|
According to the requirements of the Notice on Issues Related to Securities Investment Fund Investment Warrants in the Share trading Reform (ZJJJZ [2005] No. 138), and in accordance with the relevant provisions of the HFT Selected Securities Investment Fund Contract, the Company now defines the warrant investment plan of HFT Selected Securities Investment Fund (hereinafter referred to as the "Fund") as follows:
1、 Fund investment strategy: The Fund is a balanced fund focusing on securities selection. The fund investment strategy is divided into two levels: the first level is a moderately active asset allocation to control or avoid market systematic risks; The second level is proactive
Select securities to disperse or avoid individual securities risks. The Fund's investment strategy focuses on actively selecting securities. The Fund's warrant investment will take hedging as the main investment strategy, so as to make full use of the warrants to control the risk of decline, achieve the goal of hedging and lock in returns; At the individual stock level, we should fully explore possible arbitrage opportunities to achieve the purpose of appreciation.
2、 Investment scope: The investment scope of the Fund is limited to financial instruments with good liquidity, including stocks, bonds and other financial instruments that are legally issued and listed in China and are allowed to be invested by the Fund by laws, regulations or the CSRC. Under normal market conditions, the proportion range of the Fund's investment portfolio is: 50% - 80% of equity investment, 20% - 50% of bond investment, and 0-3% of warrant investment; The Fund shall maintain no less than 5% of the net asset value of the Fund in cash or national bonds with a maturity of less than one year.
3、 The Fund may hold the warrants passively obtained in the share trading reform, and may sell or exercise such warrants in accordance with the relevant provisions of the stock exchange.
4、 The Fund will actively invest in the warrants issued in the share trading reform according to the warrant investment strategy.
5、 The Fund may not use the Fund's assets to invest in warrants under any of the following circumstances:
（1） The total amount of warrants purchased on any trading day exceeds 0.5% of the net asset value of the fund on the previous trading day.
（2） The market value of all warrants held exceeds 3% of the net asset value of the fund.
（3） The total amount of the same warrant held by the Fund and other funds managed by the Fund Manager exceeds 10% of the warrant.
In the event that the investment of the Fund does not conform to the investment proportion specified in Items (2) and (3) above and in the Fund Contract due to factors other than the Fund Manager, such as fluctuations in the securities market, changes in the size of the Fund, and payment of consideration in the split share structure reform, the Fund Manager shall complete the adjustment within ten trading days. If the CSRC has other provisions, it shall not be subject to the proportion limit specified in the above items (1), (2) and (3).
6、 When the Fund uses the Fund's assets to invest in warrants, it shall not obtain improper interests through insider information, manipulate the price of warrants or underlying securities, or use warrant investment to transfer interests.
7、 The Fund shall disclose information related to warrant investment in periodic reports.
8、 Risk control measures
As a financial derivative, warrants, on the one hand, provide the Fund with low-cost risk management tools; on the other hand, they also face compliance risk, operational risk, market risk, credit risk and liquidity risk in the investment process.
The Fund will strictly follow the principles of legality and compliance, comprehensiveness and prudence, and implement full process control over the above risks through system building and quantitative means to effectively protect the interests of fund holders. In terms of system construction, the company has established a set of systems including warrant investment authorization system, dual review mechanism and independent secondary control to prevent and control risks; In terms of risk quantification means, relevant departments will adopt a combination of qualitative and quantitative methods and focus on quantitative methods to predict, quantify, analyze and control the risk of warrant business.
9、 If the CSRC has new regulations on the investment warrants of securities investment funds, the Fund Manager will make corresponding adjustments to the investment plan in accordance with the new regulations.
It is hereby announced that
Haifutong Fund Management Co., Ltd
August 24, 2005
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
| 
