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Reports and Audited Financial Statements
BOC-PRUDENTIAL EASY-CHOICE MANDATORY
PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
31 March 2020
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BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
CONTENTS Pages
SCHEME REPORT 1 - 9
INDEPENDENT AUDITOR'S REPORT 10 - 13
INDEPENDENT AUDITOR'S ASSURANCE REPORT 14 - 16
AUDITED FINANCIAL STATEMENTS
Statement of net assets available for benefits - Scheme 17
Statement of changes in net assets available for benefits - Scheme 18
Statement of cash flows - Scheme 19
Revenue statement - Constituent Funds 20 - 22
Statement of assets and liabilities - Constituent Funds 23 - 25
Statement of changes in net assets - Constituent Funds 26 - 28
Notes to the financial statements 29 – 98
INVESTMENT REPORT 99 – 149
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1
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
SCHEME REPORT
For the year ended 31 March 2020
OVERVIEW
BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme (the "Scheme") is a mandatory provident
fund scheme governed by a master trust deed dated 27 January 2000 and its subsequent deeds of amendment
and subject to the laws of the Hong Kong Special Administrative Region of the People's Republic of China.
The Scheme is designed to provide retirement benefits to the members under the Scheme. In addition, subject
to the Trustee’s and the Investment Manager’s approval, any person who is or had been a member of a
registered scheme under the Mandatory Provident Fund Schemes Ordinance (the "MPFSO") or of an
occupational retirement scheme may participate in the Scheme as an SVC member by completing an
application form and executing a participation agreement. Subject to the provisions of the MPFSO and the
Trustee's and the Investment Manager's approval, any person who is an employee member of a scheme, a self-
employed person member of a scheme, a personal account holder of a scheme, or a member of an occupational
retirement scheme in respect of which an exemption has been granted under section 5 of the MPFS Ordinance
may participate in the Scheme as a Tax Deductible Voluntary Contributions (“TVC”) member by completing
an application form and executing a participation agreement.
The Scheme has been approved as a registered scheme by the Mandatory Provident Fund Schemes Authority
(the "MPFA") under the Mandatory Provident Fund Schemes Ordinance and authorised by the Securities and
Futures Commission of Hong Kong (the "SFC").
The Scheme is a master trust scheme which consists of sixteen constituent funds as at 31 March 2020. Each
constituent fund has a separate and distinct investment objective and policy. They are:
1. BOC-Prudential Growth Fund 2. BOC-Prudential Balanced Fund 3. BOC-Prudential Stable Fund 4. BOC-Prudential Global Equity Fund 5. BOC-Prudential Asia Equity Fund 6. BOC-Prudential China Equity Fund 7. BOC-Prudential Hong Kong Equity Fund 8. BOC-Prudential Japan Equity Fund 9. BOC-Prudential Bond Fund 10. BOC-Prudential MPF Conservative Fund 11. BOC-Prudential CSI HK 100 Tracker Fund
12. BOC-Prudential European Index Tracking Fund
13. BOC-Prudential North America Index Tracking Fund
14. BOC-Prudential MPF RMB & HKD Money Market Fund
15. BOC-Prudential Core Accumulation Fund
16. BOC-Prudential Age 65 Plus Fund
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2
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
SCHEME REPORT (continued)
For the year ended 31 March 2020
FINANCIAL DEVELOPMENT OF THE SCHEME
During the financial year ended 31 March 2020, the members' contributions were invested in the constituent
funds of the Scheme in accordance with their investment choices. The market value of the sixteen constituent
funds as at 31 March 2020 is as follows:
HK$
BOC-Prudential Growth Fund 9,406,975,120
BOC-Prudential Balanced Fund 6,060,885,795
BOC-Prudential Stable Fund 7,464,668,608
BOC-Prudential Global Equity Fund 3,646,816,424
BOC-Prudential Asia Equity Fund 2,088,913,215
BOC-Prudential China Equity Fund 5,544,508,512
BOC-Prudential Hong Kong Equity Fund 7,170,660,410
BOC-Prudential Japan Equity Fund 379,061,457
BOC-Prudential Bond Fund 2,538,943,032
BOC-Prudential MPF Conservative Fund 10,916,421,925
BOC-Prudential CSI HK 100 Tracker Fund 1,042,983,091
BOC-Prudential European Index Tracking Fund 409,222,475
BOC-Prudential North America Index Tracking Fund 1,702,404,314
BOC-Prudential MPF RMB & HKD Money Market Fund 655,170,805
BOC-Prudential Core Accumulation Fund 1,762,933,342
BOC-Prudential Age 65 Plus Fund 703,358,553 _____________
Total 61,493,927,078 _____________ _____________
The net loss on investments of the Scheme for the financial year ended 31 March 2020 amounted to
HK$6,326,272,931 (2019: net loss of HK$1,321,694,009).
CHANGES TO THE GOVERNING RULES OF THE SCHEME
During this financial year, the following amendment was made to the governing rules of the scheme.
1. Changes relating to tax deductible voluntary contributions
The Principal Brochure (renamed to MPF Scheme Brochure effective from 31 March 2020) of the
Scheme (“the Principal Brochure”) was amended in order to adopt the changes in relation to Tax
Deductible Voluntary Contribution which had been effect on 1 April 2019. From 1 April 2019, similar
to premiums paid for qualifying deferred annuity products, MPF voluntary contributions made in a
specified account set up by scheme members (namely, TVC account) can also enjoy tax concession in
order for them to meet the long-term saving objective for retirement protection.
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3
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
SCHEME REPORT (continued)
For the year ended 31 March 2020
CHANGES TO THE GOVERNING RULES OF THE SCHEME (continued)
2. Handling fee relating to withdrawal in instalments
The Trust Deed and the Principal Brochure were amended such that with effect from 1 April 2019, the
Trustee will not charge any handling fee for payment of the first twelve (12) instalments in each calendar
year and payment of the final instalment for all remaining and payable accrued benefits under the Scheme.
3. Regulatory changes relating to AEOI
The Principal Brochure was updated to reflect the disclosure relating to the automatic exchange of
financial account information ("AEOI") - the account holders and controlling persons (as defined below)
may be required to provide valid self-certification form and such other information as the Trustee and/or
any of its authorised person may require for the implementation of AEOI, but if member is not a tax
resident in any jurisdiction outside Hong Kong, such MPF account information will not be reported to
the Inland Revenue Department ("IRD") for transmission to any tax authority outside Hong Kong.
4. Fee reduction
Owing to the reduction of the trustee fee at the underlying fund level, the management fee payable out
of the underlying fund of the BOC-Prudential CSI HK 100 Tracker Fund has been reduced from 0.0875%
to 0.075% of NAV per annum, with effect from 3 December 2019. The management fee of the BOC-
Prudential CSI HK 100 Tracker Fund at the Constituent Fund level will remain unchanged. The Principal
Brochure was updated to reflect such changes.
5. Updates for compliance with Part G of the Code on Disclosure for MPF Investment Funds
The Principal Brochure was updated to reflect the latest requirements in Part G of the Code on Disclosure
for MPF Investment Funds. In particular, the sequence of the contents has been rejigged to be in line
with the requirements of the Code, and the contents have been updated in an easy-to-understand and
concise manner to enhance readability and clarity.
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4
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS
Trustee and Custodian BOCI-Prudential Trustee Limited
12/F & 25/F, Citicorp Centre,
18 Whitfield Road,
Causeway Bay,
Hong Kong
Particulars of the directors are stated in Annex A of the Scheme Report.
Investment Manager BOCI-Prudential Asset Management Limited
27/F, Bank of China Tower,
1 Garden Road,
Hong Kong
The investment manager is an associate of the trustee. Particulars of the
controllers are stated in Annex B of the Scheme Report.
Auditors Ernst & Young
22/F, CITIC Tower,
1 Tim Mei Avenue,
Central,
Hong Kong
Solicitors Baker & Mckenzie
14th Floor, One Taikoo Place,
979 King’s Road, Quarry Bay,
Hong Kong
Bank Bank of China (Hong Kong) Limited
14/F, Bank of China Tower,
1 Garden Road,
Hong Kong
The bank is an associate of the trustee. Particulars of the controllers are
stated in Annex B of the Scheme Report.
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5
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS (continued)
MPF Corporate 1. The Prudential Hong Kong Limited
Intermediaries 59/F, One Island East,
18 Westlands Road, Quarry Bay,
Hong Kong
2. BOCI-Prudential Asset Management Limited
27/F Bank of China Tower
1 Garden Road
Hong Kong
3. Convoy Financial Services Limited
Trust Tower,
Lee & Man Commercial Center,
68 Johnston Road, Wan Chai,
Hong Kong
The Prudential Hong Kong Limited and BOCI-Prudential Asset
Management Limited are associates of the trustee. Particulars of the
controllers are stated in Annex B of the Scheme Report.
General information BOCI-Prudential Trustee Limited
and enquiry Customer Service Centre
25/F Citicorp Centre
18 Whitfield Road
Causeway Bay
Hong Kong
Hotline: 2929 3030/ 2280 8888
Fax No.: 2151 0999/2530 4303
Website: www.bocpt.com/ www.boci-pru.com.hk
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BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 Annex A
SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS (continued)
PARTICULARS OF DIRECTORS OF TRUSTEE
DURING THE YEAR ENDED 31 MARCH 2020
Name
Business address
Law Lai Wah, Andrew
(appointed on 13 September 2019)
12/F, Citicorp Centre, 18 Whitfield Road, Causeway Bay,
Hong Kong
Gwee Siew Ping 10 Marina Boulevard, #32-01 Marina Bay Financial Centre,
Tower 2, Singapore 018983
Lau Tim 13/F, One International Finance Centre, 1 Harbour View
Street, Central, Hong Kong
Neil Anthony Torpey
c/o Paul Hastings LLP, 22/F, Bank of China Tower, Central,
Hong Kong
Wong Man Yee
Wang Bing
(appointed on 10 June 2019)
Ma Yuk Sheung, Loretta
(appointed on 8 July 2019)
Yuan Shu
(resigned on 10 June 2019)
Chu Wing Yiu
(resigned on 13 September 2019)
7/F, Bank of China Building, 2A Des Voeux Road Central,
Hong Kong
13/F, Bank of China Tower, 1 Garden Road, Hong Kong
17B, Tower D, The Grandville, 2 Lok Kwai Path, Shatin, New
Territories, Hong Kong
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BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 Annex B SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS (continued)
PARTICULARS OF CONTROLLERS OF
BANK OF CHINA (HONG KONG) LIMITED
DURING THE YEAR ENDED 31 MARCH 2020
Name
Central Huijin Investment Limited
Bank of China Limited
BOC Hong Kong (Group) Limited
BOC Hong Kong (BVI) Limited
BOC Hong Kong (Holdings) Limited
Liu Liange
(appointed on 5 July 2019)
Lin Jingzhen
Eva Cheng
Choi Koon Shum
Koh Beng Seng
Law Yee Kwan Quinn
Tung Savio Wai-Hok
Wang Jiang
(appointed on 20 March 2020)
Sun Yu
(appointed on 20 March 2020)
Chen Siqing
(resigned on 28 April 2019)
Gao Yingxin
(resigned on 25 May 2020)
Business/residential address
New Poly Plaza, 1 Chaoyangmen Beidajie, Dongcheng
District, Beijing, 100010, The People's Republic of China
1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
52/F, Bank of China Tower, 1 Garden Road, Hong Kong
P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands
53/F, Bank of China Tower, 1 Garden Road, Hong Kong
1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
c/o 53/F, Bank of China Tower, 1 Garden Road, Hong Kong
Room 1608, 16/F, Bank of America Tower, 12 Harcourt Road,
Central, Hong Kong
c/o 53/F, Bank of China Tower, 1 Garden Road, Hong Kong
c/o 53/F, Bank of China Tower, 1 Garden Road, Hong Kong
c/o 53/F, Bank of China Tower, 1 Garden Road, Hong Kong 1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
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BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 Annex B SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS (continued)
PARTICULARS OF CONTROLLERS OF INVESTMENT
MANAGER AND MPF CORPORATE INTERMEDIARIES
DURING THE YEAR ENDED 31 MARCH 2020 (continued)
1. The Prudential Hong Kong Limited
Name
Prudential plc
Prudential Corporation Asia Limited
Yung Kai Ming, Derek
Ng Lup-yin, Lilian
Stephen Paul Bickell
Peter Martin Lloyd
Tan Shen Fong, Alan
Business/residential address
13/F, One International Finance Centre, One Harbour
View Street, Central, Hong Kong
13/F, One International Finance Centre, One Harbour
View Street, Central, Hong Kong
59/F, One Island East, 18 Westlands Road, Quarry Bay,
Hong Kong
13/F, One International Finance Centre, One Harbour
View Street, Central, Hong Kong
13/F, One International Finance Centre, One Harbour
View Street, Central, Hong Kong
59/F, One Island East, 18 Westlands Road, Quarry Bay,
Hong Kong
59/F, One Island East, 18 Westlands Road, Quarry Bay,
Hong Kong
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9
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 Annex B SCHEME REPORT (continued)
For the year ended 31 March 2020
SERVICE PROVIDERS (continued)
PARTICULARS OF CONTROLLERS OF INVESTMENT
MANAGER AND MPF CORPORATE INTERMEDIARIES
DURING THE YEAR ENDED 31 MARCH 2020 (continued)
2. BOCI-Prudential Asset Management Limited
Name
Central Huijin Investment Limited
Bank of China Limited
BOC International Holdings Limited
BOCI Asset Management Limited
Prudential plc
Prudential Holdings Limited
Prudential Corporation Holdings
Limited
Prudential Corporation Asia Limited
Tse Yung Hoi
Wang Zhongze
Lee Yui Leung
Teo Thye Peng Bernard
(appointed on 30 Sep 2019)
Woo Tsung Yuan, Francis James
(appointed on 6 Mar 2020)
Seck Wai Kwong
(appointed on 15 Apr 2019 and
resigned on 30 Sep 2019)
Guy Robert Strapp
(resigned on 15 Apr 2019)
Business/residential address
New Poly Plaza, 1 Chaoyangmen Beidajie, Dongcheng
District, Beijing, 100010, The People's Republic of
China
1 Fuxingmen Nei Dajie, Beijing 100818, The People's
Republic of China
26/F, Bank of China Tower, 1 Garden Road, Hong Kong
26/F, Bank of China Tower, 1 Garden Road, Hong Kong
13/F, One International Finance Centre, One Harbour
View Street, Central, Hong Kong
1 Angel Court, London EC2R 7AG, United Kingdom
Laurence Pountney Hill, London EC4R 0HH, United
Kingdom
13/F, One International Finance Centre, 1 Harbour View
Street, Central, Hong Kong
27/F, Bank of China Tower, 1 Garden Road, Hong Kong
26/F, Bank of China Tower, 1 Garden Road, Hong Kong
27/F, Bank of China Tower, 1 Garden Road, Hong Kong
13/F, One International Finance Centre, 1 Harbour View
Street, Central, Hong Kong
10 Marina Boulevard, #32-01, Marina Bay Financial
Centre Tower 2, Singapore
Date: 25 September 2020
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18
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - SCHEME
For the year ended 31 March 2020
2020 2019
HK$ HK$
INCREASE IN NET ASSETS ATTRIBUTABLE TO
SCHEMEHOLDERS FROM PARTICIPATING TRANSACTIONS
Contributions received and receivable
from employers
- mandatory 2,828,087,980 2,773,062,435
- additional voluntary 1,495,668,895 1,347,975,931
from employees
- mandatory 2,873,610,319 2,752,757,447
- additional voluntary 78,267,879 44,839,104
Transfers in from other schemes 1,016,660,259 1,257,195,245
Contributions surcharge 3,798,713 4,678,240 _____________ _____________
8,296,094,045 8,180,508,402 _____________ _____________
Benefits paid and payable
- Retirement (766,960,584) (658,793,128)
- Early retirement (211,101,343) (176,312,035)
- Death (61,843,379) (57,016,126)
- Permanent departure (201,784,181) (191,177,206)
- Total incapacity (17,334,104) (16,080,630)
- Refunds of additional voluntary contributions (25,341,181) (101,609,742)
- Small balance account (19,623) (39,215)
- Terminal illness (4,767,296) (6,033,499)
Transfers out to other schemes (4,052,887,044) (3,682,957,071) _____________ _____________
(5,342,038,735) (4,890,018,652)
Forfeitures (105,543) (2,737,528) _____________ _____________
Sub-total of Benefit paid and payable and forfeitures (5,342,144,278) (4,892,756,180) _____________ _____________
INCREASE IN NET ASSETS ATTRIBUTABLE TO
SCHEMEHOLDERS RESULTING FROM OPERATIONS 2,953,949,767 3,287,752,222
Investment loss:
Net loss on investments (6,326,272,931) (1,321,694,009) _____________ _____________
INCREASE IN NET ASSETS
ATTRIBUTABLE TO SCHEMEHOLDERS (3,372,323,164) 1,966,058,213
BALANCE AT BEGINNING OF THE YEAR 65,358,264,762 63,392,206,549 _____________ _____________
BALANCE AT END OF THE YEAR 61,985,941,598 65,358,264,762 _____________ _____________ _____________ _____________
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19
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF CASH FLOWS - SCHEME
For the year ended 31 March 2020
2020 2019
HK$ HK$
CASH FLOWS FROM OPERATING ACTIVITIES
Subscription of units in constituent funds (8,291,456,783) (8,152,773,330)
Redemption of units in constituent funds 5,342,512,844 4,901,741,980
Other operating cash receipts (64,187) 231,393 _____________ _____________
NET CASH USED IN OPERATING ACTIVITIES (2,949,008,126) (3,250,799,957) _____________ _____________
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions received 8,422,861,142 8,179,846,574
Benefits paid (5,342,407,301) (4,899,004,452)
Forfeitures returned to employers (146,970) (2,617,123) _____________ _____________
NET CASH FROM FINANCING ACTIVITIES 3,080,306,871 3,278,224,999 _____________ _____________
NET INCREASE IN CASH AND CASH EQUIVALENTS 131,298,745 27,425,042
CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE YEAR 249,094,700 221,669,658 _____________ _____________
CASH AND CASH EQUIVALENTS AT END OF THE YEAR,
represented by bank balances 380,393,445 249,094,700 _____________ _____________ _____________ _____________
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20
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 REVENUE STATEMENT - CONSTITUENT FUNDS
For the year ended 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential Growth Fund Balanced Fund Stable Fund Global Equity Fund Asia Equity Fund
Notes 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
INVESTMENT
(LOSS)/INCOME 7 (1,512,553,776) (141,762,360) (507,238,681) (75,967,955) (342,757,210) (88,898,873) (485,740,135) 97,184,945 (451,465,400) (83,807,705)
INVESTMENT
EXPENSES 8 (172,931,944) (171,112,876) (104,152,990) (102,026,025) (124,630,939) (123,601,583) (65,704,729) (59,707,554) (39,103,711) (37,830,102) _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________
(1,685,485,720) (312,875,236) (611,391,671) (177,993,980) (467,388,149) (212,500,456) (551,444,864) 37,477,391 (490,569,111) (121,637,807)
ADMINISTRATIVE
EXPENSES 9 (3,181,056) (2,035,588) (1,923,299) (1,218,763) (2,297,270) (1,471,362) (1,199,120) (728,129) (737,202) (463,984) _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________
(DECREASE)/INCREASE
IN NET ASSETS
ATTRIBUTABLE TO UNITHOLDERS
FROM OPERATIONS (1,688,666,776) (314,910,824) (613,314,970) (179,212,743) (469,685,419) (213,971,818) (552,643,984) 36,749,262 (491,306,313) (122,101,791) _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________
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21
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
REVENUE STATEMENT - CONSTITUENT FUNDS (continued)
For the year ended 31 March 2020
BOC-Prudential
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential MPF CSI HK 100
China Equity Fund Hong Kong Equity Fund Japan Equity Fund Bond Fund Conservative Fund Tracker Fund Notes 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
INVESTMENT
(LOSS)/INCOME 7 (669,517,905) (344,762,314) (1,222,695,002) (121,989,081) (31,732,780) (20,037,532) 74,796,611 6,359,277 248,242,821 200,031,254 (156,152,500) (4,285,436)
INVESTMENT
EXPENSES 8 (92,477,908) (91,448,081) (121,266,336) (118,019,224) (6,666,551) (6,114,728) (34,309,784) (29,564,563) (85,388,644) (77,841,110) (9,091,408) (7,815,277) _____________ ____________ _____________ _____________ __________ __________ __________ __________ __________ __________ ___________ __________
(761,995,813) (436,210,395) (1,343,961,338) (240,008,305) (38,399,331) (26,152,260) 40,486,827 (23,205,286) 162,854,177 122,190,144 (165,243,908) (12,100,713)
ADMINISTRATIVE
EXPENSES 9 (1,702,038) (1,088,072) (2,249,754) (1,390,038) (140,929) (91,098) (688,047) (398,267) (3,018,264) (1,797,518) (331,241) (195,202) _____________ ____________ _____________ _____________ __________ __________ __________ __________ __________ __________ ___________ __________
(DECREASE)/INCREASE
IN NET ASSETS
ATTRIBUTABLE TO UNITHOLDERS
FROM OPERATIONS (763,697,851) (437,298,467) (1,346,211,092) (241,398,343) (38,540,260) (26,243,358) 39,798,780 (23,603,553) 159,835,913 120,392,626 (165,575,149) (12,295,915) _____________ ____________ _____________ _____________ __________ __________ __________ __________ __________ __________ ___________ __________ _____________ ____________ _____________ _____________ __________ __________ __________ __________ __________ __________ ___________ __________
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22
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
REVENUE STATEMENT - CONSTITUENT FUNDS (continued)
For the year ended 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential MPF
European Index North America RMB & HKD BOC-Prudential Core BOC-Prudential
Tracking Fund Index Tracking Fund Money Market Fund Accumulation Fund Age 65 Plus Fund Total NOTES 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
INVESTMENT
(LOSS)/INCOME 7 (72,426,910) (1,230,206) (212,671,393) 74,378,611 (11,199,244) (7,930,350) (82,138,371) 39,729,088 22,277,870 14,188,512 (5,412,972,005) (458,800,125)
INVESTMENT
EXPENSES 8 (4,183,655) (3,604,852) (14,387,402) (9,604,158) (3,065,934) (2,044,190) (12,639,716) (8,368,926) (4,358,955) (2,508,525) (894,360,606) (851,211,774) __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ ____________
(76,610,565) (4,835,058) (227,058,795) 64,774,453 (14,265,178) (9,974,540) (94,778,087) 31,360,162 17,918,915 11,679,987 (6,307,332,611) (1,310,011,899)
ADMINISTRATIVE
EXPENSES 9 (149,188) (94,228) (424,408) (215,562) (230,873) (164,799) (481,044) (233,123) (186,587) (96,377) (18,940,320) (11,682,110) __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ ____________
(DECREASE)/INCREASE
IN NET ASSETS
ATTRIBUTABLE TO UNITHOLDERS
FROM OPERATIONS (76,759,753) (4,929,286) (227,483,203) 64,558,891 (14,496,051) (10,139,339) (95,259,131) 31,127,039 17,732,328 11,583,610 (6,326,272,931) (1,321,694,009) __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ ____________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ ____________
-
23
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF ASSETS AND LIABILITIES - CONSTITUENT FUNDS
At 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential
Growth Fund Balanced Fund Stable Fund Global Equity Fund Asia Equity Fund
Notes 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
ASSETS
Investments in interest--
bearing securities 12 - - - - - - - - - -
Investments in approved pooled
investment funds/approved
index-tracking collective
investment schemes 9,356,212,167 11,191,623,849 5,556,465,282 6,357,675,109 6,880,120,201 7,349,821,603 3,644,425,833 3,987,260,879 2,067,467,838 2,504,791,193
Derivative financial instruments 10 - - 203,292 - 493,708 - - 261,037 1,430,254 -
Interest, other receivables
and prepayments 47,803 33,071 101,642 28,356 109,238 44,262 1,149 845 4,028 1,843
Contributions in transit 760,758 880,525 634,059 521,972 414,101 535,926 548,744 430,839 214,347 275,184
Accounts receivable
on fund switching 4,141,717 1,207,372 1,805,116 806,962 7,194,980 1,364,187 3,951,241 960,424 2,768,337 933,349
Amounts due from brokers - 8,168,000 2,842,000 - 6,902,000 - - 3,346,000 2,356,000 1,210,000
Bank deposits 11 - - 151,593,594 - 161,699,834 - - - - -
Bank balances 73,290,175 42,512,326 365,988,492 360,521,649 432,906,549 704,411,289 11,273,121 7,046,302 24,252,045 23,029,989 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL ASSETS 9,434,452,620 11,244,425,143 6,079,633,477 6,719,554,048 7,489,840,611 8,056,177,267 3,660,200,088 3,999,306,326 2,098,492,849 2,530,241,558 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
LIABILITIES
Derivative financial instruments 10 - 14,916 - 41,584 - 70,060 713,420 - - 771,686
Amounts due to brokers - 333,300 - 929,200 - 1,565,500 - - - -
Accounts payable on
fund switching 8,462,584 3,126,771 5,960,426 9,193,004 6,838,931 19,588,720 5,562,187 970,816 5,320,654 795,629
Redemptions payable 5,927,429 10,335,180 4,289,433 5,224,437 7,869,077 6,761,360 2,026,945 2,975,824 1,294,884 1,809,665
Accounts payable and accruals 13,087,487 14,774,987 8,497,823 8,925,659 10,463,995 10,710,497 5,081,112 5,244,809 2,964,096 3,323,885 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL LIABILITIES 27,477,500 28,585,154 18,747,682 24,313,884 25,172,003 38,696,137 13,383,664 9,191,449 9,579,634 6,700,865 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSETS ATTRIBUTABLE
TO UNITHOLDERS 9,406,975,120 11,215,839,989 6,060,885,795 6,695,240,164 7,464,668,608 8,017,481,130 3,646,816,424 3,990,114,877 2,088,913,215 2,523,540,693 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS IN ISSUE 491,263,065.6312 497,265,269.1329 314,877,366.9627 316,161,021.0128 403,417,620.6460 407,938,254.6682 148,995,106.3838 142,179,971.7601 172,625,287.3726 168,986,808.0552 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSETS VALUE PER UNIT 19.1485 22.5550 19.2484 21.1766 18.5035 19.6536 24.4760 28.0638 12.1008 14.9333 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
24
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃 STATEMENT OF ASSETS AND LIABILITIES - CONSTITUENT FUNDS (continued)
At 31 March 2020
BOC-Prudential
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential MPF CSI HK 100
China Equity Fund Hong Kong Equity Fund Japan Equity Fund Bond Fund Conservative Fund Tracker Fund
Notes 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
ASSETS
Investments in interest-
bearing securities 12 - - - - - - - - 729,033,066 325,727,720 - -
Investments in approved pooled
investment funds/approved
index-tracking collective
investment schemes 5,545,317,883 6,189,917,381 7,171,190,788 8,099,358,104 377,517,073 384,722,147 2,526,719,395 2,197,254,530 - - 1,041,481,721 1,054,323,830
Derivative financial instruments 10 - - - - - - 583,772 - - - - -
Interest, other receivables
and prepayments 1,350 986 1,841 998 851 288 2,791 1,508 47,895,227 40,400,122 774,182 726,813
Contributions in transit 605,753 589,758 924,173 974,268 40,333 50,325 263,721 276,441 1,457,846 976,581 206,917 132,835
Accounts receivable on fund switching 14,608,332 10,126,408 21,708,874 14,603,010 5,319,771 54,954,106 10,374,018 3,563,699 114,056,241 26,139,847 7,266,587 2,916,636
Amounts due from brokers 4,661,000 4,756,000 19,179,000 128,000 16,463,000 - 15,823,400 4,339,617 - - 951,693 -
Bank deposits 11 - - - - - - - - 9,992,793,089 9,901,228,063 - -
Bank balances 6,897,389 10,861,400 5,144,507 18,008,373 171,334 1,126,303 7,452,231 12,151,505 325,387,943 98,117,884 5,727,026 2,188,979 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL ASSETS 5,572,091,707 6,216,251,933 7,218,149,183 8,133,072,753 399,512,362 440,853,169 2,561,219,328 2,217,587,300 11,210,623,412 10,392,590,217 1,056,408,126 1,060,289,093 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
LIABILITIES
Derivative financial instruments 10 - - - - 1,236,297 1,409,212 - 408,411 - - - -
Amounts due to brokers - - - - - - - - 219,776,739 - 550 1,107,766
Accounts payable on
fund switching 16,107,554 16,893,876 33,225,484 17,896,284 18,393,090 1,884,244 16,360,590 3,229,473 54,465,141 23,451,492 11,428,203 4,039,799
Redemptions payable 3,899,191 4,255,440 4,451,409 5,553,533 298,869 357,386 2,699,249 1,547,176 12,316,727 10,489,414 1,190,751 759,074
Accounts payable and accruals 7,576,450 8,171,439 9,811,880 10,666,341 522,649 523,354 3,216,457 2,621,438 7,642,880 7,093,275 805,531 765,173 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL LIABILITIES 27,583,195 29,320,755 47,488,773 34,116,158 20,450,905 4,174,196 22,276,296 7,806,498 294,201,487 41,034,181 13,425,035 6,671,812 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSETS ATTRIBUTABLE
TO UNITHOLDERS 5,544,508,512 6,186,931,178 7,170,660,410 8,098,956,595 379,061,457 436,678,973 2,538,943,032 2,209,780,802 10,916,421,925 10,351,556,036 1,042,983,091 1,053,617,281 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS IN ISSUE 705,539,467.1647 691,822,922.5792 188,944,603.3416 178,525,952.0922 49,659,239.3628 50,877,955.0458 183,265,775.4277 162,548,201.4126 906,924,506.7098 872,968,629.2785 82,852,994.3816 71,648,542.1067 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSETS VALUE PER UNIT 7.8585 8.9429 37.9511 45.3657 7.6332 8.5828 13.8538 13.5946 12.0367 11.8578 12.5883 14.7053 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
25
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF ASSETS AND LIABILITIES - CONSTITUENT FUNDS (continued)
At 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential MPF
European Index North America RMB & HKD BOC-Prudential Core BOC-Prudential
Tracking Fund Index Tracking Fund Money Market Fund Accumulation Fund Age 65 Plus Fund Total
Notes 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
ASSETS
Investments in interest-
bearing securities 12 - - - - 186,324,371 218,547,345 - - - - 915,357,437 544,275,065
Investments in approved pooled
investment funds/
approved index-tracking collective
investment schemes 403,243,221 409,982,228 1,702,921,665 1,189,862,785 - - 1,737,290,998 1,345,627,736 692,618,354 429,662,050 48,702,992,419 52,691,883,424
Derivative financial instruments 10 4,808,426 1,895,208 1,767,905 - - - - - - - 9,287,357 2,156,245
Interest, other receivables
and prepayments 363 122 1,081 245 1,805,058 1,799,513 116,499 88,716 36,169 22,491 50,899,272 43,150,179
Contributions in transit 72,244 98,982 600,927 223,955 56,643 89,566 854,746 913,206 112,311 100,435 7,767,623 7,070,798
Accounts receivable on fund switching 683,046 1,182,543 23,478,759 3,649,536 2,911,133 1,252,046 4,510,700 763,296 3,361,256 2,820,526 228,140,108 127,243,947
Amounts due from brokers 3,223,000 94,000 - 19,559,000 - - 2,000,000 - 2,000,000 - 76,401,093 41,600,617
Bank deposits 11 - - - - 459,451,499 439,603,436 - - - - 10,765,538,016 10,340,831,499
Bank balances 1,000,271 1,681,372 6,894,452 1,838,773 7,546,034 4,983,923 28,802,584 35,343,061 11,691,928 11,628,228 1,314,426,081 1,335,451,356 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL ASSETS 413,030,571 414,934,455 1,735,664,789 1,215,134,294 658,094,738 666,275,829 1,773,575,527 1,382,736,015 709,820,018 444,233,730 62,070,809,406 65,133,663,130 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
LIABILITIES
Derivative financial instruments 10 - - - 33,249 - - - - - - 1,949,717 2,749,118
Amounts due to brokers - - - - - - - - - - 219,777,289 3,935,766
Accounts payable on fund switching 2,265,880 637,292 30,438,978 21,210,280 1,879,192 3,080,020 6,933,559 651,889 4,497,655 594,358 228,140,108 127,243,947
Redemptions payable 1,208,256 341,118 1,446,910 661,318 1,034,850 575,728 2,521,667 2,352,994 1,480,356 324,922 53,956,003 54,324,569
Accounts payable and accruals 333,960 320,811 1,374,587 914,138 9,891 8,307 1,186,959 875,280 483,454 279,658 73,059,211 75,219,051 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
TOTAL LIABILITIES 3,808,096 1,299,221 33,260,475 22,818,985 2,923,933 3,664,055 10,642,185 3,880,163 6,461,465 1,198,938 576,882,328 263,472,451 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSETS ATTRIBUTABLE
TO UNITHOLDERS 409,222,475 413,635,234 1,702,404,314 1,192,315,309 655,170,805 662,611,774 1,762,933,342 1,378,855,852 703,358,553 443,034,792 61,493,927,078 64,870,190,679 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS IN ISSUE 32,780,722.8498 28,238,744.9219 96,490,442.1614 61,403,363.1910 61,596,015.4835 60,977,565.2973 163,787,335.7211 123,109,827.4485 63,832,100.8190 41,926,112.7889 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NET ASSET VALUE PER UNIT 12.4836 14.6477 17.6432 19.4177 10.6365 10.8664 10.7635 11.2002 11.0188 10.5670 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
26
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF CHANGES IN NET ASSETS - CONSTITUENT FUNDS
For the year ended 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential
Growth Fund Balanced Fund Stable Fund Global Equity Fund Asia Equity Fund
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
BALANCE BROUGHT FORWARD 11,215,839,989 11,548,539,580 6,695,240,164 6,812,935,058 8,017,481,130 8,276,342,940 3,990,114,877 3,772,590,546 2,523,540,693 2,567,080,211
UNITS ISSUED 1,009,038,190 1,029,976,786 657,058,081 673,611,705 716,040,129 725,813,620 562,727,007 542,155,994 336,461,987 349,826,381
UNITS REDEEMED (829,387,419) (847,592,641) (515,746,960) (487,907,304) (699,915,931) (668,770,391) (307,211,301) (279,464,436) (183,000,124) (169,256,828)
SWITCHING IN 449,796,575 397,616,515 449,447,878 444,965,394 888,612,533 766,371,814 521,391,232 297,089,938 459,197,358 380,916,306
SWITCHING OUT (749,645,439) (597,789,427) (611,798,398) (569,151,946) (987,863,834) (868,305,035) (567,561,407) (379,006,427) (555,980,386) (482,923,586) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
11,095,641,896 11,530,750,813 6,674,200,765 6,874,452,907 7,934,354,027 8,231,452,948 4,199,460,408 3,953,365,615 2,580,219,528 2,645,642,484
(DECREASE)/INCREASE IN NET
ASSETS ATTRIBUTABLE
TO UNITHOLDERS
FROM OPERATIONS (1,688,666,776) (314,910,824) (613,314,970) (179,212,743) (469,685,419) (213,971,818) (552,643,984) 36,749,262 (491,306,313) (122,101,791) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
BALANCE CARRIED FORWARD 9,406,975,120 11,215,839,989 6,060,885,795 6,695,240,164 7,464,668,608 8,017,481,130 3,646,816,424 3,990,114,877 2,088,913,215 2,523,540,693 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS ISSUED 65,219,436.6373 63,978,943.4956 52,195,752.8972 53,232,048.0538 81,386,697.2112 76,654,857.0202 37,697,974.1145 30,181,946.3672 54,598,561.7214 49,878,580.2080 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS REDEEMED 71,221,640.1390 64,548,728.3213 53,479,406.9473 50,194,344.1899 85,907,331.2334 78,876,634.1544 30,882,839.4908 23,704,998.0236 50,960,082.4040 44,521,894.4337 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
27
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF CHANGES IN NET ASSETS - CONSTITUENT FUNDS (continued)
For the year ended 31 March 2020
BOC-Prudential
BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential BOC-Prudential MPF CSI HK 100
China Equity Fund Hong Kong Equity Fund Japan Equity Fund Bond Fund Conservative Fund Tracker Fund
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
BALANCE BROUGHT FORWARD 6,186,931,178 6,393,425,990 8,098,956,595 7,967,166,557 436,678,973 404,397,882 2,209,780,802 2,095,350,390 10,351,556,036 9,100,859,438 1,053,617,281 914,987,857
UNITS ISSUED 766,761,208 823,969,516 1,034,240,380 1,062,937,186 73,520,188 70,876,570 337,163,032 303,977,198 1,166,128,216 1,156,161,458 237,700,639 233,733,407
UNITS REDEEMED (442,804,815) (424,891,057) (585,790,235) (546,111,703) (32,584,158) (30,408,229) (199,803,382) (167,287,892) (1,017,320,622) (911,337,485) (94,313,017) (70,988,157)
SWITCHING IN 2,024,296,326 1,883,888,610 3,306,132,548 2,511,704,772 1,511,172,418 1,368,503,386 1,351,474,996 605,300,207 6,118,087,571 5,047,124,557 737,695,515 491,043,608
SWITCHING OUT (2,226,977,534) (2,052,163,414) (3,336,667,786) (2,655,341,874) (1,571,185,704) (1,350,447,278) (1,199,471,196) (603,955,548) (5,861,865,189) (4,161,644,558) (726,142,178) (502,863,519) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
6,308,206,363 6,624,229,645 8,516,871,502 8,340,354,938 417,601,717 462,922,331 2,499,144,252 2,233,384,355 10,756,586,012 10,231,163,410 1,208,558,240 1,065,913,196
(DECREASE)/INCREASE IN NET
ASSETS ATTRIBUTABLE
TO UNITHOLDERS
FROM OPERATIONS (763,697,851) (437,298,467) (1,346,211,092) (241,398,343) (38,540,260) (26,243,358) 39,798,780 (23,603,553) 159,835,913 120,392,626 (165,575,149) (12,295,915) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
BALANCE CARRIED FORWARD 5,544,508,512 6,186,931,178 7,170,660,410 8,098,956,595 379,061,457 436,678,973 2,538,943,032 2,209,780,802 10,916,421,925 10,351,556,036 1,042,983,091 1,053,617,281 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS ISSUED 326,800,755.3385 308,883,494.6420 102,296,236.4245 81,886,151.2616 183,833,973.7145 161,183,994.3402 121,740,743.1216 67,647,850.1209 609,275,655.6527 526,888,749.3912 69,789,313.2895 51,236,027.1735 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS REDEEMED 313,084,210.7530 282,663,302.4387 91,877,585.1751 73,247,143.3810 185,052,689.3975 153,492,759.6256 101,023,169.1065 57,428,453.0133 575,319,778.2214 430,896,789.7862 58,584,861.0146 40,584,648.2479 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
28
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
STATEMENT OF CHANGES IN NET ASSETS - CONSTITUENT FUNDS (continued)
For the year ended 31 March 2020
BOC-Prudential BOC-Prudential BOC-Prudential MPF
European Index North America RMB & HKD BOC-Prudential Core BOC-Prudential
Tracking Fund Index Tracking Fund Money Market Fund Accumulation Fund Age 65 Plus Fund Total
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
BALANCE BROUGHT FORWARD 413,635,234 380,332,248 1,192,315,309 894,102,541 662,611,774 630,663,697 1,378,855,852 905,455,287 443,034,792 267,469,332 64,870,190,679 62,931,699,554
UNITS ISSUED 99,863,102 90,856,127 367,170,680 259,139,857 125,523,966 134,183,202 607,242,810 529,090,518 195,513,993 166,631,789 8,292,153,608 8,152,941,314
UNITS REDEEMED (40,582,939) (29,268,314) (125,253,418) (70,050,466) (64,623,222) (58,032,443) (143,574,184) (93,460,122) (60,232,551) (37,928,712) (5,342,144,278) (4,892,756,180)
SWITCHING IN 236,962,016 169,572,452 2,239,114,334 1,145,621,728 351,248,588 364,700,322 481,960,676 253,551,978 782,699,084 216,585,002 21,909,289,648 16,344,556,589
SWITCHING OUT (223,895,185) (192,927,993) (1,743,459,388) (1,101,057,242) (405,094,250) (398,763,665) (466,292,681) (246,908,848) (675,389,093) (181,306,229) (21,909,289,648) (16,344,556,589) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
485,982,228 418,564,520 1,929,887,517 1,127,756,418 669,666,856 672,751,113 1,858,192,473 1,347,728,813 685,626,225 431,451,182 67,820,200,009 66,191,884,688
(DECREASE)/INCREASE IN NET
ASSETS ATTRIBUTABLE
TO UNITHOLDERS
FROM OPERATIONS (76,759,753) (4,929,286) (227,483,203) 64,558,891 (14,496,051) (10,139,339) (95,259,131) 31,127,039 17,732,328 11,583,610 (6,326,272,931) (1,321,694,009) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
BALANCE CARRIED FORWARD 409,222,475 413,635,234 1,702,404,314 1,192,315,309 655,170,805 662,611,774 1,762,933,342 1,378,855,852 703,358,553 443,034,792 61,493,927,078 64,870,190,679 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS ISSUED 22,529,268.8449 17,936,184.6248 127,714,973.0790 74,551,214.4098 44,548,032.4198 46,300,282.5107 93,485,217.9550 71,558,341.9079 88,507,735.4907 37,303,364.1030 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
NUMBER OF UNITS REDEEMED 17,987,290.9170 15,392,770.7189 92,627,894.1086 62,645,183.9169 43,929,582.2336 42,495,402.5404 52,807,709.6824 31,138,595.8803 66,601,747.4606 21,342,410.6086 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
29
1. GENERAL
BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme (the "Scheme") is a mandatory
provident fund scheme constituted by a master trust deed dated 27 January 2000 and its subsequent
deeds of amendment governed by the laws of the Hong Kong Special Administrative Region of the
People's Republic of China. The Scheme is designed to provide retirement benefits to the members
of the Scheme.
The Scheme consists of sixteen constituent funds, namely BOC-Prudential Growth Fund (the "Growth
Fund"), BOC-Prudential Balanced Fund (the "Balanced Fund"), BOC-Prudential Stable Fund (the
"Stable Fund"), BOC-Prudential Global Equity Fund (the "Global Equity Fund"), BOC-Prudential
Asia Equity Fund (the "Asia Equity Fund"), BOC-Prudential China Equity Fund (the "China Equity
Fund"), BOC-Prudential Hong Kong Equity Fund (the "Hong Kong Equity Fund"), BOC-Prudential
Japan Equity Fund (the "Japan Equity Fund"), BOC-Prudential Bond Fund (the "Bond Fund"), BOC-
Prudential MPF Conservative Fund (the "MPF Conservative Fund"), BOC-Prudential CSI HK 100
Tracker Fund (the "CSI HK 100 Tracker Fund"), BOC-Prudential European Index Tracking Fund (the
"European Index Tracking Fund"), BOC-Prudential North America Index Tracking Fund (the "North
America Index Tracking Fund"), BOC-Prudential MPF RMB & HKD Money Market Fund (the "MPF
RMB & HKD Money Market Fund"), BOC-Prudential Core Accumulation Fund (the "Core Accumulation Fund") and BOC-Prudential Age 65 Plus Fund (the "Age 65 Plus Fund") (collectively
the "Constituent Funds").
The Scheme introduced two new constituent funds on 1 April 2017, namely Core Accumulation Fund
and Age 65 Plus Fund, in relation to the Default Investment Strategy (“DIS”), a standardized and fee-
controlled investment solution for scheme members. In accordance with the Ordinance, the payments
charged to DIS constituent funds are disclosed in note 15.
The financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional
currency of the Scheme.
2.1 BASIS OF PREPARATION
These financial statements have been prepared in accordance with Hong Kong Financial Reporting
Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong
Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified
Public Accountants ("HKICPA").
The financial statements have been prepared on a historical cost basis, except for financial assets and
liabilities at fair value through profit or loss that have been measured at fair value. The
financial statements are presented in Hong Kong Dollars (“HK$”) and all values are rounded to the
nearest HK$, except where otherwise indicated.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
30
2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Scheme adopted the following standard for the first time for the current year’s financial statements.
HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments
The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty
that affects the application of HKAS 12. The interpretation does not apply to taxes or levies outside
the scope of HKAS 12, nor does it specifically include requirements relating to interest and penalties
associated with uncertain tax treatments. The interpretation specifically addresses the following:
• Whether the Scheme considers uncertain tax treatments separately
• The assumptions the Scheme makes about the examination of tax treatments by taxation authorities
• How the Scheme determines taxable profits (tax losses), tax bases, unused tax losses, unused tax credits and tax rates
• How the Scheme considers changes in facts and circumstances
The interpretation has had no impact on the financial position or performance of the Scheme.
2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS
In the opinion of the Trustee, the standards and interpretations that are issued, but not yet effective,
up to the date of issuance of the Scheme’s financial statements, will clearly not impact these financial
statements. The Scheme intends to adopt these standards, if applicable, when they become effective.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies are set out below.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an
asset or a liability, the Trustee takes into account the characteristics of the asset or liability if market
participants would take those characteristics into account when pricing the asset or liability at the
measurement date. Fair value for measurement and/or disclosure purposes in these financial
statements is determined on such a basis.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
31
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair value measurement (continued)
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2
or 3 based on the degree to which the inputs to the fair value measurements are observable and the
significance of the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1 − Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 − Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3 − Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
Revenue recognition
Interest income from a financial asset is recognised when it is probable that the economic benefits will
flow to the Scheme and the amount of income can be measured reliably. Interest income is accrued
on a time basis, by reference to the principal outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts the estimated future cash receipts through the expected life of
the financial asset to that asset's net carrying amount on initial recognition.
Dividend income is recognised in the revenue statement - Constituent Funds when the rights to receive
payment have been established, provided that it is probable that the economic benefits will flow to the
Constituent Funds and the amount can be measured reliably.
Management fee rebate and trustee fee rebate are recognised in the revenue statement - Constituent
Funds when the rights to receive payment have been established, provided that it is probable that the
economic benefits will flow to the Constituent Funds and the amount can be measured reliably.
Financial instruments
Financial assets and financial liabilities are recognised in the statement of net assets available for
benefits - Scheme and the statement of assets and liabilities – Constituent Funds, when the Scheme
becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in the statement of changes in net assets available
for benefits - Scheme and the revenue statement - Constituent Funds. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted
from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
32
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Financial assets
Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and
fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual
cash flow characteristics and the Scheme’s business model for managing them. The Scheme initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs.
In order for a financial asset to be classified and measured at amortised cost or fair value through
other comprehensive income, it needs to give rise to cash flows that are solely payments of principal
and interest ("SPPI") on the principal amount outstanding.
The Scheme’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result
from collecting contractual cash flows, selling the financial assets, or both.
All regular way purchases and sales of financial assets are recognised on the trade date, that is, the
date that the Scheme commits to purchase or sell the asset. Regular way purchases or sales are
purchases or sales of financial assets that require delivery of assets within the period generally
established by regulation or convention in the marketplace.
As at 31 March 2020, all the investments in constituent funds, approved pooled investment funds,
approved index-tracking collective investment schemes, foreign currency forward contracts and
quoted debt securities are classified, at initial recognition, as financial assets through profit or loss
while amount due from constituent funds, amounts due from brokers, interest receivables, accounts
receivable on fund switching, contributions receivable, contribution in transit, bank deposits, bank
balances and other receivables are classified as financial assets at amortised cost.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
33
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Financial assets (continued)
Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows:
Financial assets at amortised cost The Scheme measures financial assets at amortised cost if both of the following conditions are met:
• The financial asset is held within a business model with the objective to hold financial assets
in order to collect contractual cash flows.
• The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (see
accounting policy on the description for effective interest method at financial liabilities below) and
are subject to impairment (see accounting policy on impairment of financial assets below). Gains and
losses are recognised in the revenue statement - Constituent Funds when the asset is derecognised,
modified or impaired. Interest revenue is recognised in the revenue statement - Constituent Funds for
all interest-bearing financial instruments using the effective interest method.
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial
assets designated upon initial recognition at fair value through profit or loss, or financial assets
mandatorily required to be measured at fair value. Financial assets are classified as held for trading if
(a) they are acquired for the purpose of selling or repurchasing in the near term, (b) on initial
recognition, it is part of a portfolio of identified financial instruments that are managed together for
which, there is evidence of a recent actual pattern of short-term profit-taking, or (c) it is a derivative
(except for a derivative that is a financial guarantee contract or a designed and effective hedging
instruments). Financial assets with cash flows that are not solely payments of principal and interest
are classified and measured at fair value through profit or loss, irrespective of the business model.
Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value
through other comprehensive income, as described above, debt instruments may be designated at fair
value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an
accounting mismatch. All investments in Constituent Funds by the Scheme, and all investments in approved pooled
investment funds/approved index-tracking collective investment schemes and interest-bearing
securities by the Constituent Funds are classified as financial assets designated at FVTPL.
Investments are recognised on a trade date basis and are initially measured at fair value. At the end
of the reporting period subsequent to initial recognition, investments at FVTPL are re-measured at
fair value, with changes in fair value recognised directly in the statement of changes in net assets
available for benefits - Scheme and the revenue statement - Constituent Funds in the year in which
they arise. The fair values of investments are based on their quoted market prices at the reporting date
without any deduction for estimated future selling costs.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
34
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Financial liabilities
Financial liabilities are classified as either financial liabilities in accordance with the substance of the
contractual arrangements and the definitions of a financial liability.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial liability and
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through
the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.
Interest expense is recognised on an effective interest basis.
Net assets attributable to schemeholders
The Scheme provides the schemeholders with the right to get their benefits for cash equal to their
proportionate share of the net assets value of the Scheme through their interests in the Constituent
Funds under certain circumstances, in accordance with the Mandatory Provident Fund Schemes
Ordinance (the "MPFSO"). Accordingly, net assets attributable to schemeholders are classified as
financial liabilities.
The liabilities to schemeholders are presented on the statement of net assets available for benefits -
Scheme as "net assets attributable to schemeholders" and are determined based on the aggregate of
residual assets of the Scheme after deducting other liabilities.
Net assets attributable to unitholders
The units issued by the Constituent Funds provide the unitholders with the right to redeem their units
for cash equal to their proportionate share of the net asset value of the Constituent Funds.
The liabilities to unitholders are presented on the statement of assets and liabilities as "net assets
attributable to unitholders" and are determined based on the residual assets of the Constituent Funds
after deducting other liabilities of the Constituent Funds.
Other financial liabilities
Other financial liabilities, including amounts due to Constituent Funds, benefits payable, forfeiture
payable and other payables of the Scheme, accounts payable, accounts payable on fund switching,
redemptions payable and amount due to brokers of the Constituent Funds, are subsequently measured
at amortised cost, using the effective interest method.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
35
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Derecognition
The Scheme derecognises a financial asset only when the contractual rights to the cash flows from the
asset expire, or when it transfers the financial asset and substantially all the risks and rewards of
ownership of the asset to another entity. If the Scheme neither transfers nor retains substantially all
the risks and rewards of ownership and continues to control the transferred asset, the Scheme continues
to recognise the asset to the extent of its continuing involvement and recognises an associated liability.
If the Scheme retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Scheme continues to recognise the financial asset and also recognises a collateralised
borrowing for the proceeds received.
On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount
and the sum of the consideration received and receivable is recognised in the statement of changes in
net assets available for benefits - Scheme and the revenue statement - Constituent Funds.
The Scheme and the Constituent Funds use the weighted average cost method to determine realised
gains and losses on derecognition.
The Scheme derecognises financial liabilities, when and only when, the Scheme's obligations are
discharged, cancelled or expire. The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable is recognised in the statement of changes in net
assets available for benefits - Scheme and the revenue statement - Constituent Funds.
Impairment of financial assets
The Scheme recognises an allowance for ECLs for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance
with the contract and all the cash flows that the Scheme expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
General approach
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12 months (a 12-month ECL). For those credit
exposures for which there has been a significant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective
of the timing of the default (a lifetime ECL).
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
36
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Impairment of financial assets (continued)
Simplified approach
Since the Scheme holds short-term receivables which do not contain a significant financing
component or applies the practical expedient of not adjusting the effect of a significant financing
component, the Scheme applies an approach similar to the simplified approach in calculating ECLs.
Under the simplified approach, the Scheme does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The Scheme has
established a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Derivative financial instruments
Derivative financial instruments, which include forward foreign currency contracts, are initially
recognised at fair value at the date when a derivative contract is entered into and are subsequently
remeasured to their fair value at the end of the reporting period. The resulting gain or loss is
recognised in the revenue statement - Constituent Funds.
Scheme contributions and benefits
Contributions are accounted for on an accrual basis. Benefits are accounted for on an accrual basis to
the extent of benefits becoming payable prior to the financial year end. Benefits payments represent
all valid claims paid or payable in respect of the year.
Issue and redemption of units in Constituent Funds
Issue and redemption of units are accounted for on a transaction date basis.
Forfeitures
Forfeitures arise from the employers' additional voluntary contributions which are unvested and
belong to the employers upon termination of employment. Forfeitures which have not been
designated for the benefit of existing members and which have not been returned to the employers are
treated as liabilities of the Scheme.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
37
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign currencies
Transactions in currencies other than the functional currency of the Scheme (foreign currencies) are
recorded in the respective functional currency (i.e. the currency of the primary economic environment
in which the Scheme operates) at the rates of exchanges prevailing on the dates of the transactions.
At the end of the reporting period, monetary items denominated in foreign currencies are retranslated
at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing on the date when the fair value was
determined.
Exchange differences arising from the settlement of monetary items and retranslation of monetary
items, are recognised in the statement of changes in net assets available for benefits – Scheme and the
revenue statement – Constituent Funds in the period in which they arise. Exchange differences arising
from the retranslation of non-monetary items carried at fair value are included in statement of changes
in net assets available for benefits – Scheme and the revenue statement – Constituent Funds for the
period.
Structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the
dominant factor in deciding who controls the entity, such as when any voting rights relate to
administrative tasks only and the relevant activities are directed by means of contractual arrangements.
A structured entity often has some or all of the following features or attributes; (a) restricted activities,
(b) a narrow and well-defined objective, such as to provide investment opportunities for investors by
passing on risks and rewards associated with the assets of the structured entity to investors, (c)
insufficient equity to permit the structured entity to finance its activities without subordinated
financial support and (d) financing in the form of multiple contractually linked instruments to
investors that create concentrations of credit or other risks (tranches).
The Scheme and Constituent Funds consider all investments in approved pooled investment
funds/approved index-tracking collective investment schemes (collectively the “Investee Funds”)
unconsolidated structured entities. The Investee Funds are managed by the same asset manager and
apply various investment strategies to accomplish their respective investment objectives. The Investee
Funds finance their operations by issuing redeemable units which are puttable at the holder’s option
and entitles the holder to a proportional stake in the respective funds’ net assets. The Constituent
Funds hold redeemable units in its Investee Funds.
The Constituent Funds’ interest in its Investee Funds are the fair value of its investment in Investee
Funds as at the year end date and the related net gains/(losses) recognised in profit or loss during the
year.
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
38
4. FINANCIAL INSTRUMENTS
Categories of financial instruments of the Scheme
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 61,493,927,078 64,870,190,679
At amortised cost (including cash and cash equivalents) 553,817,124 549,646,946 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 61,802,604 61,572,863
Net assets attributable to schemeholders 61,985,941,598 65,358,264,762 _____________ _____________ _____________ _____________
Categories of financial instruments of the Constituent Funds Growth Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 9,356,212,167 11,191,623,849
At amortised cost (including cash and cash equivalents) 78,240,453 52,801,294 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 27,416,851 28,511,453
Derivative financial liabilities - 14,916
Net assets attributable to unitholders 9,406,975,120 11,215,839,989 _____________ _____________ _____________ _____________
Balanced Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 5,556,465,282 6,357,675,109
Derivative financial assets 203,292 -
At amortised cost (including cash and cash equivalents) 522,964,903 361,878,939 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 18,711,104 24,237,226
Derivative financial liabilities - 41,584
Net assets attributable to unitholders 6,060,885,795 6,695,240,164 _____________ _____________ _____________ _____________
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
39
4. FINANCIAL INSTRUMENTS (continued) Categories of financial instruments of the Constituent Funds (continued)
Stable Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 6,880,120,201 7,349,821,603
Derivative financial assets 493,708 -
At amortised cost (including cash and cash equivalents) 609,226,702 706,355,664 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 25,128,211 38,583,583
Derivative financial liabilities - 70,060
Net assets attributable to unitholders 7,464,668,608 8,017,481,130 _____________ _____________ _____________ _____________
Global Equity Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 3,644,425,833 3,987,260,879
Derivative financial assets - 261,037
At amortised cost (including cash and cash equivalents) 15,774,255 11,784,410 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 12,647,141 9,170,919
Derivative financial liabilities 713,420 -
Net assets attributable to unitholders 3,646,816,424 3,990,114,877 _____________ _____________ _____________ _____________
Asia Equity Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 2,067,467,838 2,504,791,193
Derivative financial assets 1,430,254 -
At amortised cost (including cash and cash equivalents) 29,594,757 25,450,365 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 9,565,912 5,916,170
Derivative financial liabilities - 771,686
Net assets attributable to unitholders 2,088,913,215 2,523,540,693 _____________ _____________ _____________ _____________
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
40
4. FINANCIAL INSTRUMENTS (continued) Categories of financial instruments of the Constituent Funds (continued)
China Equity Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 5,545,317,883 6,189,917,381
At amortised cost (including cash and cash equivalents) 26,773,824 26,334,552 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 27,550,681 29,289,325
Net assets attributable to unitholders 5,544,508,512 6,186,931,178 _____________ _____________ _____________ _____________
Hong Kong Equity Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 7,171,190,788 8,099,358,104
At amortised cost (including cash and cash equivalents) 46,958,395 33,714,649 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 47,446,183 34,075,556
Net assets attributable to unitholders 7,170,660,410 8,098,956,595 _____________ _____________ _____________ _____________
Japan Equity Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 377,517,073 384,722,147
At amortised cost (including cash and cash equivalents) 21,995,289 56,131,022 _____________ _____________ _____________ _____________
Financial liabilities
Other financial liabilities 19,212,265 2,762,885
Derivative financial liabilities 1,236,297 1,409,212
Net assets attributable to unitholders 379,061,457 436,678,973 _____________ _____________ _____________ _____________
-
BOC-PRUDENTIAL EASY-CHOICE MANDATORY PROVIDENT FUND SCHEME
中銀保誠簡易強積金計劃
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2020
41
4. FINANCIAL INSTRUMENTS (continued) Categories of financial instruments of the Constituent Funds (continued)
Bond Fund
2020 2019
HK$ HK$
Financial assets
Designated at FVTPL investments 2,526,719,395 2,197,254,530
Derivative financial assets 583,772 -
At amortised cost (including cash and cash equivalents) 33,916,161 20,332,770 _____________ _____