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China’s economy is on a steady path to recovery, as seen by the normalisation of economic data. China is the only major economy to have positive economic growth in 2020, despite the impacts of COVID-19.
China GDP growth vs. rest of the world
Source: IMF, Bloomberg as of September 2020.
The pace of China’s market liberalisation has picked up over the past few years, and this has prompted major index providers to include Chinese assets in their indices.
China remains under-represented in global equity indices
Source: Bloomberg, MSCI, as of 31 July 2020. Equity index used: MSCI All-Country World Index.
Technological innovation, as well as high quality growth and domestic demand, were featured in China’s latest Five-Year Plan (2021-2025). The pursuit of self-reliance in innovation and technology will be a pillar strategy for national development in the next five to 15 years.
China investments in technology 2020-2025
Source: China Centre for Information Industry Development, as of May 2020
Chinese equities have relatively low correlations with their global counterparts, potentially improving returns and lowering the volatility of global portfolios.
Chinese equities have relatively low correlation to global equities
Source Bloomberg. Correlation calculated with MSCI indexes in base currency, for the period from 30 October 2010 to 30 October 2020.
1. Source: China Banking News, as of April 2020
2. Source: Statista, as of June 2020
3. Source: Hurun Research Institute, as of August 2020. A unicorn company is a start-up with a valuation over USD 1bn
4. Source: China emerges as global tech innovation leader, CIO Journal, Deloitte, 30 October 2019
Concentration Risk: The Fund may be concentrated in a limited number of securities, economic sectors and/or countries. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds
Counterparty Risk: The possibility that the counterparty to a transaction may be unwilling or unable to meet its obligations
Derivatives Risk: Derivatives can behave unexpectedly. The pricing and volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of their underlying reference(s), instrument or asset
Emerging Markets Risk: Emerging markets are less established, and often more volatile, than developed markets and involve higher risks, particularly market, liquidity and currency risks
Exchange Rate Risk: Changes in currency exchange rates could reduce or increase investment gains or investment losses, in some cases significantly
Index Tracking Risk: To the extent that the Fund seeks to replicate index performance by holding individual securities, there is no guarantee that its composition or performance will exactly match that of the target index at any given time (“tracking error”)
Investment Leverage Risk: Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of the reference source
Liquidity Risk: Liquidity Risk is the risk that a Fund may encounter difficulties meeting its obligations in respect of financial liabilities that are settled by delivering cash or other financial assets, thereby compromising existing or remaining investors
Operational Risk: Operational risks may subject the Fund to errors affecting transactions, valuation, accounting, and financial reporting, among other things
The mark and name "Hang Seng TECH Index" is proprietary to Hang Seng Data Services Limited ("HSDS") which has licensed its compilation and publication to Hang Seng Indexes Company Limited ("HSIL"). HSIL and HSDS have agreed to the use of, and reference to, the Hang Seng TECH Index by HSBC Asset Management ("the Issuer") in connection with the HSBC Hang Seng TECH UCITS ETF (the "Product"). However, neither HSIL nor HSDS warrants, represents or guarantees to any person the accuracy or completeness of the Hang Seng TECH Index, its computation or any information related thereto and no warranty, representation or guarantee of any kind whatsoever relating to the Hang Seng TECH Index is given or may be implied. Neither HSIL nor HSDS accepts any responsibility or liability for any economic or other loss which may be directly or indirectly sustained by any person as a result of or in connection with the use of and/or reference to the Hang Seng TECH Index by the Issuer in connection with the Product, or any inaccuracies, omissions or errors of HSIL in computing the Hang Seng TECH Index. Any person dealing with the Product shall place no reliance whatsoever on HSIL and/or HSDS nor bring any claims or legal proceedings against HSIL and/or HSDS in any manner whatsoever. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker or other person dealing with the Product and HSIL and/or HSDS and must not be construed to have created such relationship. Any views expressed were held at the time of preparation and are subject to change without notice. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Asset Management (Switzerland) Ltd. accepts no liability for any failure to meet such forecast, projection or target.
Index-based Investing - The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Stock market investments should be viewed as a medium to long term investment and should be held for at least five years. Any performance information shown refers to the past and should not be seen as an indication of future returns.
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Terms and conditions
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