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1、Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF1st January 2024 to 31st December 2024ANNUAL REPORT 2024Contents2345916202122232446 4748 4950 5153Annual Financial Report 2024Performance Record(Unaudited)Trustees ReportIndependent Auditors ReportInvestment Portfolio(Unaudited)Statement
2、of Movements in Portfolio Holdings(Unaudited)Statement of Assets and LiabilitiesStatement of Comprehensive IncomeStatement of Changes in EquityStatement of Cash FlowsNotes to the Financial StatementsPerformance of the Indexes and the Funds(Unaudited)Comparison of Daily Closing Price and Net Asset Va
3、lue per Unit of HSI ESG Enhanced Select Index ETF(Unaudited)Index Constituent Stocks Disclosure(Unaudited)Report on Investment Overweight in Constituent Stocks of the Indexes by the Funds(Unaudited)Portfolio Carbon Footprint(Unaudited)ESG Periodic Assessment and Reporting for HSI ESG Enhanced Select
4、 Index ETF(Unaudited)Management and AdministrationHang Seng Investment2Annual Financial Report 2024Hang Seng Investment Index Funds Series IIHang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF(Stock Code:3136)Reports and Financial Statements 3Performance Record(Unaudited)Remark:represents
5、 unavailable price as the corresponding Fund/Fund Class had not yet been commencedPrice RecordClass of UnitsCurrency202420232022(1)20212020HighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHang S
6、eng Index Tracking Fund(2)HKD23.370315.189023.041616.497925.368714.923131.611023.117329.590022.1696HSI ESG Enhanced Select Index ETFHKD12.22238.318414.10039.187015.05658.8278 Price RecordClass of UnitsCurrency201920182017*20162015HighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHighestO
7、fferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHighestOfferPriceLowestBidPriceHang Seng Index Tracking Fund(2)HKD30.737025.463433.744125.067130.676522.4829246.58186.33290.14210.63HSI ESG Enhanced Select Index ETFHKD Net Assets Value per unit(As at 31 December)Class of UnitsCurrency20242023202
8、22021Hang Seng Index Tracking Fund(2)HKD20.339717.305220.090023.7786HSI ESG Enhanced Select Index ETFHKD9.98999.611412.2524Net Assets Attributable to Unitholders(As at 31 December)Class of UnitsCurrency2024202320222021Hang Seng Index Tracking Fund(2)HKD39,361,148,25035,279,909,70439,008,899,25143,04
9、2,833,134HSI ESG Enhanced Select Index ETFHKD14,984,78766,318,87277,189,979*On 1 December 2017,there was a subdivision of each Unit in the Hang Seng Index Tracking Fund(formerly known as Hang Seng Index ETF)into 10 subdivided Units and with effect from the same date,the net asset value per unit are
10、calculated to the nearest four decimal places instead of two decimal places.The highest offer price and lowest bid price of Hang Seng Index Tracking Fund disclosed were adjusted to reflect the units subdivision.(1)The date of commencement for HSI ESG Enhanced Select Index ETF was 22 February 2022.(2
11、)Hang Seng Index ETF was delisted on 13 September 2022 and renamed as Hang Seng Index Tracking Fund.Hang Seng Investment4Trustees ReportTo the Unitholders of Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETFWe hereby confirm that,in our opinion,the Manager,Hang Seng Investment Mana
12、gement Limited has,in all material respects,managed the Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETF in accordance with the provisions of the Trust Deed dated 10 September 2004,as amended,for the year ended 31 December 2024.Cititrust Limited29 April 2025Reports and Financial S
13、tatements 5Independent Auditors Report To the Unitholders of Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETFReport on the Audit of Financial StatementsOpinionWe have audited the financial statements of Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETF(“the Funds
14、”)set out on pages 20 to 45,which comprise the statement of assets and liabilities as at 31 December 2024,the statement of comprehensive income,the statement of changes in equity and the statement of cash flows for the year then ended for the Funds and notes to the financial statements,including a s
15、ummary of significant accounting policies information.In our opinion,the financial statements give a true and fair view of the financial disposition of the Funds as at 31 December 2024 and of the financial transactions and cash flows of the Funds for the year then ended in accordance with Hong Kong
16、Financial Reporting Standards(“HKFRSs”)issued 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
17、in the Auditor s Responsibilities for the Audit 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 Cod
18、e.We believe that the audit evidence we have 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.Thes
19、e matters were addressed in the context of our 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 n
20、ote 2(f)(iv)on page 28.The Key Audit MatterHow the matter was addressed in our auditAs at 31 December 2024 the investment portfolio represented 99.52%and 99.46%of the total assets of Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETF respectively and is the key driver of the Funds i
21、nvestment returns.We identified the existence 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 p
22、rocedures to assess the existence and valuation 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 co
23、ntrols in place,and the independent service auditor 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 effec
24、tiveness of the controls,to the extent relevant 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
25、in the investment portfolio at the year end date by comparing the prices adopted by the Funds with the prices obtained from independent pricing sources.Hang Seng Investment6Independent Auditors Report(continued)Information Other than the Financial Statements and Auditors Report ThereonThe Manager an
26、d the Trustee of the Funds are responsible 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
27、 we do not express any form of assurance 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 ob
28、tained in the audit or otherwise 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
29、Trustee of the Funds for the Financial 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 Fund
30、s determine is necessary to enable 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 conc
31、ern,disclosing,as applicable,matters 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 Trus
32、tee of the Funds are required to ensure that the financial statements have been properly prepared in accordance with the relevant provisions of the Trust Deed,which has been amended and restated pursuant to the Amended and Restated Trust Deed dated 2 November 2020,and the variations made by way of s
33、upplemental deed dated 14 July 2022(“the Trust Deed”),and the relevant disclosure provisions of Appendix E of the 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 objec
34、tives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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 assum
35、e responsibility towards or accept liability to any other person for the contents of this report.Reasonable assurance 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
36、 from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expected 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 hav
37、e 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.Reports and Financial Statements 7Independent Auditors Report(continued)Auditors Responsibilities for the Audit of the F
38、inancial Statements(continued)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,whether due to fraud or error,design and
39、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,as fraud may involve collusion,forgery
40、,intentional omissions,misrepresentations or the override of internal control.Obtain an understanding of internal control relevant 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 F
41、unds internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 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
42、accounting and,based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that 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 aud
43、itor s report to the related disclosures in the financial statements or,if such disclosures are inadequate,to modify our opinion.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 continu
44、e as a going concern.Evaluate the overall presentation,structure and content of the financial statements,including the disclosures,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
45、 Trustee of the Funds regarding,among other matters,the planned scope and timing of the audit and significant audit findings,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
46、have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other 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
47、 with the Manager and the Trustee of the Funds,we determine those matters that were of most significance in the audit of the 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
48、disclosure about the matter or when,in extremely rare circumstances,we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Hang Seng Investment8Indepe
49、ndent Auditors Report(continued)Report on matters under the relevant provisions of the Trust Deeds and the relevant disclosure provisions of Appendix E to the SFC CodeIn our opinion,the financial statements have been properly prepared,in all material respects,in accordance with the relevant provisio
50、ns 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 Yeung,ArionKPMGCertified Public Accountants8th Floor,Prince s Building10 Chater RoadCentral,Hong Kong29 April 2025Re
51、ports and Financial Statements 9Investment Portfolio(Unaudited)as at 31 December 2024Hang Seng Index Tracking FundInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersHong Kong Stock Exchange Listed EquitiesConglomeratesCITIC22,551,741207,701,5350.53%CK Hutchison Holdings8,316
52、,107345,118,4400.87%552,819,9751.40%Consumer DiscretionaryAlibaba Group36,712,6173,025,119,6417.69%Anta Sports Products4,387,980341,604,2430.87%Baidu2,195,480181,566,1960.46%BYD3,404,529907,647,4312.31%Chow Tai Fook Jewellery6,185,61841,629,2090.11%Galaxy Entertainment6,788,954224,035,4820.57%Geely
53、Auto18,735,146277,654,8640.70%Haidilao International6,041,24696,055,8110.24%Haier Smart Home7,557,200207,823,0000.53%JD.com Inc5,423,150737,548,4001.88%Kuaishou Technology9,412,100389,190,3350.99%Li Auto4,276,000401,730,2001.02%Li Ning7,202,826118,558,5160.30%Meituan17,915,8502,717,834,4456.90%MTR C
54、orporation5,782,992156,719,0830.40%New Oriental Education&Technology Group Inc2,104,900103,034,8550.26%Sands China7,537,855157,541,1700.40%Shenzhou International Group2,560,243158,735,0660.40%Techtronic Industries4,831,848495,264,4201.26%T Group530,050286,227,0000.73%Zhongsheng Group2,202,80130,751,
55、1020.08%11,056,270,46928.10%Consumer StaplesBudweiser Brewing6,151,53146,074,9670.12%China Mengniu Dairy9,773,453171,621,8350.44%China Resources Beer Holdings5,023,005126,830,8760.32%Hengan International2,177,87448,893,2710.12%Nongfu Spring6,244,939212,015,6790.54%Tingyi(Cayman Islands)Holding Corpo
56、ration6,108,00061,812,9600.16%WH Group25,889,698155,597,0850.39%822,846,6732.09%Hang Seng Investment10as at 31 December 2024Investment Portfolio(Unaudited)(continued)Hang Seng Index Tracking FundInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersEnergyChina Petroleum&Chemica
57、l75,489,980335,930,4110.85%China Shenhua Energy10,476,274352,002,8060.89%CNOOC48,341,980924,298,6582.35%PetroChina65,445,008399,868,9991.02%2,012,100,8745.11%FinancialsAIA Group33,988,1881,913,534,9844.86%Bank of China259,316,6011,029,486,9062.61%BOC Hong Kong11,478,324286,384,1840.73%China Construc
58、tion Bank335,494,9252,174,007,1145.52%China Life Insurance23,080,870338,827,1720.86%China Merchants Bank12,104,091484,163,6401.23%Hang Seng Bank2,337,363223,335,0350.57%Hong Kong Exchanges&Clearing3,734,7441,101,002,5312.80%HSBC Holdings42,181,7433,197,376,1198.12%Industrial and Commercial Bank of C
59、hina242,236,4641,262,051,9773.21%Ping An Insurance20,785,544957,174,3022.43%12,967,343,96432.94%Reports and Financial Statements 11as at 31 December 2024Investment Portfolio(Unaudited)(continued)Hang Seng Index Tracking FundInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholders
60、HealthcareAlibaba Health Information Technology19,846,63165,890,8150.17%CSPC Pharmaceutical25,559,812122,175,9010.31%Hansoh Pharmaceutical3,676,47863,529,5400.16%JD Health International3,457,90097,166,9900.25%Sino Biopharmaceutical32,049,362102,557,9590.26%Sinopharm4,171,60088,855,0800.23%WuXi AppTe
61、c1,078,30060,923,9500.15%WuXi Biologics11,577,781203,305,8340.52%804,406,0692.05%IndustrialsOrient Overseas International409,72847,159,6930.12%Sunny Optical Technology2,380,542163,900,3170.42%Xinyi Glass Holding6,542,43351,619,7960.13%Xinyi Solar Holdings15,179,68047,664,1950.12%310,344,0010.79%Info
62、rmation TechnologyBYD Electronic2,446,500102,875,3250.26%Lenovo Group24,968,677251,684,2640.64%NetEase Inc2,143,403296,646,9750.75%Semiconductor Manufacturing12,987,730413,009,8141.05%Tencent Holdings7,666,6353,196,986,7958.12%Xiaomi Corporation54,160,9211,868,551,7754.75%6,129,754,94815.57%Material
63、sChina Hongqiao8,802,911103,522,2330.26%Zijin Mining17,650,000249,571,0000.64%353,093,2330.90%Properties&ConstructionChina Overseas Land&Investment11,861,092147,077,5410.37%China Resources Land9,961,735224,637,1240.57%China Resources MIXC Lifestyle Services2,120,40061,279,5600.16%CK Asset Holdings5,
64、977,377190,678,3260.49%Hang Lung Properties5,925,68036,916,9860.09%Henderson Land Development4,498,065106,154,3340.27%Longfor Group6,363,72863,637,2800.16%Sun Hung Kai Properties4,495,183335,565,4110.85%Wharf Real Estate Investment5,193,111103,135,1850.26%1,269,081,7473.22%Hang Seng Investment12as a
65、t 31 December 2024Investment Portfolio(Unaudited)(continued)Hang Seng Index Tracking FundInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersTelecommunicationsChina Mobile19,134,0121,465,665,3193.72%China Unicom18,949,366140,035,8150.36%1,605,701,1344.08%UtilitiesChina Resour
66、ces Power5,960,000112,524,8000.28%CK Infrastructure Holdings1,950,915112,665,3410.29%CLP Holdings6,269,370409,389,8611.04%ENN Energy2,460,706137,430,4300.35%Hong Kong&China Gas34,756,464215,837,6420.55%Power Assets Holdings4,300,594233,092,1950.59%1,220,940,2693.10%Total Equities39,104,703,35699.35%
67、Real Estate Investment TrustLink REIT7,992,226262,544,6240.67%Total Investments(Total cost of Investments HKD43,025,040,226)39,367,247,980100.02%Other Net Liabilities(6,099,730)(0.02%)Net Assets Attributable to Unitholders39,361,148,250100.00%Reports and Financial Statements 13as at 31 December 2024
68、Investment Portfolio(Unaudited)(continued)HSI ESG Enhanced Select Index ETFInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersHong Kong Stock Exchange Listed EquitiesConglomeratesCK Hutchison Holdings94039,0100.26%Consumer DiscretionaryAlibaba Group14,2791,176,5907.85%Anta S
69、ports Products5,224406,6882.71%BYD603160,7601.07%Chow Tai Fook Jewellery Group8,50557,2390.38%Galaxy Entertainment1,14937,9170.25%Geely Auto22,304330,5452.21%Haier Smart Home1,08329,7820.20%JD.com Inc972132,1920.88%Kuaishou Technology2,04884,6850.57%Li Auto2,882270,7641.81%Li Ning10,060165,5881.10%M
70、eituan6,076921,7296.15%MTR Corporation3,976107,7500.72%New Oriental Ed&Technology2,02098,8790.66%Sands China6,275131,1470.88%Shenzhou International Group2,799173,5381.16%Techtronic Industries1,068109,4700.73%Trip.Com Group189102,0600.68%Zhongsheng Group3,30846,1800.31%4,543,50330.32%Consumer Staples
71、Budweiser Brewing6,18246,3030.31%China Mengniu Dairy1,14120,0360.13%China Resources Beer Holdings57414,4940.10%Hengan International3006,7350.04%Nongfu Spring1,23241,8260.28%Tingyi Holding Corporation5505,5660.04%134,9600.90%FinancialsAIA Group20,7371,167,4937.79%Bank of China31,279124,1780.83%BOC Ho
72、ng Kong10,043250,5731.67%China Construction Bank59,546385,8582.58%China Life Insurance5,65382,9860.55%China Merchants Bank2,34293,6800.63%Hang Seng Bank2,024193,3931.29%Hong Kong Exchanges&Clearing3,4411,014,4076.77%HSBC Holdings9,611728,5144.86%Industrial and Commercial Bank of China27,031140,8310.
73、94%Ping An Insurance25,5271,175,5187.84%5,357,43135.75%Hang Seng Investment14as at 31 December 2024Investment Portfolio(Unaudited)(continued)HSI ESG Enhanced Select Index ETFInvestmentsHoldingsMarket Value(HKD)%of Net AssetsAttributable toUnitholdersHealthcareAlibaba Health Information Technology9,5
74、0831,5670.21%CSPC Pharmaceutical2,80513,4080.09%Hansoh Pharmaceutical Group1,04818,1090.12%JD Health International Inc2,29964,6020.43%Sino Biopharmaceutical3,73611,9550.08%Sinopharm3,71679,1510.53%WuXi AppTec2,047115,6550.77%Wuxi Biologics22,275391,1492.61%725,5964.84%IndustrialsOrient Overseas Inte
75、rnational27831,9980.21%Sunny Optical Technology58940,5530.27%Xinyi Glass Holding1,1058,7180.06%Xinyi Solar Holdings3,55811,1720.08%92,4410.62%Information TechnologyBYD Electronic72930,6550.21%Lenovo Group25,187253,8851.69%NetEase Inc2,538351,2592.34%Semiconductor Manufacturing1,07934,3120.23%Xiaomi
76、Corporation28,922997,8096.66%1,667,92011.13%Properties&ConstructionChina Overseas Land&Investment17,915222,1461.48%China Resources Land2,75462,1020.41%China Resources MIXC Lifestyle Services3,704107,0460.72%CK Asset Holdings7,787248,4051.66%Hang Lung Properties9,34058,1880.39%Henderson Land Developm
77、ent4,381103,3920.69%Longfor Group5,39753,9700.36%Sun Hung Kai Properties7,315546,0653.64%Wharf Real Estate Investment5,502109,2700.73%1,510,58410.08%Reports and Financial Statements 15as at 31 December 2024Investment Portfolio(Unaudited)(continued)HSI ESG Enhanced Select Index ETFInvestmentsHoldings
78、Market Value(HKD)%of Net AssetsAttributable toUnitholdersTelecommunicationsChina Mobile3,544271,4711.81%China Unicom1,54211,3950.08%282,8661.89%UtilitiesCK Infrastructure Holdings22913,2250.09%ENN Energy1,24569,5330.46%Hong Kong&China Gas16,123100,1240.67%182,8821.22%Total Equities14,537,19397.01%Re
79、al Estate Investment TrustLink REIT17,518575,4663.84%Total Investments15,112,659100.85%(Total cost of investments HKD18,301,994)Other Net Liabilities(127,872)(0.85%)Net Assets Attributable to Unitholders14,984,787100.00%Hang Seng Investment16Statement of Movements in Portfolio Holdings(Unaudited)for
80、 the year ended 31 December 2024Hang Seng Index Tracking FundInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December2024Hong Kong Stock Exchange Listed EquitiesConglomeratesCITIC23,627,7413,362,0004,438,00022,551,741CK Hutchison Holdings8,710,6071,289,5001,684,0008,316,107
81、Consumer DiscretionaryAlibaba Group38,640,2176,813,9008,741,50036,712,617Anta Sports Products4,601,580663,800877,4004,387,980Baidu2,297,680306,800409,0002,195,480BYD3,389,205549,890534,5663,404,529Chow Tai Fook Jewellery6,497,818786,2001,098,4006,185,618Galaxy Entertainment7,104,954995,0001,311,0006
82、,788,954Geely Auto19,617,1462,811,0003,693,00018,735,146Haidilao International5,433,2461,731,0001,123,0006,041,246Haier Smart Home7,894,0001,092,4001,429,2007,557,200JD.com Inc5,681,700967,7501,226,3005,423,150Kuaishou Technology9,442,80030,7009,412,100Li Auto4,475,900690,300890,2004,276,000Li Ning7
83、,707,826974,5001,479,5007,202,826Meituan19,268,1502,690,5004,042,80017,915,850MTR Corporation6,056,992826,5001,100,5005,782,992New Oriental Education&Technology Group Inc2,118,10013,2002,104,900Sands China9,203,055989,2002,654,4007,537,855Shenzhou International Group2,686,143366,000491,9002,560,243T
84、echtronic Industries5,067,348695,000930,5004,831,848T Group444,150180,75094,850530,050Zhongsheng Group2,719,301491,0001,007,5002,202,801Consumer StaplesBudweiser Brewing6,453,931964,8001,267,2006,151,531China Mengniu Dairy10,240,4531,367,0001,834,0009,773,453China Resources Beer Holdings5,271,005686
85、,000934,0005,023,005Hengan International2,265,374326,000413,5002,177,874Nongfu Spring6,542,939941,6001,239,6006,244,939Tingyi(Cayman Islands)Holding Corporation6,408,000976,0001,276,0006,108,000WH Group27,094,6983,759,0004,964,00025,889,698EnergyChina Petroleum&Chemical80,403,98010,744,00015,658,000
86、75,489,980China Shenhua Energy10,973,2741,560,5002,057,50010,476,274CNOOC50,688,9807,591,0009,938,00048,341,980PetroChina68,549,0089,954,00013,058,00065,445,008FinancialsAIA Group37,419,3884,795,0008,226,20033,988,188Bank of China271,678,60139,936,00052,298,000259,316,601BOC Hong Kong12,022,8241,629
87、,5002,174,00011,478,324China Construction Bank351,487,92551,903,00067,896,000335,494,925China Life Insurance24,175,8703,177,0004,272,00023,080,870China Merchants Bank12,678,0911,887,5002,461,50012,104,091Hang Seng Bank2,484,563342,500489,7002,337,363Hong Kong Exchanges&Clearing3,913,144589,400767,80
88、03,734,744HSBC Holdings48,162,9436,071,20012,052,40042,181,743Industrial and Commercial Bank of China239,685,46450,531,00047,980,000242,236,464Ping An Insurance21,777,0443,216,5004,208,00020,785,544Reports and Financial Statements 17for the year ended 31 December 2024Statement of Movements in Portfo
89、lio Holdings(Unaudited)(continued)Hang Seng Index Tracking FundInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December2024HealthcareAlibaba Health Information Technology17,588,6316,234,0003,976,00019,846,631CSPC Pharmaceutical29,005,8123,718,0007,164,00025,559,812Hansoh Ph
90、armaceutical3,856,478458,000638,0003,676,478JD Health International3,616,350488,400646,8503,457,900Sino Biopharmaceutical36,650,3624,810,0009,411,00032,049,362Sinopharm4,359,600556,800744,8004,171,600WuXi AppTec1,177,10088,600187,4001,078,300WuXi Biologics12,429,2811,456,0002,307,50011,577,781Indust
91、rialsOrient Overseas International429,22854,50074,000409,728Sunny Optical Technology2,316,342514,900450,7002,380,542Xinyi Glass Holding6,765,4331,824,2122,047,2126,542,433Xinyi Solar Holdings15,909,6801,780,0002,510,00015,179,680Information TechnologyBYD Electronic2,742,500296,0002,446,500Lenovo Gro
92、up25,612,6773,964,0004,608,00024,968,677NetEase Inc2,245,103325,500427,2002,143,403Semiconductor Manufacturing13,581,7301,850,0002,444,00012,987,730Tencent Holdings8,989,1351,977,2003,299,7007,666,635Xiaomi Corporation56,916,3218,361,20011,116,60054,160,921MaterialsChina Hongqiao9,235,9111,043,5001,
93、476,5008,802,911Zijin Mining17,708,0003,512,0003,570,00017,650,000Properties&ConstructionChina Overseas Land&Investment12,445,5921,743,5002,328,00011,861,092China Resources Land10,426,7351,511,0001,976,0009,961,735China Resources MIXC Lifestyle Services2,224,800270,400374,8002,120,400CK Asset Holdin
94、gs6,345,377778,5001,146,5005,977,377Country Garden Services7,059,947246,0007,305,947Hang Lung Properties5,847,680929,782851,7825,925,680Henderson Land Development4,719,065666,000887,0004,498,065Longfor Group7,495,7281,352,0002,484,0006,363,728New World Development4,497,822658,0005,155,822Sun Hung Ka
95、i Properties4,707,683809,0001,021,5004,495,183Wharf Real Estate Investment5,426,111757,000990,0005,193,111TelecommunicationsChina Mobile19,966,0122,994,5003,826,50019,134,012China Unicom19,883,3662,698,0003,632,00018,949,366UtilitiesChina Resources Power6,252,000814,0001,106,0005,960,000CK Infrastru
96、cture Holdings2,046,915293,000389,0001,950,915CLP Holdings6,566,870900,0001,197,5006,269,370ENN Energy2,572,706420,200532,2002,460,706Hong Kong&China Gas36,374,4645,070,0006,688,00034,756,464Power Assets Holdings4,500,594644,000844,0004,300,594Real Estate Investment TrustLink REIT8,323,4261,479,7481
97、,810,9487,992,226Hang Seng Investment18for the year ended 31 December 2024Statement of Movements in Portfolio Holdings(Unaudited)(continued)HSI ESG Enhanced Select Index ETFInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December2024Hong Kong Stock Exchange Listed EquitiesC
98、onglomeratesCK Hutchison Holdings6,5003185,878940Consumer DiscretionaryAlibaba Group32,3007,73225,75314,279Anta Sports Products26,80020921,7855,224BYD2,5002622,159603Chow Tai Fook Jewellery Group40,40097232,8678,505Galaxy Entertainment6,000194,8701,149Geely Auto97,0005,52480,22022,304Haidilao Intern
99、ational Holding3,0003,000Haier Smart Home6,2005,1171,083JD.com Inc5,550994,677972Kuaishou Technology2,0482,048Li Auto10,0001,4558,5732,882Li Ning57,50055747,99710,060Meituan28,10092722,9516,076MTR Corporation21,00036117,3853,976New Oriental Ed&Technology2,0202,020Sands China43,60036237,6876,275Shenz
100、hou International Group16,20012513,5262,799Techtronic Industries5,000864,0181,068Trip.Com Group60066477189Zhongsheng Group23,00019,6923,308Consumer StaplesBudweiser Brewing29,90040024,1186,182China Mengniu Dairy6,000884,9471,141China Resources Beer Holdings4,0003,426574Hengan International1,5001,200
101、300Nongfu Spring7,0005,7681,232Tingyi Holding Corporation2,0002,0003,450550FinancialsAIA Group79,6004,27363,13620,737Bank of China163,00012,364144,08531,279BOC Hong Kong17,0007,24814,20510,043China Construction Bank224,00013,836178,29059,546China Life Insurance24,0002,21620,5635,653China Merchants B
102、ank14,0001411,6722,342Hang Seng Bank12,3001210,2882,024Hong Kong Exchanges&Clearing19,50059516,6543,441HSBC Holdings49,2001,02540,6149,611Industrial and Commercial Bank of China134,0005,980112,94927,031Ping An Insurance109,0004,87188,34425,527Reports and Financial Statements 19for the year ended 31
103、December 2024Statement of Movements in Portfolio Holdings(Unaudited)(continued)HSI ESG Enhanced Select Index ETFInvestmentsHoldings as at1 January 2024AdditionsDisposalsHoldings as at31 December2024HealthcareAlibaba Health Information Technology36,0003,62430,1169,508CSPC Pharmaceutical16,00013,1952,
104、805Hansoh Pharmaceutical Group6,0004,9521,048JD Health International Inc11,4001,02510,1262,299Sino Biopharmaceutical19,00015,2643,736Sinopharm22,40011618,8003,716WuXi AppTec8,4007157,0682,047Wuxi Biologics90,5005,41973,64422,275IndustrialsOrient Overseas International1,5001,222278Sunny Optical Techn
105、ology3,100362,547589Xinyi Glass Holding5,0003304,2251,105Xinyi Solar Holdings24,00030320,7453,558Information TechnologyBYD Electronic970241729Lenovo Group130,0002,487107,30025,187NetEase Inc11,3007939,5552,538Semiconductor Manufacturing6,5002865,7071,079Xiaomi Corporation217,800600189,47828,922Prope
106、rties&ConstructionChina Overseas Land&Investment78,0004,00364,08817,915China Resources Land22,00019,2462,754China Resources MIXC Lifestyle Services20,60020017,0963,704CK Asset Holdings34,0001,27227,4857,787Hang Lung Properties40,0002,80033,4609,340Henderson Land Development26,00021821,8374,381Longfo
107、r Group52,50047,1035,397Sun Hung Kai Properties41,00066034,3457,315Wharf Real Estate Investment26,00074521,2435,502Country Garden Services64,0005,90369,903TelecommunicationsChina Mobile17,00013813,5943,544China Unicom10,0003748,8321,542UtilitiesCK Infrastructure Holdings25829229ENN Energy2,1008051,6
108、601,245Hong Kong&China Gas97,00093981,81616,123Real Estate Investment TrustLink REIT90,3202,71775,51917,518Hang Seng Investment20Statement of Assets and Liabilitiesas at 31 December 2024Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETFNotes31-12-2024(HKD)31-12-2023(HKD)31-12-2024(HKD)31
109、-12-2023(HKD)AssetsFinancial assets at fair value through profit or loss5,6,1539,367,247,98035,231,717,33815,112,65966,894,013Dividend receivable44,495,43548,808Amounts receivable on subscription of units110,123,176109,074,716Amounts receivable on sale of investments37,941,27696,228,051Other account
110、s receivable10(e)47,3532,83774,80760,807Cash and cash equivalents10(e)42,459,656217,664,7757,898188,827Total Assets39,557,819,44135,699,183,15215,195,36467,192,455LiabilitiesAmounts payable on purchase of investments108,932,896650,533Amounts payable on redemption of units191,011,989305,450,798Accrue
111、d expenses and other payables10(a),(c),(d)&(g)5,659,2024,889,754210,577223,050Total Liabilities196,671,191419,273,448210,577873,583Net assets attributable to unitholders39,361,148,25035,279,909,70414,984,78766,318,872Representing:Total Equity39,361,148,25035,279,909,70414,984,78766,318,872Total numb
112、er of units in issue10(h),111,935,191,8632,038,686,1201,500,0006,900,000Net asset value per unit20.339717.30529.98999.6114Approved and authorised for issue by the Trustee and the Manager on 29 April 2025.For and on behalf of Manager Hang Seng Investment Management LimitedThe notes on page 24 to page
113、 45 form part of the financial statements.Reports and Financial Statements 21Statement of Comprehensive Incomefor the year ended 31 December 2024Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETFNotesYear ended31 December 2024(HKD)Year ended31 December 2023(HKD)Year ended31 December 2024
114、(HKD)Year ended31 December 2023(HKD)IncomeDividend income7,10(f)1,583,244,3311,464,219,117575,8602,773,355Interest income8,10(e)1,313,8371,734,409685330Manager s reimbursement10(a)908,955822,3171,584,558,1681,465,953,5261,485,5003,596,002ExpensesAuditor s remuneration(599,905)(626,861)(80,083)(79,99
115、4)Legal and professional fees(1,663,205)(183,819)(615)(267)Management fees10(a)(12,551,119)(12,930,055)(13,625)(61,318)Registrar s fees10(g)(15,600)(21,238)(15,600)(15,611)Safe custody and bank charges10(c)(1,461,531)(1,515,691)(1,397)(7,553)Sundry expenses10(d)&(g)(5,857,168)(6,326,796)(362,082)(35
116、3,794)Investment transaction costs10(b)(18,694,410)(25,224,713)(8,116)(60,755)Transaction fees paid to administrator10(g)(213,000)(216,900)(8,000)(8,000)Trustee s fees10(g)(2,188,473)(2,306,040)(35,099)(35,099)Fund administration fees10(g)(8,753,894)(9,224,161)(160,934)(156,852)Valuation fees10(g)(9
117、8,400)(97,200)(52,096,705)(58,673,474)(685,551)(779,243)Income before gains/(losses)on investments1,532,461,4631,407,280,052799,9492,816,759Gains/(losses)on investmentsNet gains/(losses)on investments96,094,673,387(5,480,020,598)(6,801,893)(18,459,602)Net foreign exchange gains/(losses)2,25785,15848
118、8(36)Securities expenses10(c)(378,819)(1,055,818)(355)(2,209)6,094,296,825(5,480,991,258)(6,801,760)(18,461,847)Income/(loss)before finance costs7,626,758,288(4,073,711,206)(6,001,811)(15,645,088)Finance costsInterest expenses10(j)(21,641)(83,324)(14,187)(33,216)Income/(loss)before taxation7,626,736
119、,647(4,073,794,530)(6,015,998)(15,678,304)Taxation4,7(72,305,277)(66,991,881)(15,507)(65,163)Income/(loss)attributable to unitholders and total comprehensive income for the year7,554,431,370(4,140,786,411)(6,031,505)(15,743,467)The notes on page 24 to page 45 form part of the financial statements.Ha
120、ng Seng Investment22Statement of Changes in Equityfor the year ended 31 December 2024Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETFNotesYear ended31 December 2024(HKD)Year ended31 December 2023(HKD)Year ended31 December 2024(HKD)Year ended31 December 2023(HKD)Balance at beginning of
121、year35,279,909,70439,008,899,25166,318,87277,189,979Income/(loss)attributable to unitholders and total comprehensive income for the year7,554,431,370(4,140,786,411)(6,031,505)(15,743,467)Transactions with owners(i.e.unitholders),recorded directly in equityReceived and receivable on issue of units10(
122、i),1117,487,034,87815,995,289,8917,326,360Paid and payable on redemption of units10(i),11(19,455,072,075)(14,214,643,918)(44,942,580)Distributions to unitholders10(h),14(1,505,155,627)(1,368,849,109)(360,000)(2,454,000)Total transactions with owners(i.e.unitholders)(3,473,192,824)411,796,864(45,302,
123、580)4,872,360Balance at year end39,361,148,25035,279,909,70414,984,78766,318,872NotesYear ended31 December 2024Year ended31 December 2023Year ended31 December 2024Year ended31 December 2023Movement of units in issue is listed below:Number of units bought forward2,038,686,1201,941,706,3996,900,0006,3
124、00,000Number of units issued during the year929,034,353826,852,108600,000Number of units redeemed during the year(1,032,528,610)(729,872,387)(5,400,000)Number of units carried forward111,935,191,8632,038,686,1201,500,0006,900,000The notes on page 24 to page 45 form part of the financial statements.R
125、eports and Financial Statements 23Statement of Cash Flowsfor the year ended 31 December 2024Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETFYear ended31 December 2024(HKD)Year ended31 December 2023(HKD)Year ended31 December 2024(HKD)Year ended31 December 2023(HKD)Operating activitiesPa
126、yment for legal and professional fees(858,057)(183,819)(301)(267)Payment for auditor s remuneration(608,757)(600,001)(91,167)(80,000)Payment for management fees(12,436,487)(12,999,792)(16,965)(62,117)Payment for fees paid to trustee(2,160,044)(2,324,938)(35,100)(35,100)Payment for investment transac
127、tion costs(18,694,410)(25,224,713)(8,116)(60,755)Payment for fees paid to administrator(9,344,808)(10,014,657)(234,625)(229,590)Payment for safe custody and bank charges(1,447,676)(1,528,425)(1,832)(7,643)Other income received894,957846,917Payment for other operating expenses(5,345,275)(5,818,418)(3
128、08,936)(277,968)Net cash(used in)/generated from operating activities(50,895,514)(58,694,763)197,91593,477Investing activitiesPayment for securities expenses(808,305)(694,320)(852)(2,176)Dividend income received1,541,475,8061,343,872,298582,8362,633,827Interest received1,269,3211,732,940685336Procee
129、ds from sale of investments8,463,060,3327,454,539,43947,991,61020,932,131Payments for purchase of investments(6,540,605,025)(9,168,031,772)(3,636,356)(28,680,312)Net cash generated/(used in)investing activities3,464,392,129(368,581,415)44,937,923(5,116,194)Financing activitiesPayment for interest ex
130、penses(21,641)(83,324)(14,187)(33,216)Proceeds on issue of units17,485,986,41816,083,750,0397,326,360Payments on redemption of units(19,569,510,884)(14,143,975,345)(44,942,580)Distributions paid to unitholders(1,505,155,627)(1,368,849,109)(360,000)(2,454,000)Net cash flows(used in)/generated from fi
131、nancing activities(3,588,701,734)570,842,261(45,316,767)4,839,144Net(decrease)/increase in cash and cash equivalents(175,205,119)143,566,083(180,929)(183,573)Cash and cash equivalents at the beginning of the year217,664,77574,098,692188,827372,400Cash and cash equivalents at the end of the year42,45
132、9,656217,664,7757,898188,827Major non-cash transactions:(i)During the year,unitholders tendered 5,400,000 units of the Hang Seng Index Tracking Fund(2023:0 units)in exchange for a basket of the constituent stocks of Hang Seng Index with a market value of HKD44,857,315(2023:0).(ii)During the year,the
133、 Hang Seng Index Tracking Fund had dividend re-investment amounting to HKD13,958,683(2023:HKD11,014,443).(iii)During the year,HSI ESG Enhanced Select Index ETF had dividend re-investment amounting to HKD26,325(2023:HKD37,687).The notes on page 24 to page 45 form part of the financial statements.Hang
134、 Seng Investment24Notes to the Financial Statements1.BackgroundHang Seng Index Tracking Fund(formerly known as Hang Seng Index ETF)and HSI ESG Enhanced Select 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
135、ies and Futures Ordinance and is governed by the Hong Kong Code on Unit Trusts and Mutual Funds(“the SFC Code”).Hang Seng Index Tracking Fund and HSI ESG Enhanced Select Index ETF(“the Funds”),are sub-funds created under Hang Seng Investment Index Funds Series II(the“Trust”)which is an umbrella unit
136、 trust established under the law of Hong Kong by its Trust Deed dated 10 September 2004,as amended from time to time.Hang Seng Index Tracking Fund was registered on 13 September 2004 under the laws of Hong Kong and HSI ESG Enhanced Select Index ETF was registered on 22 February 2022 under the laws o
137、f Hong Kong.Having taken into account the relevant factors,namely(i)the majority of investors of Hang Seng Index Tracking Fund are institutional professional investors who typically deal in the primary market,(ii)the trading activity of Hang Seng Index Tracking Fund on the SEHK has been relatively l
138、ow considering the asset under management of the fund,and(iii)the delisting from SEHK will lower the operational costs(i.e.listing related costs)and streamline the operational arrangement of the Hang Seng Index Tracking Fund which is conductive to the proposed reduction of the management fee of the
139、fund,the Manger is therefore of the view that the delisting of Hang Seng Index Tracking Fund would be in the best interests of the investors in the fund.With effect from 13 September 2022,Hang Seng Index Tracking Fund(formerly known as Hang Seng Index ETF)is delisted and renamed as Hang Seng Index T
140、racking Fund.Following the delisting,Hang Seng Index Tracking Fund continue to operate as an unlisted index fund as defined under Chapter 8.6 of the Code authorised by the SFC pursuant to Section 104(1)of the Securities and Futures Ordinance(Cap.571 of the laws of Hong Kong).The Manager continue to
141、manage the Hang Seng Index Tracking Fund in accordance with applicable laws and regulations(including the Code)as well as the Trust Deed.After the delisting,Hang Seng Index Tracking Fund(the“Sub-Fund”)remain a sub-fund of the Trust and authorised by the SFC as an unlisted index fund as defined under
142、 Chapter 8.6 of the Code and will continue to be subject to Hong Kong regulation by the SFC under the SFC Handbook for Unit Trusts and Mutual Funds,Investment-Linked Assurance Schemes and Unlisted Structural Products including the Code.Unless otherwise provided in announcements and notices,the Manag
143、er confirms that:i.there is no change in the operation and/or manner in which the Sub-Fund is being managed.The investment objective,investment strategy,underlying index and underlying investments of the Sub-Fund remain unchanged;ii.there is no material change to the risk profile of the Sub-Fund;and
144、iii.the Delisting does not give rise to any matter or impact that may materially prejudice the rights or interests of the existing Unitholders of the Sub-Fund.The investment objective of the Funds is to provide investment results that,before fees and expenses,closely correspond to the performance of
145、 Hang Seng Index and HSI ESG Enhanced Select Index(each“Hang Seng Index”,“HSI ESG Enhanced Select Index”,collectively the“Indexes”).As at 31 December 2024,72%(2023:72%)of the redeemable units of Hang Seng Index Tracking Fund were held by HSBC Mandatory Provident Fund SuperTrust Plus Hang Seng Index
146、Tracking Fund(“HSBC MPF SuperTrust Plus Hang Seng Index Tracking Fund”),which is considered as the parent of the Hang Seng Index Tracking Fund.Reports and Financial Statements 25Notes to the Financial Statements(continued)2.Material accounting policies(a)Statement of complianceThe financial statemen
147、ts 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(“HKASs”)and Interpretations issued by the Hong Kong I
148、nstitute of Certified Public Accountants(“HKICPA”),accounting principles generally accepted in Hong Kong,the relevant provisions of the Trust Deed,as amended,and the relevant disclosure provisions of the SFC Code issued by the SFC.A summary of the material accounting policies adopted by the Funds is
149、 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 resulting from initial application of these developments to the
150、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 is Hong Kong dollars,which is the reporting currency of the un
151、its 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 are stated at their fair value as explained in the accounting policies set out below.The preparation
152、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 and expenses.The estimates and associated assumptions are based on historical
153、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 readily apparent from other sources.Actual results may differ from these estimates
154、.The estimates and underlying assumptions are 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
155、 and future periods.(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 through the expected life of the financial asset or financial liability to the gro
156、ss carrying amount of the financial asset or financial liability.Dividend income is recognised when the underlying securities are quoted ex-distribution.Dividend income and interest income is presented gross of any non-recoverable withholding taxes,which are disclosed separately in profit or loss.Al
157、l 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 the year,using tax rates enacted or substantively enacted at the date of s
158、tatement of assets and liabilities.Current tax includes non-recoverable withholding taxes on investment income.Hang Seng Investment26Notes to the Financial Statements(continued)2.Material accounting policies(continued)(e)Translation of foreign currencyForeign currency transactions during the year ar
159、e translated into Hong Kong dollars 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 g
160、ains and losses are recognised in 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
161、cost or fair value through profit 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
162、 terms give rise on specified dates 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 Fu
163、nds consider all of the relevant information 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,maintaini
164、ng a particular interest rate profile,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 r
165、isks that affect the performance of the business model(and the financial assets held within that business model)and how those risks are managed;how the compensation to investment manager is determined:e.g.whether compensation is based on the fair value of the assets managed or the contractual cash f
166、lows 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 transactions that do not qualify for derecognition are not considered sales for t
167、his 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,amounts receivable on sale of investments,dividend receivable,other account
168、s receivable and cash and cash equivalents.These financial assets are held to collect contractual cash flows.Other business model:this includes equity instruments and collective investment schemes.These financial assets are managed and their performance is evaluated,on a fair value basis,with freque
169、nt sales taking place.Reports and Financial Statements 27Notes to the Financial Statements(continued)2.Material accounting policies(continued)Assessment whether contractual cash flows are SPPIFor the purposes of this assessment,“principal”is defined as the fair value of the financial asset on initia
170、l recognition.“Interest”is defined as consideration 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 mar
171、gin.In assessing whether the contractual cash flows 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 co
172、ndition.In making this assessment,the Funds consider: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 con
173、sideration for the time value of money(e.g.periodical 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 collective investment schemes into financial assets at
174、 FVTPL category.Financial assets measured at amortised cost include amounts receivable on subscription of units,amounts receivable on sale of investments,dividend receivable,other accounts receivable and cash and cash equivalents.Financial liabilities that are not at fair value through profit or los
175、s include amounts payable on purchase of investments,amounts payable on redemption of units and accrued expenses and other payables.ReclassificationsFinancial assets are not reclassified subsequent to their initial recognition unless the Funds were to change their business model for managing financi
176、al 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 they become a party to the contractual provi
177、sions 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 financial assets or financial liabilities at fair
178、 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.Hang Seng Investment28Notes to the Financial Statements(con
179、tinued)2.Material accounting policies(continued)(iii)MeasurementFinancial 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 inst
180、ruments classified at fair value through profit or loss are measured 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
181、 any.Financial liabilities,other than those at fair value through 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
182、transaction between market participants at the measurement date 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
183、 using the quoted price in an active market for that instrument.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
184、use valuation techniques that maximise the use of relevant observable 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 leve
185、ls of the fair value hierarchy as at the end of the reporting period 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 pr
186、ovided in note 9.Net realised gains or losses from financial instruments at fair value through profit or loss is calculated using the average cost method.(v)DerecognitionA financial asset is derecognised when the contractual rights to receive the cash flows from the financial asset expire,or where t
187、he 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 commit to sell the assets.A financial liabi
188、lity is derecognised when the obligation specified in the contract is discharged,cancelled or expires.On derecognition of a financial asset,the difference between the carrying value of the asset and the consideration received is recognised in profit or loss.(vi)OffsettingFinancial assets and financi
189、al 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 basis or simultaneously,e.g.through a market clearing mechanis
190、m.Reports and Financial Statements 29Notes to the Financial Statements(continued)2.Material accounting policies(continued)(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
191、influence over the Funds;or(iii)is a member of the key management 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 su
192、bsidiary is related to the others).(ii)One entity is an associate 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 t
193、hird entity and the other entity is an associate of the third 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 sig
194、nificant influence over the entity or is a member of the key 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
195、a person are those family members who may be expected to influence,or be influenced by,that person in their dealings with the entity.(h)Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand,demand deposits with banks and other financial institutions,and short-term,high
196、ly 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 classify financial instruments issued as financial liabilities or equ
197、ity instruments in accordance with the substance of the contractual terms of the instruments.The Funds have one class of redeemable units in issue.This is the most subordinate class of financial instruments in the Funds and ranks pari passu in all material respects and has identical terms and condit
198、ions.The redeemable units provide investors with the right to require redemption for cash at a value proportionate to the investor s share in the Funds net assets at each redemption date and also in the event of the Funds liquidation.Hang Seng Investment30Notes to the Financial Statements(continued)
199、2.Material accounting policies(continued)A puttable financial instrument that includes a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another financial asset is classified as equity instruments if it meets the following conditions:(i)it entitles the holde
200、r 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 financial instruments in the class of instruments that is subordinate to all other classes of instruments have id
201、entical 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 other features that would require classification as a liability;and(v)the total expected cash flows attributable to
202、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 assets of the Funds over the life of the instrument.The Funds redeemable units meet all of these conditions and are cl
203、assified as equity instruments.(j)Segment reportingAn operating segment is a component of the Funds that engages 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 operat
204、ing results are reviewed regularly by the chief operating decision maker to make decisions about resources 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 ite
205、ms directly attributable to a segment as well as those that can be allocated on a reasonable basis.The chief 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 an
206、d receivable on issue of units or paid and payable on redemption of units is calculated based on the portion of the unit price related to undistributed accumulated net investment income and accumulated expenses of the unit at the date of issue or redemption.(l)Investment transaction costsInvestment
207、transaction costs are costs incurred to 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 cos
208、ts of the Fund 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,Pr
209、esentation 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 leasebackRep
210、orts and Financial Statements 31Notes to the Financial Statements(continued)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
211、accounting period(see note 18).4.TaxationNo provision for Hong Kong Profits 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 ta
212、x on dividend income which is recorded gross of withholding tax in profit or 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 Index Tracking FundMarket ValueHSI ESG E
213、nhanced Select Index ETFMarket Value2024(HKD)2023(HKD)2024(HKD)2023(HKD)Listed equities39,104,703,35634,866,735,10814,537,19362,933,481Collective Investment Schemes262,544,624364,982,230575,4663,960,532Total financial assets at fair value through profit or loss39,367,247,98035,231,717,33815,112,6596
214、6,894,0136.Financial risk managementThe Funds maintain investment portfolio in the constituent stocks of the Index as dictated by its investment management strategy,but is not limited to equities and collective investment schemes.The Funds investment objective is to match,before expenses,as closely
215、as practicable,the performance of the Index 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 Index or the weighting of the constituent stocks in the Ind
216、ex,the Manager will be responsible for implementing any adjustment to the Funds portfolio of equities and collective investment schemes to ensure that the Funds investment portfolio closely correspond to the composition of the Indexes and the weighting of each constituent stock.The Funds investing a
217、ctivities expose it to various types of risks that are associated with the financial instruments and markets in which it 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 l
218、ike to highlight that the following list of associated 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 investm
219、ent in the Funds can be found in the Funds Hong 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.Hang Seng Investment32Notes to the Financial Statements(contin
220、ued)6.Financial risk management(continued)(a)Market riskMarket risk arises when the fair value and future cash flows of a financial instrument will fluctuate because of changes in market prices and includes currency risk,interest rate risk and price risk.(i)Price riskPrice risk is the risk that the
221、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 risk),whether caused by factors specific to an individual investment,its issuer or all factors affecting all instruments traded in the market.The Funds
222、are exposed to price risk arising from changes in market prices of equity instruments and collective investment schemes.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 equities or c
223、ollective investment schemes,or to take defensive position in declining market.Hence,any fall in the underlying index will result in a corresponding fall in the value of the Funds.All investments of the Funds are constituent stocks of the Index listed on The Stock Exchange of Hong Kong Limited(“SEHK
224、”).The Funds estimate the future reasonably possible market price fluctuations for equity investments on an overall basis.If the relevant indexes at 31 December 2024 had increased/decreased by 20%(2023:20%)it is estimated that the net assets attributable to unitholders of the Funds would have increa
225、sed/decreased accordingly as shown below.The analysis assumes that all other variables,in particular,interest rates remain constant.Estimated Increase/(Decrease)in Net Assets Attributable to UnitholdersFundCurrencyIndexIf the RelevantIndexIncreased by20%2024If the RelevantIndexIncreased by20%2023If
226、the RelevantIndexDecreased by20%2024If the RelevantIndexDecreased by20%2023Hang Seng Index Tracking FundHKDHang Seng Index7,873,449,5967,046,343,468(7,873,449,596)(7,046,343,468)HSI ESG Enhanced Select Index ETFHKDHSI ESG Enhanced Select Index3,022,53213,378,803(3,022,532)(13,378,803)(ii)Interest ra
227、te riskInterest rate 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 re
228、sult,the Funds have limited exposure to interest rate risk.(iii)Currency riskAll the financial assets and liabilities of the Funds are denominated in Hong Kong dollars,the functional currency of the Funds,and as such the Funds have limited exposure to currency risk.Reports and Financial Statements 3
229、3Notes to the Financial Statements(continued)6.Financial risk management(continued)(b)Credit riskAnalysis of credit risk management policy and concentration of credit riskCredit risk arising on transactions with brokers relates to transactions awaiting settlement.Risk relating to unsettled transacti
230、ons is considered small due to the short settlement period involved and the high quality of the brokers used.The Manager monitors the credit rating and financial positions of the brokers used to further mitigate this risk.Cititrust Limited is the Trustee of the Funds.Bankruptcy or insolvency of the
231、Trustee may cause the Funds rights with respect to the assets to be delayed or limited.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“Custodia
232、n”).Bankruptcy or insolvency of the Custodian may cause the Funds rights with respect to 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.Majority of the cash held by the Funds are deposited
233、 with The Hongkong and Shanghai Banking Corporation Limited(“HSBC”).Bankruptcy or insolvency 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 outline
234、d above,there were no significant concentrations of credit risk to counterparties at 31 December 2024 and 31 December 2023.(c)Liquidity riskLiquidity risk is the risk that the Funds will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering
235、 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,without incurring undue
236、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 contractual maturities less than
237、 three months.Hang Seng Investment34Notes to the Financial Statements(continued)6.Financial risk management(continued)The majority of the Funds financial assets are listed equities and collective investment schemes which are considered to be readily realisable as they are all listed on the SEHK.As a
238、 result,the Funds are able to liquidate quickly its investments in order to meet its liquidity requirements.The Funds liquidity risk is managed on a daily basis by the Manager in accordance with the policies and procedures in place.HSI ESG Enhanced Select Index ETF s redemption policy allows redempt
239、ion to be made:through participating dealers by any investor with a basket of constituent stocks of the Index and a minor cash component,or wholly with cash.The minimum redemption units for HSI ESG Enhanced Select Index ETF are 300,000 units;and through the Manager by the Hang Seng Funds,with a bask
240、et of constituent stocks of the Index and a minor cash component or wholly with cash at a minimum of 1 unit.Subject as otherwise provided in the relevant Term Sheet,the Manager does not require a minimum investment or holding for Hang Seng Index Tracking Fund.The Manager has the right to declare sus
241、pension of unitholders right to redeem 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 Index is not complied or published,etc.in accordance with the HKOD.(d)Capital managementThe Funds capita
242、l as at the year end 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 accordan
243、ce with the Funds 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 o
244、f equity are stated 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 ne
245、t of any non-recoverable withholding taxes,earned by the Funds during the year are shown below.FundCurrencyDividend incomeWithholding taxesNet Dividend Income202420232024202320242023Hang Seng Index Tracking FundHKD1,583,244,3311,464,219,117(72,305,277)(66,991,881)1,510,939,0541,397,227,236HSI ESG En
246、hanced Select Index ETFHKD575,8602,773,355(15,507)(65,163)560,3532,708,192Reports and Financial Statements 35Notes 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.FundCurrencyInterest i
247、ncome fromcash and cash equivalentNet Interest Income2024202320242023Hang Seng Index Tracking FundHKD1,313,8371,734,4091,313,8371,734,409HSI ESG Enhanced Select Index ETFHKD6853306853309.Net gains/(losses)on investmentsDuring the year,the Funds disposed of equity instruments and earned or incurred r
248、ealised and unrealised gains or losses as shown below.FundCurrencyNet gains/(losses)on investments inequity instrumentsNet losses on investments incollective investment schemesNet gains/(losses)on investments202420232024202320242023Hang Seng Index Tracking FundHKD6,183,835,538(5,389,124,577)(89,162,
249、151)(90,896,021)6,094,673,387(5,480,020,598)HSI ESG Enhanced Select Index ETFHKD(6,234,845)(17,521,114)(567,048)(938,488)(6,801,893)(18,459,602)FundCurrencyRealised losses from investmentsMovement onunrealised gains/(losses)Net gains/(losses)on investments202420232024202320242023Hang Seng Index Trac
250、king FundHKD(1,918,786,988)(1,765,353,281)8,013,460,375(3,714,667,317)6,094,673,387(5,480,020,598)HSI ESG Enhanced Select Index ETFHKD(28,515,835)(4,602,327)21,713,942(13,857,275)(6,801,893)(18,459,602)Hang Seng Investment36Notes to the Financial Statements(continued)10.Transactions with the Trustee
251、,the Manager and their Connected PersonsThe following is a summary of significant related party transactions or transactions entered into during the year between the Funds and the Trustee,the Manager and their Connected Persons.Connected Persons are those as defined in the SFC Code issued by the SFC
252、.All transactions during the year between the Funds,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 Funds did not have any other transactions wit
253、h 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 Funds
254、.The Manager earns management fees at a rate of 0.045%per annum on the first HKD15 billion of net asset value,0.030%per annum on the next HKD15 billion of net asset value,0.020%per annum on the next HKD15 billion of net asset value and 0.015%per annum on the remaining balance of net asset value of H
255、ang Seng Index Tracking Fund.The Manager earns management fees at a rate of 0.08%of net asset value per annum for HSI ESG Enhanced Select Index ETF.Management fees are calculated as at each dealing day and payable monthly.Manager s reimbursement received during the year,manager s reimbursement recei
256、vable at the year end date,management fees paid during the year and management fees payable to the Manager at the year end date are shown below.During the year ended 31 December 2024 and 2023,HSVM has reimbursed certain expenses incurred by HSI ESG Enhanced Select Index ETF.Hang Seng Index Tracking
257、FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Management fees paid during the year12,551,11912,930,05513,62561,318Management fees payable1,144,5061,029,8741,0844,424Management s reimbursement during the year908,955822,317Management s reimbursement receivable74,80760,807(b)
258、The Funds utilise the services of HSBC in part of its purchase and sale of investments.Details of such transactions executed and fees paid are shown.Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Value of transactions executed through HSBC(in HKD)5,
259、957,901,8661,104,846,74846,436,52123,979,877Share of total value of transactions of the Fund35.53%6.59%58.40%48.81%Commission paid to HSBC(in HKD)911,082220,9791714,796Average commission rate0.02%0.00%0.00%0.01%Reports and Financial Statements 37Notes to the Financial Statements(continued)(c)The Fun
260、ds utilise the services of HSBC in its depository of securities and paid 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 Seng Index Tracking FundHSI ESG Enhanced Select Index ETF20
261、24(HKD)2023(HKD)2024(HKD)2023(HKD)Securities expenses paid to HSBC during the year378,8191,055,8183552,209Safe custody and bank charges paid to HSBC during the year1,461,5311,515,6911,3977,553Securities expenses payable to HSBC as of year end16,800446,286497Safe custody payable to HSBC as of year en
262、d133,504119,649128563(d)The Funds have been licensed by Hang Seng Indexes Company Limited(“HSIL”)to use the Index to create,offer,market and sell the Funds during the year.License fee paid to HSIL during the year amounted to HKD5,476,184(2023:HKD5,760,100)for Hang Seng Index Tracking Fund and HKD149
263、,180(2023:HKD150,409)for HSI ESG Enhanced Select Index ETF.License fee payable to HSIL at the year end was HKD1,512,966(2023:HKD1,353,383)for Hang Seng Index Tracking Fund and HKD37,500(2023:HKD38,320)for HSI ESG Enhanced Select Index ETF.(e)Certain bank accounts are maintained with HSBC.The bank ba
264、lances at the year end date and interest income earned during the year are shown below.Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)HSBC bank balances as of year end42,459,656217,664,7757,898188,827Interest income earned from HSBC during the year1
265、,313,8371,734,409685330Interest receivable from HSBC as of year end47,3532,837(f)During the year,the Funds made investments in the stocks of HSBC Holdings PLC and HSB.Details of such investments held as at the year end date are shown in the Investment Portfolio.Dividend income earned from these inve
266、stments during the year is shown below.Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)HSBC Holdings PLC287,129,050236,550,79865,028437,826Hang Seng Bank16,707,46813,188,76417,15454,640Hang Seng Investment38Notes to the Financial Statements(continued
267、)(g)Cititrust Limited is the Trustee of the Funds.Trustee s fees are calculated as at each dealing day and payable monthly.HSBC Institutional Trust Services(Asia)Limited,a member of the HSBC Group,is the administrator of the Funds.The Trustee earns trustee s fees based on the fee table below.Hang Se
268、ng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Trustee s fee rate(including the Fund Administration fees)0.030%0.030%0.049%0.049%paid to Cititrust Limited0.006%0.006%0.009%0.009%paid to HSBC Institutional Trust Services(Asia)Limited0.024%0.024%0.040%0.040%
269、Minimum monthly trustee s fees15,92515,925 payable to Cititrust Limited2,9252,925 payable to HSBC Institutional Trust Services(Asia)Limited13,00013,000Trustee s fees paid to Cititrust Limited2,188,4732,306,04035,09935,099Fees payable to Trustee paid to Cititrust Limited205,647177,2181,0531,054The ad
270、ministrator also earned fees for providing various services to the Funds during the year as shown below.Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Processing fee for handling each purchase or sale of investments(in HKD)35353535Valuation fee per
271、valuation(in HKD)400400N/AN/AProcessing fee for handling each creation/redemption/transfer of units(in HKD)100100100100Reports and Financial Statements 39Notes to the Financial Statements(continued)Details of such fee paid during the year and such fees payable at the year end date shown below.Hang S
272、eng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)Transaction fees paid to administrator payable to HSBC Institutional Trust Services(Asia)Limited213,000216,9008,0008,000Registrar s fees paid to HSBC Institutional Trust Services(Asia)Limited15,60021,23815,60
273、015,611Valuation fees paid to HSBC Institutional Trust Services(Asia)Limited98,40097,200Financial reporting fee paid to HSBC Institutional Trust Services(Asia)Limited360,937391,96248,05668,872Fund administration fee paid to HSBC Institutional Trust Services(Asia)Limited8,753,8949,224,161160,934156,8
274、52Transaction fees payable to administrator paid to HSBC Institutional Trust Services(Asia)Limited1,202,9341,105,91164,69066,726(h)HSBC MPF SuperTrust Plus Hang Seng Index Tracking Fund,as the parent of the Fund,invests in the Hang Seng Index Tracking Fund and earns the Fund s distributions to unith
275、olders.At the year end date,HSBC MPF SuperTrust Plus Hang Seng Index Tracking Fund held 1,387,838,591 units(2023:1,467,377,972 units)of the Hang Seng Index Tracking Fund(formerly known as Hang Seng Index ETF).During the year,distributions to unitholders earned by HSBC MPF SuperTrust Plus Hang Seng I
276、ndex Tracking Fund was HKD1,079,065,587(2023:HKD987,675,502).Hang Seng Mandatory Provident Fund SuperTrust Plus Hang Seng Index Tracking Fund(“Hang Seng MPF SuperTrust Plus Hang Seng Index Tracking Fund”),invests in the Hang Seng Index Tracking Fund and earns the Fund s distributions to unitholders.
277、At the year end date,Hang Seng MPF SuperTrust Plus Hang Seng Index Tracking Fund held 542,399,422 units(2023:565,881,574 units)of the Fund.During the year,distributions to unitholders earned by Hang Seng MPF SuperTrust Plus Hang Seng Index Tracking Fund was HKD422,172,698(2023:HKD377,270,550).(i)HSB
278、C MPF SuperTrust Plus Hang Seng Index Tracking Fund,subscribed 650,332,629 units(2023:583,662,793 units)and redeemed 729,872,010 units(2023:520,736,233 units)of the Hang Seng Index Tracking Fund,at amounts of HKD12,248,765,099(2023:HKD11,306,544,090)and HKD13,741,308,979(2023:HKD10,152,584,054)respe
279、ctively during the year.Hang Seng MPF SuperTrust Plus Hang Seng Index Tracking Fund,subscribed 278,401,783 units(2023:242,054,379 units)and redeemed 301,883,935 units(2023:203,968,993 units)of the Hang Seng Index Tracking Fund,at amounts of HKD5,238,269,779(2023:HKD4,688,745,801)and HKD5,704,744,523
280、(2023:HKD3,977,331,928)respectively during the year.Hang Seng Investment40Notes to the Financial Statements(continued)(j)HSBC provides an uncommitted overdraft facility to the Funds.The details of uncommitted overdraft facility and interest expenses paid during the year are shown below.FundCurrencyY
281、earUncommitted overdraft facilityas at 31 DecemberInterest rateInterest expensespaid duringthe yearHang Seng Index Tracking FundHKD2024Lesser of:(i)USD50,000,000;(ii)10%of net value assets in HSBC custody;and(iii)10%of net asset valueUSD BestLending Rate21,6412023Lesser of:(i)USD50,000,000;(ii)10%of
282、 net value assets in HSBC custody;and(iii)10%of net asset valueUSD BestLending Rate83,324HSI ESG Enhanced Select Index ETFHKD2024N/AN/A14,1872023N/AN/A33,216(k)The directors and officers of the Manager may transact in the units of the Fund as principal.As at 31 December 2024,the directors and office
283、rs of the Manager together do not hold any unit of the Funds(2023:Nil).11.Units in issue and net asset value per unitThe 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)Units in issueNAV per unitUnits in issueNA
284、V per unitHang Seng Index Tracking FundListed Class(HKD)1,935,191,86320.33972,038,686,12017.3052HSI ESG Enhanced Select Index ETFListed Class(HKD)1,500,0009.98996,900,0009.611412.Reconciliation of net asset valuesThe Trustee and the Manager would like to highlight that the principles for calculating
285、 the published unit price as set out in the HKOD are different from those required for calculating 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 t
286、he financial statements are therefore different from the adjusted total net assets for valuation purposes at the reporting dates.Per the HKOD of HSI ESG Enhanced Select Index ETF,the formation cost is amortised over the first five accounting periods of fund and as of 31 December 2024,the remaining a
287、mortisation period was 26(2023:38)months and the balance was HKD551,812(2023:HKD811,487).Reports and Financial Statements 41Notes to the Financial Statements(continued)A reconciliation between the net assets attributable to unitholders as reported in the financial statements and the adjusted total n
288、et asset value for valuation purposes is shown below.HSI ESG Enhanced SelectIndex ETF2024(HKD)2023(HKD)Net assets attributable to unitholders as reported in the financial statements14,984,78766,318,872Adjustments for different principles adopted by the Fund in arriving at the adjusted total net asse
289、ts for valuation purposes:Formation costs551,812811,487Adjusted total net assets for valuation purposes15,536,59967,130,35913.Soft dollar commissionAs regards to the Funds,the Manager has not entered into any soft dollar commission arrangements with brokers.14.DistributionsDetails of distributions d
290、uring the year are shown below:FundDate of CashDividendDeterminationDate of CashDividendDeterminationDistributionper UnitDistributionper Unit2024202320242023Hang Seng Index Tracking FundListed Class19-12-2023HKD0.0720-09-202419-09-2023HKD0.42HKD0.3027-06-202429-06-2023HKD0.28HKD0.2527-03-202430-03-2
291、023HKD0.06HKD0.07HSI ESG Enhanced Select Index ETFListed Class17-12-202419-12-2023HKD0.02HKD0.0620-09-202419-09-2023HKD0.12HKD0.1527-06-202429-06-2023HKD0.1HKD0.1030-03-2023HKD0.05Hang Seng Investment42Notes to the Financial Statements(continued)14.Distributions(continued)Hang Seng Index Tracking Fu
292、ndYear ended 31 December 2024Year ended 31 December 2023Undistributed income brought forward6,984,596,0476,982,161,554Income before losses on investments1,532,461,4631,407,280,052Interest expenses(21,641)(83,324)Taxation(72,305,277)(66,991,881)Income portion of received and receivable on issue of un
293、its304,471,295279,301,930Income portion of paid and payable on redemption of units(330,092,410)(248,223,175)Amount available for distribution to unitholders8,419,109,4778,353,445,156Distribution to unitholders(1,505,155,627)(1,368,849,109)Undistributed income carried forward6,913,953,8506,984,596,04
294、7HSI ESG Enhanced Select Index ETFYear ended 31 December 2024Year ended 31 December 2023Undistributed income brought forward(797,930)(1,063,690)Income before losses on investments799,9492,816,759Interest expenses(14,187)(33,216)Taxation(15,507)(65,163)Income portion of received and receivable on iss
295、ue of units1,380Income portion of paid and payable on redemption of units(52,920)Amount available for distribution to unitholders(80,595)1,656,070Distribution to unitholders(360,000)(2,454,000)Undistributed income carried forward(440,595)(797,930)15.Fair value informationThe Funds investments are me
296、asured at fair value on the date of the statement of assets and liabilities.Fair value estimates are made at a specified 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 dete
297、rmined within a reasonable range of estimates.For certain other financial instruments,including dividend receivable,amounts receivable on subscription of units,amounts receivable on sale of investment,other accounts receivable,cash and cash equivalents,amounts payable on purchase of investments,amou
298、nts payable on redemption of units and accrued expenses and other payables,the carrying amounts approximate fair value due to the intermediate or short-term nature of these financial instruments.Reports and Financial Statements 43Notes to the Financial Statements(continued)15.Fair value information(
299、continued)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 that reflects the significance of the inputs used in making the measurements.Lev
300、el 1:Inputs that are quoted market prices(unadjusted)in active markets for identical instruments.Level 2:Inputs other 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:quo
301、ted market price in active markets for similar instruments;quoted prices for identical or similar instruments in markets 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 u
302、nobservable.This category includes all instruments for which the valuation technique includes inputs not based on observable 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
303、instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.All investments held by the Funds are listed on SEHK and their fair values are based on quoted market prices in active markets.For all other financial instruments
304、,their carrying amounts approximate fair value due to the intermediate or short-term nature of these financial instruments.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 fai
305、r value hierarchy.Hang Seng Index Tracking FundHSI ESG Enhanced Select Index ETF2024(HKD)2023(HKD)2024(HKD)2023(HKD)AssetsLevel 1 Listed equities39,104,703,35634,866,735,10814,537,19362,933,481 Collective investment schemes262,544,624364,982,230575,4663,960,532Total39,367,247,98035,231,717,33815,112
306、,65966,894,013During the year ended 31 December 2024,there were no transfers of financial instruments between Level 1 and Level 2,or transfers into or out of Level 3(2023:Nil).Hang Seng Investment44Notes to the Financial Statements(continued)16.Involvement with unconsolidated structured entitiesThe
307、Funds have concluded that collective investment schemes in which the Funds invest,but that they do not consolidate,meet the definition of structured entities because:the voting rights in the collective investment schemes are not dominant rights in deciding who controls them because they relate to ad
308、ministrative tasks only;each collective investment scheme s activities are restricted by its prospectus;and the collective investment schemes have narrow and well-defined objectives to provide investment opportunities to investors.The tables below describe the types of structured entities that the F
309、unds do not consolidate but in which they hold an interest;and set out interests held by the Funds in unconsolidated structured entities.The maximum exposure to loss is the carrying amount of the financial assets held by the Funds.During the year,except for the amounts invested in the unconsolidated
310、 structured entities,the Funds did not provide financial support to the unconsolidated structured entities and had no intention of providing financial or other support.Type of structured entitiesNature and purposeInterest held by the FundsCollective investment schemesTo manage assets on behalf of th
311、e investors and earn fees.Investments in units issued by the collective investment schemesThese vehicles are financed through the issue of units to investors.As at 31 DecemberFundCurrencyStructured entitiesNumber of collective investment schemes invested by the FundsTotal market capitalization of th
312、e structured entitiesCarrying amount included in financial assets at fair value through profit or lossCarrying amount as a%of total net assets attributable to unitholders20242023202420232024202320242023Hang Seng Index Tracking FundHKDListed real estate investment trusts1184,979,019,990113,039,144,03
313、0262,544,624364,982,2300.67%1.03%HSI ESG Enhanced Select Index ETFHKDListed real estate investment trusts1184,979,019,990113,039,144,030575,4663,960,5323.84%5.97%17.Segment informationThe Manager makes strategic resource allocation on behalf of the Funds and determines operating segments based on in
314、ternal 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 Index with the objective to match,before expenses,as closely as pract
315、icable,the performance of the Index 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 and a collective investment scheme.The segment information provided to the Manager is the same as that disclosed
316、 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 and a collective investment scheme listed in Hong Kong.Please refer to note 5 for details.Reports and Financial Statem
317、ents 45Notes to the Financial Statements(continued)18.Possible impact of amendments,new standards and interpretation 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 in
318、terpretations 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 on or afterAmendme
319、nts to HKAS 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
320、 HKFRS Accounting 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 e
321、xpected to be in the period of initial application.So far it has concluded that the adoption of them is unlikely to have a significant impact on the Funds results of operations and financial position.Hang Seng Investment46Performance of the Indexes and the Funds(Unaudited)For the year ended 31 Decem
322、ber 2024 and the comparison with the same period in 2023Performance in HK DollarFund/IndexFor theYear ended from1 January 2024 to31 December 2024For theYear ended from1 January 2023 to31 December 2023Hang Seng Index Tracking Fund*22.51%(10.63%)Hang Seng Index#22.69%(10.61%)HSI ESG Enhanced Select In
323、dex ETF*8.71%(19.00%)HSI ESG Enhanced Select Index#9.62%(18.78%)Source:Unit-prices or NAV are provided by HSBC Institutional Trust Services(Asia)Limited.The performance information of the Funds are provided by the Manager.Index information is provided by Hang Seng Indexes Company Limited.*For Hang S
324、eng Index Tracking Fund,performance is calculated in base currency with Unit-price to Unit-price,total return with dividend(if any)reinvested.For HSI ESG Enhanced Select Index ETF,performance is calculated in base currency with NAV to NAV,total return with dividend(if any)reinvested.The performance
325、information presented is calculated based on the assumption that there were no distribution to Unitholders,and is for reference only.To achieve comparability among funds performance presentations in the market for investors,the Manager is to change the methodology used to calculate portfolio and com
326、posite returns with effective from 1 September 2022 onward.The change is the total return with dividend reinvested at ex-dividend date instead of payment date.Performance data published prior to 1 September 2022 is incomparable with the performance calculated by the new calculation methodology.#Perf
327、ormance is calculated in total return with dividend reinvested,net of withholding tax.Investors should note that all investment involves 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 pe
328、rformance.Investors should read the relevant fund s offering documents(including the full text of the risk factors stated therein)in detail before making any investment decision.Reports and Financial Statements 47Comparison of Daily Closing Price and Net Asset Value per Unit of HSI ESG Enhanced Sele
329、ct Index ETF(Unaudited)For the year ended 31 December 2024 and 2023Comparison 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 20
330、23?Hang Seng Investment48Index Constituent Stocks Disclosure(Unaudited)As at 31 December 2024The following are those constituent stocks that accounted for more than 10%of the weighting of the indexes.As at 31 December 2024FundIndexConstituent StocksWeighting of the Index(%)Hang Seng Index Tracking F
331、undAs of 31 December 2024,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng Index.HSI ESG Enhanced Select Index ETFAs of 31 December 2024,there was no constituent stock that accounted for more than 10%of the weighting of the HSI ESG Enhanced Select Inde
332、x.As at 31 December 2023FundIndexConstituent StocksWeighting of the Index(%)Hang Seng Index Tracking FundAs of 31 December 2023,there was no constituent stock that accounted for more than 10%of the weighting of the Hang Seng Index.HSI ESG Enhanced Select Index ETFAs of 31 December 2023,there was no
333、constituent stock that accounted for more than 10%of the weighting of the HSI ESG Enhanced Select Index.Reports and Financial Statements 49Report on Investment Overweight in Constituent Stocks of the Indexes by the Funds(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
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