In August 1998, the Hong Kong Government acquired a substantial portfolio of Hong Kong shares during a market operation.
The Exchange Fund Investment Limited (EFIL) was established in October 1998 by the Government to advise on the disposal of this portfolio in an orderly manner.When seeking to dispose of these shares, the Government chose a stock neutral solution that would create minimal disruption to the market. An Exchange Traded Fund, the Tracker Fund of Hong Kong (TraHK), which met these requirements and added depth to Hong Kong"s capital markets, was launched in November 1999 as the first step in the Government"s disposal programme. State Street Global Advisors Asia Ltd was appointed as the Fund Manager and State Street Bank and Trust Company was appointed as the Trustee of TraHK. These appointments provided the Tracker Fund with a comprehensive solution to its needs, including portfolio management, custody, fund administration and compliance monitoring functions.
With an issue size of HK$33.3 billion (approximately US$ 4.3 billion), TraHK"s Initial Public Offering (IPO) was the largest IPO ever in Asia ex-Japan at the time of launch. Since the IPO, approximately HK$ 140.4 billion (by 15 October 2002) in Hang Seng Index constituent stocks has been returned to the market through TraHK"s unique tap mechanism.
- Notice of Amendment to Prospectus Supplement Dated 8 August 2002 - 5 June 2007
- Dividend Announcement - April 25
- Dividend Announcement - April 24
State Street Global Advisors Asia Limited
The Manager of TraHK is SSgA Asia Limited. State Street Global Advisors (SSgA) is the investment management division of State Street Corporation ("State Street"). Founded in 1792 and based in Boston, State Street is a bank holding company whose shares are traded on the New York Stock Exchange under the symbol "STT".
SSgA was established in 1978 with an emphasis on innovative, quantitatively driven investment services. Its sophisticated, computerized approach to portfolio management is the foundation for its investment strategies. SSgA is ranked fourth largest manager in the world, with US$1.9 trillion of assets under management as of 30 June 2007. SSgA has offices in 25 cities around the world, with onsite investment management teams in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich.
In Hong Kong, SSgA has emerged to become one of the leading investment managers. Established in 1990, it became a full-service investment centre in 1997. In addition to portfolio management, marketing and client service activities for Asian clients outside Japan, it is also the home of SSgA"s trading desk for the Asia region. As a full investment centre, State Street Global Advisors Asia Limited now offers investment solutions to clients that range from defensive to aggressive strategies, utilising active, enhanced and passive styles of management.
State Street Bank and Trust Company
State Street Bank and Trust Company (SSBT) is the Trustee for TraHK. With US$13.0 trillion of assets under custody as of 30 June 2007, State Street is a leading specialist in servicing financial assets worldwide. Since 1924, when State Street was chosen by the first U.S. mutual fund to provide fund accounting and record keeping services, SSBT has been providing services to all segments of the industry, including government agencies, central banks, banks, stock exchanges, investment companies, broker/dealers, insurance companies, mutual funds, public and private pension funds, corporations, non-profit making companies, and universities.
As a full-service provider, State Street offers: domestic and global custody, transfer agency, offshore fund administration services, including compliance, regulatory filings and financial statement preparation, foreign exchange, cash management, multiple class share accounting, multicurrency accounting and master/feeder accounting and administration. As a trustee, SSBT provides investment and fiduciary management, administrative and record keeping services. In addition, State Street also provides value-added services such as directed brokerage, performance measurement and analytics, mandate monitoring and global securities lending services to facilitate our clients to maximize returns while minimizing costs.
The Prospectus is published in connection with the offer of TraHK Units in Hong Kong. No action has been taken to permit the offer of Units or the distribution of the Prospectus in any jurisdiction outside Hong Kong.
Accordingly, the Prospectus may not be used for the purpose of, and does not constitute, an offer or invitation in any jurisdiction or in any circumstances in which such an offer or invitation is not authorized or to any person to whom it is unlawful to make such an offer or invitation. The distribution of the Prospectus and the offering of Units in certain jurisdictions may be restricted and accordingly persons into whose possession the Prospectus comes are required to inform themselves about and to observe such restrictions. Details of a number of these restrictions in respect of certain jurisdictions are set out in the Prospectus under the section entitled "General - Selling Restrictions".
No offer of Units can be made in any jurisdiction in which such offer is illegal. No public offer of Units is intended in any jurisdiction (other than Hong Kong) which distinguishes between public offers and private placings of securities.
TraHK Units are being offered outside the United States of America in reliance on Regulation S under the United States Securities Act of 1933 (the "Securities Act") and by the Institutional Managers, through their respective US selling agents, in the United States of America in reliance on Rule 144A under the Securities Act only to investors that are both a "qualified institutional buyer", as defined in Rule 144A, and a "qualified purchaser" as defined in Section 2 of the United States Investment Company Act of 1940
Note: The Prospectus may not be downloaded by any U.S. person (as defined in Regulation S) or by any person who is not resident in Hong Kong.
TraHKs are traded on the Stock Exchange of Hong Kong just like common stocks.
The aim of the trust is to replicate the performance - both in terms of yield and price - of the Hang Seng Index. As each TraHK represents a beneficial interest in an open-ended unit investment trust that is composed exclusively of the Hang Seng Index constituent stocks, investors gain immediate diversification and exposure to the largest stocks in the Hong Kong market.
Unlike open-ended mutual funds, however, TraHKs trade like stocks. This gives investors the option to buy or sell TraHKs at any time during the trading day. Further, as TraHKs are intended to track the Hang Seng Index, investors can tell how their investments are doing at any time.
Finally, TraHKs pay regular dividends to unit holders, just like common stocks.
Important Note:
Investment involves risks. Please refer to TraHK"s prospectus for further information about Tracker Fund of Hong Kong.
| The fund performance of Tracker Fund of Hong Kong (TraHK) at the close of trading on the Stock Exchange of Hong Kong Limited on 28 August 2007 was: | |
| NAV* per TraHK Unit (unaudited) | HK$ 23.73 |
| Closing Price per TraHK Unit | HK$ 23.70 |
| Closing Total NAV* of TraHK (in millions) | HK$ 28,880 |
| Closing HSI Level | 23,363.76 |
| Trading Volume of TraHK | 3,381,261 |
| Outstanding Units of TraHK | 1,216,992,500 |
* NAV stands for Net Asset Value
| Performance of Fund Relative to HSI |
| |
The Hang Seng Index (HSI) is a well-known benchmark for the performance of the Hong Kong stock market. The HSI is composed of some of the largest companies in terms of capitalisation listed on the Stock Exchange of Hong Kong whose shares are among the most frequently traded.
The companies that currently form the HSI are:
Bank of China
Bank of China
http://www.bank-of-china.com/en/static/index.html
Stock Code: 3988 HK
Bank of China, or Bank of China Limited in full, is one of China"s four state-owned commercial banks. The Bank is mainly engaged in commercial banking, including corporate and retail banking, treasury business and financial institutions banking.
Basics of Investing
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