax of RMB 2,820,980, which was higher than the loss of RMB 1,237,690 in the previous year[20]. - For the period ended 30 September 2022, the loss after tax and total comprehensive income for the Hang Seng High Dividend Yield ETF was HK$138,207,752, compared to a loss of HK$3,829,163 for the same period in 2021[154]. Asset and Liability Changes - As of September 30, 2022, the total assets for Global X MSCI China ETF amounted to HK$656,059,610, a decrease from HK$565,620,418 as of March 31, 2022[7]. - The total assets for Global X China Cloud Computing ETF were RMB 20,715,509, down from RMB 29,885,058 as of March 31, 2022, indicating a decline of approximately 30.5%[9]. - The total liabilities and equity for Global X Electric Vehicle & Battery Active ETF were USD 1,678,170, reflecting a stable position compared to previous periods[9]. - The total balance at the end of the period for Global X CSI 300 ETF was RMB654,425,135, compared to RMB182,355,594 at the beginning, reflecting an increase of approximately 258%[13]. - The total cash and cash equivalents at the end of the period for the Global X MSCI China ETF were USD 8,651,320, down from USD 10,962,397 at the beginning of the period[16]. - The total cash and cash equivalents for Global X China Biotech ETF at the end of the period was RMB 14,635,005, down from RMB 20,214,904[22]. Management Fees and Expenses - The management fee payable for Global X MSCI China ETF was HK$1,082,551, which is an increase from HK$477,154 as of March 31, 2022[7]. - Management fees for Global X China Cloud Computing ETF were RMB1,685,450, down from RMB2,510,982, showing a decrease of approximately 33%[12]. - The management fee for the Hang Seng High Dividend Yield ETF for the period ended 30 September 2022 was HK$2,038,587, compared to HK$144,013 for the same period in 2021, reflecting a significant increase[121]. - The management fee for the China Biotech ETF for the period ended 30 September 2022 was RMB2,814,521, down from RMB6,457,134 in the previous year[121]. - The total expenses borne by the Manager for the period ended September 30, 2022, amounted to HK$515,097, compared to HK$270,135 for the same period in 2021, reflecting an increase of approximately 90%[130]. Investment Strategy and Holdings - MSCI China ETF aims to closely correspond to the performance of the MSCI China Index by investing substantially all assets in index securities[35]. - The investment strategy focuses on high-growth sectors, including technology and renewable energy, to capitalize on market trends[170]. - The portfolio includes significant investments in the healthcare sector, such as GUANGZHOU BAIYUNSHAN PHAR-A valued at HK$57,369, which is 0.02% of net assets[172]. - The portfolio reflects a balanced approach with investments in both established firms and high-potential growth companies across different industries[189]. - The investment strategy focuses on high-growth sectors, with substantial allocations to renewable energy and technology companies[189]. Unit and Share Information - The number of units in issue for Global X MSCI China ETF decreased from 22,600,000 to 21,600,000, indicating a reduction of about 4.4%[13]. - The total number of units redeemed during the period for Global X China Biotech ETF was 2,100,000, reflecting a decrease in investor interest[13]. - The total number of units in issue at the end of the period for the Global X China Cloud Computing ETF was 9,900,000, down from 9,950,000 at the beginning of the period[15]. - The Hang Seng ESG ETF issued 57,000,000 units, raising HK$212,605,200 in investments and cash balances[108]. - The Metaverse Theme Active ETF issued 300,000 units, raising USD 2,263,306 since its inception on March 18, 2022[109]. Cash Flows and Financing Activities - The net cash flows generated from operating activities amounted to HK$ 137,523,322, a significant increase from HK$ 39,395,986 in the previous period[16]. - Cash received from the issue of units was HK$ 59,912,217, while cash paid on redemptions of units was HK$ 207,457,876, resulting in net cash flows used in financing activities of HK$ 147,545,659[16]. - Net cash flows used in financing activities for Global X China Biotech ETF were RMB 84,307,524, compared to RMB 167,910,563 in the prior period[22]. Market and Investment Performance - The net total returns of the underlying index of the Global X Hang Seng ESG ETF were -20.9%, compared to -17.3% for the Base Index during the same period[167]. - The fair value of holdings in the MSCI China ETF as of September 30, 2022, includes CHINA YANGTZE POWER CO LTD-A valued at HK$808,209, representing 0.24% of net assets[171]. - The total fair value of the listed equities in the portfolio reflects a diverse range of sectors, including technology, finance, and energy[171]. - The portfolio shows a strong presence in the technology sector with investments in companies like BOE Technology Group valued at HK$ 191,800 million, which is 0.06% of net assets[170]. - The total fair value of the holdings in the portfolio is diversified across various sectors, with significant investments in banking and energy sectors[170].

Financial Position and Performance - As of March 31, 2022, the financial assets at fair value through profit or loss for the Global X MSCI China ETF amounted to HK$525,189,619, while the Global X Hang Seng High Dividend Yield ETF was HK$564,198,146, Global X CSI 300 ETF was HK$29,558,796, Global X China Biotech ETF was HK$963,477,060, and Global X China Cloud Computing ETF was HK$483,252,072[13]. - The total net assets attributable to unitholders for the sub-funds were not explicitly stated in the provided content, but the financial assets indicate significant holdings across various sectors[13]. - Total assets amounted to HK$80,508,390,000, with liabilities at HK$54,072,220,000, resulting in equity of HK$26,436,170,000[33]. - The company reported a profit after tax of HK$286,718,905, reflecting a comprehensive income increase compared to the previous year[37]. - The company experienced a significant increase in net assets attributable to unitholders, totaling HK$995,159,184[40]. - The total income from financial assets at fair value through profit was reported at HK$297,472,750[37]. Audit and Compliance - The financial statements for the year ended March 31, 2022, were audited in accordance with International Financial Reporting Standards (IFRSs) and were found to give a true and fair view of the financial position of each sub-fund[8]. - The independent auditor's report confirmed that the financial statements were properly prepared in accordance with the relevant disclosure provisions of the Trust Deed and the SFC Code[28]. - The management of the sub-funds is responsible for ensuring that the financial statements are free from material misstatement, whether due to fraud or error[20]. - The audit included an assessment of key controls over the existence and valuation of financial assets, with no material exceptions found during testing[16]. - The engagement partner for the audit was Mr. Chau Chi Kit from PricewaterhouseCoopers, indicating a reputable auditing firm was involved in the process[29]. Fund Management and Strategy - The company plans to expand its market presence, focusing on new product development and technology advancements[33]. - Future guidance indicates a positive outlook for revenue growth, driven by strategic market expansions and potential acquisitions[33]. - The company aims to enhance operational efficiency through cost management strategies, targeting a reduction in overall expenses[37]. Fund Performance and Income - Global X MSCI China ETF reported a loss before tax of HK$285,771,734 for 2022, compared to a profit of HK$305,952,519 in 2021, indicating a significant decline in performance[42]. - The net cash flows generated from operating activities for Global X MSCI China ETF decreased to HK$130,494,985 in 2022 from HK$156,945,065 in 2021, reflecting a drop of approximately 17%[42]. - Global X Hang Seng High Dividend Yield ETF experienced a profit before tax of HK$9,024,104 in 2022, down from HK$33,445,362 in 2021, showing a decline of about 73%[44]. - Global X CSI 300 ETF reported a loss before tax of RMB6,094,136 in 2022, compared to a profit of RMB24,160,011 in 2021, indicating a substantial downturn[46]. - The net cash flows generated from operating activities for Global X China Biotech ETF were RMB826,524,234 in 2022, a recovery from a loss of RMB1,151,950,213 in 2021[48]. - Global X China Cloud Computing ETF reported a loss before tax of RMB566,331,340 in 2022, compared to a profit of RMB206,020,858 in 2021, indicating a significant decline[50]. Financial Assets and Valuation - The financial assets of the sub-funds are classified as either measured at amortized cost or at fair value through profit or loss (FVPL)[69]. - The fair value measurement of financial instruments is based on quoted last traded market prices within the bid-ask spread[86]. - The Sub-Funds' net assets attributable to unitholders are calculated based on the total assets minus liabilities, classified as equity under IFRSs[109]. - The expected credit losses (ECLs) for debt instruments not held at fair value through profit or loss are based on the difference between contractual cash flows and expected cash flows, discounted at the original effective interest rate[103]. - ECLs are recognized in two stages: a 12-month ECL for exposures without significant credit risk increase, and a lifetime ECL for those with significant credit risk increase[104]. Unit Transactions and NAV - The number of units in issue at the end of the year was 17,600,000, with a net asset value of HK$526,436,175[40]. - As of March 31, 2022, the Accounting NAV for the MSCI China ETF was HK$526,436,175, a decrease of 47% from HK$995,159,184 in 2021[113]. - The Hang Seng High Dividend Yield ETF reported an Accounting NAV of HK$564,778,840, up from HK$98,530,157 in 2021, indicating a significant increase[113]. - The China Biotech ETF's Accounting NAV decreased to RMB963,501,712 from RMB2,490,238,419, reflecting a decline of approximately 61%[113]. - The China Cloud Computing ETF's Accounting NAV fell to RMB483,934,722 from RMB1,080,395,975, a decrease of about 55%[113]. Fees and Expenses - Management fees totaled HK$1,444,824, with trustee fees at HK$183,550,965, contributing to overall expenses of HK$17,044,867[37]. - The management fee for the Manager is calculated at an annual rate based on the Dealing NAV of the Sub-Funds, accrued daily and payable monthly[126]. - MSCI China ETF management fee for 2022 was HK$1,444,824, a significant increase from HK$571,054 in 2021[127]. - Hang Seng High Dividend Yield ETF management fee for 2022 was HK$1,125,043, up from HK$218,837 in 2021[127]. - China Biotech ETF management fee for 2022 reached RMB 11,591,023, compared to RMB 9,166,612 in 2021, indicating a growth of approximately 26%[127]. - China Cloud Computing ETF management fee for 2022 was RMB 4,936,366, a decrease from RMB 5,886,935 in 2021[127]. Market and Investment Strategy - The MSCI China ETF aims to closely correspond to the performance of the MSCI China Index by investing substantially all assets in index securities[55]. - The Hang Seng High Dividend Yield ETF targets performance alignment with the Hang Seng High Dividend Yield Index[56]. - The CSI 300 ETF is designed to reflect the performance of the CSI 300 Index, with stock codes for both Renminbi and Hong Kong dollar counters[57]. - The China Biotech ETF seeks to mirror the performance of the Solactive China Biotech Index NTR[58]. - The China Cloud Computing ETF aims to replicate the performance of the Solactive China Cloud Computing Index NTR[59].

[Financial Summary and Performance Review](index=3&type=section&id=Interim%20Financial%20Statements) [Key Financial Data](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2021/22, the Group's turnover slightly decreased by 0.5% to RMB 368.06 million, with loss narrowing to RMB 54.61 million, yet significant net current liabilities and net liabilities at period-end raise substantial going concern uncertainties Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (RMB '000) | 2021/22 H1 (Unaudited) | 2020/21 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | **Turnover** | 368,062 | 370,037 | -0.5% | | **Gross Profit** | 22,736 | 33,023 | -31.1% | | **Operating Loss** | (38,165) | (41,490) | -8.0% | | **Loss Attributable to Owners of the Company for the Period** | (54,612) | (55,783) | -2.1% | | **Basic Loss Per Share (RMB Cents)** | 12.5 | 15.3 | -18.3% | Balance Sheet Summary | Balance Sheet Item (RMB '000) | October 31, 2021 (Unaudited) | April 30, 2021 (Audited) | | :--- | :--- | :--- | | **Total Assets** | 877,796 | 977,111 | | **Total Liabilities** | 1,110,144 | 1,168,204 | | **Net Current Liabilities** | (237,261) | (256,588) | | **Net Liabilities** | (232,348) | (191,093) | - The company faces significant going concern uncertainties, primarily due to net current liabilities of approximately **RMB 237 million** and net liabilities of approximately **RMB 232 million** as of October 31, 2021. Additionally, convertible notes with a principal amount of approximately **HKD 190 million** matured in August 2019 and remain unpaid[26](index=26&type=chunk) [Business Segment Performance](index=18&type=section&id=Financial%20Summary%20and%20Business%20Review) The Group's two main business segments showed divergent performance, with 'Fresh Agricultural and Processed Products' revenue slightly declining by 1.14% due to weather-related output reduction, while 'Branded Food Products and Other Products' revenue grew by 8.21% benefiting from recovering domestic consumption Revenue by Business Segment | Business Segment (RMB '000) | 2021/22 H1 (Unaudited) | 2020/21 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Fresh Agricultural and Processed Products | 342,035 | 345,985 | -1.14% | | Branded Food Products and Other Products | 26,027 | 24,052 | +8.21% | | **Total** | **368,062** | **370,037** | **-0.53%** | - The slight decrease in revenue from Fresh Agricultural and Processed Products was due to a slight reduction in fresh agricultural product output caused by a sharp drop in temperature in Northeast China during the latter part of the review period[60](index=60&type=chunk) - The growth in revenue from Branded Food Products and Other Products primarily benefited from the overall control of the COVID-19 pandemic in mainland China and the gradual recovery of consumer demand[61](index=61&type=chunk) [Profitability Analysis](index=19&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) During the reporting period, both the Group's gross profit and gross profit margin significantly declined, primarily due to reduced output and revenue in the core agricultural products segment impacted by weather; however, loss attributable to owners of the company narrowed by 2.1% year-over-year, driven by increased other income from government land acquisition, effective sales expense control, and fair value gains on biological assets - Gross profit decreased from **RMB 33.023 million** in the prior period to **RMB 22.736 million**, with gross profit margin falling from **8.92%** to **6.18%**, primarily due to reduced output from Baicheng farmland caused by a sharp temperature drop in Northeast China, leading to lower revenue in the fresh agricultural products segment[64](index=64&type=chunk) - Total operating expenses decreased from **RMB 80.713 million** in the prior period to **RMB 76.643 million**, mainly due to reduced promotion expenses and lower administrative expenses from staff streamlining[66](index=66&type=chunk) - Loss attributable to owners of the company narrowed to **RMB 54.612 million**, primarily due to (i) increased other income from government acquisition of Hubei land assets; (ii) reduced sales and distribution expenses; and (iii) gains from fair value changes of biological assets[67](index=67&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20Risk%20Management) The Group faces severe liquidity risk, with net current liabilities reaching **RMB 237 million** and a current ratio of **0.6x** at period-end, primarily pressured by defaulted **HKD 190 million** convertible notes and **RMB 238 million** in bank loans; management is actively pursuing debt restructuring and has secured financial support from the Chairman Liquidity Metrics | Metric | October 31, 2021 | April 30, 2021 | | :--- | :--- | :--- | | Net Current Liabilities | RMB 237 million | RMB 257 million | | Current Ratio | 0.60 times | 0.60 times | | Cash and Cash Equivalents | RMB 133 million | RMB 147 million | | Bank Borrowings | RMB 238 million | RMB 239 million | - Current liabilities primarily include **HKD 190 million** convertible notes that matured and defaulted in August 2019, and **RMB 238 million** in bank loans from mainland China[69](index=69&type=chunk) - Mitigation measures include debt restructuring negotiations with noteholders, contacting banks for credit financing, and a written confirmation from Chairman Mr. Sun Shaofeng to continue providing financial support to the Group[30](index=30&type=chunk)[69](index=69&type=chunk) [Capital Structure and Financing Activities](index=24&type=section&id=Capital%20Structure) During the reporting period, the company successfully raised approximately **HKD 14.2 million** net proceeds from a placing of 73.03 million new shares for general working capital, yet an overdue defaulted **HKD 190 million** convertible note remains unresolved with a statutory demand for payment issued, and a planned **USD 30 million** bond issuance has been cancelled - The company completed a placing of **73,031,674** new shares at **HKD 0.2** per share in July 2021, raising net proceeds of approximately **HKD 14.2 million** for general working capital and potential investments[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) - In November 2021, the company received a statutory demand for payment from convertible noteholders, requesting repayment of **HKD 190 million** principal and accrued interest, totaling approximately **HKD 242 million**[92](index=92&type=chunk) - A previously planned bond issuance with a maximum principal amount of **USD 30 million** has lapsed and will not proceed, as no formal agreement was entered into within the stipulated timeframe[95](index=95&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=29&type=section&id=Significant%20Investments%20Held%20and%20Major%20Acquisitions%20and%20Disposals) During the reporting period, the Group actively disposed of assets to improve its financial position, completing the sale of land and assets in Hubei for **RMB 4.8 million**, agreeing with the Hebei local government to recover land use rights for approximately **RMB 14.1 million** in compensation, and selling a financial asset to resolve a prior audit qualification - The sale of state-owned construction land use rights and related assets in Hubei for **RMB 4.8 million** was completed in August 2021[101](index=101&type=chunk) - An agreement was entered into with the Wanquan District Government of Zhangjiakou City, Hebei, for the government to recover state-owned construction land use rights in the district, with compensation of **RMB 14,097,374.64**, though the transaction is not yet completed[103](index=103&type=chunk) - A financial asset (a **4.49%** equity interest in a Hong Kong unlisted company) was sold for **HKD 100,000**, resolving a previous audit qualification[104](index=104&type=chunk)[106](index=106&type=chunk) [Litigation and Contingent Liabilities](index=21&type=section&id=Litigation) The Group is involved in multiple legal proceedings initiated by Convoy Global Holdings Limited and its affiliates; the company is vigorously defending all lawsuits and has not recognized any provision for contingent liabilities as of the reporting period end - The company is a defendant in multiple lawsuits, with plaintiffs including Convoy Global Holdings Limited, Convoy Finance Limited, and Convoy Investment Services Limited[73](index=73&type=chunk)[76](index=76&type=chunk)[81](index=81&type=chunk) - The company has vigorously defended the relevant lawsuits and submitted defense statements; as of the reporting period end, these lawsuits are ongoing[73](index=73&type=chunk)[75](index=75&type=chunk) - As of October 31, 2021, the Group has not made any provision for contingent liabilities related to the lawsuits[98](index=98&type=chunk) [Outlook and Prospects](index=20&type=section&id=Outlook%20and%20Prospects) Management maintains cautious optimism for the future, anticipating opportunities from China's economic recovery and consumption upgrade driving demand for healthy branded foods, and plans to enhance market competitiveness through diversified marketing, new retail channel expansion, cost control, and brand investment - Management believes that consumption upgrades, domestic demand stimulation, and public attention to nutritious and healthy food provide a favorable environment for the Group's sales performance[70](index=70&type=chunk) - Future plans include increasing brand investment and promotion, expanding business volume through new retail and community retail models, and adhering to prudent financial management and cost control[72](index=72&type=chunk) [Other Important Information](index=33&type=section&id=Other%20Information) [Directors' and Shareholders' Interests](index=33&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Securities) As of the reporting period end, Chairman Mr. Sun Shaofeng held approximately **4.18%** of the company's shares through his controlled entity, while Convoy Finance Limited, holding convertible notes, was deemed to have a potential interest of approximately **21.68%**, making it a major shareholder; additionally, certain directors and employees held granted share options - Chairman and CEO Mr. Sun Shaofeng holds **18,327,330** shares, representing approximately **4.18%** of the company's equity, through his controlled entity Capital Mate Limited[112](index=112&type=chunk) - Convoy Finance Limited and its holding company, Convoy Global Holdings Limited, are deemed to have approximately **21.68%** interest in the company due to holding convertible notes convertible into **95,000,000** shares[121](index=121&type=chunk)[122](index=122&type=chunk) - As of October 31, 2021, the company had **31,361,425** outstanding share options, with Executive Directors Mr. Sun Shaofeng and Mr. Wang Jinhuo holding **3.4 million** and **3.25 million** options respectively[115](index=115&type=chunk)[118](index=118&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance%20Practices) The company has adopted the Corporate Governance Code but had several deviations during the reporting period, including the Chairman also serving as CEO, no directors' liability insurance, and management not providing monthly updates to the board; the company provided explanations, deeming existing arrangements reasonable and risks controllable - Chairman Mr. Sun Shaofeng also serves as Chief Executive Officer, which the Board believes ensures consistent leadership for the Group, with the existing Board structure effectively balancing power[128](index=128&type=chunk) - The company has not purchased liability insurance for directors, as the Board considers the associated risks low and the cost of insurance potentially outweighing the benefits[126](index=126&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results and deemed them compliant with applicable accounting standards and Listing Rules[131](index=131&type=chunk) [Employees and Remuneration](index=32&type=section&id=Employees,%20Training,%20and%20Remuneration%20Policy) As of October 31, 2021, the Group employed **418** staff, with total employee and director remuneration for the period amounting to approximately **RMB 9.21 million**; the company bases remuneration on individual performance and market levels, also providing training opportunities Employee Statistics and Remuneration | Metric | October 31, 2021 | | :--- | :--- | | Total Employees | 418 persons | | Of which: Plantation Workers | 280 persons | | Total Employee and Director Remuneration for the Period | Approximately RMB 9,210,000 |

Financial Performance - For the six months ended September 30, 2021, the Global X MSCI China ETF reported a net loss of HK$150,413,971, compared to a profit of HK$225,654,532 in the same period of the previous year[7]. - The Global X CSI 300 ETF experienced a net loss of HK$3,485,394 for the six months ended September 30, 2021, compared to a profit of HK$2,080,241 in the prior year[7]. - The Global X China Cloud Computing ETF reported a net loss of HK$332,324,137 for the six months ended September 30, 2021[7]. - The Global X Hang Seng High Dividend Yield ETF reported a loss before tax of HK$3,485,404 for the six months ended 30 September 2021, compared to a profit of HK$2,080,241 in the same period of 2020[12]. - The total comprehensive income for the Global X MSCI China ETF was a loss of HK$150,413,971 for the period, contrasting with a profit of HK$225,654,532 in the previous year[8]. - Global X China Biotech ETF reported a loss before tax of RMB 91,204,697 for the six months ended 30 September 2021, compared to a profit of RMB 395,174,068 in the same period of 2020, indicating a significant decline in performance[16]. - Global X China Cloud Computing ETF experienced a loss before tax of RMB 332,223,227 for the same period, contrasting with a profit of RMB 246,444,305 in the prior year, reflecting a substantial downturn[18]. Asset and Liability Overview - As of September 30, 2021, total assets for the Global X MSCI China ETF amounted to HK$799,536,756, while the Global X Hang Seng High Dividend Yield ETF had total assets of HK$995,345,599[5]. - Total liabilities for the Global X China Cloud Computing ETF were RMB 26,513,639 as of September 30, 2021[5]. - The total net assets attributable to unitholders for the Global X China Biotech ETF were RMB 34,381,897 as of September 30, 2021[5]. - The total net assets attributable to unitholders at the end of the period for Global X MSCI China ETF were HK$799,124,560, a decrease from HK$995,159,184 at the beginning of the period, reflecting a decline of approximately 19.7%[8]. Cash Flow and Operations - The cash generated from operations for the Global X MSCI China ETF was HK$27,911,986, significantly lower than HK$230,898,259 in the previous year, indicating a decrease of approximately 87.9%[10]. - The net cash flows generated from operating activities for the Global X Hang Seng High Dividend Yield ETF were negative at HK$88,755,800, compared to positive cash flows of HK$14,031,697 in the previous year[12]. - Cash generated from operations for Global X China Biotech ETF was RMB 171,673,868, a recovery from a cash used in operations of RMB 716,020,496 in the previous year[16]. - Global X China Cloud Computing ETF reported cash used in operations of RMB 145,925,293, an improvement from RMB 720,654,827 in the previous year[18]. Management Fees and Expenses - The management fee for the Global X MSCI China ETF was HK$820,522 for the six months ended September 30, 2021[7]. - The management fee for the China Biotech ETF rose to RMB 6,457,134 in the period ended 30 September 2021, compared to RMB 3,574,594 in the previous year[95]. - The total management fee for the Hang Seng High Dividend Yield ETF was HK$144,013 for the period ended 30 September 2021, compared to HK$110,964 in the same period of 2020[95]. - The management fee for the Hang Seng High Dividend Yield ETF and China Biotech ETF was set at 0.68% effective October 1, 2021, while the China Cloud Computing ETF will adopt the same fee structure effective November 1, 2021[143]. Investment Holdings and Portfolio Composition - As of September 30, 2021, Alibaba Group Holding Ltd accounted for 10.29% of the MSCI China ETF's net asset value, while Tencent Holdings Ltd accounted for 12.66%[134]. - The MSCI China ETF holds a total fair value of HK$ 7,999,999,999 across various listed equities as of September 30, 2021[145]. - The investment strategy focuses on high-growth sectors, with a significant allocation to renewable energy and technology firms[146]. - The portfolio includes a diverse range of sectors, including technology, healthcare, and energy, with notable investments in companies like China National Chemical-A and China Shenhua Energy Co-A[146]. - The total fair value of financial assets at fair value through profit or loss is HK$120,074,313, representing 15.08% of net assets[153]. Changes in Holdings - The total closing holdings for the MSCI China ETF as of September 30, 2021, amounted to 923,017 million for China Petroleum & Chemical Corp, down from 1,000,546 million at the beginning of the period, reflecting a decrease of approximately 7.7%[175]. - The closing holdings for Want Want China Holdings Ltd decreased from 203,792 million to 183,177 million, representing a decline of approximately 10.2%[175]. - The total closing holdings for the energy sector, particularly for PetroChina Co Ltd-H, decreased from 878,648 million to 803,483 million, reflecting a decline of approximately 8.5%[175]. - The total closing holdings for the China Biotech ETF included 20,060,000 shares of Sino Biopharmaceutical, with a decrease of 4,731,000 shares from previous holdings[200]. Taxation and Regulatory Considerations - The Sub-Funds did not accrue any PRC Corporate Income Tax (CIT) and Value-Added Tax (VAT) provisions for gains made on China A-shares through RQFII quotas[128]. - The Sub-Funds were subject to a 10% PRC withholding income tax on dividend income received from China A-shares and H-shares[128]. Market Strategy and Economic Conditions - The ETF's performance is closely tied to the overall market trends in China, reflecting the economic conditions and regulatory environment[145]. - The overall market strategy appears focused on maintaining liquidity while selectively increasing positions in high-performing sectors such as energy and consumer staples[192].

Financial Assets and Net Asset Value - As of March 31, 2021, financial assets at fair value through profit or loss amounted to HK$986,710,267, representing 99.15% of the net asset value of Global X MSCI China ETF[14] - The net asset value of Global X Hang Seng High Dividend Yield ETF was HK$97,075,758, which represented 98.52% of its total net asset value[14] - Global X CSI 300 ETF reported financial assets at fair value of RMB43,666,287, accounting for 98.77% of its net asset value[14] - The net asset value of Global X China Biotech ETF was RMB2,486,647,149, representing 99.86% of its total net asset value[14] - Global X China Cloud Computing ETF had a net asset value of RMB1,076,567,695, which represented 99.65% of its total net asset value[14] - Certain equity investments in Global X MSCI China ETF and Global X CSI 300 ETF amounted to HK$1,326,254 and RMB183,485 respectively, representing 0.13% and 0.42% of their net asset values[14] Financial Performance - Total assets as of 31 March 2021 amounted to HK$ 995,345,599, an increase from HK$ 857,710,830 in 2020, representing a growth of approximately 16.1%[32] - Dividend income for the year ended 31 March 2021 was HK$ 15,604,371, a decrease of 45.5% compared to HK$ 28,782,293 in 2020[34] - The net gain on financial assets at fair value through profit or loss was HK$ 291,097,495, recovering from a loss of HK$ 133,428,316 in the previous year[34] - Operating profit for the year was HK$ 305,952,609, compared to an operating loss of HK$ 109,913,434 in 2020, indicating a significant turnaround[34] - Profit after tax for the year was HK$ 304,803,603, compared to a loss of HK$ 112,028,090 in the previous year, marking a substantial improvement[34] - The total comprehensive income for the year was HK$ 304,803,603, a significant recovery from the previous year's total comprehensive loss[34] Cash Flows and Unit Activity - Net cash flows generated from operating activities for Global X MSCI China ETF were HK$156,945,065, down from HK$803,305,893 in the previous year, reflecting a decrease of approximately 80%[37] - The number of units in issue for Global X MSCI China ETF decreased from 27,400,000 to 22,600,000, a reduction of about 17%[35] - Cash received from the issue of units for Global X Hang Seng High Dividend Yield ETF was HK$15,762,009, down from HK$27,726,043 in the previous year, a decline of approximately 43%[39] - The total cash and cash equivalents at the end of the year for Global X Hang Seng High Dividend Yield ETF increased to HK$2,027,195 from HK$597,316, representing a growth of approximately 238%[39] - Cash paid on redemptions of units for Global X CSI 300 ETF was RMB 82,361,757, significantly higher than RMB 6,436,146 in the previous year, reflecting increased redemption activity[41] Management Fees and Expenses - Management fees decreased to HK$ 571,054 from HK$ 599,491, reflecting a reduction of approximately 4.7%[34] - The management fee for the MSCI China ETF was HK$571,054, a decrease from HK$599,491 in 2020[126] - The China Biotech ETF management fee increased significantly to RMB9,166,612 in 2021 from RMB3,039,257 in 2020[126] - The annual management fee for China Biotech ETF is 0.13% for 2021, up from 0.10% in 2020[135] - The annual management fee for China Cloud Computing ETF is also 0.13% for 2021, an increase from 0.10% in 2020[135] Financial Liabilities and Equity - Total liabilities decreased to HK$ 186,415 from HK$ 14,602,196, indicating a significant reduction in obligations[32] - Net assets attributable to unitholders increased to HK$ 995,159,184 from HK$ 843,108,634, representing a growth of approximately 18%[32] - Redeemable units are classified as equity instruments if they meet specific criteria, including entitlement to a pro-rata share of net assets[88] - The Sub-Funds continuously assess the classification of redeemable units and may reclassify them as financial liabilities if they no longer meet the criteria[90] Investment Concentration and Sector Allocation - The investment in Alibaba Group Holding Limited represented 13.95% of the MSCI China ETF's net asset value as of March 31, 2021[177] - Tencent Holdings Ltd. accounted for 14.66% of the MSCI China ETF's net asset value as of March 31, 2021[177] - The MSCI China ETF's financial assets at fair value totaled HK$986,710,267, with a significant concentration in consumer discretionary (33.65%) and communication services (20.13%) sectors[182] - The China Biotech ETF's financial assets at fair value reached RMB 2,486,647,149, predominantly in the healthcare sector (99.86%) as of March 31, 2021[185] - The China Cloud Computing ETF had a total fair value of RMB 1,076,567,695, with a major focus on information technology (53.56%) as of March 31, 2021[185] Risk Analysis - Sensitivity analysis indicates that a 42.79% increase in the MSCI China ETF could raise net asset value by approximately HK$422,200,251, while a decrease would have a similar negative impact[187] - Currency risk analysis shows that a reasonable shift of 8.42% in RMB could impact the MSCI China ETF's net assets by HK$10,100,869 as of March 31, 2021[194] - The majority of the Sub-Funds' financial assets and liabilities are non-interest-bearing, indicating low exposure to interest rate risk[190] - The company is exposed to currency risk primarily from financial assets at fair value and bank balances denominated in currencies other than their respective functional currencies[192]

Financial Performance - As of September 30, 2020, the total assets for Global X MSCI China ETF were HK$837,589,431, a decrease from HK$857,710,830 as of March 31, 2020[5]. - The Global X China Biotech ETF reported a net asset value of RMB 39,851,196 as of September 30, 2020, compared to RMB 102,543,827 as of March 31, 2020, indicating a significant decline[5]. - For the six months ended September 30, 2020, the Global X MSCI China ETF generated a profit of HK$225,654,532, recovering from a loss of HK$118,812,708 in the same period of the previous year[7]. - Dividend income for the Global X MSCI China ETF was HK$14,964,575 for the six months ended September 30, 2020, down from HK$27,505,096 in the same period of 2019[7]. - The Global X Hang Seng High Dividend Yield ETF experienced a net loss of HK$19,861,794 for the six months ended September 30, 2020, compared to a profit in the previous year[7]. - The profit after tax for Global X MSCI China ETF was HK$225,654,532, compared to a loss of HK$118,812,708 in the same period last year, indicating a significant turnaround[9]. - The profit before tax for Global X CSI 300 ETF was RMB 19,795,472, compared to RMB 500,598 in the same period last year, indicating a substantial increase[16]. - Global X China Biotech ETF reported a profit before tax of RMB 395,174,068 for the six months ended 30 September 2020[18]. - Global X China Cloud Computing ETF reported a profit before tax of RMB 246,444,305 for the same period[20]. Asset Management - The Global X China Cloud Computing ETF's financial assets at fair value through profit or loss increased to RMB 1,423,379,522 as of September 30, 2020, up from RMB 450,725,283 as of March 31, 2020[6]. - The total equity for the Global X China Cloud Computing ETF was RMB 1,429,365,750 as of September 30, 2020, significantly higher than RMB 449,976,711 as of March 31, 2020[6]. - The total liabilities for the Global X China Cloud Computing ETF were RMB 12,012,430 as of September 30, 2020, compared to RMB 4,546,474 as of March 31, 2020, reflecting an increase in liabilities[6]. - The balance at the beginning of the period for Global X MSCI China ETF was HK$843,108,634, down from HK$1,755,770,208 in the previous year, representing a decrease of approximately 52%[9]. - The balance at the end of the period for Global X CSI 300 ETF was RMB 39,851,196, down from RMB 106,610,885 in the previous year, a decrease of about 63%[9]. - The total financial assets at fair value through profit or loss were held with Citibank, N.A., ensuring consistent management of financial assets[114]. Cash Flow and Financing Activities - The net cash flows generated from operating activities for Global X MSCI China ETF were HK$243,833,814, down from HK$581,361,916 in the previous year, reflecting a decrease of about 58%[12]. - The cash paid on redemption of units for Global X MSCI China ETF was HK$244,762,535, compared to HK$580,741,672 in the previous year, showing a reduction of approximately 58%[12]. - The net cash flows used in financing activities for Global X CSI 300 ETF were RMB 82,361,757, compared to RMB 6,436,147 in the previous year, reflecting a significant increase in cash outflows[16]. - Net cash flows generated from financing activities for Global X China Biotech ETF amounted to RMB 715,807,934, and for Global X China Cloud Computing ETF it was RMB 735,102,436[18][20]. Management Fees and Expenses - Management fees for the Global X MSCI China ETF decreased to HK$213,809 for the six months ended September 30, 2020, from HK$324,859 in the same period of the previous year[7]. - The management fee for the MSCI China ETF was 0.049% of the net asset value, while the China Biotech ETF had a management fee of 0.50%[95]. - The trustee fee for the MSCI China ETF for the six months ended 30 September 2020 was HK$218,173, compared to HK$330,783 for the same period in 2019[104]. - The total administration fee payable for MSCI China ETF as of 30 September 2020 was HK$58,646, down from HK$197,055 as of 31 March 2020[106]. - The total administration fee for China Biotech ETF for the six months ended 30 September 2020 was RMB 960,714, with RMB 542,655 attributed to other administration fees[110]. Investment Portfolio - The total fair value of holdings in the portfolio includes significant investments in companies like Sany Heavy Industry Co. with HK$577,020, making up 0.07% of net assets[146]. - The total fair value of the listed equities in the MSCI China ETF as of September 30, 2020, is HK$97,617,325[149]. - The total investments for the MSCI China ETF amounted to HK$820,931,911, representing 98.17% of net assets[155]. - The total cost of investments for the MSCI China ETF was HK$692,768,528[155]. - The total investments in the China Biotech ETF reached RMB 1,963,208,795, accounting for 99.57% of net assets[164]. - Total investments in the CSI 300 ETF amounted to RMB 39,692,774, representing 99.60% of net assets[162]. - The largest holding in the portfolio is Meituan Dianping-Class B, valued at RMB 158,375,318, accounting for 11.08% of net assets[166]. - The portfolio reflects a strategic focus on various sectors, including technology, pharmaceuticals, and finance[145]. Market and Regulatory Environment - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and relevant disclosure provisions[31]. - The Trust has five sub-funds authorized by the Securities and Futures Commission of Hong Kong, including Global X China Biotech ETF and Global X China Cloud Computing ETF[23]. - No provision for Hong Kong profits tax has been made for the Sub-Funds, maintaining tax efficiency under the current regulations[126]. - The Sub-Funds did not accrue any PRC Corporate Income Tax (CIT) and Value-Added Tax (VAT) provisions for gains made on China A-shares through RQFII quotas, the Shanghai-Hong Kong Stock Connect, or the Shenzhen-Hong Kong Stock Connect[132]. - The Sub-Funds were subject to a 10% PRC Withholding Income Tax (WIT) on dividend income received from China A-shares and China H-shares[132]. Changes in Holdings - The total closing holdings for the Consumer Staples sector included significant positions such as Inner Mongolia Yili Industry Co. Ltd. with 14,572 million CNY, down from 51,672 million CNY at the beginning of the period, reflecting a disposal of 37,100 million CNY[193]. - The total closing holdings for the Financials sector included Ping An Bank at 24,372 million CNY, down from 78,072 million CNY, after a disposal of 53,700 million CNY[194]. - The total closing holdings for the Energy sector included PetroChina Co. Ltd. at 21,911 million CNY, down from 69,911 million CNY, after a significant disposal of 48,000 million CNY[193]. - The overall trend indicates a strategic reduction in holdings across various sectors, particularly in Consumer Staples and Financials[172][174].

Financial Position and Performance - The financial assets at fair value through profit or loss represented the majority of the net asset value of the Sub-Funds as of March 31, 2020[16]. - The financial statements provide a true and fair view of the financial position of the Sub-Funds as of March 31, 2020, in accordance with International Financial Reporting Standards (IFRSs)[11]. - The audit confirmed that the financial statements were free from material misstatement, whether due to fraud or error[25]. - Total assets for Global X MSCI China ETF as of March 31, 2020, amounted to HK$857,710,830, a decrease from HK$1,762,540,297 in 2019[34]. - The net loss for Global X MSCI China ETF for the year ended March 31, 2020, was HK$112,028,090, compared to a loss of HK$269,293,218 in the previous year[35]. - The total comprehensive income for Global X MSCI China ETF was a loss of HK$112,028,090, compared to a loss of HK$269,293,218 in the previous year, indicating an improvement in performance[36]. - The total equity attributable to unitholders for Global X MSCI China ETF was HK$843,108,634, down from HK$1,755,770,208 in 2019, reflecting a decrease of approximately 52.0%[34]. - The net cash flows generated from operating activities for Global X MSCI China ETF were HK$803,305,893, down from HK$1,905,245,674 in the previous year, indicating a decrease of about 58%[39]. - The cash received from the issue of units for Global X MSCI China ETF was HK$60,367,625, compared to HK$631,404,826 in the previous year, representing a decline of approximately 90%[39]. Financial Statements and Compliance - The Manager and Trustee are responsible for preparing financial statements that give a true and fair view in accordance with IFRSs[20]. - The financial statements include a statement of net assets, statement of profit or loss, and statement of cash flows for the relevant periods[10]. - The audit included procedures to address the risks of material misstatement of the financial statements[15]. - The financial statements were audited in accordance with International Standards on Auditing (ISAs)[12]. - The Manager and Trustee must ensure compliance with the relevant disclosure provisions of the trust deed and the SFC Code[22]. Investment Performance and Assets - Certain equity investments of Global X MSCI China ETF and Global X CSI 300 ETF amounted to HK$50,848 and RMB48,530 respectively, representing 0.01% and 0.05% of their net asset values[16]. - The financial assets at fair value through profit or loss were primarily listed shares on different stock exchanges[16]. - The net gain on financial assets at fair value through profit or loss for Global X China Cloud Computing ETF was HK$181,503,862, a significant increase from HK$135,402,943 in 2019[35]. - The total comprehensive income for Global X China Biotech ETF was HK$174,321,530 for the year ended March 31, 2020, compared to HK$132,009,464 in the previous year, representing an increase of about 32.1%[35]. - The China Cloud Computing ETF aims to closely correspond to the performance of the Solactive China Cloud Computing Index NTR[55]. - The MSCI China ETF's objective is to provide investment results that closely correspond to the performance of the MSCI China Index[51]. - The Hang Seng High Dividend Yield ETF seeks to match the performance of the Hang Seng High Dividend Yield Index[52]. Management and Fees - Management fees for Global X MSCI China ETF totaled HK$599,491, a reduction from HK$1,131,375 in the previous year, indicating a decrease of approximately 47.0%[35]. - The management fee for the MSCI China ETF was 0.049% of the net asset value for 2020, with a management fee payable of HK$135,992[126]. - The trustee fee for the MSCI China ETF was HK$138,767 for 2020, compared to HK$73,186 in 2019[134]. - The total expenses for the MSCI China ETF included a trustee fee of HK$138,767 and an administration fee of HK$197,055 for the year ended March 31, 2020[134][136]. - For the year ended 31 March 2020, the total administration fee for MSCI China ETF was HK$888,948, a decrease of 32.7% from HK$1,323,514 in 2019[137]. Risk Management - The Sub-Funds limit their exposure to credit risk by transacting with well-established broker-dealers and banks with high credit ratings, ensuring minimal default risk[183]. - The Sub-Funds' liquidity risk is managed by investing in securities expected to be liquidated within one month or less, with daily monitoring of liquidity positions[193]. - The majority of the Sub-Funds' financial assets and liabilities are non-interest-bearing, indicating low exposure to interest rate risk[180]. - The Sub-Funds are subject to a 10% PRC Withholding Income Tax (WIT) on dividend income received from China A-shares and China H-shares[167]. Unit and Shareholder Information - The number of units in issue for Global X MSCI China ETF was 27,400,000, down from 52,800,000 in 2019, a reduction of approximately 48.0%[34]. - As of March 31, 2020, two unitholders held 40% each of the MSCI China ETF's total net assets, indicating a concentration of ownership[196]. - The total number of units for MSCI China ETF decreased from 102,600,000 in 2019 to 52,800,000 in 2020, a reduction of approximately 48.5%[116]. Financial Assets and Liabilities - The financial assets at fair value through profit or loss were HK$137,994,769, with no assets maturing in the 1 to 12 months range[199]. - The total financial liabilities were HK$47,229, with HK$45,857 due within one month[199]. - The carrying value of financial assets not subject to IFRS 9's impairment requirements represents the Sub-Funds' maximum exposure to credit risk, with no separate maximum exposure disclosure provided[188]. - The total financial assets subject to IFRS 9's impairment requirements amounted to HK$16,673,119, an increase of 99.5% from HK$8,385,814 in 2019[185].

INTERIM FINANCIAL STATEMENTS MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES MIRAE ASSET HORIZONS MSCI CHINA ETF MIRAE ASSET HORIZONS HANG SENG HIGH DIVIDEND YIELD ETF MIRAE ASSET HORIZONS CSI 300 ETF FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 (SUB-FUNDS OF MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES) MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES Unaudited Condensed Interim Financial Statements CONTENTS | | Page | | --- | --- | | Interim financial statements | | | Statement of net assets (Unaudi ...

Financial Performance - As of September 30, 2019, the total assets for Mirae Asset Horizons MSCI China ETF were HK$1,074,530,338, a decrease from HK$1,762,540,297 as of March 31, 2019[5]. - For the six months ended September 30, 2019, the dividend income for Mirae Asset Horizons MSCI China ETF was HK$27,505,096, down 54.3% from HK$60,114,286 in the same period of 2018[6]. - The net loss on financial assets at fair value through profit or loss for Mirae Asset Horizons MSCI China ETF was HK$142,305,039, compared to a loss of HK$415,667,166 in the previous year[6]. - The profit after tax and total comprehensive income for Mirae Asset Horizons MSCI China ETF was a loss of HK$118,812,708, compared to a loss of HK$366,414,978 in the previous year[6]. - The operating loss for Mirae Asset Horizons MSCI China ETF was HK$116,750,098 for the six months ended September 30, 2019[6]. - For the six months ended 30 September 2019, Mirae Asset Horizons MSCI China ETF reported a loss before tax of HK$116,750,155, an improvement from a loss of HK$361,902,010 in the same period of 2018[9]. - The cash generated from operations for the MSCI China ETF was HK$557,713,637, compared to HK$1,555,439,501 for the same period in 2018, indicating a decrease of approximately 64.1%[9]. - The net cash flows generated from operating activities for the MSCI China ETF were HK$581,361,916, down from HK$1,607,807,771 in the previous year, reflecting a decline of about 63.8%[9]. - The Hang Seng High Dividend Yield ETF experienced a loss before tax of HK$19,861,794, compared to a loss of HK$9,946,423 in the prior year, representing an increase in losses of approximately 99.3%[11]. - The total expenses for Hang Seng High Dividend Yield ETF for the six months ended 30 September 2019 amounted to HK$230,742, an increase of 4.5% from HK$221,827 in the same period of 2018[108]. Asset and Liability Overview - The net assets attributable to unitholders for Mirae Asset Horizons MSCI China ETF decreased to HK$1,056,215,828 from HK$1,755,770,208 at the beginning of the period[7]. - The total liabilities for Mirae Asset Horizons MSCI China ETF were HK$18,314,510, an increase from HK$6,770,089 as of March 31, 2019[5]. - The number of units in issue for Mirae Asset Horizons MSCI China ETF was 34,800,000 as of September 30, 2019, down from 52,800,000[5]. - As of 30 September 2019, the cash and cash equivalents for the MSCI China ETF stood at HK$8,903,127, a decrease from HK$16,157,611 at the beginning of the period[9]. - The total cash and cash equivalents for the Hang Seng High Dividend Yield ETF at the end of the period were HK$561,964, down from HK$2,012,078 at the beginning of the period, indicating a decrease of approximately 72.0%[11]. Investment Portfolio - As of 30 September 2019, Alibaba Group Holding Limited accounted for 13.77% of MSCI China ETF's net asset value, while Tencent Holdings Ltd. accounted for 13.93%[130]. - The investment portfolio includes significant holdings in various sectors, with notable investments in technology and finance[140]. - The fair value of the total investments is aligned with the tracked indices, ensuring a strategic investment approach[136]. - The MSCI China ETF holds a total of HK$1,049,000,000 in listed equities as of September 30, 2019, with a significant allocation to the Industrial and Commercial Bank of China, representing 2.53% of net assets[143]. - The ETF has a diverse portfolio with over 200 listed equities, reflecting a broad exposure to the Chinese market[144]. - The fair value of the holdings in the technology sector, including companies like Meituan Dianping and NetEase, exceeds HK$18 billion, highlighting the sector's importance[144]. - The ETF's allocation to healthcare stocks, such as Jiangsu Hengrui Medicine Co, is approximately HK$1.37 billion, representing a strategic focus on this growing sector[144]. - The fund's exposure to consumer discretionary stocks, including Li Ning Co Ltd, is valued at HK$3.57 billion, indicating a bullish outlook on consumer spending in China[144]. Management and Governance - Management has assessed the Sub-Funds' ability to continue as a going concern and is satisfied that they have the resources to continue in business for the foreseeable future[25]. - The Sub-Funds have adopted IFRS 9 Financial Instruments, impacting the classification and measurement of financial assets and liabilities[27]. - The Manager is identified as the chief operating decision-maker responsible for allocating resources and assessing performance of the operating segments[67]. - Mirae Asset Global Investments (Hong Kong) Limited is the manager of the ETFs[189]. - Cititrust Limited serves as the trustee for the funds[189]. - Ernst & Young is the appointed auditor for the management[189]. - The funds are administered from Three Pacific Place, Hong Kong[189]. - The legal adviser to the manager is Simmons & Simmons[189]. Changes in Holdings - The total closing holdings for the MSCI China ETF as of September 30, 2019, amounted to 5,000,000,000 HKD[169]. - The total closing holdings for the CSI 300 ETF as of September 30, 2019, amounted to 1,123,000 shares after various additions and disposals[179]. - The total closing holdings for Shandong Gold Mining Co Ltd increased to 9,310 shares, reflecting a net addition of 2,660 shares during the period[181]. - The total closing holdings for Zijin Mining Group Co Ltd decreased to 91,997 shares after a disposal of 5,700 shares[181]. - The total holdings for China Railway Group decreased to 3,400 shares, resulting in a closing balance of 55,029 shares[179]. Taxation and Compliance - The Sub-Funds are exempt from Hong Kong profits tax as they are authorized collective investment schemes under the Hong Kong Securities and Futures Ordinance[119]. - The Sub-Funds did not accrue any PRC corporate income tax and VAT provisions for gains made on China A-shares through RQFII quotas and Stock Connect programs[125].