For Non-US Individual Investors only ACCOUNT OPENING FORM · 2017. 3. 30. · Kowloon, Hong Kong Attention: Transfer Agency (Alternative Products) Telephone: (852) 3663 5552 Fax:

For Non-US Individual Investors only

Ver.20150112 1

ACCOUNT OPENING FORM

You should carefully read the latest explanatory memorandum and any

addenda and financial reports of the relevant fund before completing this

Account Opening Form (the “Form”). Please also note the Account

Opening Guide is also part of the Form. Please complete this Form

carefully in English using block letters and return this Form to HSBC

Institutional Trust Services (Asia) Limited (the “Administrator’s Agent”)

at the address or fax number shown on the right. You must give complete

details so we can properly process your application. Capitalised terms not

otherwise defined herein shall have the same meanings as in the

explanatory memorandum of the relevant fund.

Please return this Form to the following address:

HSBC Institutional Trust Services (Asia) Limited

17/F Tower 2 & 3, HSBC Centre

1 Sham Mong Road

Kowloon, Hong Kong

Attention: Transfer Agency (Alternative Products)

Telephone: (852) 3663 5552

Fax: (852) 3409 2687

Email: [email protected]

First Applicant Home Tel: Mobile:

Salutation: □Mr □Mrs □Miss Day time Tel: Fax:

Last Name: Email:

Given Name: Residential Address: (P.O. Box is not acceptable)

ID / Passport No.:

Nationality:1st 2nd

Tax Country: 1st 2nd Postal code Country

Date of Birth: DD / MM/ YYYY Mailing Address: (if different)

Place of Birth:

Occupation: Are you an employee of a Securities and Futures Commission (SFC)

licensee? Yes* No *Please provide a Letter of Consent from your current employer agreeing to this

subscription. We will not accept your application until we receive the Letter of Consent.

Employer:

Business Nature:

Job Title: Source of Funding:

Second Applicant (If applicable) Home Tel: Mobile:

Salutation: □Mr □Mrs □Miss Day time Tel: Fax:

Last Name: Email:

Given Name: Residential Address: (P.O. Box is not acceptable)

ID / Passport No.:

Nationality:1st 2nd

Tax Country: 1st 2nd Postal code Country

Date of Birth: DD / MM/ YYYY Mailing Address: (if different)

Place of Birth:

Occupation: Are you an employee of a Securities and Futures Commission (SFC)

licensee? Yes* No *Please provide a Letter of Consent from your current employer agreeing to this

subscription. We will not accept your application until we receive the Letter of Consent.

Employer:

Business Nature:

Job Title: Source of Funding:

Redemption Payment and Cash Instructions Proceeds of redemption of units/ shares and all cash distributions will be paid directly to the following account unless contrary instructions are

given at the time of redemption or distribution, as the case may be. No third party payment will be made.

Bank: Account No.:

Name of Account: Account Currency:

Bank Address:

BIC/ IBAN/ SWIFT Code: (if applicable) Corresponding Bank Name and Branch:


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Regular Publications / Interim Reports and Annual Reports Distributions Mandate I/We would like to receive funds’ information by: I/We would like to receive fund(s) dividend (if any) in:

Regular publications Additional units or shares (default option)

Electronic mail –English (default option) Cash dividend

Mail –English Mail –Chinese For Joint Applicants only Interim and Annual reports All account related instructions will be given by:

Electronic mail –English (default option)

Mail –English & Chinese

All of us jointly (default option)

Either or all of us

Subscription Details

Name of Fund / Sub-Fund (the “Fund”) Class Investment Amount &Currency Initial charge

(internal use)

(internal use)

(internal use)

(internal use)

Payment Method Please note all subscription money must originate from an account held by you.

By Cheque/ Bank Draft/ Cashier Order

Cheque Bank Draft/Cashier Order

Cheque/Bank Draft/Cashier order no:

_____________________________________________

Bank name: ___________________________________

Amount: HKD_________________________________

Any cheque, bankers draft or cashier order must be in Hong Kong

Dollars.

Payable to “HSBC Institutional Trust Services (Asia) Limited”,

crossed “Account payee only not negotiable” and put down Fund’s

name and your name written on the back.

Please bank in the cheques/bankers drafts/cashier orders at a HSBC

branch and return a copy of the cheque and bank pay-in-slip with this

Form.

By Telegraphic Transfer/ RTGS CHATS (net of bank charges) Please state the Fund’s name and your name clearly on the remittance advice or bank certification and return a copy with this Form.

By Telegraphic Transfer

Currency Bank Bank Address Bank Account Account No.

HKD HSBC

(SWIFT Address:

HSBCHKHHHKH)

1 Queen’s Road Central

Hong Kong

HSBC Institutional Trust Services (Asia)

Limited – Value Partners Subscription accounts

502-657802-001

USD HSBC Bank New York

(SWIFT Address:

MRMDUS33)

452 Fifth Avenue

New York NY 10018

U.S.A.



000-14165-8

Please refer to the Account Opening Guide for other currencies’ bank account details, which may be revised by the Manager from time to time.

By RTGS CHATS


USD HSBC

(SWIFT Address:

HSBCHKHHHKH)


Hong Kong



502-657802-201

Acknowledgements and Declarations

I/We acknowledge and declare that:

(a) I/We have received and read the latest explanatory memorandum (including the addenda, product key facts statements and financial

reports, if any) of the Fund and it was provided in a language (English or Chinese) of my/our choice. I was/We were specifically

invited to read it, to ask questions and to take independent advice if I/we wish. By subscribing into the units or shares in the Fund,

I/we agree to be bound by the latest explanatory memorandum of the Fund (including without limitation the fees payable to the

Manager and the fax indemnity clause) and its trust deed or constitutional documents, as amended from time to time and I/we confirm

that I/we am/are eligible and qualified to apply for units or shares of the Fund and I/we am/are not or will not be in contravention of

the selling restrictions in the explanatory memorandum and will comply with all applicable laws, rules and regulations in connection

with my/our purchase of units or shares. Further, I/we confirm that none of the units or shares will be sold, transferred, assigned,

novated or disposed of as a result of which there will be contravention of the selling restrictions in the explanatory memorandum of the

Fund.


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(b) I am not/We are not Cayman Islands resident(s).

(i) I am not/We are not a U.S. Person (as defined in the explanatory memorandum of the Fund) and I/we will not sell, offer to

sell, transfer or deliver, directly or indirectly, the units or shares to a U.S. Person.

(ii) I am not /We are not United States persons (as defined in the United States Internal Revenue Code of 1986, as amended (the

“Code”)) and agree to provide the Fund with additional information on request.

(iii) I was/We were offered the units or shares outside of the United States and executed and sent this Form from outside of the

United States.

(c) I/We understand and agree that in order for the Manager, the Trustee, the custodian, the Administrator or any of their affiliates, agents,

employees or delegates of the Fund (the “Relevant Parties”) to meet their legal and regulatory obligations, their group policies, any

request of a public or regulatory authority or pursuant to normal market practice relating to the prevention of fraud, money laundering,

terrorism or other criminal activities or the provision of financial and other services to any persons or entities which may be subject to

sanctions (collectively “Relevant Requirements”), any of the Relevant Parties may take any action including without limitation,

(i) checking each prospective holder or redeeming holder against lists of persons, entities or organisations included on any so-called

“watch list” or websites containing this type of information (this checking may be done by automated screening systems); and

(ii) intercepting and investigating transactions relating to the Fund (particularly those involving the international transfer of funds)

including the source of or intended recipient of funds paid in or out in relation to the Fund and any other relevant information or

communications sent to or by the Fund or on the Fund’s behalf.

In certain circumstances, these actions may delay or prevent the processing of this Form, the settlement of transactions in respect of the

Fund or performance of the Relevant Parties’ obligations generally. The Relevant Parties may in these circumstances refuse this

application. None of the Relevant Parties will be liable to me/us or any other person for loss (whether direct or consequential and

including without limitation, loss of profit or interest) or damage suffered by any party arising out of or caused in whole or in part by

any actions that are taken by the Relevant Parties to comply with the Relevant Requirements (including, without limitation, those

actions referred to in this paragraph).

(d) As part of the responsibility of the Fund and the Relevant Parties to comply with any applicable anti-money laundering regulations, the

Relevant Parties may require detailed verification of my/our identity and the source of the payment of application monies. Attached

hereto as Appendix 1: Additional document to be submitted with the Form is a list of documents which all applicant(s) must submit

before applications can be processed. The Fund and the Relevant Parties reserve the right to request such information as is necessary to

verify the identity of an applicant and the source of the payment. In the event of delay or failure by me/us to produce any information

required, the Relevant Parties may refuse to accept the subscription and the subscription money relating to the application and refuse to

pay any redemption proceeds. The Relevant Parties may also in their absolute discretion process the subscription or redemption

without receiving such further information. None of the Relevant Parties shall be liable to me/us for any loss suffered by me/us as a

result of the rejection or delay of any subscription or payment of redemption proceeds. I/We shall indemnify each of the Relevant

Parties against any loss resulting from any of them rejecting, delaying, non-processing or processing this application or payment of

redemption proceeds.

(e) The Relevant Parties may record telephone conversations with me/us and any recordings may be submitted in evidence in any

proceedings relating to this application or to the Fund or any service agreements between the Relevant Parties and the Fund.

(f) I/We indemnify each of the Relevant Parties and the Fund against any actions, proceedings, claims, loss, liability, cost or expense

(including attorneys’ fees, taxes and penalties) resulting, directly or indirectly, from any misrepresentation or breach of any warranty,

condition, covenant or agreement in this Form or in any other documents delivered by me/us to them or out of or in connection with

accepting, relying on, acting or failing to act on any instructions given or purported to be given by me/us, unless such is due to their

fraud, wilful default or gross negligence.

(g) I/We request and authorize the Relevant Parties to act upon instructions by fax and to rely conclusively upon any fax instructions or

other instruments believed in good faith to have originated from properly authorized persons. In consideration of their doing so, I/we

fully indemnify each of them against any loss, cost or expense which they may incur, directly or indirectly, as a result of any of them

acting or failing to act, in their discretion, upon instructions by fax believed in good faith to have originated from properly authorized

persons or from the non-receipt or illegibility of instructions faxed by me/us and I/we agree that this authorization remains in force

until the Relevant Parties receive a written termination notice and that notice shall be without prejudice to the completion of

transactions already initiated.

(h) I/We acquire the units or shares for my/our own account and am/are the beneficial owner.

(i) All information provided by me/us in this Form is correct.

(j) I/We must notify the Administrator’s Agent or Trustee or its delegates or affiliates promptly if there is any material change to the

information provided and understand that I/we may be obliged to redeem all my/our units or shares in the Fund.

(k) I/We hereby confirm that the above acknowledgements and declarations are applicable for each and every

subscription/redemption/switching transaction or request I/we make in respect of the Fund.

(l) By subscribing the units or shares in the Fund and signing this Form, I/we unconditionally agree to abide by the provisions of this

Form. This Form may be modified and/or varied by the Fund or the Manager from time to time by written notice from the Fund or

the Manager dispatched at least fifteen (15) days prior to the effective date of such modification and/or variation. I/We shall be

deemed to have consented to such modification and/or variation and agreed to abide by the same unless a written objection is given by

me/us to the Fund or the Manager before the effective date thereof.

(m) I am not/We are not Restricted Person(s) as defined in FINRA Rule 5130 or person(s) otherwise covered under FINRA Rule 5131.

(n) I/we agree to abide by the terms and conditions of any web site through which my/our investment holdings in the Fund are made

available, on acceptance of such terms and conditions by any individual acting on my/our behalf.

(o) Tax Certifications:

(i) Non-U.S. Status for Foreign Account Tax Compliance Act Purposes. I/We certify that (1) neither I/we have, nor any

beneficial owner of the units or shares in the Fund has, any “substantial United States owners” as defined in Section 1473(2) of the

Code (applying the special rule of Section 1473(2)(B) of the Code applicable to investment vehicles including the Fund) and (2) no

“specified United States person” within the meaning of Section 1473(3) of the Code) owns, directly or indirectly, any interest in me/us

or any beneficial owner of the units or shares in the Fund.


Ver.20150112 4

(ii) Withholding Obligations. I/We acknowledge, as a person that is not a United States person (within the meaning of the

Code), that I/we could be subject to United States withholding tax on a portion of my/our distributive share of the Fund’s US source

income (if any).

(iii) Documentation. I/We agree to provide a duly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8IMY,

as appropriate, available at www.irs.gov. I/We agree to promptly notify the Fund, the Manager or their respective authorised agents in

the event any information provided therein becomes inaccurate and to update or replace such form in accordance with its terms or

subsequent amendments. I/We hereby further agree to supply the Fund and the Manager or their respective authorised agents with

such other facts as from time to time are deemed necessary or desirable in order to avoid the loss of a contemplated tax benefit to the

Fund or any of its respective unitholders/shareholders.

(iv) Foreign Account Tax Compliance Act or Other Applicable Laws. I/We agree at any times upon request by the Fund, the

Manager or their respective authorised agents (1) to promptly provide any form, certification or other information reasonably

requested by and acceptable to the Fund, the Manager or their respective authorised agents that is necessary (A) to prevent withholding

(including, without limitation, any withholding tax required under Sections 1471-1474 (referred to as “FATCA”) of the Code , or

qualify for a reduced rate of withholding or backup withholding in any jurisdiction from or through which the Fund receives payments

and/or (B) to satisfy reporting or other obligations under the Code and the United States Treasury Regulations promulgated under the

Code, or to satisfy any obligation relating to any applicable law, regulation or any agreement with any tax or fiscal authority in any

jurisdiction; (2) to update or replace such form, certification or other information in accordance with its terms or subsequent

amendments, or upon a change in circumstances that would render any previously provided form, certification or other information

inaccurate or incomplete; and (3) to comply with any reporting obligation imposed by the United States, Hong Kong, the Cayman

Islands or any other jurisdiction, including reporting obligations that may be imposed by future legislation.

I/We acknowledge that in the event I/we do not provide the requested information and/or documentation, whether or not that actually

leads to compliance failures by the Fund or the Manager or the Fund being subject to withholding tax under any applicable law,

regulation, fiscal or tax requirements (whether statutory or not) including but not limited to FATCA, the Fund or the Manager on

behalf of the Fund reserves the right to take any action and/or pursue all remedies at its disposal including, without limitation, (i)

reporting my/our relevant information to the relevant government agency, regulatory authority or tax or fiscal authority including but

not limited to the U.S. Internal Revenue Service (“IRS”); (ii) withholding, deducting from my/our account, or otherwise collecting any

such tax liability from me/us to the extent permitted by applicable laws and regulations; (iii) deeming me/us to have given notice to

redeem all my/our units/shares in the Fund; and/or (iv) bringing legal action against us/me for losses suffered by the Fund as a result of

such withholding tax.

I/We hereby give consent to the Fund, the Manager or their respective authorised agents, including any of their employees, officers,

directors and agents, to disclose or report to any government agency, regulatory authority or tax or fiscal authority in any jurisdiction

(including but not limited to the IRS), any information they deem necessary (including but not limited to my/our name, address, tax

identification number (if any), social security number (if any) and certain information relating to my/our holdings in the Fund) to

enable the Fund to comply with any applicable law or regulation or any agreement with a tax authority (including, but not limited to,

any applicable law, regulation or agreement under FATCA).

Data

I/We agree that:

i. information supplied on this Form and otherwise in connection from time to time with my/our subscription and/or as unitholder(s) /

shareholder(s) of the Fund including personal information (“Personal Data”) may be held by the Relevant Parties and will be used for

the purposes of processing my/our subscription and investment and completion of information on the Fund’s register of holders, and may

also be used for the purpose of carrying out my/our instructions or respond to any enquiry purporting to be given by me/us or on my/our

behalf, dealing in any other matters relating to my/our investment (including the mailing or emailing of reports or notices), forming part

of the records of the recipient as to the business carried on by it, observing any legal, governmental or regulatory requirements of any

relevant jurisdiction (including any disclosure or notification requirements to which any recipient of the data is subject). All such

information may be retained after the termination of the Fund or after my/our units or shares have been transferred or redeemed in

accordance with applicable laws. However, failure to supply the relevant information (including personal data) may result in the

Administrator, Administrator’s Agent, Trustee and/or its delegates/affiliates being unable to accept and/or process my/our application or

to provide the related services in connection with my/our application and/or as investor(s) of the Fund or to comply with any laws or

guidelines issued by regulatory or other authorities;

ii. each of the Fund and the Relevant Parties may disclose to each other, to any affiliate, to any other service provider to the Fund or to any

regulatory body in any applicable jurisdiction to which any of the Fund and the Relevant Parties is or may be subject, copies of my/our

subscription application/documents and any information concerning me/us in my/our respective possession, whether provided by me/us

to the Fund and/or the Relevant Parties or otherwise, including details of my/our holdings in the Fund, historical and pending transactions

in my/our units or shares and the values thereof, and any such disclosure shall not be treated as a breach of any restriction upon the

disclosure of information imposed on any such person by law or otherwise;

iii. each of the Fund and the Relevant Parties may disclose and transfer such information to their legal advisers, auditors and/or other parties

including any of their employees, officers, directors, delegates and agents and/or to the ultimate holding company of the Relevant Parties

and/or their subsidiaries and/or affiliates or to any third party employed to provide administrative, computer or other services or facilities

and/or to any person to whom data is provided or may be transferred as aforesaid and/or to any regulatory authority or governmental

body entitled thereto by law, regulation, tax or fiscal requirements (whether statutory or not) in connection with my/our investment in the

Fund, who are or may be persons outside Hong Kong; and

iv. the Trustee, Administrator, the Administrator’s Agent and their delegates/affiliates may process my/our information including personal

data (if any) for the purposes of providing services to the Fund, performing the Trustee, Administrator’s, the Administrator’s Agent’s

and/or their delegates’/affiliates’ legal and regulatory obligations and conducting financial crime risk management and other activities,

including disclosing those data to the Fund and to third parties and transferring them internationally, all as more fully described in the

data privacy statement of the Administrator’s Agent or the Trustee or their delegates/affiliates a copy of which is available from:

The Data Protection Officer

HSBC Institutional Trust Services (Asia) Limited 滙豐機構信託服務(亞洲)有限公司


Ver.20150112 5

c/o The Hongkong and Shanghai Banking Corporation Limited

P.O. Box 72677, Kowloon Central Post Office, Hong Kong

Email: [email protected]

Personal Data (For individuals only)

I/We confirm that I/We have carefully reviewed and understood the Personal Information Collection Statement set out in Account Opening

Guide including that my/our Personal Data may be used by the Fund, the Manager and their respective affiliated companies for direct marketing

purposes. Please tick ("") the box below (as appropriate) if you do not wish your Personal Data to be used in direct marketing:

I do not wish my/our Personal Data to be used by the Fund, the Manager and their respective affiliated companies for direct marketing

purposes.

Client Information Statement

I/We agree that I/we have completed the Client Information Statement that has been provided to me/us by the Trustee, Administrator’s Agent or

their delegates or affiliates to meet SFC requirements.

The price of units or shares may fluctuate dramatically. The price of units or shares may move up or down and may even become valueless. It

is as likely that losses will be incurred rather than profits made as a result of buying and selling units or shares. Past performance does not

indicate future performance. Investors should read the latest explanatory memorandum of the Fund and the risk factors in the explanatory

memorandum of the Fund before subscribing for units or shares of the Fund.

Client assets which may be received or held by the Fund outside Hong Kong are subject to the laws and regulations of the relevant overseas

jurisdiction which may be different from the Securities and Futures Ordinance and the rules made under it. Consequently, such client assets may

not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

1st Applicant

Signature:________________________________________

2nd Applicant (if applicable)

Signature:________________________________________

Date: ____________________________________________

Date: _____________________________________________

Third Party Certification: (This part must be complete in respect of mail in application form)

I certify that the applicant(s) has/have signed or executed this Form in my presence AND that I have seen the original documentation required of

the applicant(s) and have certified by signing on copies of these documents which are enclosed with this Form.

Certified this __________________ day of ________________________________.

Name: _________________________________________ Signature (and corporate seal) of certifier: __________________________________

Position: ______________________________________________ Company: _____________________________________________________

Registration number (if applicable):______________________________ Contact number: ___________________________________________

Address: ____________________________________________________________________________________________________________

Appendix 1: Additional document to be submitted with the Form

□ A certified copy of their permanent HKID card / passports or other acceptable identification with photograph, containing

the subscribers full name(s), date and place of birth and nationality and (if applicable) name change document

□ Certified evidence of residential and current permanent address (if different), usually provided by way of the bank

reference or an original/certified copy of a recent utility bill. Must be less than 3 months old and display full name. P.O.

Box is not acceptable.

□ IRS Form W-8BEN (available at www.irs.gov)

□ Investor Risk Assessment Form (for non-Professional Investors)

□ Professional Investor Declaration Letter (for Professional Investors)

□ Knowledge, Expertise and Investment Experience Questionnaire (for Professional Investors)

□ Payment proof: copy of the cheque and bank pay-in-slip or remittance advice/ bank certification

http://www.irs.gov/

Form W-8BEN(Rev. February 2014)

Department of the Treasury Internal Revenue Service

Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)

▶ For use by individuals. Entities must use Form W-8BEN-E. ▶ Information about Form W-8BEN and its separate instructions is at www.irs.gov/formw8ben.

▶ Give this form to the withholding agent or payer. Do not send to the IRS.

OMB No. 1545-1621

Do NOT use this form if: Instead, use Form:

• You are NOT an individual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W-8BEN-E

• You are a U.S. citizen or other U.S. person, including a resident alien individual . . . . . . . . . . . . . . . . . . . W-9

• You are a beneficial owner claiming that income is effectively connected with the conduct of trade or business within the U.S. (other than personal services) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W-8ECI

• You are a beneficial owner who is receiving compensation for personal services performed in the United States . . . . . . . 8233 or W-4

• A person acting as an intermediary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W-8IMY

Part I Identification of Beneficial Owner (see instructions) 1 Name of individual who is the beneficial owner 2 Country of citizenship

3 Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address.

City or town, state or province. Include postal code where appropriate. Country

4 Mailing address (if different from above)

City or town, state or province. Include postal code where appropriate. Country

5 U.S. taxpayer identification number (SSN or ITIN), if required (see instructions) 6 Foreign tax identifying number (see instructions)

7 Reference number(s) (see instructions) 8 Date of birth (MM-DD-YYYY) (see instructions)

Part II Claim of Tax Treaty Benefits (for chapter 3 purposes only) (see instructions) 9 I certify that the beneficial owner is a resident of within the meaning of the income tax treaty

between the United States and that country. 10 Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article

of the treaty identified on line 9 above to claim a % rate of withholding on (specify type of income):

.

Explain the reasons the beneficial owner meets the terms of the treaty article:

Part III Certification Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I further certify under penalties of perjury that:

• I am the individual that is the beneficial owner (or am authorized to sign for the individual that is the beneficial owner) of all the income to which this form relates or am using this form to document myself as an individual that is an owner or account holder of a foreign financial institution,

• The person named on line 1 of this form is not a U.S. person,

• The income to which this form relates is:

(a) not effectively connected with the conduct of a trade or business in the United States,

(b) effectively connected but is not subject to tax under an applicable income tax treaty, or

(c) the partner’s share of a partnership's effectively connected income,

• The person named on line 1 of this form is a resident of the treaty country listed on line 9 of the form (if any) within the meaning of the income tax treaty between the United States and that country, and

• For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. I agree that I will submit a new form within 30 days if any certification made on this form becomes incorrect.

Sign Here

▲

Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY)

Print name of signer Capacity in which acting (if form is not signed by beneficial owner)

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z Form W-8BEN (Rev. 2-2014)

For non-Professional Investors only僅適用於非專業投資者

1

VALUE PARTNERS 惠理基金INVESTOR RISK QUESTIONNAIRE – APPENDIX 6 投資者風險問卷－附錄六

This questionnaire is designed to understand your investment objectives, risk appetite and risk tolerance, helping you to identify the investment choices that would be suitable for you. In case of institutional investor (including shell company), the investment decision maker should be completing this form. When there are more than 1 decision maker for the investor, each decision maker should complete a copy of this form and the most conservative one prevails.本問卷旨在了解您的投資目標、風險胃納及風險承受能力，有助確定最適合您的投資選擇。如為機構投資者（包括空殼公司），應由投資決策者填寫本表格。如投資者有多名決策人，則每名決策人應分別填寫一份本表格，並以最保守者為準。

Part 1 – Personal Details 第一部份–個人資料Name 姓名： Occupation 職業： Account no 賬戶號碼：

Phone 聯絡電話： Email 電郵地址： Date 日期：

A1) Age group 年齡組別：

Under 20 20歲以下 21-35 21-35歲 36-50 36-50歲 51-65 51-65歲 66 or above 66歲或以上

A2) Education 教育程度：

Primary or below 小學或以下 Secondary 中學 Post-secondary 預科 University or above 大學或以上

A3) Total net assets 資產淨值總額：

Below HK$100,000100,000港元以下

HK$100,001 to HK$200,000100,001港元至200,000港元

HK$200,001 to HK$500,000200,001港元至500,000港元

Over HK$500,000500,000港元以上

Including (you can choose multiple) 包括（可選多項）：

Cash and Deposits現金及存款 Securities

證券 Property Investments (other than home)物業投資（自住物業除外） Others

其他

A4) Average annual income 年均收入：

Below HK$100,000100,000港元以下

HK$100,001 to HK$200,000100,001港元至200,000港元

HK$200,001 to HK$500,000200,001港元至500,000港元

Over HK$500,000500,000港元以上

Sourced from (you can choose multiple) 收入來源（可選多項）：

Salary, Commission & Bonus薪金、佣金及花紅

Profits from Business營商利潤

Investments Returns投資回報

Properties物業

Others其他

A5) What is the amount that you plan to invest in our product(s) this time (as a percentage of your total net assets)? 您計劃投資本基金產品的金額（佔您資產淨值總額的百分比）為多少？

<10%<10%

10% to <40%10%至<40%

40% to <70%40%至<70%

70% to <100%70%至<100%

100% or above100%或以上

A6) Do you have general knowledge of derivatives, including the nature and risks?您是否掌握衍生產品的一般知識，包括性質及風險？(Note: if the account is a joint account, it applies to either all joint accountholders or the sole investment decision maker for the joint account.)（註：如屬聯名賬戶，適用於所有聯名賬戶持有人或聯名賬戶唯一投資決策者）

Yes, please specify the means you gained this knowledge (you can choose multiple) 有，請說明您取得相關知識的途徑（可選多項）

Undergone training or attended courses on derivative products offered by: 接受或參加由下列機構所提供有關衍生產品的培訓或課程：

Banks銀行

Financial institutions金融機構

Academic institutions教育機構

Professional organizations專業機構

Others 其他 ______________

Please briefly specify when: 請簡單說明接受培訓或課程的時間：______________________________________________________________________________________

Prior trading experience in derivative products (5 or more transactions within past 3 years)過往投資衍生產品的經驗（過去三年內曾進行五宗或以上交易）Please specify type of products: 請說明產品類別：____________________________________________________________________________________________________

Current or previous working experience related to derivative products: 有關衍生產品的現時或過往工作經驗：

Type of institution 機構類型：

Licensed corporation (e.g. fund house/broker) 持牌法團（如基金公司╱經紀公司）

Registered institution (e.g. bank) 註冊機構（如銀行） Regulatory body 監管機構

Academic institution offering courses on derivatives 提供有關衍生產品課程的教育機構

Others 其他 __________________________________________

Job nature 工作性質：

Investment/Treasury/Finance 投資╱司庫╱融資

Investment Product Development 投資產品開發

Investment Product Sales and Marketing 投資產品銷售及推廣

Trainer of Investment Product 投資產品培訓師

Others 其他 __________________________________________

Please briefly specify when: 請簡單說明從事相關工作的時間：______________________________________________________________________________________

Others, please specify 其他，請說明________________________________________________________________________________________________________

No 沒有


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Part 2 – Risk Profile 第二部份–風險取向

Q1) Please choose the most suitable option which best describes your income sources.請選擇形容您收入來源的最佳選項。

Stable income (from job, business & investment) 穩定收入（工作、營商及投資） Some income, but varies a lot each month 有收入，但每月收入並不穩定 Retired and receive stable regular income 退休，但有穩定收入 Retired/unemployed, but savings can support 退休╱失業，但儲蓄足以維持生計 Retired/unemployed, and savings cannot support 退休╱失業，儲蓄難以維持生計

Q2) On average, your total monthly expenses*, expressed as a % of income, would be:平均而言，您每月開支總額*（佔收入百分比）為多少：

*Expenses here should include including mortgage payments, credit card payments, etc. (for individuals); or monthly operating costs (for corporation) and other family members financially dependent on you.

*有關開支包括按揭還款、信用卡還款等（如為個人）；或每月經營成本（如為公司）及給予其他家庭成員的財務資助。

<25% <25% 25% to <50% 25%至<50% 50% to <75% 50%至<75% 75% to <100% 75%至<100% 100% or above 100%或以上

Q3) How long could you maintain your current standard of living with your liquid assets if you were temporarily to receive no income? 如您暫時無收入，您的流動資產能維持現時生活水平多久？

<3 months <3個月 3 months to <1 year 3個月至<1年 1 year to <2 years 1年至<2年 2 years to <3 years 2年至<3年 3 years or above 3年或以上

Q4) Which of the following best describes your expected income over the next five years?以下哪個選項可恰當形容您未來五年的預期收入情況？

Increase by >10% p.a.每年增加>10%

Increase by 5% to 10% p.a.每年增加5%至10%

Increase by <5% p.a.每年增加<5%

Unchanged維持不變

May decrease可能減少

Q5 – Q7) Please evaluate your investment experience, activities and product knowledge.請評估您的投資經驗、活動及產品知識。

Type of products 產品類別

Q5) Years of experience經驗年期

Q6) Transactions per annum每年交易量

Q7) Investment product knowledge投資產品知識

Foreign currency deposit/Bond外幣存款╱債券

NIL 無 <1 year <1年 1 to 2 years 1至2年 Over 2 years 2年以上

NIL 無 <5 <5宗 5-20 5-20宗 Over 20 20宗以上

No knowledge 無相關知識 Little 極少 Basic 基本 Sufficient 充分

Mutual funds/Unit trusts互惠基金╱單位信託

NIL 無 <1 year <1年 1 to <2 years 1至<2年 2 to 5 years 2至5年 Over 5 years 5年以上

NIL 無 <5 <5宗 5-20 5-20宗 20-40 20-40宗 Over 40 40宗以上

No knowledge 無相關知識 Little 極少 Basic 基本 Moderate 中等 Substantial 充分

Stocks股票


NIL 無 <5 <5宗 5-20 5-20宗 20-40 20-40宗 Over 40 40宗以上


High risk private funds/ Hedge funds/Derivatives高風險私募基金╱對沖基金╱衍生產品


NIL 無 <5 <5宗 5-20 5-20宗 20-40 20-40宗 Over 40 40宗以上


Q8) What is your primary goal with this investment? (Please choose the item with most significance)此項投資的主要目標是甚麼？（請選擇最重要的目標）

Capital preservation other than deposits with banks作為除銀行存款外的保本工具

Looking for slightly higher return than time deposits while keeping risk exposure to minimal尋求較定期存款略高的回報，同時將風險維持在最低水平

Target at long term capital appreciation and willing to accept short term fluctuations旨在實現長期資本增值，並願意接受短期波動

Building up wealth through medium term investments with high growth potential and could bear the risk of losing a portion of principle透過具有高增長潛力的中期投資逐漸累積財富，並可承受損失部份本金的風險

Expecting to derive significant return within a short period of time and able to take the risk of losing significant portion of investments made希望於短期內取得豐厚回報，並能夠承擔損失大部份投資的風險


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Q9) What is time horizon of this investment?此項投資年期為多久？

<6 months <6個月 6 months to <1 year 6個月至<1年 1 year to <3 years 1年至<3年 3 years to <5 years 3年至<5年 5 years or above 5年或以上

Q10) Over time, the value of investments can fluctuate (rise and fall). What level of fluctuation would you be comfortable with in general?投資價值或有波動（升跌）。您通常能承受的波幅為多少？

<5% even I may get a lower return<5%，即使回報可能較低

<10% to get an average return<10%，以賺取平均水平回報

<20% to get a better return<20%，以賺取較佳回報

<30% to get a very good return<30%，以賺取非常豐厚回報

30% or more to maximize return30%或以上，以賺取最大化回報

Q11) Assume the overall stock market lost 20% of its value during the past year. How would you feel and react if your invested securities also lost 20% of their value?假設去年整體股市下挫20%。如您投資的證券亦虧損20%，您有何感受及如何應對？

Very uncomfortable and sell all securities非常不安並沽出所有證券

Try to find opportunity to buy other securities to diversify物色機會買入其他證券以分散風險

Uncomfortable and sell some securities不安並沽出部份證券

Definitely buy more securities at the low prices肯定會趁低增持證券

Do nothing不採取任何行動

Investor Risk Questionnaire Result (Completed by Value Partners) 投資者風險問卷結果（由惠理基金填寫）

Derivative knowledge衍生產品知識

Yes 有 No 無

Vulnerable Investor弱勢投資者

Yes 有 No 否

Risk Profile風險取向

Conservative 保守型 Moderate 穩健型 Balanced 平衡型 Growth 增長型 Aggressive 進取型

Risk Level and Implication 風險水平及涵義Risk Profile 風險取向

Risk Appetite風險胃納

Implications涵義

Conservative保守型

Low低風險

The portfolio should primarily be comprising of investments that have low volatility with a goal to generate return comparable to (if not slightly higher than) deposits with banks while preserving the capital. Examples include money market funds, capital preservation/guaranteed/conservative funds. In general, the average annual volatility should be less than 2%.此類投資組合應主要包括低波幅投資，該等投資旨在產生與存款相若（或略高）的回報，同時能夠保本，例如貨幣市場基金、保本╱保守基金。一般而言，年均波幅應低於2%。

Moderate穩健型

Low to medium低至中等風險

The portfolio should be investing in funds with an average risk exposure slightly higher than those invested by the “Conservative” profile while a slightly higher average return will be expected. Examples include investment grade global bond funds, global equity funds with diversified sectors/industries and stable funds. In general, the average annual volatility should be around 2-5%.此類投資組合應投資於平均風險較「保守型」投資略高且預期平均回報亦稍高的基金，例如投資級別全球債券基金、涵蓋多個板塊╱行業的全球股票基金以及穩定的基金。一般而言，年均波幅應為2-5%左右。

Balanced平衡型

Medium中等風險

The portfolio consists of investments with a balanced views of maximizing returns while minimizing risk exposures. Examples includes balanced funds with combination of equities and bonds, equity funds with regions, industries or sectors focus, bond funds with combination of investment grade and high yield bonds. In general, the average annual volatility should be around 5-10%.此類投資組合所包含的投資力求在降低風險的同時取得最大回報，例如股票和債券混合投資的平衡型基金、專注於特定地區、行業或板塊的股票型基金、投資級別和高收益債券相結合的債券型基金。一般而言，年均波幅應為5-10%左右。

Growth增長型

Medium to high中等至高風險

The primary goal becomes the growth of the portfolio size while risk exposures could be borne to certain level. Examples include single country/sector/industry funds, funds with significant exposures to emerging markets, high yield bond funds and growth funds. In general, the average annual volatility should be around 10-15%.主要目標為實現投資組合規模的增長，但須承擔一定的風險，例如單一國家╱板塊╱行業基金、主要投資新興市場的基金、高收益債券基金及增長型基金。一般而言，年均波幅應為10-15%左右。

Aggressive進取型

High高風險

The portfolio will be made up of funds with the highest risk exposures in order to exchange for the highest potential returns. Examples include single country/emerging market funds, absolute return funds, funds with significant level of leverage, hedge funds with aggressive investment strategies. In general, the average annual volatility should be over 15%.此類投資組合所包含的基金風險最高，以求獲得最高潛在回報，例如單一國家╱新興市場基金、絕對回報基金、槓桿水平較高的基金、採用進取投資策略的對沖基金。一般而言，年均波幅應超過15%。


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Customer Acknowledgement 客戶確認I/We understand, acknowledge and agree that: 本人╱我們了解、確認及同意：(a) This Investor Risk Questionnaire (“Questionnaire”) is designed and implemented to assist the potential and exiting clients of Value Partners

Limited and its group companies (collectively known as “VP”) to understand their investment objectives as well as their risk appetite and risk tolerance. VP does not accept any responsibility or liability for any information or use relating to the Questionnaire including its accuracy or completeness and expressly disclaims all liability (except as may not be capable of being excluded by law) for any loss or damage howsoever arising, whether directly or indirectly, from investors or any persons for the use of any information or results of this Questionnaire.本投資者風險問卷（「本問卷」）的設計及實施旨在協助惠理基金管理公司（「惠理基金」）及其集團公司（統稱為「惠理集團」）的潛在及現有客戶了解其投資目標、風險胃納及風險承受能力。惠理集團就與本問卷有關的任何資料或使用（包括其準確性或完整性）概不承擔任何責任或義務，並明確表示就投資者或任何人士因使用本問卷的任何資料或結果而（直接或間接）引致的任何損失或損害概不承擔任何責任（因法例規定而無法免責者除外）。

(b) Investments involve risks, the prices of investments are exposed to fluctuations and may become valueless. Investors should refer to the relevant offering documents before making any investment decision. The Questionnaire is for information only and does not constitute any advice, recommendation, offer or solicitation to buy or sell. Data and information on past performance are for illustration only and are no guarantee of future returns.投資涉及風險，投資價格會有波動，並可能變成毫無價值。於作出任何投資決定前，投資者應參閱有關發售文件。本問卷僅供參考，不構成任何買賣建議、推薦、要約或招攬。有關過往業績的數據及資料僅供說明之用，並不保證未來回報。

(c) VPL has invited me/us to read the Questionnaire including this Customer Acknowledgement, to ask questions and take independent advice if I/we wish.惠理基金已請本人╱我們閱讀本問卷（包括本客戶確認）、提出問題，並於本人╱我們認為必要時諮詢獨立意見。

I/We agree and undertake that 本人╱我們同意及承諾：1. I/We confirm that all my responses above are correct.本人╱我們確認上文所有回答均屬正確。

2. I/We fully understand the information and results contained in this Questionnaire, including its meaning and implications.本人╱我們充分了解本問卷所載資料及結果，包括其意義及涵義。

3. I/We understand that the information provided in this Questionnaire might be used by VP in generating investment recommendations and assessing the suitability of the funds for me.本人╱我們了解，本問卷所提供資料或會被惠理用於作出投資建議及評估有關基金是否適合本人。

4. I/We release VPL from all claims, demands and proceedings which I/we may have or claim to have against VP if they are caused by VP’s reliance on information provided in this Questionnaire, which contains material omissions, errors or false statements made by me/us.如因惠理基金倚賴本問卷所提供資料（其中包含本人╱我們的重大遺漏、錯誤或虛假陳述）導致本人╱我們可能或聲稱對惠理集團提出索賠、要求及訴訟，本人╱我們謹此免除惠理基金就所有相關索賠、要求及訴訟承擔責任。

Investor Signature: ID/Passport no: 投資者簽署： __________________________________________ 身份證╱護照編號：___________________________________

Completed by Value Partners 由惠理基金填寫

This questionnaire has been reviewed and the terms of Customer Acknowledgement have been explained to the investor.本人已審閱本問卷，並已向投資者解釋客戶確認的條款。

Signature 簽署 __________________________________________ (Staff Name 員工姓名 )

Date 日期 ______________________________________

For Category B Professional Investors Only

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Professional Investors Extracts from SFO and Securities and Futures (Professional Investor) Rules – APPENDIX 1

SFO ‐ Professional Investors

Under Part I of Schedule 1 of the SFO, "professional investor" (專業投資者) means‐

(a) any recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, or any person authorized to provide automated trading services under section 95(2) of this Ordinance;

(b) any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;

(c) any authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;

(d) any insurer authorized under the Insurance Companies Ordinance (Cap 41), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;

(e) any scheme which‐ (i) is a collective investment scheme authorized under section 104 of this Ordinance; or (ii) is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under

the law of such place, is permitted to be operated under the law of such place, or any person by whom any such scheme is operated;

(f) any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap 485), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;

(g) any scheme which‐ (i) is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes

Ordinance (Cap 426); or (ii) is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the

law of the place in which it is domiciled, is permitted to be operated under the law of such place, or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of that Ordinance;

(h) any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;

(i) except for the purposes of Schedule 5 to this Ordinance, any corporation which is‐ (i) a wholly owned subsidiary of‐

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(B) an authorized financial institution, or any bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;

(ii) a holding company which holds all the issued share capital of‐ (A) an intermediary, or any other person carrying on the business of the provision of investment

services and regulated under the law of any place outside Hong Kong; or (B) an authorized financial institution, or any bank which is not an authorized financial

institution but is regulated under the law of any place outside Hong Kong; or (iii) any other wholly owned subsidiary of a holding company referred to in subparagraph (ii); or

(j) any person of a class which is prescribed by rules made under section 397 of this Ordinance for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of this Ordinance, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of this Ordinance;


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Securities and Futures (Professional Investor) Rules ‐ Professional Investors Section 3 of the Securities and Futures (Professional Investor) Rules provides that: For the purposes of paragraph (j) of the definition of "professional investor" in section 1 of Part 1 of Schedule 1 to the Ordinance, the following persons are prescribed as within the meaning of that definition for the purposes of any provision of the Ordinance other than Schedule 5‐ (a) any trust corporation having been entrusted under the trust or trusts of which it acts as a trustee with

total assets of not less than HK$40 million or its equivalent in any foreign currency‐ (i) as stated in the most recent audited financial statement prepared‐

(A) in respect of the trust corporation; and (B) within 16 months before the relevant date;

(ii) as ascertained by referring to one or more audited financial statements, (A) in respect of the trust or any of the trusts; and (B) within 16 months before the relevant date; or

(iii) as ascertained by referring to one or more custodian statements issued to the trust corporation‐ (A) in respect of the trust or any of the trusts; and (B) within 12 months before the relevant date;

(b) any individual, either alone or with any of his associates on a joint account, having a portfolio of not less than HK$8 million or its equivalent in any foreign currency‐ (i) as stated in a certificate issued by an auditor or a certified public accountant of the individual

within 12 months before the relevant date; or (23 of 2004 s. 56) (ii) as ascertained by referring to one or more custodian statements issued to the individual (either

alone or with the associate) within 12 months before the relevant date; (c) any corporation or partnership having‐

(i) a portfolio of not less than HK$8 million or its equivalent in any foreign currency; or (ii) total assets of not less than HK$40 million or its equivalent in any foreign currency, as ascertained

by referring to‐ (iii) the most recent audited financial statement prepared‐

(A) in respect of the corporation or partnership (as the case may be); and (B) within 16 months before the relevant date; or

(iv) one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and

(d) any corporation the sole business of which is to hold investments and which is wholly owned by one or more individuals or corporations/partnerships where each of those individuals or corporations/partnerships would qualify as a professional investor under paragraph (b) or paragraph (c) above.


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PROFESSIONAL INVESTOR CONSENT LETTER & DECLARATION – APPENDIX 3 Date: Dear ,

Treatment as a Professional Investor As an entity licensed by the Hong Kong Securities and Futures Commission (the “SFC”), we are required to comply with the provisions of the Securities and Futures Ordinance (“SFO”) and the terms and conditions of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code”). In Hong Kong certain rules and restrictions exist in connection with dealing with investors who are not Professional Investors whether under the SFO or under the Securities and Futures (Professional Investor) Rules. For the purposes of the Sections 174, 175 and Part IV of the SFO, Schedule 17 of the Company Ordinance, you/your company has been classified as a “Professional Investor” on the basis that you/your Company are one of the following: 1. An individual investor, either alone or with your spouse or children on a joint account, having a portfolio of

cash and/or securities of at least HK$8 million (or its foreign currency equivalent). 2. A corporation, whose sole business is to hold investments and which is wholly owned by an individual who,

either alone or with his/her spouse or children on a joint account, has a portfolio of cash and/or securities of at least HK$8 million (or its foreign currency equivalent).

3. A corporation or partnership having a portfolio of cash and/or securities of at least HK$8 million (or its foreign currency equivalent) OR total assets of at least HK$40 million (or its foreign currency equivalent).

4. A trust corporation having been entrusted under the trust(s) of which it acts as trustee with total assets of at least HK$40 million (or its foreign currency equivalent).

As a consequence of your being classified as a Professional Investor, we will be able to offer you certain investment opportunities which are only available to professional investors, in particular, we can: 1. offer you securities or investment products which are not authorized by the SFC and in relation to which the

prospectus requirements under the Companies Ordinance do not apply; 2. make unsolicited calls to you for marketing or recommending securities or futures contracts, or other

investment products.

In addition, you should be aware that if you are classified as a Professional Investor we will not be required to provide you materials or information in relation to any offer of securities in the form prescribed in section 175 of the SFO. In addition, for the purpose of the Code, you/your company may be treated as a professional investor, meaning that you have sufficient investment knowledge and expertise in relevant products and markets, which may exempt us from having to provide certain information and services to you, and which may exempt you from having to provide certain information to us, that we would ordinarily be required to provide or obtain, as the case may be, in relation to non‐professional investors. Before we are entitled to treat you as a Professional Investor, we are obliged to give you a written explanation as to the risks and the consequences of being treated as such. If you agree to be treated as a Professional Investor, we will be entitled to assume that you have the appropriate knowledge, understanding and sufficient expertise in relation to the relevant products and markets in relation to which we will be providing you with services. As a result, the level of information and explanation that will be provided to you as a Professional Investor is considerably less than that which would be provided to you were you to be treated as a non‐professional investor. Furthermore, as a Professional Investor you will be deemed to understand the particular risks attached to investment strategies, financial instruments and investments we make on your behalf.


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Pursuant to the Code, we are required to provide you with details about the information that will not be provided to you by us and to obtain your confirmation that you have no objection to being treated as a Professional Investor. Accordingly, we hereby advise you that, as a consequence of your being treated as a Professional Investor, we will not: (1) enter into a written agreement with you unless we specifically require or you specifically request otherwise; (2) provide you with the standard general risk disclosure statements prescribed in the Code; (3) provide you with information in relation to our company or the identity and status of our employees and

others acting on our behalf unless you specifically request such information; (4) confirm promptly with you the essential features of a transaction after effecting it for you; or (5) provide you with contract notes or monthly statements of account in accordance with the Securities and

Futures (Contract Notes, Statements of Account and Receipts) Rules (if applicable). Finally, for as long as you are treated as a Professional Investor: (a) you will not be required to provide us with information sufficient for us to establish your financial situation,

investment experience and investment objectives; (b) we will not be required to assess your knowledge of derivatives and characterize you based on your

knowledge of derivatives; (c) we will not be required to ensure the suitability of any recommendation or solicitation to you; and (d) we will not be required to disclose sales related information including monetary and non‐monetary benefits

in relation to any promotion of funds or products, to you (if any). Notwithstanding paragraph (a) above, you should be aware that you will be required to provide us with documentary evidence sufficient for us to satisfy ourselves that you are a professional investor (within the meaning of paragraph (j) of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and, without limitation, the Securities and Futures (Professional Investor) Rules) promulgated thereunder. You therefore need to be categorized into one of the four groups below and then provide us with the verification documentation indicated for that group. Please check that we have categorized you into the right group and indicate which specific verification documentation you will be providing.

Financial Status Supporting Documents You confirm that you are a person the

group indicated (please select one only): Please provide the following documents / information:

1 A high net worth individual investor, either alone or with your spouse or children on a joint account, having a portfolio of cash and/or securities of at least HK$8 million (or its foreign currency equivalent)

Certificate issued by auditor or certified public accountant within previous 12 months; OR

One or more custodian statements issued within previous 12 months; OR

No additional supporting document is needed as current investment in the Value Partners already exceed the specified amount (Account no: );

2 A corporation or partnership having a portfolio of cash and/or securities of at least HK$8 million (or its foreign currency equivalent) OR total assets of at least HK$40 million (or its foreign currency equivalent).

Most recent audited financial statement issued within previous 16 months; OR

One or more custodian statements issued within previous 12 months; OR


3 A corporation whose sole business is to hold investments and which is wholly owned by one or more individuals/ corporations/partnerships described in 1 or 2 above.

Evidence to demonstrate the “wholly owned” relationship between the client corporation and the individuals/corporations/partnerships, e.g. company annual return, share register, etc.; AND

current investment in the Value Partners already exceed the specified amount (Account no: ); OR

Certificate issued by the auditor(s) or certified public accountant(s) or the individuals/ corporations/partnerships within previous 12 months; OR

One or more custodian statements issued to the individuals/ corporations/partnerships within previous 12 months.


5

4 A trust corporation having been entrusted under the trust(s) of which it acts as trustee with total assets of at least HK$40 million (or its foreign currency equivalent).

Most recent audited financial statements issued within previous 16 months; OR

One or more audited financial statements, each being the most recent audited financial statement, prepared in respect of the trust or any of the trusts issued within previous 16 months; OR

One or more custodian statements issued to the trustee in respect of the trust or any of the trusts within previous 12 months; OR


Please note that you have the right to withdraw from being treated as a Professional Investor in respect of all products or markets or any part thereof at any time during the course of your relationship with us. If you wish to change your status at any time, you must advise us in writing and we will arrange for the necessary documentation to be prepared / provided in compliance with the Code. If you have no objection to the terms upon which we propose to deal with you as a Professional Investor, please sign and return the enclosed duplicate copy of this letter as declaration to that effect. Finally, under the Code, if you agree to be treated as a Profession Investor, we are required to carry out a declaration exercise annually to enable us to ensure that you continue to fulfil the requisite requirements in terms of portfolio size/amount of assets, so please note that we will need to verify this information with you again on an annual basis.

Yours faithfully, Value Partners Limited

DECLARATION I/We, [ ], acknowledge receipt of your letter dated [ ] and confirm that: 1. in relation to the products and markets in relation to which Value Partners Limited will be providing us services, I/we:

have experience in trading those types of funds / products

have frequently trading in relevant investments and markets (i.e. traded not less than 40 relevant investment transactions in the previous 12 months)

have at least 2 years dealing experience in the relevant market(s)

are aware of the risks involved in trading in the relevant market(s) 2. the consequences of consenting to being treated as a Professional Investor and the right to withdraw from being treated

as such have been fully explained to me/us; 3. I/we have no objection to being treated as a Professional Investor in accordance with the provisions of the Code as

described therein; 4. I/we understand that I/we have the right to withdraw from being treated as such at any time but confirm that it is our

current wish that we be treated as a Professional Investor.

For corporate investor use _____________________________________________ (Name: ) Position:______________________________________ Authorised signatory for and on behalf of ____________________________ Date: _________________________________________

or

For individual investor (Name: ) Date:


6

PROFESSIONAL INVESTOR KNOWLEDGE, EXPERTISE AND INVESTMENT EXPERIENCE QUESTIONNAIRE – APPENDIX 5 1. Personal Details

Name: Date: Age group:

Under 20 21 ‐35 36‐50 51‐65 66 or above Education:

Secondary Post‐secondary

University Post Graduate Others

Employment status:

Employed Employer: ________________________________

Occupation: ________________________________

Position: ________________________________

Self‐employed Nature of business: ____________________________

Retired

Others Please specified: ______________________________

2. Types of funds / products and markets you wish to invest _________

3. Investment Experience and Knowledge

a) Have you previously invested with Value Partners?

Yes Please specified:

No

b) Have you previously invested in the types of funds / products specified in Question 2?

Yes No c) Do you understand the nature and risks involved with the types of funds / products specified in

Question 2?

Yes No d) Do you have any investment professional reviewing your investments?

Yes No e) Please complete your investment experience and investment knowledge

Type of products

Years of experience

Transactions per annum

Average size of transaction Product knowledge

Stocks NIL 1 to 2 years 2 to 5 years Over 5 years

Less than 5 5‐20 21‐40 Over 40

Less than HK$100,000

Over HK$100,000 to HK$1,000,000 Over HK$1,000,000 to HK$5,000,000 Over HK$5,000,0000

No knowledge Basic Moderate

Substantial Mutual funds / unit trusts

NIL 1 to 2 years 2 to 5 years Over 5 years





Substantial Exchange‐ traded funds






Substantial Hedge funds






Substantial


7

Customer Acknowledgement I//We understand, acknowledge and agree that: (a) This Questionnaire is designed and implemented to assist the potential and exiting clients of Value Partners

Limited and its group companies (collectively known as “VP”) to understand whether they are qualified to be treated as PI. VP does not accept any responsibility or liability for any information or use relating to the Questionnaire including its accuracy or completeness and expressly disclaims all liability (except as may not be capable of being excluded by law) for any loss or damage howsoever arising, whether directly or indirectly, from investors or any persons for the use of any information or results of this Questionnaire.

(b) Investments involve risks, the prices of investments are exposed to fluctuations and may become valueless. Investors should refer to the relevant offering documents before making any investment decision. The Questionnaire is for information only and does not constitute any advice, recommendation, offer or solicitation to buy or sell. Data and information on past performance are for illustration only and are no guarantee of future returns.

(c) VPL has invited me/us to read the Questionnaire including this Customer Acknowledgement, to ask questions and take independent advice if I/we wish.

I/we agree and undertake that: 1. I/We confirm that all my responses above are correct. 2. I/We fully understand the information and results contained in this Questionnaire, including its meaning

and implications. 3. I/We understand that the information provided in this Questionnaire might be used by VP in assessing

whether I/.we are qualified to be treated as PI. Upon receipt of consents from me/us by VP to be treated as PI, I/we will be treated as PI and the waivers prescribed by the SFC’s Code of Conduct will be applied on me/us.

4. I/We release VP from all claims, demands and proceedings which I/we may have or claim to have against VP, if they are caused by VP’s reliance on information provided in this Questionnaire, which contains material omissions, errors or false statements made by me/us.

Investor Signature: ID/Passport no:

Completed by Value Partners This questionnaire has been reviewed and the terms of Customer Acknowledgement have been explained to the investor. Signature _____ Date (Staff Name )

Ver. 20150112 0

ACCOUNT OPENING GUIDE

Please note this is part of the Account Opening Form, you should carefully read through this document before

completing the Account Opening Form.

Contents

1. Know Your Customer Requirements Checklist -------------------------------------------------------- Pg. 1

For Individuals

For Corporations

For Partnerships

For Trusts

For Investment Vehicles

For Nominees

2. Payment Method and Account Details ------------------------------------------------------------------- Pg. 7

3. Redemption Payment and Cash Instructions------------------------------------------------------------ Pg. 9

4. Points to Note-------------------------------------------------------------------------------------------------- Pg. 10

5. Third Party Certification ----------------------------------------------------------------------------------- Pg. 11

6. Personal Information Collection Statement ------------------------------------------------------------- Pg.12

(Only applicable to subscribers who are individuals)

7. Subscription Representations------------------------------------------------------------------------------ Pg. 14

(For Singapore investors only)

8. Singapore Wrapper for Value Partners funds---------------------------------------------------------- Pg. 16

(For Singapore investors only)

Value Partners Classic Fund

Value Partners High-Dividend Stocks Fund

Value Partners Intelligent Fund - China Convergence Fund

Value Partners Intelligent Fund - Chinese Mainland Focus Fund

Value Partners China Greenchip Fund Limited

Value Partners Taiwan Fund

Value Partners Greater China High Yield Income Fund

Value Partners China A-Share Select Fund

Ver. 20150112 1

1. KNOW YOUR CUSTOMER REQUIREMENTS CHECKLIST

Ver. 20150112 2

Ver. 20150112 3

Ver. 20150112 4

Ver. 20150112 5

Ver. 20150112 6

Ver. 20150112 7

2. PAYMENT METHOD AND ACCOUNT DETAILS

All subscription money must originate from an account held by the applicant. Money shall be paid within 3

business days after placing subscription order. Unless the applicant has made arrangements with the

Administrator, the Administrator’s Agent, the Trustee or its delegates or affiliates and/or the Manager to make

payment for subscription in some other currency, payment for subscription net of any bank charges must be

made in the class currency of the relevant class of shares/units.

1. Cheque/ bank draft / cashier order

Any cheque, bank draft or cashier order must be in Hong Kong Dollars.

Payable to “HSBC Institutional Trust Services (Asia) Limited” (crossed “ACCOUNT PAYEE ONLY

NOT NEGOTIABLE”) with the Fund’s name and your name written on the back.

Applicant should bank in the cheques/bank drafts/cashier orders at a HSBC branch and return a copy

of the cheque and bank pay-in-slip with the Account Opening Form.

2. Telegraphic Transfer /RTGS CHATS (net of bank charges)

Applicant must state the Fund’s name and his name clearly on the remittance advice or bank

certification and return a copy with the account opening document or the subscription form.

Bank account details:

Telegraphic Transfer

Currenc

y

Bank Bank Address Bank Account Account No.

AUD HSBC Australia

(SWIFT Address:

HKBAAU2S)

HSBC Centre, 580

George Street, Sydney

NSW 2000, Australia

HSBC Institutional Trust

Services (Asia) Limited –

AFS Subscription Account

011-024619-

041

CAD Correspondence Bank:

HSBC Bank Canada

(SWIFT Address:

HKBCCATT)

Beneficiary Bank:

HSBC Hong Kong

(SWIFT Address

HSBCHKHHGCC)

Toronto, Canada Beneficiary A/C name: HSBC

Institutional Trust Services

(Asia) Limited – TP

Subscription Account

Add: 6/F Tower 2 & 3 HSBC

Centre 1 Sham Mong Road

Kowloon, Hong Kong

Beneficiary

Bank A/C

No.: 930-

132513-060

Beneficiary

A/C No.:

808-847818-

204

HKD HSBC

(SWIFT Address:

HSBCHKHHHKH)

1 Queen’s Road

Central

Hong Kong



Value Partners Subscription

accounts

502-657802-

001

JPY HSBC Tokyo

(SWIFT Address

HSBCJPJT)

HSBC Building 11-1,

Nihonbashi 3-Chome,

Chuo-Ku, Tokyo 104-

0031, Japan




009-022138-

027

NZD HSBC Auckland

(SWIFT Address:

HSBCNZ2A)

HSBC House Level 9,

One Queen Street,

Auckland, 1010, New

Zealand


Services (Asia) Ltd – AFS


040-035404-

261

Ver. 20150112 8

USD HSBC Bank New York

(SWIFT Address:

MRMDUS33)

452 Fifth Avenue

New York NY 10018

U.S.A.




accounts

000-14165-8

SGD HSBC Singapore

(SWIFT Address:

HSBCSGSG)

21, Collyer Quay,

Singapore 049320




041-463688-

001

EUR HSBC London

SWIFT Address:

MIDLGB22

IBAN No. :

GB81MIDL40051558836

396

27-32 Poultry,

London

EC2P 2BX, UK


Services (Asia) Limited-AFS


58836396

GBP HSBC London

SWIFT Address:

MIDLGB22

IBAN No. :

GB15MIDL40051558836

420

27-32 Poultry,

London

EC2P 2BX, UK


Services (Asia) Limited-AFS


58836420

RMB HSBC

(SWIFT Address:

HSBCHKHHHKH)

1 Queen’s Road

Central

Hong Kong


Services (Asia) Ltd. - AP

RMB Pool Subscription

Account

808-847826-

209

By RTGS CHATS


USD HSBC

(SWIFT Address:

HSBCHKHHHKH)

1 Queen’s Road

Central

Hong Kong




accounts

502-657802-

201

Ver. 20150112 9

3. REDEMPTION PAYMENT AND CASH INSTRUCTIONS

1. Proceeds of redemption of units or shares and all cash distributions (if so selected in the section

“Distributions Mandate”) paid directly to the applicant’s bank account unless contrary instructions are given

by applicant at the time of redemption or distribution, as the case may be. This instruction applies to all

units or shares acquired at any time.

2. If the account is in a currency different to the currency in which the units or shares being redeemed are

denominated, I/we authorise the Manager, the Trustee, its delegates or affiliates, the custodian, the

Administrator’s Agent or the registrar’s agent of the Fund to make the currency exchange, and to deduct the

foreign exchange conversion costs, bank charges and telegraphic transfer costs from the redemption

proceeds.

3. Redemption proceeds will be paid to an account held in the name of the subscriber. No redemption

proceeds will be paid to third party.

4. Please complete all information in the Account Opening Form to enable timely and accurate payment. BIC

and IBAN codes must be provided where you have requested payment in Euro/GBP/CHF. In the case of

incomplete information, we shall effect payment in our best endeavour. None of the Fund, the Manager, the

Trustee, the Administrator, the Administrator’s Agent or their delegates or affiliates accepts any

responsibility for any loss or delay caused by incomplete / incorrect bank account details.

5. Redemption money will not be paid until the Manager, the Trustee, the Administrator and/or the

Administrator’s Agent or their delegates or affiliates of the Fund receive the duly signed written redemption

request and all other supporting documents, if required.

Ver. 20150112 10

4. POINTS TO NOTE

1. Value Partners Limited (CE registration number ABN759) and Value Partners Hong Kong Limited (CE

registration number AFJ002) are both licensed under the Hong Kong Securities and Futures Ordinance

to carry on regulated activities of dealing in securities, advising on securities, advising on futures

contracts and asset management, in Hong Kong. The Administrator’s Agent or the Trustee or their

delegates or affiliates will notify investors if there is any material change to its contact details, or in the

information in this paragraph.

2. The Manager may arrange a personal interview with you before accepting your application.

3. For units or shares to be in joint names, each investor must sign and supply names and addresses in the

Account Opening Form.

4. A corporation must execute the Account Opening Form under the hand of a duly authorized official who

should state his representative capacity together with a company chop or seal.

5. All individual investors have the right to access to, and to update, all their records (whether held on

computer files or manually) held by the Manager or the Administrator’s Agent or the Trustee or their

delegates or affiliates. If you request a copy of this record in writing to the Administrator’s Agent or the

Trustee or its delegates or affiliates at the address set out in the explanatory memorandum of the Fund,

the Administrator’s Agent or the Trustee or its delegates or affiliates will provide them upon the

payment of a modest administration charge to cover costs for complying with the requests.

6. Please send the original of this initial application to the Administrator’s Agent or the Trustee or its

delegates or affiliates at the address shown in the Account Opening Form. You may send any

subsequent subscription, redemption or switching of units or shares to the Administrator’s Agent or the

Trustee or its delegates or affiliates either in original or by fax. The Administrator’s Agent or the

Trustee or its delegates or affiliates may, in its absolute discretion, decide whether or not the original

instruction is also required in respect of subsequent applications sent by fax. The Administrator’s

Agent or the Trustee or its delegates or affiliates is free to act on receipt of the fax or wait for the

original in its absolute discretion.

7. Where documents are not in English, a notarised translation is required.

8. The Account Opening Form is governed and interpreted by the laws of Hong Kong and the courts of

Hong Kong are the initial forum for the administration of the Fund.

9. If the explanatory memorandum (including the addenda, if any) of the Fund and the Account Opening

Form are inconsistent, the explanatory memorandum of the Fund prevails.

10. No redemption payment will be made from an investor holding until all required documentation has

been received by the Trustee or its delegates or affiliates, the Administrator and/or the Administrator’s

Agent to their satisfaction for anti-money laundering purpose.

Ver. 20150112 11

5. THIRD PARTY CERTIFICATION

You must verify your identity by:

1. signing the Account Opening Form in the presence of a licensed employee of the Manager; or

2. getting a third party to witness your signature by completing the below third party certification block and

certify by separately signing on one copy of the required documentation specified in the following section

against production of the original documents.

The third party certifier can be an independent suitable certifier, such as lawyer, accountant, notary public,

member of the judiciary or director or manager of a regulated credit or financial institution in a jurisdiction that

is a FATF member. The certifier should sign and date the copy document (printing his/her name clearly in

capitals underneath) and clearly indicate his/her position or capacity, together with a contact address and phone

number. The certifier must indicate that the document is a true copy of the original and that the photo is a true

likeness of the individual. Where documents are not in English, a notarised translation is required.

The subscription request will not be processed until the cheque is cleared and the third party certification

procedures are completed.

Sample: Certified by Notary Public

Certified True Copy of the Original

Peter Chan

[Name] Peter Chan

[Capacity] Notary Public – State of New York

[License No.] No. 01-11111111

[Date] 1 January 2014

COPY

Ver. 20150112 12

6. PERSONAL INFORMATION COLLECTION STATEMENT

Applicable to subscribers who are individuals only

A. Introduction

This Personal Information Collection Statement (“PICS”) sets out the manner and purposes of the collection

of your Personal Data in connection with the Account Opening Form.

B. Definitions

Terms used herein unless otherwise defined shall have the same meaning as in the Account Opening Form.

The terms “we”, “us” and “our” used in this PICS shall mean the Fund, the Manager and/or their respective

affiliated companies in the financial services industry.

C. Use of Personal Data

1. Your Personal Data supplied on the Account Opening Form and otherwise from time to time may be

used for the purposes set out in the Account Opening Form, in particular under the section headed

“Data” of the Account Opening Form. In addition, we may use your Personal Data in direct

marketing of one of more of the following products / services: (i) collective investment schemes

managed, advised, distributed or promoted by us, (ii) asset management, investment advisory, wealth

management or any other investment related services, (iii) other investment opportunities, and (iv)

any other financial or investment products or services.

2. Provision of the Personal Data is voluntary. However, failure to supply the Personal Data may result

in us or the service providers of the Fund being unable to accept and/or process your application for

units or shares or to provide the related services in connection with your subscription for units or

shares and/or as unitholder(s) or shareholder(s) of the Fund.

3. Your Personal Data supplied on the Account Opening Form and from time to time including your

name, address, telephone numbers, facsimile numbers, e-mail address and other contact details and

information may be used for the purposes set out in paragraph 1 above.

4. We may not use your Personal Data for direct marketing purposes unless we have received your

consent for such use.

5. You may, at any time and without charge, request that we cease using your Personal Data for direct

marketing purposes by writing to us at the following address:-

The Compliance Officer

9th

Floor, Nexxus Building,

41 Connaught Road Central, Hong Kong

D. Provision of Personal Data for Use in Direct Marketing

We may not provide or transfer your Personal Data to any persons for use by such persons in direct

marketing unless we have received your consent for such provision.

E. Access to Personal Data

Under the Personal Data (Privacy) Ordinance of Hong Kong (“Ordinance”), you are entitled to request us

to:

1. Respond to you as to whether we hold any of your Personal Data and provide access to such data;

2. Correct any Personal Data relating to you which is inaccurate;

3. Describe our policies and practices in relation to Personal Data and inform you of the kinds of Personal

Data held by us.

Ver. 20150112 13

In accordance with the terms of the Ordinance, we have the right to charge a reasonable fee for the

processing of any data access request.

Requests for access to and/or correction of the Personal Data and/or for information concerning our policies

and practices and the kinds of Personal Data held by us are to be addressed in writing to:-

The Compliance Officer

9th

Floor, Nexxus Building,

41 Connaught Road Central, Hong Kong

Ver. 20150112 14

7. SUBSCRIPTION REPRESENTATIONS

For Singapore Residents only

You represent that you are and will at all times continue to be an "institutional investor" or a "relevant person"

within the meaning of the Securities and Futures Act of Singapore or is otherwise investing a minimum of

S$200,000 (exclusive of any subscription charge) in the Fund. Under present regulations, categories of

"institutional investor" are set out below and a "relevant person" includes the following:

(i) an "accredited investor", the categories of which are set out in Annex 1;

(ii) a corporation the sole business of which is to hold investments and the entire share capital of which

is owned by one or more individuals, each of whom is an accredited investors; or

(iii) a trustee of a trust the sole purpose of which is to hold investments and each beneficiary of which is

an individual who is an accredited investor.

You undertake to inform the Manager immediately if there is any change in such status, and to provide

documentary evidence and assurance of such status, including financial statements and income statements, as

the Manager may from time to time request;

You understand and agree that:

(i) unless otherwise agreed by the Fund, you may not create or permit to subsist any mortgage, charge,

pledge, lien, encumbrance or other security interest whatsoever on or over or in respect of all or any

of the shares or agree to do any of the foregoing;

(ii) you may not sell or otherwise assign or transfer all or any of the shares unless you have complied

with the transfer restrictions set forth in the explanatory memorandum of the Fund , copies of which

may be obtained from the Manager, in particular, you will at all times comply with the transfer

restrictions provided for in the Securities and Futures Act (Cap. 289) of Singapore and as set out in

the explanatory memorandum of the Fund , including without limitation, the resale restrictions in

relation to the shares and (if applicable) the transfer restrictions in relation to equity or beneficial

interests in you after your subscription of the shares.

Under present regulations, the following categories of persons are included within the definitions of "accredited

investor" and "institutional investor":

Accredited Investor

A. an individual –

i. whose net personal assets exceed in value S$2 million (or its equivalent in a foreign currency) or

such other amount as the Monetary Authority of Singapore ("MAS") may prescribe in place of

the first amount; or

ii. whose income in the preceding 12 months is not less than S$300,000 (or its equivalent in a

foreign currency) or such other amount as the MAS may prescribe in place of the first amount;

B. a corporation with net assets exceeding S$10 million in value (or its equivalent in a foreign currency) or

such other amount as the MAS may prescribe, in place of the first amount, as determined by –

i. the most recent audited balance sheet of the corporation; or

ii. where the corporation is not required to prepare audited accounts regularly, a balance-sheet of

the corporation certified by the corporation as giving a true and fair view of the state of affairs of

the corporation as of the date of the balance-sheet, which date shall be within the preceding 12

months;

Ver. 20150112 15

C. the trustee of a trust of which all property and rights of any kind whatsoever held on trust for the

beneficiaries of the trust exceed S$10 million in value (or its equivalent in a foreign currency), when

acting in that capacity;

D. an entity (other than a corporation) with net assets exceeding S$10 million in value (or its equivalent in a

foreign currency). For the purpose of this category, an "entity" includes a corporation (as defined in

Section 4(1) of the Singapore Companies Act (Cap 50) of Singapore), an unincorporated association, a

partnership and the government of any state, but does not include a trust;

E. a partnership (other than a limited liability partnership within the meaning of the Limited Liability

Partnerships Act 2005 (Act 5 of 2005)) in which each partner is an accredited investor; and

F. a corporation, the sole business of which is to hold investments and the entire share capital of which is

owned by one or more persons, each of whom is an accredited investor.

Institutional Investor

A. a bank that is licensed under the Singapore Banking Act (Cap. 19);

B. a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of

Singapore Act (Cap. 186);

C. a finance company that is licensed under the Finance Companies Act (Cap. 108);

D. a company or society registered under the Insurance Act (Cap. 142) as an insurer;

E. a company licensed under the Trust Companies Act 2005 (Act 11 of 2005);

F. the Singapore Government;

G. a statutory body established under any Act;

H. a pension fund or collective investment scheme;

I. the holder of a capital markets license for –

1. dealing in securities;

2. fund management;

3. providing custodial services for securities;

4. real estate investment trust management;

5. securities financing; or

6. trading in futures contracts;

J. a person (other than an individual) who carries on the business of dealing in bonds with accredited

investors or expert investors;

K. the trustee of such trust as the MAS may prescribe, when acting in that capacity; or

L. such person as the MAS may prescribe.

Ver. 20150112 16

8. SINGAPORE WRAPPER FOR VALUE PARTNERS FUNDS

For Value Partners Classic Fund

Singapore Regulatory Disclosures

The disclosures contained herein are made pursuant to the Securities and Futures (Offers of Investments)

(Collective Investment Schemes) Regulations 2005

THIS DOCUMENT IS FOR INVESTORS IN SINGAPORE ONLY

The information in this document supplements the explanatory memorandum of the Value Partners Classic

Fund ("Fund") dated 15 October 2009 ("Explanatory Memorandum"), addendums and notices dated 15

December 2009, 22 December 2009, 24 December 2009, 22 March 2010, 25 June 2011, 22 November 2011 and

26 August 2013 and the product key facts statement dated August 2013 (collectively, the "Offering Document")

with respect to the offering of units (“Units”) in the Fund. The Offering Document has not and will not be

registered as a prospectus with the Monetary Authority of Singapore ("MAS") as the Fund is invoking the

exemptions from compliance with prospectus requirements pursuant to the exemptions under Section 304 and

Section 305 of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"). The MAS assumes no

responsibility for the contents of the Offering Document.

The offer which is the subject of the Offering Document is not authorized or recognized by the MAS and Units

are not allowed to be offered to the retail public. The Offering Document is not a prospectus as defined in the

SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.

You should consider carefully whether the investment is suitable for you in light of your own personal

circumstances.

Recipients of the Offering Document in Singapore should note that the offering of the Units is subject to the

terms of the Offering Document and the SFA. Accordingly, the Units may not be offered or sold, nor may the

Offering Document or any other document or material in connection with the offer or sale of such Unit be

circulated or distributed, whether directly or indirectly, to any person in Singapore other than: (i) to an

institutional investor (as defined in Section 4A(1)(c) of the SFA) (each an "Institutional Investor"); (ii) to a

relevant person as defined in Section 305 of the SFA or any person pursuant to an offer referred to in Section

305(2) of the SFA (each a "Relevant Investor") and in accordance with the conditions specified in Section 305

of the SFA; or (iii) pursuant to, and in accordance with the conditions of, any other applicable provision of the

SFA.

Subject to all other restrictions on transferability imposed by the Fund, recipients of the Offering Document

represent and warrant that where the Units are initially acquired pursuant to an offer made in reliance on an

exemption under:

(a) Section 304 of the SFA by an Institutional Investor, subsequent sales of the Units will only be made

to another Institutional Investor; and

(b) Section 305 of the SFA by a Relevant Investor, subsequent sales of the Units will only be made to an

Institutional Investor or another Relevant Investor.

In addition, it should be noted that where the Units are initially acquired in Singapore pursuant to an offer made

in reliance on an exemption under Section 305 of the SFA by:

Ver. 20150112 17

(a) a corporation referred to in Section 305A(2) of the SFA (a "Relevant Corporation"), the securities

of the Relevant Corporation shall not be transferred within 6 months after the Relevant Corporation

has acquired any Units unless the transfer is in accordance with the conditions of Section 305A(2) of

the SFA; and

(b) a trust referred to in Section 305A(3) of the SFA (a "Relevant Trust"), the rights and interest

(howsoever described) of the beneficiaries thereof in the Relevant Trust shall not be transferred

within 6 months after any Units have been acquired for the Relevant Trust unless the transfer is in

accordance with the conditions of Section 305A(3) of the SFA.

Investors should therefore ensure that their own transfer arrangements comply with the restrictions. Investors

should seek legal advice to ensure compliance with the above arrangement.

The Offering Document does not constitute an offer or solicitation by anyone in any jurisdiction in which such

an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or

solicitation.

(i) Details of the Fund

Fund The Fund is an open-ended unit trust established under the laws of the Cayman Islands pursuant to a

trust deed dated 26 October 1993 (as may be amended from time to time). For more information on the

Fund, please see page 2 of the Explanatory Memorandum. The business address of the Fund is set out in

the section titled “Management and Administration” in the Explanatory Memorandum.

Manager The manager of the Fund is Value Partners Limited (“Manager”). For more information on the Manager,

please see the section titled “Management and Administration” and the sub-section titled “Manager”

in the Explanatory Memorandum. The contact details of the Manager’s primary regulator are:

Securities and Futures Commission

35/F, Cheung Kong Center

2 Queen's Road Central, Hong Kong

Trustee, Registrar, Administrator and Principal Office The trustee, registrar, administrator and principal office of the Fund is Bank of Bermuda (Cayman)

Limited (“Trustee”). The Trustee is a licensed trust company under the Banks and Trust Companies

Law (Revised) of the Cayman Islands and it is also a licensed mutual fund administrator pursuant to the

Mutual Funds Law (Revised) of the Cayman Islands. For more information on the Trustee, please see

the section titled “Management and Administration” and the sub-section titled “Trustee, Registrar,

Administrator and Custodian and Registrar’s Agent” in the Explanatory Memorandum.

Custodian and Registrar’s Agent The custodian and registrar’s agent of the Fund is HSBC Institutional Trust Services (Asia) Limited

(“Custodian”). The Custodian is registered as a trust company under the Trustee Ordinance (Cap. 29)

of Hong Kong and it is also approved by the Mandatory Provident Funds Scheme Authority of Hong

Kong as trustee of registered MPF schemes under the Mandatory Provident Fund Schemes Ordinance

(Cap. 485) of Hong Kong. For more information on the Custodian, please see the section titled

“Management and Administration” and the sub-section titled “Trustee, Registrar, Administrator

and Custodian and Registrar’s Agent” in the Explanatory Memorandum.

Ver. 20150112 18

(ii) Regulatory Information of the Fund For information on the Fund’s regulation in the Cayman Islands, please see page 2 of the Explanatory

Memorandum. The contact details of the Cayman Islands Monetary Authority are set out on page 2 of

the Explanatory Memorandum.

(iii) Investment Objectives and Strategy For information on the Fund's Investment Objective and Strategy, please see the section titled

“Investment Management, Policies and Restrictions” and the sub-sections titled "Investment

Objectives and Policies" and "Investment Restrictions" in the Explanatory Memorandum.

(iv) Risk Disclosure For information on the risks of investing in the Fund, please see the section titled "Investment

Management, Policies and Restrictions” and the sub-section titled “Risk Factors" in the Explanatory

Memorandum.

(v) Conditions, Limits and Gating Structures for Redemptions of Units For information on the terms for redemptions of Units, please see the section titled "Issue and

Redemption of Units" in the Explanatory Memorandum.

(vi) Side Letters The Manager or its associates may enter into side letter arrangements with investors. These may include

rebates of fees and/or charges payable to the Manager or its associates. The Manager or its associates

may also enter into side letter arrangements whereby all side letter arrangements are not considered by

the Manager or its associates to be material and will not prejudice other investors’ interests.

(vii) Past Performance For information on the Fund’s past performance, please see the Manager’s website at

www.valuepartners.com.hk.

(viii) Accounts For information on the Fund’s accounts, please see the Manager’s website at www.valuepartners.com.hk

and the section titled “General Information” and the sub-section titled “Reports, Accounts and

Quarterly Statements” in the Explanatory Memorandum.

(ix) Fees and Charges For information on the Fund’s fees and charges, please see the section titled "Fees and Expenses" in the

Explanatory Memorandum.

Dated 27 September 2013

Ver. 20150112 19

For Value Partners High-Dividend Stocks Fund





The information in this document supplements the explanatory memorandum of the Value Partners High–

Dividend Stocks Fund ("Fund") dated 25 June 2011 ("Explanatory Memorandum"), addendums dated 22

November 2011, 24 August 2012, 20 September 2012, 11 March 2013 and 23 August 2013 and the product key

facts statements dated August 2013 (collectively, the "Offering Document") with respect to the offering of

units (“Units”) in the Fund. The Offering Document has not and will not be registered as a prospectus with the

Monetary Authority of Singapore ("MAS") as the Fund is invoking the exemptions from compliance with

prospectus requirements pursuant to the exemptions under Section 304 and Section 305 of the Securities and

Futures Act (Cap. 289) of Singapore ("SFA"). The MAS assumes no responsibility for the contents of the

Offering Document.





circumstances.









SFA.



exemption under:







Ver. 20150112 20




the SFA; and









solicitation.


Fund The Fund is an open-ended unit trust established under the laws of the Cayman Islands in the name of Value

Partners Asian High Yield Fund pursuant to a trust deed dated 7 August 2002 (as may be amended from

time to time). Pursuant to a second supplemental trust deed dated 10 April 2003, its name was changed to

Value Partners High-Dividend Stocks Fund. For more information on the Fund, please see the section titled

"2. Information on the Trust" in the Explanatory Memorandum. The business address of the Fund is set

out in the section titled “1. Management and Administration” in the Explanatory Memorandum.


please see the section titled “1. Management and Administration” and the sub-section titled “1.1

Manager” in the Explanatory Memorandum. The contact details of the Manager’s primary regulator are:




Trustee, Registrar, Administrator and Principal Office The trustee, registrar, administrator and principal office of the Fund is Bank of Bermuda (Cayman) Limited

(“Trustee”). The Trustee is a licensed trust company under the Banks and Trust Companies Law (Revised)

of the Cayman Islands and it is also a licensed mutual fund administrator pursuant to the Mutual Funds Law

(Revised) of the Cayman Islands. For more information on the Trustee, please see the section titled “1.

Management and Administration” and the sub-section titled “1.2 Trustee, Registrar, Administrator



(“Custodian”). The Custodian is registered as a trust company under the Trustee Ordinance (Cap. 29) of

Hong Kong and it is also approved by the Mandatory Provident Funds Scheme Authority of Hong Kong as

trustee of registered MPF schemes under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) of

Hong Kong. For more information on the Custodian, please see the section titled “1. Management and

Ver. 20150112 21

Administration” and the sub-section titled “1.2 Trustee, Registrar, Administrator and Custodian and

Registrar’s Agent” in the Explanatory Memorandum.

(ii) Regulatory Information of the Fund

For information on the Fund’s regulation in the Cayman Islands, please see the section titled "6. General

Information” and the sub-section titled “6.9 Regulation of the Trust in the Cayman Islands" in the

Explanatory Memorandum. The contact details of the Fund’s primary regulator are:

Cayman Islands Monetary Authority

PO Box 10052

80e Shedden Road

Elizabethan Square

Grand Cayman KY1 – 1001

Cayman Islands

(iii)Investment Objectives and Strategy For information on the Fund's Investment Objective and Strategy, please see the section titled “2.

Information on the Trust” and the sub-sections titled "2.2 Investment Objective and Policy" and "2.5

Investment Restrictions and Prohibitions" in the Explanatory Memorandum.

(iv) Risk Disclosure For information on the risks of investing in the Fund, please see the section titled “2. Information on the

Trust” and the sub-section titled "2.4 Risk Factors" in the Explanatory Memorandum.

(v) Conditions, Limits and Gating Structures for Redemptions of Units For information on the terms for redemptions of Units, please see the section titled "3. Subscription and

Redemption of Units" in the Explanatory Memorandum.


rebates of fees and/or charges payable to the Manager or its associates. The Manager or its associates may

also enter into side letter arrangements whereby all side letter arrangements are not considered by the

Manager or its associates to be material and will not prejudice other investors’ interests.



(viii) Accounts

For information on the Fund’s accounts, please see the Manager’s website at www.valuepartners.com.hk

and the section titled “6. General Information” and the sub-section titled “6.3 Report, Accounts and

Statements” in the Explanatory Memorandum.

(ix) Fees and Charges For information on the Fund's fees and charges, please see the section titled “5. Fees and Expenses" in the



Ver. 20150112 22

For Value Partners Intelligent Fund - China Convergence Fund





The information in this document supplements the explanatory memorandum of the Value Partners Intelligent

Fund (the "Fund") dated 10 July 2013 ("Explanatory Memorandum"), the addendum to the explanatory

memorandum of the China Convergence Fund ("Sub-Fund") dated 10 July 2013 (“Addendum”) and the

product key facts statement dated July 2013 (collectively, the "Offering Document") with respect to the

offering of units (“Units”) in the Sub-Fund. The Offering Document has not and will not be registered as a

prospectus with the Monetary Authority of Singapore ("MAS") as the Fund is invoking the exemptions from

compliance with prospectus requirements pursuant to the exemptions under Section 304 and Section 305 of the

Securities and Futures Act (Cap. 289) of Singapore ("SFA"). The MAS assumes no responsibility for the

contents of the Offering Document.





circumstances.









SFA.



exemption under:







Ver. 20150112 23




the SFA; and









solicitation.


Fund The Fund is an open-ended unit trust established under the laws of the Cayman Islands pursuant to a trust

deed dated 21 June 2000 (as may be amended from time to time). The Fund has an umbrella structure and

may offer units in different sub-funds including the Sub-Fund. For more information on the Fund, please see

the section titled "II. Information on the Trust" and the sub-section titled “Trust Structure” in the

Explanatory Memorandum. The business address of the Fund is set out in the section titled “Management

and Administration” in the Explanatory Memorandum.


please see the section titled “I. Management and Administration” and the sub-section titled “Manager”








(Revised) of the Cayman Islands. For more information on the Trustee, please see the section titled “I.

Management and Administration” and the sub-section titled “Trustee, Registrar, Administrator and

Custodian and Registrar’s Agent” in the Explanatory Memorandum.





Hong Kong. For more information on the Custodian, please see the section titled “I. Management and

Ver. 20150112 24

Administration” and the sub-section titled “Trustee, Registrar, Administrator and Custodian and



Memorandum and page 2 of the Addendum. The contact details of the Fund’s primary regulator are set out

on page 3 of the Explanatory Memorandum.

(iii)Investment Objectives and Strategy For information on the Sub-Fund's Investment Objective and Strategy, please see the section titled “II.

Information on the Trust” and the sub-sections titled "Investment Objective and Policy" and

"Investment Restrictions and Prohibitions" in the Explanatory Memorandum and the sections titled

“Investment Objective and Policy” and “Additional Investment Restrictions of the Sub-Fund” in the

Addendum.

(iv) Risk Disclosure For information on the risks of investing in the Sub-Fund, please see the section titled “II. Information on

the Trust” and the sub-section titled "Risk Factors" in the Explanatory Memorandum and the section titled

“Additional Risks of the Sub-Fund” in the Addendum.

(v) Conditions, Limits and Gating Structures for Redemptions of Units For information on the terms for redemptions of Units, please see the section titled "Subscription and

Redemption of Units" in the Explanatory Memorandum and the section titled “Dealing in Units,

Subscription and Redemption” in the Addendum.





(vii) Past Performance For information on the Sub-Fund’s past performance, please see the Manager’s website at


(viii) Accounts For information on the Sub-Fund’s accounts, please see the Manager’s website at

www.valuepartners.com.hk and the section titled “VI. General Information” and the sub-section titled

“Report, Accounts and Statements” in the Explanatory Memorandum and the section titled “Reports and

Accounts” in the Addendum.

(ix) Fees and Charges

For information on the Sub-Fund's fees and charges, please see the section titled "V. Fees and Expenses" in

the Explanatory Memorandum and the section titled "Fees" in the Addendum.


Ver. 20150112 25

For Value Partners Intelligent Fund - Chinese Mainland Focus Fund





The information in this document supplements the explanatory memorandum of the Value Partners Intelligent

Fund (the "Fund") dated 10 July 2013 ("Explanatory Memorandum"), the addendum to the explanatory

memorandum of the Chinese Mainland Focus Fund ("Sub-Fund") dated 25 June 2013 (“Addendum”) and the

product key facts statement dated June 2013 (collectively, the "Offering Document") with respect to the

offering of units (“Units”) in the Sub-Fund. The Offering Document has not and will not be registered as a

prospectus with the Monetary Authority of Singapore ("MAS") as the Fund is invoking the exemptions from

compliance with prospectus requirements pursuant to the exemptions under Section 304 and Section 305 of the

Securities and Futures Act (Cap. 289) of Singapore ("SFA"). The MAS assumes no responsibility for the

contents of the Offering Document.





circumstances.









SFA.



exemption under:

(a) Section 304 of the SFA by an Institutional Investor, subsequent sales of the Units will only be

made to another Institutional Investor; and

(b) Section 305 of the SFA by a Relevant Investor, subsequent sales of the Units will only be made to

an Institutional Investor or another Relevant Investor.



Ver. 20150112 26

(a) a corporation referred to in Section 305A(2) of the SFA (a "Relevant Corporation"), the

securities of the Relevant Corporation shall not be transferred within 6 months after the Relevant

Corporation has acquired any Units unless the transfer is in accordance with the conditions of

Section 305A(2) of the SFA; and









solicitation.


Fund The Fund is an open-ended unit trust established under the laws of the Cayman Islands pursuant to a trust

deed dated 21 June 2000 (as may be amended from time to time). The Fund has an umbrella structure and

may offer units in different sub-funds including the Sub-Fund. For more information on the Fund, please see

the section titled "II. Information on the Trust" and the sub-section titled “Trust Structure” in the

Explanatory Memorandum. The business address of the Fund is set out in the section titled “Management

and Administration” in the Explanatory Memorandum.


please see the section titled “I. Management and Administration” and the sub-section titled “Manager”








(Revised) of the Cayman Islands. For more information on the Trustee, please see the section titled “I.

Management and Administration” and the sub-section titled “Trustee, Registrar, Administrator and

Custodian and Registrar’s Agent” in the Explanatory Memorandum.





Hong Kong. For more information on the Custodian, please see the section titled “I. Management and

Administration” and the sub-section titled “Trustee, Registrar, Administrator and Custodian and


Ver. 20150112 27


Memorandum and page 2 of the Addendum. The contact details of the Fund’s primary regulator are set out

on page 3 of the Explanatory Memorandum.

(iii)Investment Objectives and Strategy For information on the Sub-Fund's Investment Objective and Strategy, please see the section titled “II.

Information on the Trust” and the sub-sections titled "Investment Objective and Policy" and

"Investment Restrictions and Prohibitions" in the Explanatory Memorandum and the sections titled

“Investment Objective and Policy” and “Additional Investment Restrictions of the Sub-Fund” in the

Addendum.

(iv) Risk Disclosure For information on the risks of investing in the Sub-Fund, please see the section titled “II. Information on

the Trust” and the sub-section titled "Risk Factors" in the Explanatory Memorandum and the section titled

“Additional Risks of the Sub-Fund” in the Addendum.

(v) Conditions, Limits and Gating Structures for Redemptions of Units For information on the terms for redemptions of Units, please see the section titled "Subscription and

Redemption of Units" in the Explanatory Memorandum and the section titled “Dealing in Units,

Subscription and Redemption” in the Addendum.





(vii) Past Performance For information on the Sub-Fund’s past performance, please see the Manager’s website at


(viii) Accounts For information on the Sub-Fund’s accounts, please see the Manager’s website at

www.valuepartners.com.hk and the section titled “VI. General Information” and the sub-section titled

“Report, Accounts and Statements” in the Explanatory Memorandum and the section titled “Reports and

Accounts” in the Addendum.

(ix) Fees and Charges For information on the Sub-Fund's fees and charges, please see the section titled "V. Fees and Expenses"

in the Explanatory Memorandum and the section titled "Fees" in the Addendum.


Ver. 20150112 28

For Value Partners China Greenchip Fund Limited





The information in this document supplements the explanatory memorandum of the Value Partners China

Greenchip Fund Limited ("Fund") dated 25 June 2011 ("Explanatory Memorandum"), addendums dated 26

August 2011, 25 June 2012 and 10 July 2013 and the product key facts statement dated July 2013 (collectively,

the "Offering Document") with respect to the offering of participating shares (“Participating Shares”) in the

Fund. The Offering Document has not and will not be registered as a prospectus with the Monetary Authority of

Singapore ("MAS") as the Fund is invoking the exemptions from compliance with prospectus requirements

pursuant to the exemptions under Section 304 and Section 305 of the Securities and Futures Act (Cap. 289) of

Singapore ("SFA"). The MAS assumes no responsibility for the contents of the Offering Document.

The offer which is the subject of the Offering Document is not authorized or recognized by the MAS and

Participating Shares are not allowed to be offered to the retail public. The Offering Document is not a

prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of

prospectuses would not apply. You should consider carefully whether the investment is suitable for you in light

of your own personal circumstances.

Recipients of the Offering Document in Singapore should note that the offering of the Participating Shares is

subject to the terms of the Offering Document and the SFA. Accordingly the Participating Shares may not be

offered or sold, nor may the Offering Document or any other document or material in connection with the offer

or sale of such Participating Share be circulated or distributed, whether directly or indirectly, to any person in

Singapore other than: (i) to an institutional investor (as defined in Section 4A(1)(c) of the SFA) (each an

"Institutional Investor"); (ii) to a relevant person as defined in Section 305 of the SFA or any person pursuant

to an offer referred to in Section 305(2) of the SFA (each a "Relevant Investor") and in accordance with the

conditions specified in Section 305 of the SFA; or (iii) pursuant to, and in accordance with the conditions of,

any other applicable provision of the SFA.


represent and warrant that where the Participating Shares are initially acquired pursuant to an offer made in

reliance on an exemption under:

(a) Section 304 of the SFA by an Institutional Investor, subsequent sales of the Participating Shares will

only be made to another Institutional Investor; and

(b) Section 305 of the SFA by a Relevant Investor, subsequent sales of the Participating Shares will only be

made to an Institutional Investor or another Relevant Investor.

In addition, it should be noted that where the Participating Shares are initially acquired in Singapore pursuant to

an offer made in reliance on an exemption under Section 305 of the SFA by:

(a) a corporation referred to in Section 305A(2) of the SFA (a "Relevant Corporation"), the securities of

the Relevant Corporation shall not be transferred within 6 months after the Relevant Corporation has

acquired any Participating Shares unless the transfer is in accordance with the conditions of Section

305A(2) of the SFA; and

Ver. 20150112 29


(howsoever described) of the beneficiaries thereof in the Relevant Trust shall not be transferred within 6

months after any Participating Shares have been acquired for the Relevant Trust unless the transfer is in






solicitation.


Fund The Fund is an exempted open-ended investment company with limited liability incorporated on 16 January

2002 in the Cayman Islands. The business address of the Fund is set out in the section titled “Directory” in



please see the section titled “Investment Management” and the sub-section titled “The Manager” in the

Explanatory Memorandum. The contact details of the Manager’s primary regulator are:




Custodian The custodian of the Fund is HSBC Institutional Trust Services (Asia) Limited (“Custodian”). The

Custodian is registered as a trust company under the Trustee Ordinance (Cap. 29) of Hong Kong and it is

also approved by the Mandatory Provident Funds Scheme Authority of Hong Kong as trustee of registered

MPF schemes under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) of Hong Kong. For

more information on the Custodian, please see the section titled “Investment Management” and the sub-

section titled “The Custodian” in the Explanatory Memorandum.

(ii) Regulatory Information of the Fund For information on the regulation of the Fund in the Cayman Islands, please see the section titled

"Preliminary" in the Explanatory Memorandum. The contact details of the Fund’s primary regulator are:


PO Box 10052

80e Shedden Road

Elizabethan Square


Cayman Islands

(iii)Investment Objectives and Strategy For information on the Fund's Investment Objective and Strategy, please see the section titled "Information

on the Fund" and the sub-section titled “Investment Objective, Approach and Restrictions” in the


Ver. 20150112 30

(iv) Risk Disclosure For information on the risks of investing in the Fund, please see the section titled "Risk Factors" in the


(v) Conditions, Limits and Gating Structures for Redemptions of Participating Shares For information on the terms for redemptions of Participating Shares, please see the section titled

"Subscription, Redemption and Transfer of Shares" in the Explanatory Memorandum.








and the section titled “Information on the Fund” and the sub-section titled “Reports and Accounts” in the


(ix) Fees and Charges For information on the Fund's fees and charges, please see the section titled "Investment Management"

and the sub-section titled “Fees and Expenses” in the Explanatory Memorandum.


Ver. 20150112 31

For Value Partners Taiwan Fund





The information in this document supplements the explanatory memorandum of the Value Partners Taiwan

Fund ("Fund") dated 8 May 2008 ("Explanatory Memorandum"), addendums and notices dated 12 July 2008,

29 August 2008, 18 May 2009, 27 October 2009, 22 March 2010, 25 June 2011, 22 November 2011, 13 April

2012 and 22 August 2013 and the product key facts statement dated August 2013 (collectively, the "Offering

Document") with respect to the offering of units (“Units”) in the Fund. The Offering Document has not and

will not be registered as a prospectus with the Monetary Authority of Singapore ("MAS") as the Fund is

invoking the exemptions from compliance with prospectus requirements pursuant to the exemptions under

Section 304 and Section 305 of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"). The MAS

assumes no responsibility for the contents of the Offering Document.





circumstances.









SFA.



exemption under:







Ver. 20150112 32




the SFA; and









solicitation.


Fund The Fund is an exempted open-ended unit trust established under the laws of the Cayman Islands

pursuant to a trust deed dated 30 January 2008 (as may be amended from time to time). For more

information on the Fund, please see the section titled "2. Information on the Trust" in the Explanatory

Memorandum. The business address of the Fund is set out in the section titled “Directory” in the


Manager The manager of the Fund is Value Partners Hong Kong Limited (“Manager”). For more information on

the Manager, please see the section titled “1. Management and Administration” and the sub-section

titled “1.1 Manager” in the Explanatory Memorandum. The contact details of the Manager’s primary

regulator are:




Trustee, Registrar, Administrator and Principal Office The trustee, registrar, administrator and principal office of the Fund is Bank of Bermuda (Cayman)

Limited (“Trustee”). The Trustee is a licensed trust company under the Banks and Trust Companies

Law (Revised) of the Cayman Islands and it is also a licensed mutual fund administrator pursuant to the

Mutual Funds Law (Revised) of the Cayman Islands. For more information on the Trustee, please see

the section titled “1. Management and Administration” and the sub-section titled “1.2 Trustee,

Registrar, Administrator and Custodian and Registrar’s Agent” in the Explanatory Memorandum.


(“Custodian”). The Custodian is registered as a trust company under the Trustee Ordinance (Cap. 29)

of Hong Kong and it is also approved by the Mandatory Provident Funds Scheme Authority of Hong

Kong as trustee of registered MPF schemes under the Mandatory Provident Fund Schemes Ordinance

(Cap. 485) of Hong Kong. For more information on the Custodian, please see the section titled “1.

Management and Administration” and the sub-section titled “1.2 Trustee, Registrar, Administrator


Ver. 20150112 33

(ii) Regulatory Information of the Fund For information on the Fund’s regulation in the Cayman Islands, please see the section titled "7.

General Information” and the sub-section titled “7.9 Regulation of the Trust in Cayman Islands" in

the Explanatory Memorandum. The contact details of CIMA are:


PO Box 10052

80e Shedden Road

Elizabethan Square


Cayman Islands

(iii) Investment Objectives and Strategy For information on the Fund's Investment Objective and Strategy, please see the section titled “2.

Information on the Trust” and the sub-sections titled "2.4 Investment Objective and Policy" and "2.5

Investment Restrictions and Prohibitions" in the Explanatory Memorandum.

(iv) Risk Disclosure For information on the risks of investing in the Fund, please see the section titled "3. Risk Factors" in


(v) Conditions, Limits and Gating Structures for Redemptions of Units For information on the terms for redemptions of Units, please see the section titled "4. Subscription

and Realisation of Units" in the Explanatory Memorandum.








and the section titled “7. General Information” and the sub-section titled “7.3 Report, Accounts and

Statements” in the Explanatory Memorandum.

(ix) Fees and Charges For information on the Fund's fees and charges, please see the section titled “6. Fees and Expenses" in



Ver. 20150112 34

For Value Partners Greater China High Yield Income Fund





The information in this document supplements the explanatory memorandum of the Value Partners Greater

China High Yield Income Fund ("Fund") dated 8 July 2013 ("Explanatory Memorandum"), addendum dated

13 September 2013 and the product key facts statement dated 8 July 2013 (collectively, the "Offering

Document") with respect to the offering of participating shares (“Participating Shares”) in the Fund. The

Offering Document has not and will not be registered as a prospectus with the Monetary Authority of Singapore

("MAS") as the Fund is invoking the exemptions from compliance with prospectus requirements pursuant to the

exemptions under Section 304 and Section 305 of the Securities and Futures Act (Cap. 289) of Singapore

("SFA"). The MAS assumes no responsibility for the contents of the Offering Document.

The offer which is the subject of the Offering Document is not authorized or recognized by the MAS and

Participating Shares are not allowed to be offered to the retail public. The Offering Document is not a

prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of

prospectuses would not apply. You should consider carefully whether the investment is suitable for you in light

of your own personal circumstances.

Recipients of the Offering Document in Singapore should note that the offering of the Participating Shares is

subject to the terms of the Offering Document and the SFA. Accordingly, the Participating Shares may not be

offered or sold, nor may the Offering Document or any other document or material in connection with the offer

or sale of such Participating Share be circulated or distributed, whether directly or indirectly, to any person in

Singapore other than: (i) to an institutional investor (as defined in Section 4A(1)(c) of the SFA) (each an

"Institutional Investor"); (ii) to a relevant person as defined in Section 305 of the SFA or any person pursuant

to an offer referred to in Section 305(2) of the SFA (each a "Relevant Investor") and in accordance with the

conditions specified in Section 305 of the SFA; or (iii) pursuant to, and in accordance with the conditions of,

any other applicable provision of the SFA.


represent and warrant that where the Participating Shares are initially acquired pursuant to an offer made in

reliance on an exemption under:

(a) Section 304 of the SFA by an Institutional Investor, subsequent sales of the Participating Shares will

only be made to another Institutional Investor; and

(b) Section 305 of the SFA by a Relevant Investor, subsequent sales of the Participating Shares will only be

made to an Institutional Investor or another Relevant Investor.

In addition, it should be noted that where the Participating Shares are initially acquired in Singapore pursuant to

an offer made in reliance on an exemption under Section 305 of the SFA by:



Ver. 20150112 35

acquired any Participating Shares unless the transfer is in accordance with the conditions of Section

305A(2) of the SFA; and



months after any Participating Shares have been acquired for the Relevant Trust unless the transfer is in






solicitation.


Fund The Fund is an exempted open-ended investment company with limited liability incorporated on 3

February 2012 in the Cayman Islands. The business address of the Fund is set out in the section titled

“Directory” in the Explanatory Memorandum.

Manager The manager of the Fund is Value Partners Hong Kong Limited (“Manager”). For more information on

the Manager, please see the section titled “Management and Administration” and the sub-section

titled “Manager” in the Explanatory Memorandum. The contact details of the Manager’s primary

regulator are:




Custodian The custodian of the Fund is HSBC Institutional Trust Services (Asia) Limited (“Custodian”). The

Custodian is registered as a trust company under the Trustee Ordinance (Cap. 29) of Hong Kong and it

is also approved by the Mandatory Provident Funds Scheme Authority of Hong Kong as trustee of

registered MPF schemes under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) of Hong

Kong. For more information on the Custodian, please see the section titled “Management and

Administration” and the sub-section titled “Custodian” in the Explanatory Memorandum.

(ii) Regulatory Information of the Fund For information on the Fund’s regulation in the Cayman Islands, please see the section titled "Taxation

and Regulatory Requirements” and the sub-section titled “Cayman Islands" in the Explanatory

Memorandum. The contact details of the Fund’s primary regulator are:


PO Box 10052

80e Shedden Road

Elizabethan Square


Cayman Islands

Ver. 20150112 36

(iii) Investment Objectives and Strategy For information on the Fund's Investment Objective and Strategy, please see the section titled

"Investment Objective, Investment Policies and Investment and Borrowing Restrictions" in the


(iv) Risk Disclosure For information on the risks of investing in the Fund, please see the section titled "Risk Factors" in the


(v) Conditions, Limits and Gating Structures for Redemptions of Participating Shares For information on the terms for redemptions of Participating Shares, please see the sections titled

"Redemption of Participating Shares", "Redemption Charge", "Payment of Redemption Proceeds",

"Restrictions on Redemptions", "Redemption in Specie" and "Compulsory Redemption" in the









and the section titled “General Information” and the sub-section titled “Accounts and Reports” in the


(ix) Fees and Charges For information on the Fund's fees and charges, please see the section titled "Charges and Expenses" in



Ver. 20150112 37

For Value Partner China A-Share Select Fund



(Collective Investment Schemes) Regulations 2005.


The information in this document supplements the Explanatory Memorandum ("Memorandum") of Value

Partners China A–Share Select Fund ("Sub-Fund") within the Value Partners Fund Series (the "Trust") with

respect to the offering of Units in the Sub-Fund. The Memorandum has not and will not be registered as a

prospectus with the Monetary Authority of Singapore ("MAS") as the Sub-Fund is invoking the exemptions

from compliance with prospectus requirements pursuant to the exemptions under Section 304 and Section 305

of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"). The MAS assumes no responsibility for the

contents of the Memorandum.

The offer which is the subject of the Memorandum is not authorized or recognized by the MAS and Units are

not allowed to be offered to the retail public. The Memorandum is not a prospectus as defined in the SFA.

Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You

should consider carefully whether the investment is suitable for you in light of your own personal circumstances.

Recipients of the Memorandum in Singapore should note that the offering of the Units is subject to the terms of

the Memorandum and the SFA. Accordingly the Units may not be offered or sold, nor may the Memorandum or

any other document or material in connection with the offer or sale of such Units be circulated or distributed,

whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in

Section 4A(1)(c) of the SFA) (each an "Institutional Investor"), (ii) to a relevant person as defined in Section

305 of the SFA or any person pursuant to an offer referred to in Section 305(2) of the SFA (each a "Relevant

Investor") and in accordance with the conditions specified in Section 305 of the SFA, or (iii) pursuant to, and in

accordance with the conditions of, any other applicable provision of the SFA.

Subject to all other restrictions on transferability imposed by the Sub-Fund, recipients of the Memorandum


exemption under:

(a) Section 304 of the SFA by an Institutional Investor, subsequent sales of the Units will only be made to

another Institutional Investor; and







acquired any Units unless the transfer is in accordance with the conditions of Section 305A(2) of the

SFA; and

Ver. 20150112 38



months after any Units have been acquired for the Relevant Trust unless the transfer is in accordance

with the conditions of Section 305A(3) of the SFA.



The Memorandum does not constitute an offer or solicitation by anyone in any jurisdiction in which such an

offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or

solicitation.

Capitalized terms not defined herein shall have the meanings defined in the Memorandum, unless otherwise

stated or the context otherwise requires.

(i) Details of the Trust, the Sub-Fund and Selected Service Providers to the Trust and the Sub-Fund

The Trust and the Sub-Fund Value Partners Fund Series (the "Trust") is an open-ended umbrella unit trust established under the laws

of Hong Kong pursuant to the Trust Deed between Value Partners Hong Kong Limited as manager (the

"Manager") and HSBC Institutional Trust Services (Asia) Limited as trustee (the "Trustee" and

"Registrar").

The business address of the Trustee and Registrar is set out below:

HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central

Hong Kong

The Trust has been established as an umbrella fund and the Manager and the Trustee may establish

separate and distinct Sub-Funds within the Trust from time to time. Each Sub-Fund has its own

investment objective and policies. More than one class of Units may be offered in relation to a particular

Sub-Fund, which may have different terms, including different currencies of denomination. All classes

of Units relating to the same Sub-Fund will be commonly invested in accordance with such Sub-Fund’s

investment objective and policies. In addition, each class of Units may be subject to different minimum

initial and subsequent subscription amounts and holding amounts, and minimum redemption and

switching amounts.

Value Partners China A-Share Select Fund has been established as a Sub-Fund of the Trust.

Investment Manager The Investment Manager of the Trust is Value Partners Hong Kong Limited.

The Investment Manager was incorporated in Hong Kong on 10 May 1999 as a limited liability

company and is licensed by the Securities and Futures Commission of Hong Kong ("SFC") for type 1

(dealing in securities), type 4 (advising on securities), type 5 (advising on futures contracts) and type 9

(asset management) regulated activities under the Securities and Futures Ordinance with CE number

AFJ002. The contact details of the SFC are set out below:

SFC 35/F, Cheung Kong Center

Ver. 20150112 39


Tel: (+852) 2231 1222

Custodian The Hongkong and Shanghai Banking Corporation Limited has been appointed by the Manager and the

Trustee to act as the Custodian through the PRC Custodian. The PRC Custodian is HSBC Bank (China)

Company Limited. The contact details of the Custodian and the PRC Custodian are set out below:

The Hongkong and Shanghai Banking Corporation Limited


Hong Kong

HSBC Bank (China) Company Limited 33/F, HSBC Building

Shanghai IFC

8 Century Avenue

Pudong, Shanghai 200120

China

The Hongkong and Shanghai Banking Corporation Limited is regulated by the Hong Kong Monetary

Authority ("HKMA") and the SFC. The contact details for the SFC are as set out above and contact

details for the HKMA are set out below:

HKMA 55th Floor

Two International Finance Centre

8 Finance Street

Central

Hong Kong

Tel: (+852) 2878 8196

Trustee The Trustee of the Trust is HSBC Institutional Trust Services (Asia) Limited, which is a registered trust

company in Hong Kong. The Trustee is an indirect wholly owned subsidiary of HSBC Holdings plc, a

public company incorporated in England. The Trustee will also act as the Registrar of each Sub-Fund.

The Trustee is registered as a trust company under the Trustee Ordinance (Cap. 29) of Hong Kong and it

is also approved by the Mandatory Provident Funds Scheme Authority of Hong Kong (“MPFA”) as

trustee of registered MPF schemes under the Mandatory Provident Fund Schemes Ordinance (Cap. 485)

of Hong Kong. The contact details for the MPFA are set out below:-

MPFA Level 15

International Commerce Centre

1 Austin Road West

Kowloon

Hong Kong

Tel: (+852) 2259 8806

(ii) Regulatory Information of the Fund

Ver. 20150112 40

The Trust and the Sub-Fund have been authorised by the SFC under Section 104 of the Securities and

Futures Ordinance of Hong Kong. The contact details of the SFC are as set out above.

(iii) Investment Objectives and Strategy For information on the Sub-Fund's Investment Objective and Strategy, please see the sections entitled

"Investment Objective" and "Investment Strategy" in "Appendix 1: Value Partners China A-

Share Select Fund" to the Memorandum.

(iv) Risk Disclosure For information on the risks of investing in the Sub-Fund, please see the sections entitled "Risk

Factors" in the Memorandum and "Additional Risk Factors" in "Appendix 1: Value Partners

China A-Share Select Fund" to the Memorandum.

(v) Conditions, Limits and Gating Structures for Redemption of Units For information on the terms for redemptions of Units, please see the section entitled "Redemption of

Units" in the Memorandum.

(vi) Side Letters The Trustee and/or the Investment Manager may enter into separate agreements or arrangements ("Side

Letters") with certain investors. These may include rebates of fees and/or charges payable to the

Investment Manager or its associates. The Sub-Fund, Investment Manager or its associates may also

enter into Side Letters which will not, in the opinion of the Investment Manager or its associates,

materially prejudice other investors’ interests. The Sub-Fund and the Investment Manager have not

entered into any Side Letters with any of the Sub-Fund’s investors so far.

(vii) Past Performance Information regarding the past performance of the Sub-Fund may be obtained from the Investment

Manager’s website www.valuepartners.com.hk

(viii) Accounts The financial reports will be available in softcopy from the website www.valuepartners.com.hk and in

hardcopy for inspection at the Investment Manager’s office during normal working hours.

(ix) Fees and Charges

For information on the Fund's fees and charges, please see the sections entitled "Expenses and

Charges" in the Memorandum and "Expenses and Charges" in "Appendix 1: Value Partners China

A-Share Select Fund" to the Memorandum.