The Sub-Fund seeks to achieve long-term capital returns by investing primarily in companies that can benefit from the business opportunities in the development of PRC economy.

To achieve this investment objective, the Sub-Fund will invest primarily (at least 70% of its net assets) in equity securities (including, but not limited to, common shares, preference shares and depositary receipts) and equity-related securities (including, but not limited to, eligible exchange traded funds (the ETFs) provided that the primary underlying assets of these ETFs are eligible investments for this Sub-Fund) of companies which (i) are listed and traded in mainland China or Hong Kong (including but not limited to China-A Shares and China-H Shares); or (ii) are listed and traded in the United States (including but not limited to American depositary receipts ("ADRs")) or other securities markets (being a Regulated Market or Other Regulated Market), and are either incorporated in mainland China or whose operations are focused mainly in, or which derive a significant amount of revenue from mainland China. Companies that the Sub-Fund may invest may include small-capitalization/mid-capitalization companies provided that the companies meet the above criteria. The Sub-Fund may invest in China A-Shares either listed on the SSE and the SZSE, which may include shares listed on the ChiNext market of the SZSE and/or the Science and Technology Innovation Board of the SSE, through Stock Connect or via the QFI status of the Investment Manager. The Sub-Fund will invest no more than 20% of its net assets in ADRs. The foregoing percentage may be derogated during the first six months following the launch of the Sub-fund while ensuring observance of the principle of risk-spreading.

The Sub-Fund may invest on an ancillary basis (up to 30% of its net assets) in fixed income securities (including but not limited to government, corporate and convertible bonds) either directly or indirectly through the ETFs, and issued by governments, government agencies, supra-national, sovereign and corporate issuers worldwide.

The Sub-Fund may invest in investment-grade and non-investment grade fixed income securities, including high-yield securities. The Investment Manager has no intention to invest directly in distressed or default securities, but in case that a non-investment grade debt securities becomes defaulted or distressed (rated CCC+ (or equivalent by Standard & Poor’s, Moody’s or Fitch or an equivalent rating from an internationally recognised rating agency) or below), the Investment Manager may (i) sell a part or the entire amount of security held or (ii) terminate the transaction entered into, at its discretion. The decision will be based on an assessment implementing a risk versus reward compromise, taking into account, among other things, market liquidity, term of maturity, interest rates, creditworthiness of issuer and quality of collaterals. The Investment Manager will sell a security or terminate a transaction when the probability of additional losses is considered sufficiently strong or if the possibility of salvaging some of the value of the security is considered weak. To the contrary, the Investment Manager will keep the security in portfolio or remain in the transaction when the possibility and attractiveness of salvaging parts of the value of the security is considered strong. In any event, the Sub-Fund will not invest more than 20% of its total assets in non-investment grade securities (including high-yield securities).

The Sub-Fund will not invest in unrated fixed income securities, contingent convertible bonds or in securitized instruments such as collateralized loan obligations (CLOs), asset-backed securities (ABS), and mortgage-backed securities (MBS).

The Sub-Fund will not invest in financial derivatives instruments.

The Sub-Fund will not invest more than 10% of its net assets in units or shares of other UCITS or other UCIs (including ETFs).The Sub-Fund may hold ancillary liquid assets (i.e., bank deposits at sight, such as cash held in current accounts with a bank accessible at any time) up to 20% of its net assets in order to cover current or exceptional payments, or for the time necessary to reinvest in eligible assets provided under article 41(1) of the 2010 Law or for a period of time strictly necessary in case of unfavorable market conditions. On a temporary basis, for a period of time strictly necessary, and if justified by exceptionally unfavorable market conditions, the Sub-Fund may, in order to take measures to mitigate risks relative to such exceptional market conditions in the best interests of the investors, hold ancillary liquid assets up to 100% of its net assets.

In order to (i) achieve its investment goals, (ii) for treasury purposes, and/or (ii) in case of unfavorable market conditions, the Sub-Fund may hold cash equivalent (i.e., bank deposits excluding bank deposits at sight, Money Market Instruments, or money market funds) up to 30% of its net assets.
The Sub-Fund will not enter into (i) repurchase or reverse repurchase agreements, (ii) securities lending and securities borrowings, and (iii) total return swaps. Should the Sub-Fund use any of these techniques, this Prospectus shall be updated accordingly.

Subject to the foregoing, the Sub-Fund’s investments will not be subject to any other geographic, industry, sector or market capitalisation restrictions.

The Sub-fund targets to generate a return higher than the performance benchmark, which is MSCI China All Shares Index (the "Benchmark Index"). The Sub-fund uses the Benchmark Index for performance comparison purposes only. The Sub-fund is actively managed by the Investment Manager with complete discretion with respect to portfolio allocation and overall level of exposure to the market. The Investment Manager is not in any way constrained by the Benchmark Index in its portfolio positioning. The deviation from the Benchmark Index may be complete or significant.

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