中绿(00904) - 2024 - 年度财报

Report and Audit Opinion Trustee's Report Cititrust Limited, as trustee, confirms that Mirae Asset Global Investments (Hong Kong) Limited, as manager, has managed the Global X ETF series in all material respects in accordance with the trust deed - The trustee confirms the manager complied with the trust deed in all material respects for the year ended March 31, 2024[5] Independent Auditor's Report PricewaterhouseCoopers issued an unmodified opinion on the financial statements, affirming they fairly present the funds' financial position and cash flows as of March 31, 2024, with key audit matters focusing on the existence and valuation of financial assets at fair value through profit or loss - The auditor issued an unmodified opinion on all sub-funds' financial statements, confirming they fairly present financial position and operating results in all material respects under IFRS[10] - The key audit matter is the existence and valuation of financial assets at fair value through profit or loss, which constitute the majority of each sub-fund's net assets, audited via custodian confirmations, external pricing comparisons, and valuation method assessments for suspended investments[15][17][21] Audited Financial Statements Statement of Net Assets As of March 31, 2024, several sub-funds experienced varied Net Asset Value (NAV) changes, with MSCI China ETF and Hang Seng High Dividend Yield ETF seeing significant growth due to unit issuance, while China Biotech ETF and China Cloud Computing ETF recorded substantial declines Overview of Selected Sub-Fund Net Asset Values (NAV) | Sub-Fund | March 31, 2024 | March 31, 2023 | Trend | | :--- | :--- | :--- | :--- | | Global X MSCI China ETF (HKD) | 3,821,598,719 | 1,203,829,656 | ▲ Increase | | Global X Hang Seng High Dividend Yield ETF (HKD) | 2,164,451,606 | 946,490,138 | ▲ Increase | | Global X China Biotech ETF (RMB) | 367,030,869 | 724,492,526 | ▼ Decrease | | Global X China Cloud Computing ETF (RMB) | 240,390,363 | 503,503,823 | ▼ Decrease | | Global X Hang Seng TECH ETF (HKD) | 3,313,519,597 | N/A (Newly Established) | - | | Global X USD Money Market ETF (USD) | 32,550,753 | N/A (Newly Established) | - | Statement of Profit or Loss and Other Comprehensive Income For the fiscal year/period ended March 31, 2024, most China-market related ETFs reported significant losses primarily from fair value changes in financial assets, while Metaverse Theme Active ETF and USD Money Market ETF achieved profitability Selected Sub-Fund Annual Comprehensive Income/(Loss) | Sub-Fund | FY2024/Period | FY2023/Period | | :--- | :--- | :--- | | Global X MSCI China ETF (HKD) | (178,793,545) | (87,815,938) | | Global X Hang Seng High Dividend Yield ETF (HKD) | (52,984,454) | (8,725,848) | | Global X China Biotech ETF (RMB) | (148,268,254) | (119,502,840) | | Global X China Cloud Computing ETF (RMB) | (146,975,434) | 66,781,473 | | Global X Hang Seng TECH ETF (HKD) | (459,354,005) | N/A | | Global X Metaverse Theme Active ETF (USD) | 687,664 | (173,111) | Statement of Changes in Net Assets Attributable to Unitholders This fiscal year, changes in sub-fund asset sizes were primarily influenced by unit subscription and redemption activities, with MSCI China ETF and Hang Seng TECH ETF growing through new unit issuance despite operating losses, while China Biotech and China Cloud Computing ETFs shrank due to net redemptions, and only Hang Seng High Dividend Yield ETF distributed dividends - MSCI China ETF's NAV growth was primarily driven by net unit subscriptions of HKD 2.80 billion, offsetting operating losses of HKD 179 million[54] - China Biotech ETF and China Cloud Computing ETF experienced NAV declines primarily due to net unit redemptions of RMB 209 million and RMB 116 million, respectively[54] - Hang Seng High Dividend Yield ETF was the only fund to distribute dividends during the reporting period, totaling HKD 100,278,000 to unitholders[54] Statement of Cash Flows Sub-funds' cash flows primarily reflect investment and financing activities, with operating cash flow typically a net outflow due to financial asset trading, and financing cash flow driven by unit issuance and redemption, serving as the main source of cash inflow MSCI China ETF Cash Flow Statement Overview (HKD) | Item | FY2024 | FY2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (2,660,816,111) | (720,214,130) | | Net Cash Flow from Financing Activities | 2,682,671,102 | 711,360,619 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 21,854,991 | (8,853,511) | | Cash and Cash Equivalents at End of Period | 23,963,877 | 2,108,886 | Notes to the Financial Statements General Information & Material Accounting Policies This section outlines the Global X ETF series' legal structure, manager (Mirae Asset), trustee (Cititrust), and investment objectives, noting that financial statements are prepared under IFRS, with financial assets primarily measured at fair value through profit or loss, and redeemable units classified as financial liabilities only for the USD Money Market ETF due to different share classes - Each sub-fund aims to closely track its respective benchmark index (e.g., MSCI China ETF tracking the MSCI China Index) or achieve long-term capital appreciation through active investment in specific themes (e.g., electric vehicles, metaverse)[93][101][103] - Financial statements are prepared in accordance with IFRS, with financial assets primarily measured at fair value through profit or loss (FVPL)[107][119] - Due to the issuance of listed and unlisted share classes with different terms, the USD Money Market ETF's redeemable units are classified as financial liabilities, while other sub-funds' redeemable units are classified as equity[156][157] Related Party Transactions This report details transactions between sub-funds and the manager (Mirae Asset), trustee (Cititrust), and their affiliates, primarily involving management fees, trustee fees, and securities trading commissions paid through affiliated brokers, with the manager's affiliates also acting as participating dealers for unit subscriptions and redemptions Management Fee Rates by Sub-Fund | Sub-Fund | Annual Management Fee Rate (%) | | :--- | :--- | | MSCI China ETF | 0.18% | | Hang Seng High Dividend Yield ETF | 0.68% | | China Biotech ETF | 0.68% | | China Cloud Computing ETF | 0.68% | | Electric Vehicle and Battery Active ETF | 0.75% | | Metaverse Theme Active ETF | 0.75% | | Hang Seng TECH ETF | 0.35% | | USD Money Market ETF (Listed) | 0.05% (Effective Jan 1, 2024) | - The funds conduct some securities transactions through Mirae Asset Securities (HK) Limited, an affiliate of the manager, and Citigroup Global Markets Limited, an affiliate of the trustee, paying corresponding brokerage commissions[612] - Mirae Asset Securities (HK) Limited, an affiliate of the manager, acted as a participating dealer for several sub-funds, engaging in significant unit subscription and redemption activities during the fiscal year[181][184][196] Financial Risk Management This section details the funds' primary financial risks, including market price risk managed by tracking benchmarks or active strategies, credit risk mitigated by high-rated counterparties, and liquidity risk, noting significant unitholder concentration and the fair value hierarchy of assets Market Risk Sensitivity Analysis (As of March 31, 2024) | Sub-Fund | Sensitivity Threshold (%) | Impact on Profit or Loss | | :--- | :--- | :--- | | MSCI China ETF (HKD) | +/-17.38% | +/-667,764,861 | | Hang Seng High Dividend Yield ETF (HKD) | +/-7.03% | +/-169,934,949 | | China Biotech ETF (RMB) | +/-24.93% | +/-93,244,357 | | Hang Seng TECH ETF (HKD) | +/-18.66% | +/-618,009,893 | - Several sub-funds face significant unitholder concentration risk; for instance, as of March 31, 2024, one unitholder held 90.60% of MSCI China ETF's total net assets, and three unitholders collectively held 95.70% of Hang Seng ESG ETF's total net assets[280][286] - Most investments (listed equities) are classified as Fair Value Level 1, unlisted Total Return Swaps and some debt securities as Level 2, and suspended equities as Level 3, with their fair value determined by the manager's best estimate, noting transfers from Level 3 to Level 1 occurred during the year as some stocks resumed trading[317][318][319] Other Key Notes This section covers other key financial information, including unit changes, dividends (only Hang Seng High Dividend Yield ETF), tax implications (Hong Kong profit tax exemption but 10% withholding tax on China dividends), and NAV differences due to accounting standards versus fund prospectus treatment of establishment costs - Only Hang Seng High Dividend Yield ETF distributed dividends totaling HKD 100,278,000 during the fiscal year[215] - The funds are exempt from Hong Kong profits tax but are subject to a 10% withholding income tax on dividends received from A-shares and H-shares, with the manager currently deeming no provision necessary for A-share capital gains[211][687] - Differences between accounting NAV and subscription/redemption NAV arise because IFRS requires establishment costs to be expensed immediately, while the fund's constitutive documents permit amortization[549][550] Unaudited Supplementary Information Investment Portfolio This section details each sub-fund's complete holdings as of March 31, 2024, exemplified by MSCI China ETF's high concentration in communication services, consumer discretionary, and financial sectors, with top holdings including Tencent Holdings, Alibaba, and Meituan MSCI China ETF Top Holdings (As of March 31, 2024) | Holding | Percentage of Net Assets (%) | | :--- | :--- | | Tencent Holdings Ltd (腾讯控股) | 14.18% | | Alibaba Group Holding Ltd (阿里巴巴) | 8.07% | | PDD Holdings Inc (拼多多) | 3.83% | | Meituan-Class B (美团) | 3.46% | | China Construction Bank-H (建设银行H股) | 3.20% | Statement of Movements in Investment Portfolio This chapter comprehensively records the opening and closing positions, additions, disposals, and corporate actions for each security within the sub-funds' investment portfolios from April 1, 2023, to March 31, 2024, reflecting all trading activities during the year - This section provides a detailed tabular breakdown of all securities' position movements within each fund's investment portfolio during the reporting period, including additions, disposals, and corporate actions such as dividends and stock splits[485] Derivative and Collateral Information As of March 31, 2024, China Biotech ETF and China Cloud Computing ETF held unlisted Total Return Swaps as financial derivatives, with collateral comprising government bonds and equities held by Citibank, N.A. to mitigate counterparty credit risk - China Biotech ETF and China Cloud Computing ETF utilized unlisted Total Return Swaps with counterparties Citigroup Global Markets Limited and Mirae Asset Securities (HK) Limited[743][746] Collateral Overview (As of March 31, 2024) | Sub-Fund | Total Collateral Value | Percentage of Net Assets | | :--- | :--- | :--- | | China Biotech ETF (RMB) | 162,703,438 | 44.33% | | China Cloud Computing ETF (RMB) | 113,599,368 | 47.26% | Performance Record During the reporting period, most China-focused ETFs underperformed their benchmarks with negative returns, while the Metaverse Theme Active ETF notably achieved a positive return of 38.05%, significantly exceeding its benchmark FY2024 Selected Sub-Fund Performance vs. Benchmark Index | Sub-Fund | Fund Performance (%) | Index Performance (%) | | :--- | :--- | :--- | | MSCI China ETF | (17.59) | (17.38) | | Hang Seng High Dividend Yield ETF | (7.88) | (7.03) | | China Biotech ETF | (25.41) | (24.93) | | Hang Seng TECH ETF | (15.11) | (15.53) | | Metaverse Theme Active ETF | 38.05 | 33.62 | Management and Administration Information This section lists the key service providers for the Global X ETF series, including the manager, trustee, custodian, registrar, legal counsel, and auditor, along with their respective names and addresses - The fund manager is Mirae Asset Global Investments (Hong Kong) Limited, and the trustee and custodian are Cititrust Limited / Citibank, N.A.[771][784]