CSOP CSI 300 Index Daily (-1x) Inverse Product
(Stock Code: 7333)

IMPORTANT INFORMATION about CSOP CSI 300 Index Daily (-1x) Inverse Product

IMPORTANT: Investment involves risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions.

CSOP CSI 300 Index Daily (-1x) Inverse Product (the “Product”) is a sub-fund of CSOP Leveraged and Inverse Series II, an umbrella unit trust established under Hong Kong law. Units of the Product (the “Units”) are traded in HKD on The Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks. It is a swap-based product with an investment objective to provide Daily investment results, before fees and expenses, which closely correspond to the inverse (-1x) of the Daily performance of the CSI 300 Index (the “Index”). It is denominated in RMB. Creations and redemptions are in RMB only.

The Product is a derivative product and is not suitable for all investors. There is no guarantee of the repayment of principal. Therefore your investment in the Product may suffer substantial or total losses.
The Product tracks the inverse performance of the Index on a Daily basis. Should the value of the underlying securities of the Index increase, it could have a negative effect on the performance of the Product. Unitholders could, in certain circumstances including a bull market, face minimal or no returns, or may even suffer a complete loss, on such investments.
The Product is not intended for holding longer than one day as the performance of the Product over a period longer than one day will very likely differ in amount and possibly direction from the inverse performance of the Index over that same period (e.g. the loss may be more than -1 times the increase in the Index). The effect of compounding becomes more pronounced on the Product’s performance as the Index experiences volatility. With higher Index volatility, the deviation of the Product’s performance from the inverse performance of the Index will increase, and the performance of the Product will generally be adversely affected.
As a result of Daily rebalancing, the Index’s volatility and the effects of compounding of each day’s return over time, it is even possible that the Product will lose money over time while the Index’s performance falls or is flat.
The Manager seeks to mitigate the counterparty risks by fully collateralising all Swap Counterparty exposures. There is a risk that the value of the collateral may be substantially lower than the amount secured and so the Product may suffer significant losses. Any loss would result in a reduction in the NAV of the Product and impair the ability of the Product to achieve its investment objective.
The Manager will manage the Product to ensure that the collateral held by the Product will represent at least 100% of the Product’s gross total counterparty risk exposure and be maintained, marked-to-market on a daily basis, with a view to ensuring that there is no uncollateralised counterparty risk exposure at the end of a trading day. If the collateral held by the Product is not at least 100% of the Product’s gross total counterparty risk exposure in respect of any trading day T, by the end of that trading day T, the Manager will generally require that each Swap Counterparty deliver additional collateral assets to make up for the difference in value, with the settlement of such delivery expected to occur on trading day T+1. Despite the counterparty risk management measures in place, the management of the Product’s net exposure to each Swap Counterparty to zero is subject to settlement risks arising from settlement failures and market risks (including price movements prior to the required cash payment by the Swap Counterparty to the Product). Any delay in the cash payment by the Swap Counterparty to the Product prior to the end of the relevant trading day T+1 may cause the Product’s exposure to a Swap Counterparty to be larger than zero from time to time. This may result in significant losses for the Product in the event of the insolvency or default of that Swap Counterparty.
The Product may suffer significant losses if the Swap Counterparty fails to perform its obligations under the Swap. The value of the collateral assets may be affected by market events and may diverge substantially from the inverse performance of the Index, which may cause the Product’s exposure to the Swap Counterparty to be under-collateralised and therefore result in significant losses.
The Product seeks to obtain the required exposure through more than one Swap with more than one Swap Counterparty. The Product is therefore exposed to counterparty risk and default risk of the Swap Counterparties and may suffer significant losses if a swap counterparty fails to perform its obligations. Derivative instruments are susceptible to price fluctuations and higher volatility, which may result in large bid and offer spreads with no active secondary market. The Product may suffer losses potentially equal to the full value of the financial derivatives.
In some circumstances, a Swap Counterparty can terminate the swap agreements early which may adversely impact the Product’s performance. Such early termination can also impair the Product’s ability to achieve its investment objective and may subject the Product to substantial loss. Also, the Product may face an increase in the cost to enter into a similar swap agreement with additional Swap Counterpart(ies).
The Product will bear the swap fees, which are subject to the discussion and consensus between the Manager and the Swap Counterparty based on the actual market circumstances on a case-by-case basis. The current swap fees are a best estimate only and may deviate from the actual market conditions. In extreme market conditions and exceptional circumstances, the Swap Counterparty’s costs of financing the underlying hedge may increase significantly and in return increase the swap fees.
The Swap Counterparties may also be subject to a capacity limit representing the commitment of the Swap Counterparty to conduct the Swap transactions to provide the required exposure to the Index for the Product. Accordingly, the Product’s exposure to the Index may be affected. Whilst the Manager does not anticipate that this will have any immediate effect on the Product, if any Swap Counterparty reaches its capacity limit or if the Net Asset Value of the Product grows significantly this may prevent creations of Units due to the inability of the Product to conduct Swap transactions. This may cause a divergence between the trading price of a Unit on the SEHK and the Net Asset Value per Unit. The investment exposure could also deviate from the target exposure which adds tracking error to the Product.
Investing in the Product is different from taking a short position. Because of rebalancing, the return profile of the Product is not the same as that of a short position. In a volatile market with frequent directional swings, the performance of the Product may deviate from a short position.
Risk investment outcome of the Product is the opposite of conventional investment funds. If the value of the Index increases for extended periods, the Product will likely to lose most or all of its value.
There is no assurance that the Product can rebalance its portfolio on a Daily basis to achieve its investment objective. Market disruption, regulatory restrictions or extreme market volatility may adversely affect the Product’s ability to rebalance its portfolio.
The rebalancing activities of the Product typically take place near the end of trading of the underlying A-Share market to minimise tracking difference. As a result, the Product may be more exposed to the market conditions during a shorter interval and may be more subject to liquidity risk.
The Product is normally rebalanced at or around the close of the trading of the underlying A-Share market on each Business Day. As such, return for investors that invest for period less than a full trading day will generally be greater than or less than the inverse investment exposure to the Index, depending upon the movement of the Index from the end of one trading day until the time of purchase.
The Index constituents are companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange which is an emerging market. Investments of the Product may involve increased risks and special considerations not typically associated with an investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. High market volatility and potential settlement difficulties in the PRC mainland markets may result in significant fluctuations in the prices of the securities traded on such markets, and may thereby adversely affect the value of the Product. Securities exchanges in the PRC mainland typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Product.
The Index consists of A-Shares which may only be bought or sold from time to time where the relevant A-Shares may be sold or purchased on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, as appropriate. Given that the A-Shares market is considered volatile and unstable (with the risk of suspension of a particular stock or government intervention), such high market volatility and potential settlement difficulties in the A-Shares market may result in significant fluctuations in the prices of the securities traded on the A-Shares market and thereby may adversely affect the Product.
The Product is denominated in RMB. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Under exceptional circumstances, payment of redemption proceeds and/or dividend payment in RMB in primary market may be delayed due to the exchange controls and restrictions applicable to RMB. The Units of the Product are traded in HKD, but the NAV of the Product and the Index are calculated in RMB. Investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against HKD will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Product. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. The Product may need to use currency other than base currency as set out in the relevant ISDA Credit Support Annex for collateral and independent amount posting purpose. The Product may enter into currency contract to hedge the currency risk but the currency exposure is linked to marked-to-market value of the Swaps. This may bring additional cost and currency risk for the Product.
Unitholders will receive distributions in the base currency (RMB) only. In the event that a Unitholder has no RMB account, the Unitholder may have to bear the fees and charges associated with the conversion of such distributions from RMB to HKD, and bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.
The Product’s investments are concentrated in a specific geographical location (i.e. the PRC mainland). The value of the Product may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Product may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the PRC mainland market.
Payment of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate reduction in the NAV per Unit.
The Product is not “actively managed” and the Manager will not adopt any temporary defensive position when the Index moves in an unfavourable direction. In such circumstances, Units of the Product will also decrease in value.
The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Units may trade at a substantial premium or discount to the NAV. As investors will pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Units on the SEHK, investors may pay more than the NAV per Unit when buying Units on the SEHK, and may receive less than the NAV per Unit when selling Units on the SEHK.
The Product may invest in ETF listed in Mainland China through the Manager’s QFII/RQFII status. The Product’s ability to achieve its investment objective and strategy may be affected by the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC mainland, which are subject to change and such change may have potential retrospective effect. The Swap Counterparties may hedge their Swap exposure by investing in A-Shares through QFII/ RQFII of itself or a third party/affiliate. If a Swap Counterparty for whatever reason is unable to trade through QFII or RQFII (for example, due to revocation, termination or invalidation of approval of the QFII / RQFII), this may hinder the Swap Counterparty’s ability to increase the size of the relevant Swap, which will in turn affect the Product’s ability to achieve its investment objective and strategy. If this happens in respect of all the Swap Counterparties, the Product may be closed for subscriptions. This may also cause the Units to trade at a premium to their NAV. In the worst case scenario, the Product may be terminated.
Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the Units and gives not less than three months’ notice prior to termination of the market making arrangement, liquidity in the market for the Units may be adversely affected if there is only one market maker for the Units. There is also no guarantee that any market making activity will be effective.
The Product may be subject to tracking error risk, which is the risk that its performance may not track that of the Daily inverse performance of the Index exactly. This tracking error may result from the investment strategy used, liquidity of the market and fees and expenses as well as costs of using financial derivatives and the correlation between the performance of the Product and the inverse (-1x) Daily performance of the Index may be reduced. The Manager will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication of the inverse performance of the Index at any time, including on an intraday basis.
Prices of the Product may be more volatile than conventional ETFs because of the daily rebalancing activities.
The Product may be terminated early under certain circumstances, for example, where there is no market maker, the Index is no longer available for benchmarking or if the size of the Product falls below USD10 million (or an equivalent amount in RMB). Investors may not be able to recover their investments and suffer a loss when the Product is terminated.

Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus in detail before making any investment decision.

Investment Objective and Strategy

The investment objective of the Product is to provide investment results that, before fees and expenses, closely correspond to the inverse (-1x) of the Daily performance of CSI 300 Index (the “Index”). The Product does not seek to achieve its stated investment objective over a period of time greater than one day.
The Manager intends to adopt a Swap-based synthetic replication strategy to achieve the investment objective of the Product. Under normal circumstances, no more than 40% of the Net Asset Value (“NAV”) of the Product from time to time will be used as Initial Amount by way of pure cash to acquire the Swaps; while no less than 50% of the NAV and no more than 10% of the NAV will be invested in cash management tools and collective investment schemes respectively. Please refer to the Prospectus for details.

* The percentages may be adjusted proportionately under exceptional circumstances (e.g. increased the Initial Amount requirement by the Swap Counterparty in extreme market turbulence)

Intra-day Estimated NAV1 & Market Price2

Market Information 3, 4

  Date Last Change Change (%)
NAV per Unit in RMB (official) - - - -
NAV per Unit in HKD - - - -
Closing Price for Trading unit in HKD - - - -

Product Information

Manager CSOP Asset Management Limited
Base Currency Renminbi (RMB)
Domicile Hong Kong
Asset Class Swap
Total NAV (RMB) -
Outstanding Units -
Management Fee^ 1.60%
Ongoing Charges over a year # (annual average daily ongoing charges*) 1.99% (0.008%)
Dividend Policy Annually in December subject to the Manager’s discretion

^ Include trustee fee, custodian fee and administration fee. Please note that the management fee may be increased up to a permitted maximum amount by providing one month’s prior notice to Unitholders. Please refer to the section headed “Fees and Expenses” in the Prospectus for further details of the fees and charges payable and the permitted maximum of such fee allowed, as well as other ongoing expenses that may be borne by the Product.

# The ongoing charges figure is indicative only as the Product is newly set up. It represents the sum of the estimated ongoing expenses chargeable to the Product expressed as a percentage of the Product's NAV. The actual figure may be different from this estimated figure and it may vary from year to year. It does not include the swap fees.

* This is indicative only because the Product is newly established. The annual average daily ongoing charges figure is equal to the ongoing charges figure over the first year of listing divided by the anticipated number of dealing days during that year. The actual figure may be different from the estimate figure and may vary from year to year.

Appropriation

Leverage Daily opposite return (-1x) of the underlying Index
Actively Managed No
Swap Based Yes
Futures Based No
Securities Lending No

Underlying Index Information

Underlying Index CSI 300 Index
Index Provider China Securities Index Co., Ltd.
Currency Renminbi (RMB)
Index Launch Date 8 April 2005
Benchmark Level Type Price return
Bloomberg Ticker SHSZ300
Reuters Code CSI300

Trading Information

Exchange Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 27 July 2020
Primary Exchange Time Zone GMT+8
Exchange Ticker 7333
Bloomberg Ticker 7333 HK
ISIN HK0000629649
Trading Board Lot 100 Units
Trading Currency HKD

Participating Dealers5

UBS Securities Hong Kong LimitedChina International Capital Corporation Hong Kong Securities Limited
ABN AMRO Clearing Hong Kong LimitedCitigroup Global Markets Asia Limited
Haitong International Securities Company LimitedJ.P. Morgan Broking (Hong Kong) Limited

Swap Counterparties

As of 23 Oct, 2020
Counterparty Name Gross Exposure* Net Exposure
CICC Financial Trading Limited -9.45% 0.06%
Citigroup Global Markets Limited -63.81% 0.13%
J.P. MORGAN SECURITIES PLC -11.48% 0.08%
UBS AG -14.66% 0.22%

* The swap gross exposure is for investment purpose.

Swap Counterparties
Counterparty Name CICC Financial Trading Limited
Place of Incorporation Hong Kong
Primary Regulator Securities and Futures Commission (SFC)
S&P Rating of Counterparty BBB
website https://www.cicc.com/ir_index.html
Last Update 2020-10-23
Swap Counterparties
Counterparty Name Citigroup Global Markets Limited
Place of Incorporation United Kingdom
Primary Regulator Regulated by FCA and PRA UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
S&P Rating of Counterparty BBB+
website https://www.citibank.com/icg/global_markets/uk_terms.jsp
Last Update 2020-10-23
Swap Counterparties
Counterparty Name J.P. MORGAN SECURITIES PLC
Place of Incorporation United Kingdom
Primary Regulator UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
S&P Rating of Counterparty A+
website https://www.jpmorgan.com/country/HK/en/disclosures/legal-entity-information
Last Update 2020-10-23
Swap Counterparties
Counterparty Name UBS AG
Place of Incorporation Switzerland
Primary Regulator Financial Market Supervisory Authority
S&P Rating of Counterparty A-
website https://www.ubs.com/global/en/investor-relations/complementary-financial-information/disclosure-legal-entities.html
Last Update 2020-10-23

FX Forward Counterparties

As of 23 Oct, 2020
Counterparty Name Gross Exposure* Net Exposure
Citigroup Global Markets Limited 0.55% 0.00%

* The FX forward gross exposure is for currency hedging purpose only.

FX Forward Counterparties
Counterparty Name Citigroup Global Markets Limited
Place of Incorporation United Kingdom
Primary Regulator Regulated by FCA and PRA UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
S&P Rating of Counterparty BBB+
website https://www.citibank.com/icg/global_markets/uk_terms.jsp
Last Update 2020-10-23
  • The near real time indicative NAV per unit in HKD and the last NAV per unit in HKD are indicative and for reference purposes only. The near real time indicative NAV per unit in HKD is updated every 15 seconds during SEHK trading hours. The near real time indicative NAV per unit in HKD uses a real time HKD:RMB foreign exchange rate provided by ICE Data Indices when the SEHK is opened for trading. Since the indicative NAV per Unit in RMB will not be updated when the underlying China A-Share market is closed, any change in the indicative NAV per Unit in HKD during such period is solely due to the change in the foreign exchange rate.
  • Market prices are provided on a 15-minute delayed basis by ICE.
  • Change of the closing price in HKD indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
  • The last NAV per unit in HKD is calculated using the last NAV per unit in RMB multiplied by an assumed foreign exchange rate using the HKD:RMB exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day. The official last NAV per unit in RMB and the indicative last NAV per unit in HKD will not be updated when the underlying China A-Share market is closed.
  • Additional Participating Dealer(s) will be appointed from time to time.
  • Please refer to HKEX website for the most updated information. Additional Market Maker(s) will be appointed from time to time.

Performance

  1 Month 3 Month 6 Month Year to date Since Inception#
CSOP CSI 300 Index Daily (-1x) Inverse Product (Price Return)*
CSI 300 Index (Price Return)
Inverse (-1x) of CSI 300 Index (Price Return)*

* Where no figure is shown there was insufficient data available.

# Cumulative performance is calculated since the inception date on 24 July 2020.

Accumulative performance of the Product will be presented only after 6 months from its launch.

All dollar amounts are in RMB and all dates are in GMT+8 Time, unless otherwise specified

Performance is calculated on NAV to NAV basis in RMB with dividend reinvested, taking into account ongoing charges and excluding your trading costs on SEHK.

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

These figures show by how much the fund increased or decreased in value during the period being shown.

Performance Simulator

Investors should understand that the Inverse Product aims to provide returns closely correspond to the opposite/ inverse (-1x) of the Daily performance of the Index. It has to rebalance its position on a daily basis in order to achieve its investment objective. As a result of rebalancing, it may not track the opposite return of the Index when it is held for less than a full trading day or overnight.
Below is a performance simulator to allow investors to simulate the performance of the Inverse Product during the selected period based on historical data. The investor is assumed to hold the Inverse Product for the entire simulation period. The performance of the Inverse Product is calculated based on it's NAV. The performance of the Inverse Product may not reflect the returns that the investor would be able to obtain as it does not capture the premium/ discount of the Inverse Product, or the trading costs.
Start Date End Date
Simulation Results
CSOP CSI 300 Index Daily (-1x) Inverse Product -
CSI 300 Index -
Inverse (-1x) of CSI 300 Index -

Performance Chart

Tracking Difference/ Error

Daily Tracking Difference (Daily TD)

Daily TD is the difference between the daily return of an Inverse Product and the daily opposite return of the underlying index.

Tracking Error (TE)

Tracking error measures how consistently an Inverse Product delivers the opposite return of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference.
Tracking Difference Tracking Error
As of 30 September, 2020
Product listing date: 27 July, 2020
Estimated annual average daily tracking difference: -0.04%
Actual Average Daily TD:
Since Listing: -0.04%
As of 30 September, 2020
Product listing Date: 27 July, 2020
No TE data will be displayed during the first year of listing

Graph for Tracking Difference

Product's performance is calculated on an NAV to NAV basis without any reinvestment of distributions.

Daily return of the Inverse Product and the daily opposite return of the underlying Index

Actual daily tracking difference

Holdings

Total Net Asset Value (RMB)
(Deemed Total Net Asset Value (RMB))1
Market Value of Swap Contracts (RMB) Swap Contract Exposure (%)2
1,163,343,132.00
(1,162,759,974.00)
-1,155,779,970.03 -99.40

As of 23 Oct, 2020

1 Deemed Total Net Asset Value incorporates creation/redemption order amount and the rebalancing activity of above date.

2 Swap contract exposure = Market Value of Swap Contract / Deemed Total Net Asset Value

Swap Contracts Holdings

Swap Contracts Name Quantity
CSI 300 INDEX (SWAP) -244947

As of 23 Oct, 2020

Product Holdings

Holdings Weighting (%)
CSOP HKD MONEY MART ETF HKD 10.72
CSOP USD MONEY MRKT ETF USD 2.35
CSOP RMB MONEY MARKET ETF-R 0.26

As of 23 Oct, 2020

Collateral Holding

As of 23 Oct, 2020

Top 10 Collateral

Holdings Weighting (%)
USD CASH 100
RMB CASH 60.29

As of 23 Oct, 2020

All dollar amounts are in RMB. All dates are in GMT+8 Time.

Important information about Dividend out of capital / effectively out of capital

The Manager will have the discretion to determine if and to what extent distributions (whether directly or effectively) will be paid out of capital of the Product.
The Manager may, at its discretion, pay distributions out of capital. The Manager may also, at its discretion, pay distributions out of gross income while all or part of the fees and expenses of the Product are charged to/paid out of the capital of the Product, resulting in an increase in distributable income for the payment of distributions by the Product and therefore, the Product may effectively pay distributions out of capital.
Payments of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment out of or effectively out of the Product’s capital may result in an immediate reduction in the Net Asset Value per Unit and will reduce any capital appreciation for the Unitholders.

Distribution History

Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out of Net Distributable Income* for the month Dividend Paid Out of Capital

*“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.

The data in “dividend paid out of net distributable income” and “dividend paid of out of capital” are just for reference only. Please kindly refer to the official dividends information in the dividend per share column.

Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

All dollar amounts are in RMB. All dates are in GMT+8 Time.

Index Provider Disclaimer

The CSI 300 Index (“Index”) is compiled and calculated by China Securities Index Co., Ltd. (“CSI”). All copyright in the Index values and constituent list vest in CSI. CSI will apply all necessary means to ensure the accuracy of the Index. However, CSI does not guarantee its instantaneity, completeness or accuracy, nor shall it be liable (whether in negligence or otherwise) to any person for any error in the Index or under any obligation to advise any person of any error therein.

Disclaimer

This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the Product's NAV per unit may rise as well as fall. Persons interested in investing in the Product should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

This website is prepared by CSOP and has not been reviewed by the Securities and Futures Commission.

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Privacy Statement

This is the website of CSOP Asset Management Limited ("CSOP"). We understand that our customers and website visitors are concerned about the privacy of information. We have established policies and procedures concerning the collection, use and security of your information that will help protect your privacy. This policy statement provides information on the obligations and policies of CSOP under the Personal Data (Privacy) Ordinance (the "Ordinance").

OUR CORPORATE POLICY

CSOP recognize the importance of personal data to our business and the importance of respecting the privacy rights of our clients. Therefore, we are committed to ensuring compliance with the requirements of the Ordinance. Each employee of CSOP must abide by our commitment to privacy in the handling of personal information. To further enhance confidentiality and security of all personal data, only authorized staff will be allowed to have access to the personal information collected. It is restricted to those persons who have a business need to access personal information in order to perform their job duties.

The purpose of this Statement is to establish the policies and practices of CSOP's commitment to protect the privacy of personal data and to inform you about our responsibilities and your rights under the Ordinance.

Types of Personal Data Held

There are two broad categories of personal data held by us. They are personal data relating to clients and employees of CSOP.

Personal data held by us regarding clients may include the following:-

Personal data relating to employment held by us may include the following:-

Main Purposes of keeping Personal Data

The purposes for which personal data relating to clients may be used are as follows:-

The purposes for which personal data relating to employees may be used are as follows:-

Transfer of Personal Data

Personal data held by CSOP relating to clients will be kept confidential but may be transferred to the following parties (whether within or outside the Hong Kong Special Administrative Region) for any of the purposes stated above:-

Accuracy of Personal Data

CSOP strive at all times to ensure accuracy of all personal data collected and processed by us. In order to assist us to deliver on this pledge, please inform us immediately in the event that your personal information has been changed or you discovered that your personal information held by us is incorrect.

Your Rights

It is not a statutory requirement for you to provide personal data to us. However, we will not be able to provide you with the services and products you may require unless you provide us with the necessary personal data or information.

You have a right (i) to be informed whether we hold any of your personal data; (ii) to be supplied with a copy of your personal data we hold; and (iii) to request correction of your personal data we hold. If you wish to access to and/or to correct any of your personal data held by us, please send your written request to the address set out below. We may, subject to the Ordinance, impose a reasonable fee for complying with a data access request.

If you do not wish your personal data to be used for direct marketing purposes, you may notify us in writing to the following address:-

Head of Legal & Compliance

CSOP Asset Management Limited,
2801-2802 Two Exchange Square
8 Connaught Place, Central
Hong Kong

Upon receipt of such notice, we shall, without charge to you, cease using your personal data for direct marketing purposes.

Disclaimer

CSOP Asset Management Limited ("CSOP") is a regulated institution in Hong Kong by the Securities and Futures Commission (“SFC”). This website contains information about CSOP and the services and products offered by CSOP. The information provided on the CSOP website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject CSOP or its affiliates to any registration requirement within such jurisdiction or country. Non-Hong Kong investors are responsible for observing all applicable laws and regulations of their relevant jurisdictions before proceeding to access the information contained herein. By proceeding, you are representing that you have understood and accepted the restrictions set out in this section.

The website is prepared by CSOP and has not been reviewed by the SFC. You are advised to exercise caution and if you are in any doubt about any of the contents of the website, you should obtain independent financial and professional advice. Private Investors are advised to consult with their financial advisors, banks, or other professional advisors. Nothing herein should be construed as investment advice nor as comment on the suitability of any investment or investment service. Prospective investors should take advice from their own professional advisors before making any investment decision.

The information contained in this website is provided for reference only and does not constitute any investment advice. Past performance is not an indicative of future performance. Investment involves risk and investors may not get back the amount originally invested. Please read the relevant offering document carefully, in particular fund features and the risks involved in investing in the fund.

Nothing on this website constitutes a solicitation, invitation, recommendation or offer to purchase a product offered by CSOP or any CSOP funds or as the basis for any investment decision.

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