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1、Hang Seng China Enterprises Index ETFHang Seng TECH Index ETF 1st January 2024 to 31st December 2024ANNUAL REPORT 2024ContentsAnnual Financial Report 2024Performance Record(Unaudited)Trustees ReportIndependent Auditors ReportInvestment Portfolio(Unaudited)Information on Exposure Arising from Financi
2、al Derivative Instruments(Unaudited)Statement of Movements in Portfolio Holdings(Unaudited)Statement of Assets and LiabilitiesStatement of Comprehensive IncomeStatement of Changes in Equity/Statement of Changes in Net Assets Attributable to UnitholdersStatement of Cash FlowsNotes to the Financial St
3、atementsPerformance of the Indexes and the ETFs(Unaudited)Comparison of Daily Closing Price and Net Asset Value per Unit of the ETFs(Unaudited)Index Constituent Stocks Disclosure(Unaudited)Report on Investment Overweight in Constituent Stocks of the Index by the ETFs(Unaudited)Portfolio Carbon Footp
4、rint(Unaudited)Management and Administration2356913141718192122434446474849Hang Seng Investment2Annual Financial Report 2024Hang Seng Investment Index Funds SeriesHang Seng China Enterprises Index ETF(Stock Code:2828/82828)Hang Seng TECH Index ETF(Stock Code:3032)Reports and Financial Statements 3Pe
5、rformance Record(Unaudited)Remark:represents unavailable price as the corresponding Fund/Fund Class had not yet been commencedPrice RecordClass of UnitsCurrency20242023(1)202220212020(2)Highest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest O
6、ffer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHang Seng China Enterprises Index ETFHKD84.901150.668678.560055.627889.0649.99123.9281.58115.7886.47Hang Seng TECH Index ETFListed ClassHKD5.36012.98004.77663.51905.85602.784510.90355.43368.40796.9233Unlisted Class Class A(USD)Accumulation
7、 UnitsUSD6.57023.62845.80684.28897.14973.376210.00006.6318Unlisted Class Class A(HKD)Accumulation UnitsHKD7.44284.13786.63184.88608.12993.865911.42697.5435Unlisted Class Class D(HKD)Accumulation UnitsHKD0.65750.36560.58590.43160.71820.34151.00000.6664 Price RecordClass of UnitsCurrency20192018201720
8、162015Highest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHang Seng China Enterprises Index ETFHKD119.9399.47138.79101.07120.9495.21102.4775.67148.9293.12Hang Seng TECH Index ET
9、FListed ClassHKDUnlisted Class Class A(USD)Accumulation UnitsUSDUnlisted Class Class A(HKD)Accumulation UnitsHKDUnlisted Class Class D(HKD)Accumulation UnitsHKD Hang Seng Investment4Performance Record(Unaudited)(continued)Net Asset Value Per Unit(As at 31 December)Class of UnitsCurrency20242023(1)20
10、222021Hang Seng China Enterprises Index ETFHKD74.257258.457367.793883.52Hang Seng TECH Index ETFListed ClassHKD4.44153.73124.09815.6255Unlisted Class Class A(USD)Accumulation UnitsUSD5.44314.54375.00276.8693Unlisted Class Class A(HKD)Accumulation UnitsHKD6.16685.18075.68987.8159Unlisted Class Class
11、D(HKD)Accumulation UnitsHKD0.54490.45770.50270.6897 Net Assets Attributable to Unitholders(As at 31 December)Class of UnitsCurrency2024202320222021Hang Seng China Enterprises Index ETFHKD21,613,916,46231,251,896,32235,926,825,69322,503,093,678Hang Seng TECH Index ETFHKD4,897,919,3742,958,729,1812,79
12、9,583,5762,042,234,896 (1)For Hang Seng China Enterprises Index ETF,the number of decimal places in the net asset value per unit has been changed from two to four with effect from 8 June 2023.(2)The date of commencement for Hang Seng TECH Index ETF was 2 September 2020.Reports and Financial Statemen
13、ts 5Trustees ReportTo the Unitholders of Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETFWe hereby confirm that,in our opinion,the Manager,Hang Seng Investment Management Limited has,in all material respects,managed the Hang Seng China Enterprises Index ETF and Hang Seng TECH Index
14、 ETF in accordance with the provisions of the Trust Deeds dated 18 November 2003,as amended,for the year ended 31 December 2024.HSBC Institutional Trust Services(Asia)Limited29 April 2025Hang Seng Investment6Independent Auditors ReportTo the Unitholders of Hang Seng China Enterprises Index ETF and H
15、ang Seng TECH Index ETFReport on the Audit of Financial StatementsOpinionWe have audited the financial statements of Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF(“the Funds”)set out on pages 17 to 42,which comprise the statement of assets and liabilities as at 31 December 2024,
16、the statement of comprehensive income,the statement of changes in equity/statement of changes in net assets attributable to unitholders and the statement of cash flows for the year then ended and notes to the financial statements,including a summary of material accounting policy information and othe
17、r explanatory information.In our opinion,the financial statements give a true and fair view of the financial position of the Funds as at 31 December 2024 and of the financial transactions and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”)issue
18、d by the Hong Kong Institute of Certified Public Accountants(“HKICPA”).Basis for OpinionWe conducted our audit in accordance with Hong Kong Standards on Auditing(“HKSAs”)issued by the HKICPA.Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Au
19、dit of the Financial Statements section of our report.We are independent of the Funds in accordance with the HKICPA s Code of Ethics for Professional Accountants(“the Code”)and we have fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence we have
20、 obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of o
21、ur audit of the financial statements as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.Existence and valuation of investmentsRefer to note 15 to the financial statements and the accounting policies in note 2(f)(iv)on page 25.The Key Audit MatterH
22、ow the matter was addressed in our auditAs at 31 December 2024 the investment portfolio represented 86.07%and 98.55%of the total assets of Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF respectively and is the key driver of the Funds investment returns.We identified the existence
23、 and valuation of investments as a key audit matter because of its significance in the context of the Funds financial statements and because the value of the investment portfolio at the year end date is a key performance indicator of the Funds.Our audit procedures to assess the existence and valuati
24、on of investments included the following:developing an understanding of the control objectives and related controls relevant to our audit of the Funds by obtaining the service organisation internal control report provided by the trustee setting out the controls in place,and the independent service a
25、uditor s assurance report over the design and operating effectiveness of those controls;and evaluating the tests undertaken by the service auditor,the results of tests undertaken and opinions formed by the service auditor on the design and operating effectiveness of the controls,to the extent releva
26、nt to our audit of the Funds;and obtaining independent confirmations from the custodians of the investment portfolio held at 31 December 2024,and agreeing the Funds holdings of investments to those confirmations;and assessing the valuations of all assets in the investment portfolio at the year end d
27、ate by comparing the prices adopted by the Funds with the prices obtained from independent pricing sources.Reports and Financial Statements 7Independent Auditors Report(continued)Information Other than the Financial Statements and Auditors Report ThereonThe Manager and the Trustee of the Funds are r
28、esponsible for the other information.The other information comprises all the information included in the annual report,other than the financial statements and our auditor s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of a
29、ssurance conclusion thereon.In connection with our audit of the financial statements,our responsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
30、 appears to be materially misstated.If,based on the work we have performed,we conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the Manager and the Trustee of the Funds for the Fin
31、ancial StatementsThe Manager and the Trustee of the Funds are responsible for the preparation of financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and for such internal control as the Manager and the Trustee of the Funds determine is necessary to enab
32、le the preparation of financial statements that are free from material misstatement,whether due to fraud or error.In preparing the financial statements,the Manager and the Trustee of the Funds are responsible for assessing the Funds ability to continue as a going concern,disclosing,as applicable,mat
33、ters related to going concern and using the going concern basis of accounting unless the Manager and the Trustee of the Funds either intend to liquidate the Funds or to cease operations,or have no realistic alternative but to do so.In addition,the Manager and the Trustee of the Funds are required to
34、 ensure that the financial statements have been properly prepared in accordance with the relevant provisions of the Trust Deed,as amended on 28 June 2021 for Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF(“the Trust Deed”),and the relevant disclosure provisions of Appendix E of t
35、he Code on Unit Trusts and Mutual Funds(“the SFC Code”)issued by the Hong Kong Securities and Futures Commission.Auditors Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materi
36、al misstatement,whether due to fraud or error,and to issue an auditor s report that includes our opinion.This report is made solely to you,as a body,and for no other purpose.We do not assume responsibility towards or accept liability to any other person for the contents of this report.Reasonable ass
37、urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be e
38、xpected to influence the economic decisions of users taken on the basis of these financial statements.In addition,we are required to assess whether the financial statements of the Funds have been properly prepared,in all material respects,in accordance with the relevant provisions of the Trust Deed
39、and the relevant disclosure provisions of Appendix E of the SFC Code.As part of an audit in accordance with HKSAs,we exercise professional judgement and maintain professional scepticism throughout the audit.We also:Identify and assess the risks of material misstatement of the financial statements,wh
40、ether due to fraud or error,design and perform audit procedures responsive to those risks,and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error
41、,as fraud may involve collusion,forgery,intentional omissions,misrepresentations or the override of internal control.Hang Seng Investment8Independent Auditors Report(continued)Auditors Responsibilities for the Audit of the Financial Statements(continued)Obtain an understanding of internal control re
42、levant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimate
43、s and related disclosures made by the Manager and the Trustee of the Funds.Conclude on the appropriateness of the Manager s and the Trustee s use of the going concern basis of accounting and,based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions th
44、at may cast significant doubt on the Funds ability to continue as a going concern.If we conclude that a material uncertainty exists,we are required to draw attention in our auditor s report to the related disclosures in the financial statements or,if such disclosures are inadequate,to modify our opi
45、nion.Our conclusions are based on the audit evidence obtained up to the date of our auditor s report.However,future events or conditions may cause the Funds to cease to continue as a going concern.Evaluate the overall presentation,structure and content of the financial statements,including the discl
46、osures,and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.We communicate with the Manager and the Trustee of the Funds regarding,among other matters,the planned scope and timing of the audit and significant audit findings
47、,including any significant deficiencies in internal control that we identify during our audit.We also provide the Manager and the Trustee of the Funds with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and othe
48、r matters that may reasonably be thought to bear on our independence and,where applicable,actions taken to eliminate threats or safeguards applied.From the matters communicated with the Manager and the Trustee of the Funds,we determine those matters that were of most significance in the audit of the
49、 financial statements of the current period and are therefore the key audit matters.We describe these matters in our auditor s report unless law or regulation precludes public disclosure about the matter or when,in extremely rare circumstances,we determine that a matter should not be communicated in
50、 our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Report on matters under the relevant provisions of the Trust Deed and the relevant disclosure provisions of Appendix E to the SFC CodeIn our opinion,th
51、e financial statements have been properly prepared,in all material respects,in accordance with the relevant provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.The engagement partner on the audit resulting in this independent auditor s report is Yiu Tsz
52、Yeung,Arion.KPMGCertified Public Accountants8th Floor,Prince s Building10 Chater RoadCentral,Hong Kong29 April 2025Reports and Financial Statements 9Investment Portfolio(Unaudited)as at 31 December 2024Hang Seng China Enterprises Index ETFInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributabl
53、e toUnitholdersHong Kong Stock Exchange Listed EquitiesConglomeratesCITIC18,458,225170,000,2520.79%Consumer DiscretionaryAlibaba Group19,620,7691,616,751,3667.48%Anta Sports Products3,590,546279,524,0061.29%Baidu1,794,967148,443,7710.69%BYD2,786,656742,922,4903.44%Geely Auto15,334,743227,260,8911.05
54、%Haidilao International4,951,87578,734,8130.36%Haier Smart Home6,167,019169,593,0230.79%JD.com Inc4,438,749603,669,8642.79%Kuaishou Technology7,701,666318,463,8891.47%Li Auto3,500,832328,903,1661.52%Li Ning5,903,60797,173,3710.45%Meituan10,011,9461,518,812,2087.03%New Oriental Ed&Technology1,722,884
55、84,335,1720.39%Shenzhou International Group2,098,418130,101,9160.60%T Group433,737234,217,9801.08%XPeng4,097,196191,134,1930.89%6,770,042,11931.32%Consumer StaplesChina Mengniu Dairy7,990,558140,314,1980.65%China Resources Beer Holdings4,116,908103,951,9270.48%Nongfu Spring5,111,424173,532,8450.80%4
56、17,798,9701.93%EnergyChina Petroleum&Chemical61,771,905274,884,9771.27%China Shenhua Energy8,572,426288,033,5141.33%CNOOC39,566,532756,512,0923.50%PetroChina53,550,575327,194,0131.52%1,646,624,5967.62%FinancialsAgricultural Bank of China74,117,723328,341,5131.52%Bank of China212,242,815842,603,9763.
57、90%Bank of Communications22,215,791141,958,9050.66%China Construction Bank274,593,5301,779,366,0748.23%China Life Insurance18,886,716277,256,9911.28%China Merchants Bank9,904,524396,180,9601.83%Industrial and Commercial Bank of China198,263,7971,032,954,3824.78%PICC Property And Casualty16,634,84820
58、3,943,2360.94%Ping An Insurance17,012,370783,419,6393.63%Postal Savings Bank of China22,678,956103,869,6180.48%5,889,895,29427.25%Hang Seng Investment10as at 31 December 2024Investment Portfolio(Unaudited)(continued)Hang Seng China Enterprises Index ETFInvestmentsHoldingsMarket Value(HKD)%of Net Ass
59、etsAttributable toUnitholdersHealthcareCSPC Pharmaceutical20,868,08399,749,4370.46%JD Health International2,834,20679,641,1890.37%Sino Biopharmaceutical26,231,83183,941,8590.39%263,332,4851.22%IndustrialsJ&T Global Express18,067,565110,754,1730.51%Sunny Optical Technology1,945,055133,917,0370.62%244
60、,671,2101.13%Information TechnologyLenovo Group20,465,254206,289,7600.95%NetEase Inc1,753,865242,734,9161.12%Semiconductor Manufacturing10,630,344338,044,9391.56%Tencent Holdings4,097,3911,708,612,0477.91%Xiaomi Corporation44,329,0931,529,353,7097.08%4,025,035,37118.62%MaterialsZijin Mining Group14,
61、439,570204,175,5200.94%Properties&ConstructionChina Overseas Land&Investment9,722,648120,560,8350.56%China Resources Land8,144,770183,664,5640.85%304,225,3991.41%TelecommunicationsChina Mobile15,660,5481,199,597,9775.55%China Unicom15,531,412114,777,1340.53%1,314,375,1116.08%UtilitiesENN Energy2,009
62、,858112,250,5690.52%Total Equities21,362,426,89698.83%Financial assets at fair value through profit or lossFutures contractsHang Seng China Enterprises Index Futures January 202544283,6000.00%Hang Seng China Enterprises Index Futures January 20256433,264,4530.02%Total financial assets at fair value
63、through profit or loss3,548,0530.02%Total Investments21,365,974,94998.85%(Total cost of investments HKD21,001,583,431)Other Net Assets247,941,5131.15%Net Assets Attributable to Unitholders21,613,916,462100.00%Reports and Financial Statements 11as at 31 December 2024Investment Portfolio(Unaudited)(co
64、ntinued)Hang Seng TECH Index ETFInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersHong Kong Stock Exchange Listed EquitiesConsumer DiscretionaryAlibaba Group4,585,364377,833,9947.71%Baidu1,631,767134,947,1312.76%Bilibili679,49396,488,0061.97%China Literature1,065,16026,842,
65、0320.55%East Buy Holding1,065,15419,151,4690.39%Haier Smart Home5,606,302154,173,3053.15%JD.com Inc2,665,076362,450,3367.40%Kuaishou Technology6,995,699289,272,1545.91%Li Auto3,179,903298,751,8876.10%Meituan2,339,735354,937,8007.25%Midea Group1,126,28085,090,4541.74%NIO795,31027,676,7880.56%Tongchen
66、g Travel Holdings3,218,80858,582,3051.20%T Group393,913212,713,0204.34%XPeng3,721,659173,615,3923.54%2,672,526,07354.57%FinancialsZhongAn Online P&C Insurance1,958,20623,067,6670.47%HealthcareAlibaba Health Information Technology14,841,67849,274,3711.01%JD Health International2,576,52672,400,3811.48
67、%121,674,7522.49%IndustrialsSunny Optical Technology1,766,764121,641,7012.48%Information TechnologyASMPT764,40657,254,0091.17%BYD Electronic1,818,32976,460,7351.56%Hua Hong Semiconductor1,515,69632,814,8180.67%Kingdee International7,026,97559,940,0971.22%Kingsoft2,158,41972,630,7991.48%Lenovo Group1
68、8,587,140187,358,3713.83%NetEase Inc1,593,070220,480,8884.50%Semiconductor Manufacturing9,655,644307,049,4796.27%SenseTime Group56,732,59684,531,5681.73%Tencent Holdings957,493399,274,5818.15%Xiaomi Corporation13,307,034459,092,6739.37%1,956,888,01839.95%Total Investments4,895,798,21199.96%(Total co
69、st of investments HKD5,086,448,662)Other Net Assets2,121,1630.04%Net Assets Attributable to Unitholders4,897,919,374100.00%Hang Seng Investment12Details in respect of Financial Derivative InstrumentsInvestment Portfolio(Unaudited)(continued)The details of future contracts held by the Funds as at 31
70、December 2024 are as follows:Fund/DescriptionUnderlying AssetsContract SizePositionNotional Market ValueCounterpartyFair Value%of Net AssetsAttributable toUnitholdersHang Seng China Enterprises Index ETFFinancial Assets:HSCEI Futures 27/01/2025Hang Seng China Enterprises Index44Long16,011,600The Hon
71、gkong and Shanghai Banking Corporation Limited283,6000.00%HSCEI Futures 27/01/2025Hang Seng China Enterprises Index643Long233,987,700The Hongkong and Shanghai Banking Corporation Limited3,264,4530.02%Reports and Financial Statements 13Information on Exposure Arising from Financial Derivative Instrum
72、ents(Unaudited)The lowest,highest and average gross exposure and net exposure arising from the use of financial derivative instruments for any purpose as a proportion to the Fund s total net asset value for the year ended 31 December 2024 are as follows:Fund/DescriptionLowest Gross ExposureHighest G
73、ross ExposureAverage Gross ExposureLowest Net ExposureHighest Net ExposureAverage Net ExposureFuture contracts:Hang Seng China Enterprises Index ETF0.47%2.17%0.93%0.47%2.17%0.93%Hang Seng Investment14Statement of Movements in Portfolio Holdings(Unaudited)for the year ended 31 December 2024Hang Seng
74、China Enterprises Index ETFInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December 2024Hong Kong Stock Exchange Listed EquitiesConglomeratesCITIC33,855,208179,759,287195,156,27018,458,225Consumer DiscretionaryAlibaba Group34,548,871188,241,247203,169,34919,620,769Anta Spor
75、ts Products6,593,27235,004,80938,007,5353,590,546Baidu3,292,12517,478,28918,975,4471,794,967BYD4,855,51226,009,79628,078,6522,786,656Geely Auto28,108,113149,257,349162,030,71915,334,743Haidilao International7,784,00945,173,30448,005,4384,951,875Haier Smart Home11,311,06060,055,42065,199,4616,167,019
76、JD.com Inc8,141,12241,047,87244,750,2454,438,749Kuaishou Technology14,196,84675,152,75381,647,9337,701,666Li Auto6,413,10034,092,32637,004,5943,500,832Li Ning11,044,13157,718,20862,858,7325,903,607Meituan24,939,062128,708,344143,635,46010,011,946New Oriental Ed&Technology9,355,9157,633,0311,722,884S
77、henzhou International Group3,848,65120,443,70822,193,9412,098,418T Group636,3504,254,0194,456,632433,737XPeng5,244,20439,297,09840,444,1064,097,196Zhongsheng Group3,895,4862,147,6006,043,086Consumer StaplesChina Mengniu Dairy14,672,58277,825,31984,507,3437,990,558China Resources Beer Holdings7,551,1
78、6740,092,39843,526,6574,116,908Nongfu Spring9,374,69449,782,20454,045,4745,111,424EnergyChina Petroleum&Chemical115,207,206603,442,305656,877,60661,771,905China Shenhua Energy15,722,64983,488,40190,638,6248,572,426CNOOC72,628,723385,622,953418,685,14439,566,532PetroChina98,218,313521,525,474566,193,
79、21253,550,575FinancialsAgricultural Bank of China143,094,271725,755,906794,732,45474,117,723Bank of China389,274,8272,067,004,6022,244,036,614212,242,815Bank of Communications40,746,462216,355,548234,886,21922,215,791China Construction Bank503,631,5892,647,642,9182,876,680,977274,593,530China Life I
80、nsurance34,639,727183,934,448199,687,45918,886,716China Merchants Bank18,165,62496,452,432104,713,5329,904,524Industrial and Commercial Bank of China343,434,0881,930,279,1012,075,449,392198,263,797PICC Property And Casualty30,909,02414,274,17616,634,848Ping An Insurance31,202,588165,677,948179,868,1
81、6617,012,370Postal Savings Bank of China46,217,008227,431,632250,969,68422,678,956Reports and Financial Statements 15Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024Hang Seng China Enterprises Index ETFInvestmentsHoldings as at1 January 2024Additi
82、onsDisposalsHoldings as at31 December 2024HealthcareCSPC Pharmaceutical41,559,165213,278,427233,969,50920,868,083JD Health International5,181,60827,588,68629,936,0882,834,206Sino Biopharmaceutical52,513,358267,724,622294,006,14926,231,831IndustrialsJ&T Global Express93,299,75575,232,19018,067,565JD
83、Logistics12,303,13036,517,00248,820,132Sunny Optical Technology3,318,85818,354,90419,728,7071,945,055Xinyi Solar Holdings22,795,76433,038,73455,834,498Information TechnologyLenovo Group36,697,066198,733,980214,965,79220,465,254NetEase Inc3,216,74717,086,22218,549,1041,753,865Semiconductor Manufactur
84、ing19,460,214103,448,813112,278,68310,630,344SenseTime Group93,482,011310,438,390403,920,401Tencent Holdings8,037,29241,381,92545,321,8264,097,391Xiaomi Corporation81,552,750432,418,229469,641,88644,329,093MaterialsZijin Mining Group117,155,487102,715,91714,439,570Properties&ConstructionChina Overse
85、as Land&Investment17,832,64794,693,787102,803,7869,722,648China Resources Land14,937,13979,318,14286,110,5118,144,770Longfor Group10,739,64250,608,53761,348,179TelecommunicationsChina Mobile28,608,441152,172,826165,120,71915,660,548China Unicom159,457,958143,926,54615,531,412UtilitiesENN Energy3,686
86、,26519,573,01621,249,4232,009,858Futures ContractsHang Seng China Enterprises Index Futures January 202479090880Hang Seng China Enterprises Index Futures February 2024740740Hang Seng China Enterprises Index Futures March 2024882882Hang Seng China Enterprises Index Futures April 2024793793Hang Seng C
87、hina Enterprises Index Futures May 2024846846Hang Seng China Enterprises Index Futures June 20241,2161,216Hang Seng China Enterprises Index Futures July 20241,8641,864Hang Seng China Enterprises Index Futures August 20241,7061,706Hang Seng China Enterprises Index Futures September 20241,0301,030Hang
88、 Seng China Enterprises Index Futures October 20241,3981,398Hang Seng China Enterprises Index Futures November 2024846846Hang Seng China Enterprises Index Futures December 2024825825Hang Seng China Enterprises Index Futures January 2025687687Hang Seng Investment16Statement of Movements in Portfolio
89、Holdings(Unaudited)(continued)for the year ended 31 December 2024Hang Seng TECH Index ETFInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December 2024Hong Kong Stock Exchange Listed EquitiesConsumer DiscretionaryAlibaba Group3,380,2583,246,8362,041,7304,585,364Baidu1,092,48
90、71,013,382474,1021,631,767Bilibili416,328444,769181,604679,493China Literature709,799633,742278,3811,065,160East Buy Holding783,369580,915299,1301,065,154Haier Smart Home3,753,4333,466,2281,613,3595,606,302JD.com Inc2,320,5841,750,5721,406,0802,665,076Kuaishou Technology4,463,9914,902,0502,370,3426,
91、995,699Li Auto1,591,5972,764,7121,176,4063,179,903Meituan2,440,8971,862,3101,963,4722,339,735Midea Group1,163,25036,9701,126,280NIO159,332718,30482,326795,310Tongcheng Travel Holdings3,996,876778,0683,218,808T Group211,268291,937109,292393,913XPeng1,740,2112,938,343956,8953,721,659FinancialsZhongAn
92、Online P&C Insurance1,318,8221,141,366501,9821,958,206HealthcareAlibaba Health Information Technology8,360,56810,614,9914,133,88114,841,678JD Health International1,720,5981,577,438721,5102,576,526Ping An Healthcare&Technology951,134347,9921,299,126IndustrialsSunny Optical Technology1,101,2771,156,28
93、1490,7941,766,764Information TechnologyASMPT896,740132,334764,406BYD Electronic1,219,2641,113,417514,3521,818,329GDS Holdings597,686100,750698,436Hua Hong Semiconductor1,011,721892,065388,0901,515,696Kingdee International4,299,4194,635,2041,907,6487,026,975Kingsoft1,477,8961,288,898608,3752,158,419L
94、enovo Group12,177,20611,676,9945,267,06018,587,140NetEase Inc1,067,463990,669465,0621,593,070Semiconductor Manufacturing6,459,0925,983,9992,787,4479,655,644SenseTime Group31,087,49238,851,94513,206,84156,732,596Tencent Holdings786,361642,530471,398957,493Weibo7,4926,36513,857Xiaomi Corporation16,193
95、,57810,079,91512,966,45913,307,034Reports and Financial Statements 17Statement of Assets and Liabilitiesas at 31 December 2024Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFNotes31-12-2024(HKD)31-12-2023(HKD)31-12-2024(HKD)31-12-2023(HKD)AssetsFinancial assets at fair value through prof
96、it or loss5,6,1521,365,974,94931,034,193,7564,895,798,2112,953,418,094Dividend receivable3,357,77639,284,0943,311,408Amounts receivable on subscription of units1,310,659,930495,055,0254,508,2512,052,117Amounts receivable on sale of investments1,889,834,050666,140,16564,650,0712,075,035Other accounts
97、 receivable10(f)139,33866,753218Margin deposits10(g)36,795,82227,615,412Cash and cash equivalents10(f)218,486,021193,547,6342,749,8664,719,854Total Assets24,825,247,88632,455,902,8394,967,706,3992,965,576,726LiabilitiesAmounts payable on purchase of investments1,231,317,747474,839,7104,438,390Amount
98、s payable on redemption of units1,956,743,708704,561,16361,888,1244,743,170Accrued expenses and other payables10(a),(b),(d)&(e)23,269,96924,605,6443,460,5112,104,375Total Liabilities3,211,331,4241,204,006,51769,787,0256,847,545Net assets attributable to unitholders1221,613,916,46231,251,896,3224,897
99、,919,3742,958,729,181Representing:Financial liability-Net assets attributable to unitholders4,897,919,3742,958,729,181Total Equity21,613,916,46231,251,896,322Total number of units in issueListed Class10(i),11291,068,407534,610,472961,000,000592,500,000Unlisted Class Class A(USD)Accumulation Units6,8
100、19,5958,198,108Unlisted Class Class A(HKD)Accumulation Units53,955,41586,856,468Unlisted Class Class D(HKD)Accumulation Units16,102,25015,066,816Net asset value per unitListed Class1174.257258.4573*4.44153.7312Unlisted Class Class A(USD)Accumulation Units42.252935.5117Unlisted Class Class A(HKD)Accu
101、mulation Units6.16685.1807Unlisted Class Class D(HKD)Accumulation Units0.54490.4577*For Hang Seng China Enterprises Index ETF,the number of decimal places in the net asset value per unit has been changed from two to four with effect from 8 June 2023.Approved and authorised for issue by the Trustee a
102、nd the Manager on 29 April 2025.For and on behalf of Trustee HSBC Institutional Trust Services(Asia)Limited For and on behalf of Manager Hang Seng Investment Management LimitedThe notes on page 22 to page 42 form part of the financial statements.Hang Seng Investment18Statement of Comprehensive Incom
103、efor the year ended 31 December 2024Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFNotesYear ended31 December2024(HKD)Year ended31 December2023(HKD)Year ended31 December2024(HKD)Year ended31 December2023(HKD)IncomeDividend income7900,682,3351,011,627,06932,973,37718,101,267Interest inco
104、me8,10(f)4,351,7994,032,63089,68237,079Other income3,000905,034,1341,015,659,69933,063,05918,141,346ExpensesAuditor s remuneration(599,998)(611,990)(80,102)(80,862)Legal and professional fees(1,044,308)(156,523)(159,180)(10,662)Management fees10(a)(133,118,095)(160,234,595)(19,926,171)(15,823,149)Re
105、gistrar s fees10(b)(15,600)(20,788)(15,599)(16,062)Safe custody and bank charges10(d)(975,919)(1,159,346)(146,194)(114,488)Sundry expense10(b),(d)&(e)(10,514,788)(12,627,018)(1,708,049)(1,399,665)Investment transaction costs10(c)(7,931,455)(12,754,467)(2,810,040)(2,837,665)Transaction fees paid to t
106、rustee10(b)(378,300)(318,600)(133,800)(186,500)Trustee s fees10(b)(10,611,485)(13,622,165)(1,577,712)(1,366,545)Valuation fees10(b)(24,800)(97,200)(24,800)(97,200)(165,214,748)(201,602,692)(26,581,647)(21,932,798)Income/(loss)before gains/(losses)on investments739,819,386814,057,0076,481,412(3,791,4
107、52)Gains/(losses)on investmentsNet gains/(losses)on investments95,137,142,867(4,486,629,064)541,264,898(245,630,107)Net foreign exchange(losses)/gains(506)69,655(38,894)(139,788)Securities expenses10(d)(3,663,398)(3,832,102)(237,062)(201,188)5,133,478,963(4,490,391,511)540,988,942(245,971,083)Income
108、/(loss)before finance costs5,873,298,349(3,676,334,504)547,470,354(249,762,535)Finance costsInterest expenses10(h)(47,250)(3,555)(3,972)Income/(loss)before taxation5,873,251,099(3,676,334,504)547,466,799(249,766,507)Taxation4,7(71,090,409)(80,398,809)(387,624)(210,880)Income/(loss)attributable to un
109、itholders and total comprehensive income for the year5,802,160,690(3,756,733,313)547,079,175(249,977,387)The notes on page 22 to page 42 form part of the financial statements.Reports and Financial Statements 19Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Unithold
110、ersfor the year ended 31 December 2024Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFNotesYear ended31 December2024(HKD)Year ended31 December2023(HKD)Year ended31 December2024(HKD)Year ended31 December2023(HKD)Balance at beginning of year31,251,896,32235,926,825,6932,958,729,1812,799,58
111、3,576Income/(loss)attributable to unitholders and total comprehensive income for the year5,802,160,690(3,756,733,313)547,079,175(249,977,387)Transactions with owners/unitholders,recorded directly in equityReceived and receivable on issue of units193,870,871,857144,102,468,0282,771,158,2871,194,473,0
112、29Paid and payable on redemption of units(208,749,546,746)(144,270,651,619)(1,379,047,269)(785,350,037)Distributions to unitholders14(561,465,661)(750,012,467)Total transactions with owners(i.e.unitholders)(15,440,140,550)(918,196,058)1,392,111,018409,122,992Balance at year end21,613,916,46231,251,8
113、96,3224,897,919,3742,958,729,181Hang Seng Investment20Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Unitholders(continued)for the year ended 31 December 2024Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFNotesYear ended31 December2024Year ended31 Dece
114、mber2023Year ended31 December2024Year ended31 December2023Movement of units in issue is listed below:Listed ClassNumber of units brought forward534,610,472529,942,463592,500,000534,500,000Number of units issued during the year2,911,577,2852,195,961,141521,500,00095,000,000Number of units redeemed du
115、ring the year(3,155,119,350)(2,191,293,132)(153,000,000)(37,000,000)Number of units carried forward11291,068,407534,610,472961,000,000592,500,000Unlisted ClassClass A(USD)Accumulation UnitsNumber of units brought forward8,198,1086,929,786Number of units issued during the year7,133,6619,810,092Number
116、 of units redeemed during the year(8,512,174)(8,541,770)Number of units carried forward116,819,5958,198,108Class A(HKD)Accumulation UnitsNumber of units brought forward86,856,46858,404,302Number of units issued during the year39,657,80877,827,225Number of units redeemed during the year(72,558,861)(4
117、9,375,059)Number of units carried forward1153,955,41586,856,468Class D(HKD)Accumulation UnitsNumber of units brought forward15,066,81613,009,176Number of units issued during the year17,809,44115,459,521Number of units redeemed during the year(16,774,007)(13,401,881)Number of units carried forward111
118、6,102,25015,066,816The notes on page 22 to page 42 form part of the financial statements.Reports and Financial Statements 21Statement of Cash Flowsfor the year ended 31 December 2024Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFYear ended31 December2024(HKD)Year ended31 December2023(HK
119、D)Year ended31 December2024(HKD)Year ended31 December2023(HKD)Operating activitiesPayment for legal and professional fees(555,131)(156,523)(75,811)(10,662)Payment for auditor s remuneration(608,757)(600,000)(91,167)(80,000)Payment for management fees(135,995,330)(159,349,142)(18,861,875)(15,787,500)
120、Payment for fees paid to Trustee(11,668,297)(14,328,551)(1,743,117)(1,713,702)Payment for investment transaction costs(7,931,455)(12,754,467)(2,810,040)(2,837,665)Payment for safe custody and bank charges(1,007,374)(1,155,079)(138,871)(113,945)Other income received3,000Payment for other operating ex
121、penses(8,475,449)(11,998,693)(1,507,612)(1,388,724)Net cash used in operating activities(166,241,793)(200,342,455)(25,228,493)(21,929,198)Investing activitiesPayment for securities expenses(3,972,705)(3,434,826)(272,974)(165,116)Distribution income received865,518,244894,312,87335,897,16114,578,979I
122、nterest received4,279,2143,968,00989,90036,917Proceeds from sale of investments2,556,895,3743,958,964,4651,279,588,992917,727,441Payments for purchase of investments(3,381,511,002)(2,814,268,469)(1,243,648,357)(1,100,691,931)Proceeds from settlement of futures contracts81,367,70748,252,9821,750Payme
123、nts for settlement of futures contracts(79,775,238)(85,014,430)Margin deposits placed with brokers(9,180,410)(9,961,045)Net cash generated from/(used in)investing activities33,621,1841,992,819,55971,654,722(168,511,960)Financing activitiesPayment for interest expenses(47,250)(3,555)(3,972)Proceeds o
124、n issue of units8,071,811,8002,122,879,432696,686,121821,278,995Payments on redemption of units(7,352,739,893)(3,085,545,848)(745,078,783)(629,214,501)Distributions paid to unitholders(561,465,661)(750,012,467)Net cash generated from/(used in)from financing activities157,558,996(1,712,678,883)(48,39
125、6,217)192,060,522Net increase/(decrease)in cash and cash equivalents24,938,38779,798,221(1,969,988)1,619,364Cash and cash equivalents at the beginning of the year193,547,634113,749,4134,719,8543,100,490Cash and cash equivalents at the end of the year218,486,021193,547,6342,749,8664,719,854Major non-
126、cash transactions:(i)During the year ended 31 December 2024,unitholders subscribed for 2,820,700,000 units of Hang Seng China Enterprises Index ETF(2023:2,184,900,000 units)by tendering a basket of the constituent stocks of Hang Seng China Enterprises Index with a market value of HKD185,687,573,030(
127、2023:HKD141,995,335,461).(ii)During the year ended 31 December 2024,unitholders tendered 3,075,400,000 units of Hang Seng China Enterprises Index ETF(2023:2,162,800,000 units)in exchange for a basket of the constituent stocks of Hang Seng China Enterprises Index with a market value of HKD201,362,425
128、,908(2023:HKD141,179,087,332).(iii)During the year ended 31 December 2024,unitholder subscribed for 521,500,000 units of Hang Seng TECH Index ETF(2023:95,000,000 units)by tendering a basket of the constituent stocks of Hang Seng TECH Index with market value of HKD2,076,454,422(2023:HKD373,695,589).(
129、iv)During the year ended 31 December 2024,unitholders tendered 153,000,000 units of Hang Seng TECH Index ETF(2023:37,000,000 units)in exchange for a basket of the constituent stocks of Hang Seng TECH Index with a market value of HKD673,441,590(2023:HKD151,920,398).The notes on page 22 to page 42 for
130、m part of the financial statements.Hang Seng Investment22Notes to the Financial Statements 1.BackgroundHang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF(the“Funds”)are authorised by the Securities and Futures Commission in Hong Kong(“SFC”)under Section 104(1)of the Hong Kong Securit
131、ies and Futures Ordinance,and are governed by the Hong Kong Code on Unit Trusts and Mutual Funds(“the SFC Code”).Hang Seng China Enterprises Index ETF was constituted by a Trust Deed dated 18 November 2003,as amended from time to time under the laws of Hong Kong,and registered on 19 November 2003 as
132、 a unit trust under the laws of Hong Kong;Hang Seng TECH Index ETF was constituted by a Trust Deed dated 18 November 2003,as amended from time to time under the laws of Hong Kong,and registered on 3 September 2020 as a unit trust under the laws of Hong Kong.The investment objective of the Funds is t
133、o match,before expenses,as closely as practicable,the performance of Hang Seng China Enterprises Index and Hang Seng TECH Index(each“China Enterprises Index”and“TECH Index”,collectively the“Indexes”)respectively by holding a basket of the constituent stocks of the Indexes.2.Material accounting polic
134、ies(a)Statement of complianceThe financial statements of the Funds have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards(“HKFRSs”),which collective term includes all applicable individual Hong Kong Financial Reporting Standards,Hong Kong Accounting Standards(“H
135、KASs”)and Interpretations issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”),accounting principles generally accepted in Hong Kong,the relevant provisions of the respective Trust Deed,as amended,and the relevant disclosure provisions of the SFC Code issued by the SFC.A summa
136、ry of the material accounting policies adopted by the Funds is set out below.The HKICPA has issued certain amendments to HKFRSs that are first effective or available for early adoption for the current accounting period of the Funds.Note 3 provides information on any changes in accounting policies re
137、sulting from initial application of these developments to the extent that they are relevant to the Funds for the current accounting periods reflected in these financial statements.(b)Basis of preparation of the financial statementsThe functional and presentation currency of the financial statements
138、is Hong Kong dollars,which is the reporting currency of the units in issue of the Funds.All figures are rounded to the nearest dollar.The measurement basis used in the preparation of the financial statements is the historical cost basis except that investments and derivatives are stated at their fai
139、r value as explained in the accounting policies set out below.The preparation of financial statements in conformity with HKFRSs requires the Manager and the Trustee to make judgements,estimates and assumptions that affect the application of policies and reported amounts of assets,liabilities,income
140、and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not read
141、ily apparent from other sources.Actual results may differ from these estimates.The areas involving a higher degree of judgement relate to the determination of fair value of suspended equities with significant unobservable inputs and are disclosed in note 15.The estimates and underlying assumptions a
142、re reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period,or in the period of the revision and future periods if the revision affects both current and future periods.Reports and Financial S
143、tatements 23Notes to the Financial Statements(continued)2.Material accounting policies(continued)(c)Income and expensesInterest income and expenses are recognised as they accrue under the effective interest method using the rate that exactly discounts estimated future cash receipts or payments throu
144、gh the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or financial liability.Dividend income is recognised when the underlying securities are quoted ex-dividend.Dividend income and interest income is presented gross of any non-recovera
145、ble withholding taxes,which are disclosed separately in profit or loss.All other income and expenses are accounted for on an accruals basis.(d)TaxationTaxation for the year comprises current tax which is recognised in profit or loss.Current tax is the expected tax payable on the taxable income for t
146、he year,using tax rates enacted or substantively enacted at the date of statement of assets and liabilities.Current tax includes non-recoverable withholding taxes on investment income.(e)Translation of foreign currencyForeign currency transactions during the year are translated into Hong Kong dollar
147、s at the foreign exchange rates ruling at the transaction dates.Monetary assets and liabilities denominated in foreign currencies are translated into Hong Kong dollars at the foreign exchange rates ruling at the date of statement of assets and liabilities.Exchange gains and losses are recognised in
148、profit or loss.Exchange differences relating to investments at fair value through profit or loss are included in gains/losses on investments.(f)Financial instruments(i)ClassificationOn initial recognition,the Funds classify financial assets as measured at amortised cost or fair value through profit
149、or loss(“FVTPL”).A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:it is held within a business model whose objective is to hold assets to collect contractual cash flows;and its contractual terms give rise on specified date
150、s to cash flows that are solely payments of principal and interest(“SPPI”).All other financial assets of the Funds are measured at FVTPL.Business model assessmentIn making an assessment of the objective of the business model in which a financial asset is held,the Funds consider all of the relevant i
151、nformation about how the business is managed,including:the investment strategy in the offering document of the Funds and the execution of this strategy in practice.This includes whether the investment strategy focuses on earning contractual interest income,maintaining a particular interest rate prof
152、ile,matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;how the performance of the portfolio is evaluated and reported to the Funds management;the risks that affect the performance o
153、f the business model(and the financial assets held within that business model)and how those risks are managed;Hang Seng Investment24Notes to the Financial Statements(continued)2.Material accounting policies(continued)how the compensation to investment manager is determined:e.g.whether compensation i
154、s based on the fair value of the assets managed or the contractual cash flows collected;and the frequency,volume and timing of sales of financial assets in prior periods,the reasons for such sales and expectations about future sales activity.Transfers of financial assets to third parties in transact
155、ions that do not qualify for derecognition are not considered sales for this purpose,consistent with the Funds continuing recognition of the assets.The Funds have determined that they have two business models.Held-to-collect business model:this includes amounts receivable on subscription of units,am
156、ounts receivable on sale of investments,dividend receivable,other accounts receivable,margin deposits and cash and cash equivalents.These financial assets are held to collect contractual cash flows.Other business model:this includes equity instruments and derivatives.These financial assets are manag
157、ed and their performance is evaluated,on a fair value basis,with frequent sales taking place.Assessment whether contractual cash flows are SPPIFor the purposes of this assessment,“principal”is defined as the fair value of the financial asset on initial recognition.“Interest”is defined as considerati
158、on for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs(e.g.liquidity risk and administrative costs),as well as a profit margin.In assessing whether the contractual cash flo
159、ws are SPPI,the Funds consider the contractual terms of the instrument.This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.In making this assessment,the Funds consi
160、der:contingent events that would change the amount or timing of cash flows;leverage features;prepayment and extension features;terms that limit the Funds claim to cash flows from specified assets(e.g.non-recourse features);and features that modify consideration for the time value of money(e.g.period
161、ical reset of interest rates).The Funds classify their investments based on the business model and contractual cash flows assessment.Accordingly,the Funds classify all their equity instruments and derivatives into financial assets at FVTPL category.Financial assets measured at amortised cost include
162、 amounts receivable on subscription of units,amounts receivable on sale of investments,dividend receivable,other accounts receivables,margin deposits and cash and cash equivalents.Financial liabilities that are not at fair value through profit or loss include amounts payable on purchase of investmen
163、ts,amounts payable on redemption of units and accrued expenses and other payables.All derivatives in a net receivable position(positive fair value)are classified as financial assets at fair value through profit or loss.All derivatives in a net payable position(negative fair value)are reported as fin
164、ancial liabilities at fair value through profit or loss.Reports and Financial Statements 25Notes to the Financial Statements(continued)2.Material accounting policies(continued)ReclassificationsFinancial assets are not reclassified subsequent to their initial recognition unless the Funds were to chan
165、ge their business model for managing financial assets,in which case all affected financial assets would be reclassified on the first day of the first reporting period following the change in the business model.(ii)RecognitionThe Funds recognise financial assets and financial liabilities on the date
166、they become a party to the contractual provisions of the instruments.A regular way purchase or sale of financial assets or financial liabilities at fair value through profit or loss is recognised on a trade date basis.From this date,any gains or losses arising from changes in fair value of the finan
167、cial assets or financial liabilities at fair value through profit or loss are recorded.Financial liabilities are not recognised unless one of the parties has performed their obligations under the contract or the contract is a derivative contract not exempted from the scope of HKFRS 9.(iii)Measuremen
168、tFinancial instruments are measured initially at fair value(transaction price).Transaction costs on financial assets and liabilities at fair value through profit or loss are expensed immediately.Subsequent to initial recognition,all instruments classified at fair value through profit or loss are mea
169、sured at fair value with changes in their fair values recognised in profit or loss.Financial assets classified as measured at amortised cost are carried at amortised cost using the effective interest rate method,less impairment losses,if any.Financial liabilities,other than those at fair value throu
170、gh profit or loss,are measured at amortised cost using the effective interest rate method.(iv)Fair value measurement principlesFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
171、 in the principal or,in its absence,the most advantageous market to which the Funds have access at that date.The fair value of a liability reflects its non-performance risk.When available,the Funds measure the fair value of an instrument using the quoted price in an active market for that instrument
172、.A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.If there is no quoted price in an active market,then the Funds use valuation techniques that maximise the use of relevant obse
173、rvable inputs and minimise the use of unobservable inputs.The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.The Funds recognise transfers between levels of the fair value hierarchy as at the end of the reporting p
174、eriod during which the change has occurred.Net gains or losses on investments are included in profit or loss.Realised gains or losses on investments and unrealised gains or losses on investments arising from a change in fair value are provided in note 9.Net realised gains or losses from financial in
175、struments at fair value through profit or loss is calculated using the average cost method.Hang Seng Investment26Notes to the Financial Statements(continued)2.Material accounting policies(continued)(v)DerecognitionA financial asset is derecognised when the contractual rights to receive the cash flow
176、s from the financial asset expire,or where the financial asset together with substantially all the risks and rewards of ownership,have been transferred.Financial assets measured at FVTPL that are sold are derecognised and corresponding receivables from brokers are recognised as of the date the Funds
177、 commit to sell the assets.A financial liability is derecognised when the obligation specified in the contract is discharged,cancelled or expires.A regular way purchase or sale of financial assets or financial liabilities at fair value through profit or loss is recognised on a trade date basis.From
178、this date,any gains or losses arising from changes in fair value of the financial assets or financial liabilities at fair value through profit or loss are recorded.On derecognition of a financial asset,the difference between the carrying value of the asset and the consideration received is recognise
179、d in profit or loss.(vi)OffsettingFinancial assets and financial liabilities are offset and the net amount is reported in the statement of assets and liabilities when the Funds have a legally enforceable right to offset the recognised amounts and the transactions are intended to be settled on a net
180、basis or simultaneously,e.g.through a market clearing mechanism.(g)Related parties(a)A person,or a close member of that person s family,is related to the Funds if that person:(i)has control or joint control over the Funds;(ii)has significant influence over the Funds;or(iii)is a member of the key man
181、agement personnel of the Funds or the Funds parent.(b)An entity is related to the Funds if any of the following conditions applies:(i)The entity and the Funds are members of the same group(which means that each parent,subsidiary and fellow subsidiary is related to the others).(ii)One entity is an as
182、sociate or joint venture of the other entity(or an associate or joint venture of a member of a group of which the other entity is a member).(iii)Both entities are joint ventures of the same third party.(iv)One entity is a joint venture of a third entity and the other entity is an associate of the th
183、ird entity.(v)The entity is a post-employment benefit plan for the benefit of employees of an entity related to the Funds.(vi)The entity is controlled or jointly controlled by a person identified in(a).(vii)A person identified in(a)(i)has significant influence over the entity or is a member of the k
184、ey management personnel of the entity(or of a parent of the entity).(viii)The entity or any member of a group of which it is a part,provides key management personnel services to the Funds or to the Funds parent.Close members of the family of a person are those family members who may be expected to i
185、nfluence,or be influenced by,that person in their dealings with the entity.Reports and Financial Statements 27Notes to the Financial Statements(continued)2.Material accounting policies(continued)(h)Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand,demand deposits w
186、ith banks and other financial institutions,and short-term,highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value,having been within three months of maturity at acquisition.(i)Units in issueThe Funds classif
187、y financial instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the instruments.A puttable financial instrument that includes a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another
188、 financial asset is classified as equity instruments if it meets the following conditions:(i)it entitles the holder to a pro rata share of the Funds net assets in the event of the Funds liquidation;(ii)it is in the class of instruments that is subordinate to all other classes of instruments;(iii)all
189、 financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features;(iv)apart from the contractual obligation for the Funds to repurchase or redeem the instrument for cash or another financial asset,the instrument does not include any ot
190、her features that would require classification as a liability;and(v)the total expected cash flows attributable to the instrument over its life are based substantially on profit or loss,the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net asse
191、ts of the Funds over the life of the instrument.Hang Seng China Enterprises Index ETF has only one class in issue and their redeemable units meet all of these conditions and are classified as equity instruments.Hang Seng TECH Index ETF has multiple classes of redeemable units in issue.All the classe
192、s are the most subordinate classes of financial instruments in the fund and rank pari passu in all material respects and have the same terms and conditions.The redeemable units provide investors with the right to require redemption for cash at a value proportionate to the investor s share in the fun
193、d s net assets at each redemption date,and also in the event of the fund s liquidation.The redeemable units of the fund are classified as financial liabilities and are measured at the present value of the redemption amounts.(j)Segment reportingAn operating segment is a component of the Funds that en
194、gages in business activities from which they may earn revenues and incur expenses,including revenues and expenses that relate to transactions with any of the Funds other components,whose operating results are reviewed regularly by the chief operating decision maker to make decisions about resources
195、allocated to the segment and assess its performance,and for which discrete financial information is available.Segment results that are reported to the chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.The chie
196、f operating decision maker of the Funds is identified as the Manager,Hang Seng Investment Management Limited.(k)Income equalisation on subscriptions and redemptionsIncome portion of received and receivable on issue of units or paid and payable on redemption of units is calculated based on the portio
197、n of the unit price related to undistributed accumulated net investment income and accumulated expenses of the unit at the date of issue or redemption.Hang Seng Investment28Notes to the Financial Statements(continued)2.Material accounting policies(continued)(l)Investment transaction costsInvestment
198、transaction costs are costs incurred for purchase or sale of investments at fair value through profit or loss.They include fees and commissions paid to agents,brokers and dealers.Transaction costs,when incurred,are immediately recognised in profit or loss as an expense.(m)Formation costsFormation co
199、sts of the Funds are charged to profit or loss as incurred.3.Changes in accounting policiesThe HKICPA has issued a number of amendments to HKFRSs that are first effective for the current accounting period of the Funds.None of these impact on the accounting policies of the Funds.Amendments to HKAS 1,
200、Presentation of financial statements:Classification of liabilities as current or non-current(“2020 amendments”)and amendments to HKAS 1,Presentation of financial statements:Non-current liabilities with covenants(“2022 amendments”)Amendments to HKFRS 16,Leases:Lease liability in a sale and leaseback
201、Amendments to HKAS 7,Statement of cash flows and HKFRS 7,Financial instruments:Disclosures Supplier finance arrangementsThe Funds have not applied any new standard or interpretation that is not yet effective for the current accounting period(see note 17).4.TaxationNo provision for Hong Kong Profits
202、Tax has been made in the financial statements as the income of the Funds are exempt from taxation under Section 26A(1A)of the Hong Kong Inland Revenue Ordinance.Taxation for the year represents non-recoverable withholding tax on dividend income which is recorded gross of withholding tax in profit or
203、 loss.5.Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss as of 31 December 2024 and 31 December 2023 are as follows:Hang Seng China EnterprisesIndex ETFHang Seng TECH Index ETFMarket ValueMarket Value2024(HKD)2023(HKD)2024(HKD)2023(HKD)Listed
204、 equities21,362,426,89631,028,130,5064,895,798,2112,953,418,094Future contracts3,548,0536,063,250Total financial assets at fair value through profit or loss21,365,974,94931,034,193,7564,895,798,2112,953,418,094Reports and Financial Statements 29Notes to the Financial Statements(continued)6.Financial
205、 risk managementThe Funds maintain investment portfolios in the constituent stocks of the Indexes as dictated by their investment management strategy,but are not limited to equity instruments and derivatives.The Funds investment objective is to match,before expenses,as closely as practicable,the per
206、formance of the Indexes against which the Funds are benchmarked.The Manager primarily adopts a replication strategy to achieve the investment objective of the Funds.When there is a change in the constituent stocks of the Indexes or the weighting of the constituent stocks in the Indexes,the Manager w
207、ill be responsible for implementing any adjustment to the Funds portfolio of stocks to ensure that the Funds investment portfolios closely correspond to the composition of the Indexes and the weighting of each constituent stock.The Funds investing activities expose them to various types of risks tha
208、t are associated with the financial instruments and markets in which they invest.To comply with HKFRS 7,the Manager has set out below the most important types of financial risks inherent in the financial instruments held by the Funds.The Manager would like to highlight that the following list of ass
209、ociated risks only sets out some of the risks but does not purport to constitute an exhaustive list of all the risks inherent in an investment in the Funds.Investors should note that additional information in respect of risks associated with the investments in the Funds can be found in the Funds Hon
210、g Kong Offering Document(“HKOD”).The nature and extent of the financial instruments outstanding at the year end date and the risk management policies employed by the Funds are discussed below.(a)Market riskMarket risk arises when the fair value and future cash flows of a financial instrument will fl
211、uctuate because of changes in market prices and includes price risk,interest rate risk and currency risk.(i)Price riskPrice risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices(other than those arising from interest rate risk or currency ri
212、sk),whether caused by factors specific to an individual investment,its issuer or all factors affecting all instruments traded in the market.The Funds are exposed to price risk arising from changes in market prices of equity instruments and market prices of the underlying indices or assets of derivat
213、ives.The Manager constructs the portfolio through adopting a replication strategy.The Funds are not actively managed and the Manager does not have the discretion to select stocks or to take defensive position in a declining market.Hence,any fall in the underlying index will result in a corresponding
214、 fall in the value of the Funds.All investments of the Funds are constituent stocks of the Indexes listed on The Stock Exchange of Hong Kong(“SEHK”).The Funds estimate the future reasonably possible market price fluctuations for equity investments on an overall basis.If the relevant indexes at 31 De
215、cember 2024 had increased/decreased by 20%(2023:20%),it is estimated that the net assets attributable to unitholders of the Funds would have increased/decreased accordingly as shown below.The analysis assumes that all other variables,in particular,interest rates remain constant.Hang Seng Investment3
216、0Notes to the Financial Statements(continued)6.Financial risk management(continued)Estimated Increase/(Decrease)in Net Assets Attributable to UnitholdersFundCurrencyBenchmark/Underlying AssetsIf UnderlyingAssetsIncreased by20%If UnderlyingAssetsIncreased by20%If UnderlyingAssetsDecreased by20%If Und
217、erlyingAssetsDecreased by20%2024202320242023Hang Seng China Enterprises Index ETFHKDHang Seng China Enterprises Index4,322,485,2396,251,414,501(4,322,485,239)(6,251,414,501)Hang Seng TECH Index ETFHKDHang Seng TECH Index979,159,642590,683,619(979,159,642)(590,683,619)(ii)Interest rate riskInterest r
218、ate risk arises from changes in interest rates which may inversely affect the value of interest bearing assets and therefore results in potential gain or loss to the Funds.Except for bank deposits,all the financial assets and liabilities of the Funds are non-interest bearing.As a result,the Funds ha
219、ve limited exposure to interest rate risk.(iii)Currency riskThe financial assets and liabilities of the Funds are denominated in Hong Kong dollars,the functional currency of the Funds and United States dollars as such the Funds have limited exposure to currency risk.(b)Credit riskAnalysis of credit
220、risk management policy and concentration of credit riskCredit risk arising on transactions with brokers relates to transactions awaiting settlement.Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high quality of the brokers used.The Man
221、ager monitors the credit rating and financial positions of the brokers used to further mitigate this risk.HSBC Institutional Trust Services(Asia)Limited is the Trustee of the Funds.Bankruptcy or insolvency of the Trustee may cause the Funds rights with respect to the assets to be delayed or limited.
222、The Manager monitors the risk by monitoring the credit quality of the Trustee on an on-going basis.All of the investments of the Funds are held by The Hongkong and Shanghai Banking Corporation Limited(the“Custodian”).Bankruptcy or insolvency of the Custodian may cause the Funds rights with respect t
223、o investments held by the Custodian to be delayed or limited.The Manager monitors its risk by monitoring the credit rating of the Custodian on an on-going basis.All of the cash held by the Funds are deposited with The Hongkong and Shanghai Banking Corporation Limited(“HSBC”).Bankruptcy or insolvency
224、 of HSBC may cause the Funds rights with respect to the cash held by HSBC to be delayed or limited.The Manager monitors its risk by monitoring the credit rating of HSBC on an on-going basis.Other than outlined above,there were no significant concentrations of credit risk to counterparties at 31 Dece
225、mber 2024 and 31 December 2023.Reports and Financial Statements 31Notes to the Financial Statements(continued)6.Financial risk management(continued)(c)Liquidity riskLiquidity risk is the risk that the Funds will encounter difficulty in meeting obligations arising from its financial liabilities that
226、are settled by delivering cash or another financial asset,or that such obligations will have to be settled in a manner disadvantageous to the Funds.The Funds and the Manager have policies and procedures to manage liquidity to meet its liability including estimated redemption of units,as and when due
227、,without incurring undue losses or risking damage to the Funds reputation.HKOD provide for the daily creation and cancellation of units and the Funds are therefore exposed to the liquidity of meeting unitholder redemptions daily.All other financial liabilities are repayable on demand or have contrac
228、tual maturities less than three months.The majority of the Funds financial assets are listed equity investments which are considered to be readily realisable as they are all listed on the SEHK.As a result,the Funds are able to liquidate quickly its investments in order to meet its liquidity requirem
229、ents.The Funds liquidity risk is managed on a daily basis by the Manager in accordance with the policies and procedures in place.The Funds redemption policy allows redemption to be made:through participating dealers by any investor with a basket of constituent stocks of the Indexes and a minor cash
230、component,or wholly with cash.The minimum redemption units for Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF are 100,000 units and 500,000 units respectively;through the Manager by the feeder funds with a basket of constituent stocks of the Indexes and a minor cash component or
231、wholly with cash at a minimum of 1 unit,the feeder funds of Hang Seng China Enterprises Index ETF are Hang Seng China Enterprises Index Fund and Hang Seng China Enterprises Index Tracking Fund under the HSBC/Hang Seng MPF.The Manager has the right to declare suspension of unitholders right to redeem
232、 units under certain conditions,such as when SEHK is closed;dealings on the SEHK or the Hong Kong Futures Exchange Limited are restricted or suspended;or the Indexes are not complied or published,etc.in accordance with the HKOD.Hang Seng Investment32Notes to the Financial Statements(continued)6.Fina
233、ncial risk management(continued)(d)DerivativesThe table which states the Funds holdings in futures contracts as of the year end date translated into their reporting currencies is also shown below:FundCurrencyYearNumber of contractsWeighted average contract index priceContract amountExpiration dateUn
234、derlying investmentsFair value assetsFair value(liabilities)Hang Seng China Enterprises Index ETFHKD20246877,175246,451,2471/2025Hang Seng China Enterprises Index3,548,053HKD20237905,643222,878,7501/2024Hang Seng China Enterprises Index6,063,250(e)Capital ManagementThe Funds capital as at the year e
235、nd date is represented by their redeemable units.The Funds objective in managing the capital is to ensure a stable and strong base to maximise returns to all investors,and to manage liquidity risk arising from the redemptions.The Manager manages the capital of the Funds in accordance with the Funds
236、investment objectives and policies stated in the HKOD.There were no changes in the policies and procedures during the year with respect to the Funds approach to its capital management.The Funds are not subject to externally imposed capital requirements.The amount and the movement of equity are state
237、d in the statement of changes in equity.As the redeemable units are redeemed on demand at the unitholders option,the actual level of redemption may differ significantly from the historic experience.7.Dividend incomeThe amounts of dividend income and net dividend income,which was net of any non-recov
238、erable withholding taxes,earned by the Funds during the year are shown below.FundCurrencyDividend incomeWithholding taxesNet dividend income202420232024202320242023Hang Seng China Enterprises Index ETFHKD900,682,3351,011,627,069(71,090,409)(80,398,809)829,591,926931,228,260Hang Seng TECH Index ETFHK
239、D32,973,37718,101,267(387,624)(210,880)32,585,75317,890,387Reports and Financial Statements 33Notes to the Financial Statements(continued)8.Interest incomeDuring the year,the Funds earned interest income from cash and cash equivalents as shown in the table below.FundCurrencyCash and cash equivalentN
240、et interest income2024202320242023Hang Seng China Enterprises Index ETFHKD4,351,7994,032,6304,351,7994,032,630Hang Seng TECH Index ETFHKD89,68237,07989,68237,0799.Net gains/(losses)on investmentsDuring the year,the Funds disposed of equity instruments and derivatives and earned or incurred realised
241、and unrealised gains or losses as shown below.FundCurrencyNet gains/(losses)on investments inequity instrumentsNet(losses)/gains oninvestments inderivativesNet gains/(losses)on investments202420232024202320242023Hang Seng China Enterprises Index ETFHKD5,138,065,595(4,455,069,292)(922,728)(31,559,772
242、)5,137,142,867(4,486,629,064)Hang Seng TECH Index ETFHKD541,264,898(245,631,857)1,750541,264,898(245,630,107)FundCurrencyRealised gains/(losses)from investmentsMovement on unrealisedgains or lossesNet gains/(losses)on investments202420232024202320242023Hang Seng China Enterprises Index ETFHKD3,428,7
243、04,395(1,014,894,614)1,708,438,472(3,471,734,450)5,137,142,867(4,486,629,064)Hang Seng TECH Index ETFHKD(177,441,434)(249,502,337)718,706,3323,872,230541,264,898(245,630,107)Hang Seng Investment34Notes to the Financial Statements(continued)10.Transactions with the Trustee,the Manager and their Conne
244、cted PersonsThe following is a summary of significant related party transactions or transactions entered into during the year between the Fund and the Trustee,the Manager and their Connected Persons.Connected Persons are those as defined in the SFC Code issued by the SFC.All transactions during the
245、year between the Fund,the Trustee,the Manager and their Connected Persons were entered into in the ordinary course of business and under normal commercial terms.To the best of the knowledge of the Trustee and the Manager,the Fund did not have any other transactions with the Trustee,the Manager and t
246、heir Connected Persons except for those disclosed below.The relevant receivables and payables are unsecured,interest-free and repayable on demand.(a)Hang Seng Investment Management Limited,a wholly-owned subsidiary of Hang Seng Bank(“HSB”),which is a member of the HSBC Group,is the Manager of the Fu
247、nds.The Manager earns management fees at a rate of 0.55%of net asset value per annum.Management fees are calculated as at each dealing day and payable monthly.Management fees paid during the year and management fees payable to the Manager at the year end date are shown below.Hang Seng China Enterpri
248、ses Index ETFHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Management fees paid during the year133,118,095160,234,59519,926,17115,823,149Management fee payable11,351,30314,228,5382,420,2001,355,904(b)HSBC Institutional Trust Services(Asia)Limited,a member of the HSBC Group was appointe
249、d as the Trustee of the Funds.The Trustee earns trustee s fee based on the fee table below.Effective from 3rd April 2024,The Trustee earns trustee s fees at the rate of 0.0425%per annum for Hang Seng China Enterprises Index ETF and Hang Seng Tech Index ETF.Prior to 3rd April 2024,the trustee fees at
250、 the rate of 0.0475%per annum.From 1st April 2024 to 31st March 2025 minimum monthly trustee fees is waived for Hang Seng Tech Index ETF.Prior to 1st April 2024,the minimum monthly trustee s fees was HKD7,500.Hang Seng ChinaEnterprises Index ETFHang Seng TECHIndex ETFTrustee s fee rate(p.a.)0.0425%0
251、.0425%Minimum monthly trustee s fees(in HKD)Processing fee for handling each purchase or sale of investments(in HKD)3535Valuation fee per valuation(in HKD)before April 2024400400Valuation fee per valuation(in HKD)after April 2024Processing fee for handling each creation/redemption/transfer of units
252、(in HKD)100100Reports and Financial Statements 35Notes to the Financial Statements(continued)10.Transactions with the Trustee,the Manager and their Connected Persons(continued)The Trustee also earned fees for providing various services to the Funds during the year as shown below.Details of such fee
253、paid during the year and such fees payable at the year end date shown below:Hang Seng China Enterprises Index ETFHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Transaction fees paid to trustee paid to HSBC Institutional Trust Services(Asia)Limited378,300318,600133,800186,500Trustee s fe
254、es paid to HSBC Institutional Trust Services(Asia)Limited10,611,48513,622,1651,577,7121,366,545Registrar s fees paid to HSBC Institutional Trust Services(Asia)Limited15,60020,78815,59916,062Valuation fees paid to HSBC Institutional Trust Services(Asia)Limited24,80097,20024,80097,200Financial reporti
255、ng fee paid to HSBC Institutional Trust Services(Asia)Limited360,943393,46948,04967,366Fees payable to Trustee paid to HSBC Institutional Trust Services(Asia)Limited1,569,6941,846,863245,595188,752(c)HSBC acts in the role as one of the Participating Dealers of the Funds and performed in-kind and in-
256、cash creation and redemption in units of the Funds.The Funds also utilise the services of HSBC for part of the purchase and sale of investments for the year ended 31 December 2024.Details of such transactions executed and fees paid during the year are shown below.Hang Seng China Enterprises Index ET
257、FHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Value of in-kind creation through HSBC(in HKD)8,247,036,6585,836,137,969Units subscribed through HSBC from in-kind creation(units)127,600,00091,100,000Value of in-kind redemption through HSBC(in HKD)5,134,534,766Units redeemed through HSBC
258、 from in-kind redemption (units)79,700,000Value of in-cash creation through HSBC(in HKD)Units subscribed through HSBC from in-cash creation(units)Hang Seng China Enterprises Index ETFHang Seng TECH Index ETF2024202320242023Value of transactions executed through HSBC(in HKD)9,826,373,85311,745,217,07
259、41,708,257,6211,721,311,108Share of total value of transactions of the Fund2.50%4.05%32.61%67.65%Commission paid to HSBC(in HKD)195,76892,87598,21186,071Average commission rate0.00%0.00%0.00%0.01%Hang Seng Investment36Notes to the Financial Statements(continued)10.Transactions with the Trustee,the M
260、anager and their Connected Persons(continued)(d)Also,the Funds utilise the services of HSBC in its depository of securities and pay securities expenses and safe custody and bank charges to HSBC.Details of such fees paid during the year and such fees payable at the year end date are shown below.Hang
261、Seng China Enterprises Index ETFHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Securities expenses paid to HSBC during the year3,663,3983,832,102237,062201,188Safe custody and bank charges paid to HSBC during the year975,9191,159,346146,194114,488Securities expenses payable to HSBC as o
262、f year end339,605648,91219,02054,353Safe custody payable to HSBC as of year end74,605106,06016,78510,043(e)The Funds have been licensed by Hang Seng Indexes Company Limited(“HSIL”),a wholly-owned subsidiary of HSB,to use China Enterprises Index or TECH Index to create,offer,market and sell the Hang
263、Seng China Enterprises Index ETF or Hang Seng TECH Index ETF respectively during the year.For Hang Seng China Enterprises Index ETF,license fee paid to HSIL during the year amounted to HKD9,681,316(2023:HKD11,652,754).License fee payable to HSIL at the year end was HKD2,512,448(2023:HKD2,970,632).Fo
264、r Hang Seng TECH Index ETF,license fee paid to HSIL during the year amounted to HKD1,449,176(2023:HKD1,150,775)and license fee payable to HSIL at the year-end was HKD518,330(2023:HKD297,682).(f)Certain bank accounts are maintained with HSBC.The bank balances as at year end date,interest income earne
265、d during the year and interest receivable as at year end date are shown below.Hang Seng China Enterprises Index ETFHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)HSBC bank balances as of year end218,486,021193,547,6342,749,8664,719,854Interest income earned from HSBC during the year4,35
266、1,7994,032,63089,68237,079Interest receivable from HSBC as of year end139,33866,753218(g)As at the year end date,Hang Seng China Enterprises Index ETF maintained margin deposits in HSBC with amounts of HKD36,795,822(2023:HKD27,615,412).In addition,Hang Seng China Enterprises Index ETF do utilise the
267、 services of HSBC in the transactions of future contracts during the year and paid commission of HKD626,355(2023:HKD629,198).Reports and Financial Statements 37Notes to the Financial Statements(continued)10.Transactions with the Trustee,the Manager and their Connected Persons(continued)(h)HSBC provi
268、des an uncommitted overdraft facility to the Funds.The details of the uncommitted overdraft facility and interest expenses paid during the year are shown below.FundCurrencyYearUncommitted overdraft facility as at 31 DecemberInterest rateInterestexpensespaid duringthe yearHang Seng China Enterprises
269、Index ETFHKD2024Lesser of:(i)USD50,000,000;(ii)10%of net value assets in HSBC custody;and(iii)10%of net asset valueUSD Best Lending Rate47,2502023Lesser of:(i)USD50,000,000;(ii)10%of net value assets in HSBC custody;and(iii)10%of net asset valueUSD Best Lending RateHang Seng TECH Index ETFHKD2024Les
270、ser of:(i)USD7,360,000;(ii)5%of net value assets in HSBC custody;and(iii)5%of net asset valueUSD Best Lending Rate3,5552023Lesser of:(i)USD7,360,000;(ii)5%of net value assets in HSBC custody;and(iii)5%of net asset valueUSD Best Lending Rate3,972(i)The directors and officers of the Manager may transa
271、ct in the units of the Funds as principal.As at 31 December 2024,the directors and officers of the Manager together held 5,600(2023:5,600)and 29,632(2023:29,632)units in Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF respectively.11.Units in issue and net asset value per unitThe
272、units in issue and net asset value per unit as at 31 December 2024 and 31 December 2023 were shown below.20242023Class of units(Currency)Unitsin issueNAVper unitUnitsin issueNAVper unitHang Seng China Enterprises Index ETFListed Class(HKD)291,068,407HKD74.2572534,610,472HKD58.4573Hang Seng TECH Inde
273、x ETFListed Class(HKD)961,000,000HKD4.4415592,500,000HKD3.7312Unlisted Class Class A(USD)Accumulation Units6,819,595HKD42.25298,198,108HKD35.5117Unlisted Class Class A(HKD)Accumulation Units53,955,415HKD6.166886,856,468HKD5.1807Unlisted Class Class D(HKD)Accumulation Units16,102,250HKD0.544915,066,8
274、16HKD0.4577Hang Seng Investment38Notes to the Financial Statements(continued)12.Reconciliation of net asset valuesThe Trustee and the Manager would like to highlight that the principles for calculating the published unit price as set out in the HKOD are different from those required for calculating
275、the net assets attributable to unitholders and hence the corresponding net asset value per unit for financial reporting purposes under HKFRSs.The net assets attributable to unitholders as reported in the financial statements are therefore different from the adjusted total net assets for valuation pu
276、rposes at the reporting dates.Hang Seng TECH Index ETF commenced on 2 September 2020.Formation costs of listed class of the fund were HKD1,381,100 and charged to statement of comprehensive income as incurred in accordance with HKFRSs.Per the HKOD of Hang Seng TECH Index ETF,the formation costs of li
277、sted class are amortised over the first five accounting periods of fund and as of 31 December 2024,the remaining amortisation period was 8 months and the balance was HKD184,550.The unlisted classes were established on 28 June 2021.Formation costs of unlisted classes of the fund were HKD576,680 and c
278、harged to statement of comprehensive income as incurred in accordance with HKFRSs.Per the HKOD of Hang Seng TECH Index ETF,the formation costs of unlisted classes are amortised over the first five accounting periods of fund and as of 31 December 2024,the remaining amortisation period was 18 months a
279、nd the balance was HKD302,755.The reconciliation between the net assets attributable to unitholders as reported in the financial statements and the adjusted total net asset value for valuation purposes is shown below.Hang Seng TECH Index ETF2024(HKD)2023(HKD)Net assets attributable to unitholders as
280、 reported in the financial statements4,897,919,3742,958,729,181Adjustments for different principles adopted by the Fund in arriving at the adjusted total net assets for valuation purposes:Formation costs487,305817,559Adjusted total net assets for valuation purposes4,898,406,6792,959,546,74013.Soft d
281、ollar commissionAs regards to the Funds,the Manager has not entered into any soft dollar commission arrangements with brokers.Reports and Financial Statements 39Notes to the Financial Statements(continued)14.DistributionsDetails of distributions during the year are shown below:FundDate of CashDivide
282、ndDeterminationDate of CashDividendDeterminationDistributionper UnitDistributionper Unit2024202320242023Hang Seng China Enterprises Index ETF20-09-202419-09-2023HKD0.95HKD1.4227-06-202429-06-2023HKD0.65HKD0.20Hang Seng China Enterprises Index ETFYear ended31 December 2024Year ended31 December 2023(H
283、KD)(HKD)Undistributed income brought forward395,627,568384,605,782Income before losses on investments739,819,386814,057,007Interest expenses(47,250)Taxation(71,090,409)(80,398,809)Income portion of received and receivable on issue of units3,760,050,7133,565,591,007Income portion of paid and payable
284、on redemption of units(4,147,247,278)(3,538,214,952)Amount available for distribution to unitholders677,112,7301,145,640,035Distribution to unitholders(561,465,661)(750,012,467)Undistributed income carried forward115,647,069395,627,568According to the Hong Kong Offering Document of Hang Seng Investm
285、ent Index Funds Series,the Manager does not propose to make any distributions in respect of units in Hang Seng TECH Index ETF.15.Fair value informationThe Funds investments are measured at fair value on the date of the statement of assets and liabilities.Fair value estimates are made at a specified
286、point in time,based on market conditions and information about the financial instruments.With the involvement of unobservable factors and judgement,fair value can be reliably determined within a reasonable range of estimates.For certain other financial instruments,including amounts receivable on sub
287、scription of units,amounts receivable on sale of investments,dividend receivable,other accounts receivable,margin deposits,cash and cash equivalents,amounts payable on purchase of investments,amounts payable on redemption of units and accrued expenses and other payables,the carrying amounts approxim
288、ate fair value due to the intermediate or short-term nature of these financial instruments.Valuation of financial instrumentsThe Funds accounting policy on fair value measurements is detailed in accounting policy in note 2(f)(iv).The Funds measure fair values using the following fair value hierarchy
289、 that reflects the significance of the inputs used in making the measurements.Level 1:Inputs that are quoted market prices(unadjusted)in active markets for identical instruments.Hang Seng Investment40Notes to the Financial Statements(continued)15.Fair value information(continued)Level 2:Inputs other
290、 than quoted prices included within Level 1 that are observable either directly(i.e.as prices)or indirectly(i.e.derived from prices).The category includes instruments valued using:quoted market price in active markets for similar instruments;quoted prices for identical or similar instruments in mark
291、ets that are considered less than active;or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.Level 3:Inputs that are unobservable.This category includes all instruments for which the valuation technique includes inputs not based on obs
292、ervable data and the unobservable inputs have a significant effect on the instrument s valuation.This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences bet
293、ween the instruments.All of investments held by the Funds are listed on SEHK.Their fair values are based on quoted market prices in active markets and grouped into Level 1 investment in the fair value hierarchy.Level 3 investments represent equity instruments which was unlisted and suspended for tra
294、ding and in these financial statements they were valued through market approach using comparable analysis based on relevant news and information.For all other financial instruments,their carrying amounts approximate fair value due to the intermediate or short-term nature of these financial instrumen
295、ts.The table below presents the carrying value of financial instruments measured at fair value at the date of the statement of assets and liabilities across the three levels of fair value hierarchy.As of 31 December 2024,there was no Level 3 financial instrument(2023:Nil).Hang Seng China Enterprises
296、 Index ETFHang Seng TECH Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)AssetsLevel 1 Listed equities21,362,426,89631,028,130,5064,895,798,2112,953,418,094 Future contracts3,548,0536,063,250Total21,365,974,94931,034,193,7564,895,798,2112,953,418,094Reports and Financial Statements 41Notes to the Finan
297、cial Statements(continued)15.Fair value information(continued)The reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy is shown below.Hang Seng China Enterprises Index ETF2024(HKD)2023(HKD)Fair value at the beginning of
298、the year13,079,800Purchases of investmentsSales of investmentsRealised losses from investmentsMovement on unrealised losses or gains5,346,487Transfers into Level 3Transfers out of Level 3(18,426,287)Fair value at the end of the year16.Segment informationThe Manager makes strategic resource allocatio
299、n on behalf of the Funds and determines operating segments based on internal reports reviewed which are used to make strategic decisions.The Manager considers that the Funds have one single operating segment based on one single,integrated investment strategy by investing in constituent stocks of the
300、 Indexes with the objective to match,before expenses,as closely as practicable,the performance of the Indexes as stipulated in the HKOD.There were no changes in the operating segment during the year.Major revenues generated by the Funds are from listed equities.The segment information provided to th
301、e Manager is the same as that disclosed in the statement of comprehensive income and statement of assets and liabilities.The Funds are domiciled in Hong Kong.Majority of the Funds income from investments is from equities listed in Hong Kong.Please refer to note 5 for details.Hang Seng Investment42No
302、tes to the Financial Statements(continued)17.Possible impact of amendments,new standards and interpretations issued but not yet effective for the year ended 31 December 2024Up to the date of issue of these financial statements,the HKICPA has issued a number of amendments,new standards and interpreta
303、tions which are not yet effective for the year ended 31 December 2024 and which have not been adopted in these financial statements.Of these developments,the following may be relevant to the Funds operations and financial statements:Effective foraccounting periodsbeginning onor afterAmendments to HK
304、AS 21,The effects of changes in foreign exchange rates:Lack of exchangeability1 January 2025Amendments to HKFRS 9,Financial instruments and HKFRS 7,Financial instruments:disclosures Amendments to the classification and measurement of financial instruments1 January 2026Annual improvements to HKFRS Ac
305、counting Standards:Volume 111 January 2026HKFRS 18,Presentation and disclosure in financial statements1 January 2027HKFRS 19,Subsidiaries without public accountability:disclosures1 January 2027The Funds are in the process of making an assessment of what the impact of these developments is expected t
306、o be in the period of initial application.So far they have concluded that the adoption of them is unlikely to have a significant impact on the Funds results of operations and financial position.Reports and Financial Statements 43Performance of the Indexes and the ETFs(Unaudited)For the period from 1
307、 January 2024 to 31 December 2024 and the comparison with the same period in 2023Performance in HK DollarFund/IndexFor the period from1 January 2024 to31 December 2024For the period from1 January 2023 to31 December 2023Hang Seng China Enterprises Index ETF*30.18%(11.56%)Hang Seng China Enterprises I
308、ndex#31.05%(10.99%)Hang Seng TECH Index ETF*19.01%(8.96%)Hang Seng TECH Index#19.89%(8.26%)Source:NAV is provided by HSBC Institutional Trust Services(Asia)Limited.The performance information of the ETFs are provided by the Manager.Index information is provided by Hang Seng Indexes Company Limited.*
309、Performance is calculated in base currency with NAV to NAV,dividend(if any)reinvested.The performance information presented is calculated based on the assumption that there were no distribution to Unitholders,and is for reference only.#Performance is calculated in total return with dividend reinvest
310、ed,net of withholding tax.Investors should note that all investment involve risks(including the possibility of loss of the capital invested),prices of fund units may go up as well as down and past performance is not indicative of future performance.Investors should read the relevant fund s offering
311、documents(including the full text of the risk factors stated therein)in detail before making any investment decision.Hang Seng Investment44Comparison of Daily Closing Price and Net Asset Value per Unit of the ETFs(Unaudited)For the period from 1 January 2024 to 31 December 2024 and the comparison wi
312、th the same period in 2023Hang Seng China Enterprises Index ETFComparison of Daily Closing Price and Net Asset Value per Unit for the period from 1 January 2024 to 31 December 2024?Comparison of Daily Closing Price and Net Asset Value per Unit for the period from 1 January 2023 to 31 December 2023?R
313、eports and Financial Statements 45For the period from 1 January 2024 to 31 December 2024 and the comparison with the same period in 2023Comparison of Daily Closing Price and Net Asset Value per Unit of the ETFs(Unaudited)(continued)Hang Seng TECH Index ETFComparison of Daily Closing Price and Net As
314、set Value per Unit for the period from 1 January 2024 to 31 December 2024?Comparison of Daily Closing Price and Net Asset Value per Unit for the period from 1 January 2023 to 31 December 2023?Hang Seng Investment46Index Constituent Stocks Disclosure(Unaudited)The following are those constituent stoc
315、ks that accounted for more than 10%of the weighting of the indexes.As at 31 December 2024FundIndexConstituent StocksWeighting of the Index(%)Hang Seng China Enterprises Index ETFAs of 31 December 2024,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng Ch
316、ina Enterprises Index.Hang Seng TECH Index ETFAs of 31 December 2024,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng TECH Index.As at 31 December 2023FundIndexConstituent StocksWeighting of the Index(%)Hang Seng China Enterprises Index ETFAs of 31 Dec
317、ember 2023,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng China Enterprises Index.Hang Seng TECH Index ETFAs of 31 December 2023,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng TECH Index.Reports and F
318、inancial Statements 47Report on Investment Overweight in Constituent Stocks of the Index by the ETFs(Unaudited)From 1 January 2024 to 31 December 2024As stated in the Hong Kong Offering Document of the Funds,if a representative sampling strategy is implemented when investing for the Fund,the Manager
319、(Hang Seng Investment Management Limited)will apply such strategy in accordance with the Fund s relevant investment restrictions thereby enabling the Manager to overweight the constituent stocks of the Index relative to their respective weightings in the Index in accordance with the below limits.Sto
320、ck s weight in the IndexMaximum extra weighting to be allocatedBelow 10%4%110%-30%4%30%-50%3%Above 50%2%1 Where the weighting of a constituent stock in the Index is below 10%and if the total allocation to this constituent stock is still below 10%after allocating the maximum extra weighting of 4%,the
321、 total allocation to it may be adjusted up to maximum of 10%.During the period from 1 January 2024 to 31 December 2024,the Manager has adopted a full replication strategy when investing for the Hang Seng China Enterprises Index ETF and Hang Seng TECH Index ETF,hence the above restriction is not appl
322、icable.Hang Seng Investment48Portfolio Carbon Footprint(Unaudited)From 1 January 2024 to 31 December 2024Please visit https:/ more details.Reports and Financial Statements 49Management and AdministrationManager and Listing AgentHang Seng Investment Management Limited83 Des Voeux Road CentralCentralH
323、ong KongDirectors of the ManagerCHEUNG Ka Wai,KathyCHIU Wai Man,VivienLEE Pui ShanLEE Wah Lun,RannieSAW Say PinSIT Wing Fai,Wilfred(resigned on 11 December 2024)SKEVINGTON Dominic Adam(assigned on 27 May 2024)WHITE Stuart Kingsley(resigned on 27 May 2024)Trustee,Custodian and RegistrarHSBC Instituti
324、onal Trust Services(Asia)Limited1 Queen s Road CentralCentralHong KongAuditorKPMGCertified Public Accountants(Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance)8th Floor,Prince s Building10 Chater RoadCentralHong KongConversion Agent/Service AgentHK Conversion Agency Services Limited8th Floor,Two Exchange Square8 Connaught PlaceCentralHong KongIssued by Hang Seng Investment Management Limited(A wholly-owned subsidiary of Hang Seng Bank)
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