利安資金越南基金財務報告 - sfiles.cnyes.cool · airports corporation of vietnam joint...

利安資金越南基金財務報告

利安資金投資基金III 利安資金越南基金年度財務報告（中文簡譯本）

2017年12月31日

利安資金管理公司

Lion Global Investors Limited www.lionglobalinvestors.com

先鋒證券投資顧問股份有限公司

Ezfunds Securities Investment Consulting Enterprise Limited www.ezfunds.com.tw

警語：本基金財務報告（簡譯本）僅投資人參考，不代表對行情之預測或研判，投資人應自負風險。本基金經主管

機關核准，惟不表示本基金絕無風險。本公司以往之經理績效，不保證各基金之最終投資收益；本公司除盡善良管

理人之注意義務外，不負責各基金之盈虧，亦不保證最低收益，投資人申購前應詳閱各基金公開說明書。

先鋒證券投資顧問股份有限公司 (105)金管投顧新字第零貳捌號台北市南京西路66號10樓 (02)7711-5599

本基金財務報告內容如與英文版財務報告有任何歧異，以英文版財務報告為主。

本基金財務報告簡譯本僅供投資人參考用。

http://www.lionglobalinvestors.com/


總投資報酬表

2017年1月1日至2017年12月31日 2017 2016

附註 S$ S$ 收入股利 2,106,751 2,595,659 利息 19 5,744 2,106,770 2,601,403 減: 費用審計費 18,840 20,522 託管費 102,851 129,881 管理費 1,470,543 1,849,784 專業費 16,230 19,190 登錄費 27,164 30,386 受託公司費 39,215 49,328 交易費用 146,710 248,764 評價行政費 39,215 49,328 其他費用 110,147 155,835 1,970,915 2,553,018 淨利 135,855 48,385 淨投資收益或損失已實現淨投資收益/ (損失) 32,795,578 19,294,227

已實現現貨合約收益/ (損失) (77,687) (114,434)

兌換收益/ (損失) (756,237) 2,257,932 31,961,654 21,437,725 稅前總投資利润/（虧損） 32,097,509 21,486,110 減: 所得稅 - - 分配前稅後總投資利润/（虧損） - -

減: 分配 - - 期間總利润/（虧損） 32,097,509 21,486,110








資產負債表 2017年12月31日

2017 2016

附註 S$ S$ 資產投資組合 89,052,049 97,604,226 應收帳款 1,013,506 408,815 經紀人應付帳款

227,386 372,606 定期存款 - - 現金及銀行存款 3,879,202 5,398,048 總資產 94,172,143 103,783,695 負債應付款項 974,766 716,606 經紀人應收款 - 488,189 總負債 974,766 1,204,795

权益基金單位持有人資產淨值 93,197,377 102,578,900







Lion Global Investors Ltd65 Chulia Street #18-01

OCBC Centre, Singapore 049513

T: +65 6417 6800

F: +65 6417 6806

Co Reg No:198601745D

For more information, visit: lionglobalinvestors.com

or email: [email protected]

© Lion Global Investors Limited. All rights reserved.A m

em

ber

of t

he O

CB

C G

rou

p

For the financial year ended 31 December 2017

ANNUAL REPORT

LIONGLOBAL INVESTMENT FUNDS III

- LIONGLOBAL VIETNAM FUND

2

LIONGLOBAL VIETNAM FUND

DIRECTORY

ManagersLion Global Investors Limited65 Chulia Street #18-01OCBC CentreSingapore 049513

Directors of Lion Global Investors LimitedMr Khor Hock Seng (Chairman)Mr Ching Wei Hong (Deputy Chairman)Mr Gerard Lee How Cheng (CEO)Mr Norman Ip Ka CheungMr Tan Siew PengMr Ronnie Tan Yew ChyeMs Wee Ai Ning

Trustee/RegistrarHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay #13-02 HSBC BuildingSingapore 049320

CustodianThe Hongkong and Shanghai Banking Corporation Limited1 Queen’s Road CentralHong Kong

Independent AuditorPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

1


PERFORMANCE OF THE FUND For the year ended 31 December 2017

Past performance is not necessarily indicative of future performance. Returns for the Fund are calculated up to 31 December 2017 in SGD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Vietnam Fund - SGD Class

Benchmark* Returns (%) (FTSE Vietnam Index)

3 months 24.1 26.06 months 29.8 31.91 year 41.3 38.23 years** 15.4 9.15 years** 16.9 12.310 years** -2.2 -6.9Since Inception** (2 February 2007) -3.0 -7.9

The Fund’s net asset value may have a higher volatility as a result of its narrower investment focus on a limited geographical market, when compared to funds investing in global or wider regional markets.

2



Past performance is not necessarily indicative of future performance. Returns for the Fund are calculated up to 31 December 2017 in USD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Vietnam Fund - USD Class

Benchmark* Returns (%) (FTSE Vietnam Index)

3 months 26.2 28.06 months 33.8 35.91 year 52.9 49.43 years** 15.2 8.85 years** 14.8 10.310 years** -1.4 -6.2Since Inception** (2 February 2007) -1.8 -6.9

Source: Morningstar/Lion Global Investors Ltd* Benchmark:VN Index: Inception – April 2012FTSE Vietnam Index: From May 2012** Returns of more than 1 year are annualised.

3


REVIEW

For the year ended 31 December 2017, the Fund returned 41.3%, outperforming the benchmark which rose 38.2%, in SGD terms.

The outperformance came from our underweight in the Materials and Real Estate sectors. While we were underweight the Materials sector, it was our overweight in the construction materials segment that contributed to performance as it benefitted from strong construction demand on the back of Vietnam’s robust GDP growth and also higher selling prices. In the Real Estate sector, our underweight in certain companies helped performance as they performed poorly on company specific issues like project delays. Our underweight in the Consumer Staples sector hurt performance as certain stocks performed strongly on potential divestments of their subsidiaries which would crystalize value for the parent company.

The overall market performance in 2017 was driven by a combination of strong earnings growth and valuation multiple expansion. There were also several divestments by state-owned enterprises (e.g. Vietnam Diary, Saigon Beer) and listing of large corporates (e.g. Vincom Retail), that increased and broaden Vietnam’s investment opportunity set and hence raised foreign investors’ interest in the market. Positive sentiment from local investors also boosted the strong market performance.


4


STRATEGY AND OUTLOOK

2018 economic growth momentum should continue from 2017, with consensus 2018 real GDP forecast for Vietnam at 6.6%. This will be driven by exports, consumption and foreign direct investments. The central bank will likely keep a loose monetary policy and should be able to keep the Vietnam Dong stable. Given ample liquidity and high credit growth, we expect inflation to pick up in 2018 but at a manageable level.

In terms of portfolio strategy, we will stick with our bottom-up stock picking approach and invest in companies with strong business fundamentals that can benefit from Vietnam’s attractive medium to long term economic growth potential given its low base and large population. Our portfolio positioning is therefore mainly a function of our bottom-up stock selection process. However, we are cognizant of macroeconomics and external influences which may have significant short-term impact on stock prices and will take appropriate actions to mitigate downside risks or exploit opportunities arising from such volatility. We still like the consumer sector which benefits from rising incomes and an expanding middle income population, a trend which we expect will continue for the foreseeable future. Within this sector, we look for companies (1) that are market leaders, (2) that are able to exploit changes in consumer habits, and (3) that have management capabilities and capital to consolidate smaller and less efficient companies. We also like infrastructure owners, in roads, bridges and airports, which are well placed to benefit from Vietnam’s economic growth and further need of infrastructure investments to support its economic growth. While we are still slightly cautious on the overall banking sector, the worst of the non-performing loan cycle is behind us and we are starting to be more positive on selective banks that are well positioned to benefit from Vietnam’s overall economic growth.

Key downside risks for the economy and stock market in 2018 include high government debt, a budget deficit, rapid domestic credit expansion, and any change to China’s macroeconomics and monetary stability.

As of 15 February 2018.


5


DISCLOSURES ON THE FUND1

For the financial year ended 31 December 2017

1. DISTRIBUTION OF INVESTMENTS AS AT 31 DECEMBER 2017

Percentage of total net assets

attributable Fair Value to unitholders

$ %

a) By Asset ClassEquities 89,052,049 95.6 Cash and other net assets 4,145,328 4.4

Net assets attributable to unitholders 93,197,377 100.0

b) By Credit Rating of Debt Securities

Not applicable

c) By Derivative Type

The total net realised losses from the financial derivative at the end of the year was $77,687.

1 As required by the Code on Collective Investment Schemes

6


2. TOP 10 HOLDINGS

As at 31 December 2017Percentage of

total net assets attributable

Fair Value to unitholders$ %

Vietnam Dairy Products Joint Stock Company 15,655,753 16.8 Hoa Phat Group Joint Stock Company 13,906,644 14.9 Vingroup Joint Stock Company 9,063,988 9.7 Mobile World Investment Corporation 9,018,416 9.7 Joint Stock Commercial Bank for Foreign

Trade of Vietnam 6,324,845 6.8 Airports Corporation of Vietnam Joint Stock

Company 6,206,962 6.7 Ho Chi Minh Infrastructure Investment Joint

Stock Company 6,196,790 6.6 Masan Group Corporation 4,631,587 5.0 FPT Corporation 4,465,853 4.8 Refrigeration Electrical Engineering Corporation 3,651,134 3.9

As at 31 December 2016Percentage of

total net assets attributable

Fair Value to unitholders$ %

Vingroup Joint Stock Company 14,408,861 14.0 Masan Group Corporation 13,001,112 12.7 Hoa Phat Group Joint Stock Company 12,654,226 12.3 Vietnam Dairy Products Joint Stock Company 11,229,879 10.9 Joint Stock Commercial Bank for Foreign

Trade of Vietnam 7,228,770 7.0 Mobile World Investment Corporation 6,551,935 6.4 Ho Chi Minh Infrastructure Investment Joint

Stock Company 5,357,907 5.2 KIDO Group Corporation 4,536,650 4.4 FPT Corporation 3,226,120 3.1 Airports Corporation Of Vietnam Joint Stock

Company 2,997,387 2.9

7


3. GLOBAL EXPOSURE

The global exposure relating to derivative instruments is calculated using the commitment approach by converting the derivative positions into equivalent positions in the underlying assets embedded in those derivatives.

The global exposure of the Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Fund at any time.

4. COLLATERAL

Nil

5. SECURITIES LENDING OR REPURCHASE TRANSACTIONS

Nil

6. INVESTMENT IN OTHER UNIT TRUSTS, MUTUAL FUNDS AND COLLECTIVE INVESTMENT SCHEMES

Nil

7. BORROWINGS

Nil

8. SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS

The soft dollar commissions from various brokers for the period were utilised on research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses and computer hardware and software used for and in support of the investment process of fund managers. Goods and services received were for the benefit of the scheme and there was no churning of trades. These brokers also execute trades for other funds managed by the managers. The trades are conducted on best available terms and in accordance with best practices.

9. OTHER MATERIAL INFORMATION

There is no other material information that will adversely impact the valuation of the Fund.

8


10. SUPPLEMENTAL INFORMATION ON UNDERLYING SUB-FUNDS

Not applicable

9


REPORT OF THE TRUSTEEFor the financial year ended 31 December 2017

The Trustee is under a duty to take into custody and hold the assets of the Sub-Fund of LionGlobal Investment Funds III (the “Fund”), namely LionGlobal Vietnam Fund (the “Sub-Fund”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the financial year covered by these financial statements, set out on pages 15 to 39, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

For and on behalf of the TrusteeHSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

Authorised signatory26 March 2018

10


STATEMENT BY THE MANAGERFor the financial year ended 31 December 2017

In the opinion of Lion Global Investors Limited, the accompanying financial statements set out on pages 15 to 39, comprising the Statement of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statement of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position and the portfolio holdings of the sub-fund of LionGlobal Investment Funds III (the “Fund”), namely LionGlobal Vietnam Fund (the “Sub-Fund”) as at 31 December 2017, and the financial performance and movements in unitholders’ funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Fund will be able to meet its financial obligations as and when they materialise.

For and on behalf ofLION GLOBAL INVESTORS LIMITED

GERARD LEE HOW CHENGCEO26 March 2018

11


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OFLIONGLOBAL INVESTMENT FUNDS III - LIONGLOBAL VIETNAM FUND(Constituted under a Trust Deed in the Republic of Singapore)

Our Opinion

In our opinion, the accompanying financial statements of the sub-fund of LionGlobal Investment Funds III (the “Fund”), namely LionGlobal Vietnam Fund ( the “Sub-Fund”) are properly drawn up in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants, so as to present fairly, in all material respects, the financial position and portfolio holdings of the Sub-Fund as at 31 December 2017, and of the financial performance and movements of unitholders’ funds for the financial year ended on that date.

What we have audited

The financial statements of the Sub-Fund comprise:• the Statement of Total Return for the financial year ended 31 December 2017;• the Statement of Financial Position as at 31 December 2017;• the Statement of Movements of Unitholders’ Funds for the financial year ended

31 December 2017;• the Statement of Portfolio as at 31 December 2017;• the notes to the financial statements, including a summary of significant accounting

policies.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

We are independent of the Sub-Fund in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.

12



Other Information

The Sub-Fund’s Manager (the “Manager”) is responsible for the other information. The other information comprises all sections of the annual report, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Manager for the Financial Statements

The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Manager is responsible for assessing the Sub-Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to terminate the Sub-Fund or to cease the Sub-Fund’s operations, or has no realistic alternative but to do so.

The Manager’s responsibilities include overseeing the Sub-Fund’s financial reporting process.

13



Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Sub-Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Sub-Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Sub-Fund to cease to continue as a going concern.

14



• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers LLPPublic Accountants and Chartered AccountantsSingapore, 26 March 2018

15


STATEMENT OF TOTAL RETURN For the financial year ended 31 December 2017

2017 2016Note $ $

IncomeDividends 2,106,751 2,595,659 Interest on cash and bank balances 19 5,744

2,106,770 2,601,403

Less: ExpensesAudit fee 18,840 20,522 Custodian fees 11 102,851 129,881 Management fee 11 1,470,543 1,849,784 Professional fees 16,230 19,190 Registration fee 11 27,164 30,386 Trustee fee 11 39,215 49,328 Transaction cost 146,710 248,764 Valuation and administration fees 11 39,215 49,328 Miscellaneous expenses 110,147 155,835

1,970,915 2,553,018 Net income 135,855 48,385

Net gains or losses on value of investments and financial derivativesNet gains on investments 32,795,578 19,294,227 Net losses on foreign exchange contracts (77,687) (114,434)Net foreign exchange (losses)/gains (756,237) 2,257,932

31,961,654 21,437,725

Total return for the year before income tax 32,097,509 21,486,110

Less: Income tax 3 - -

Total return for the year 32,097,509 21,486,110

The accompanying notes form an integral part of these financial statements.

16


STATEMENT OF FINANCIAL POSITIONAs at 31 December 2017

2017 2016 Note $ $

ASSETS

Portfolio of investments 89,052,049 97,604,226 Receivables 5 1,013,506 408,815 Due from brokers 6 227,386 372,606 Cash and bank balances 7 3,879,202 5,398,048

Total assets 94,172,143 103,783,695

LIABILITIES

Payables 8 974,766 716,606 Due to brokers 6 - 488,189

Total liabilities 974,766 1,204,795

EQUITY

Net assets attributable to unitholders 9 93,197,377 102,578,900


17



STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the financial year ended 31 December 2017

2017 2016 Note $ $

Net assets attributable to unitholders at the beginning of the financial year

102,578,900

127,848,596

OperationsChange in net assets attributable to

unitholders resulting from operations 32,097,509 21,486,110

Unitholders’ contributions/(withdrawals)Creation of units 31,067,297 46,155,362 Cancellation of units (72,546,329) (92,911,168)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units

(41,479,032) (46,755,806)

Distribution 4 - -

Total decrease in net assets attributable to unitholders (9,381,523) (25,269,696)

Net assets attributable to unitholders at the end of the financial year 9 93,197,377 102,578,900

18


STATEMENT OF PORTFOLIOAs at 31 December 2017

Percentage oftotal net assetsattributable to

Holdings at Fair value at unitholders at31 December

201731 December

201731 December

2017$ %

By Industry (Primary)

QUOTED EQUITIES

CONSUMER, NON-CYCLICALVietnam Dairy Products Joint Stock

Company 1,275,326 15,655,753 16.8 Masan Group Corporation 1,026,115 4,631,587 5.0 Pan Group Joint Stock Company 1,128,029 2,389,798 2.6 KIDO Group Corporation 996,020 2,315,280 2.5 Vinh Hoan Corporation 505,610 1,585,920 1.7

26,578,338 28.6

INDUSTRIALAirports Corporation of Vietnam

Joint Stock Company 972,100 6,206,962 6.7 Ho Chi Minh Infrastructure

Investment Joint Stock Company 3,000,000 6,196,790 6.6 Refrigeration Electrical Engineering

Corporation 1,495,000 3,651,134 3.9 Dien Quang Lamp Joint Stock

Company 4 9 * 16,054,895 17.2

BASIC MATERIALSHoa Phat Group Joint Stock

Company 5,043,991 13,906,644 14.9 Petrolimex Petrochemical Joint

Stock Company 363,100 534,201 0.6 14,440,845 15.5


* denotes amount less than 0.1%

19




201731 December

201731 December

2017$ %


QUOTED EQUITIES

FINANCIALJoint Stock Commercial Bank for

Foreign Trade of Vietnam 1,979,300 6,324,845 6.8 Bao Viet Holdings 807,960 3,104,856 3.3 Saigon Thuong Tin Commercial Joint

Stock Bank 8 6 * 9,429,707 10.1

REAL ESTATEVingroup Joint Stock Company 1,992,514 9,063,988 9.7

9,063,988 9.7



20




201731 December

201731 December

2017$ %


QUOTED EQUITIES

CONSUMER, CYCLICALMobile World Investment

Corporation 1,169,824 9,018,416 9.7

TECHNOLOGYFPT Corporation 1,329,015 4,465,853 4.8

ENERGYPetrovietnam Drilling & Well

Services Joint Stock Company 5 7 *

Portfolio of investments 89,052,049 95.6 Other net assets 4,145,328 4.4

Net assets attributable to unitholders 93,197,377 100.0



21


Percentage of total net assetsattributable to unitholders at

31 December 31 December2017 2016

% %By Industry (Summary)

Consumer, Non-cyclical 28.6 32.6 Industrial 17.2 11.4 Basic Materials 15.5 13.1 Financial 10.1 11.6 Real Estate 9.7 15.6 Consumer, Cyclical 9.7 6.4 Technology 4.8 3.1 Energy * 1.4 Portfolio of investments 95.6 95.2 Other net assets 4.4 4.8

Net assets attributable to unitholders 100.0 100.0

Percentage of total net assets

Fair value at attributable to unitholders at31 December 31 December 31 December

2017 2017 2016$ % %

By Geography (Secondary)

Vietnam 89,052,049 95.6 95.2

Portfolio of investments 89,052,049 95.6 95.2Other net assets 4,145,328 4.4 4.8Net assets attributable to

unitholders

93,197,377

100.0

100.0



22


NOTES TO THE FINANCIAL STATEMENTSFor the financial year ended 31 December 2017

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. GENERAL

LionGlobal Investment Funds III (the “Fund”) is a Singapore domiciled umbrella fund constituted by a Deed of Trust dated 8 December 2006 together with its Supplemental Deeds thereon (thereafter referred to as “Trust Deed”) between Lion Global Investors Limited (the “Manager”) and RBC Dexia Trust Services Singapore Limited (“RBC Dexia”). The Trust Deed is governed by the laws of the Republic of Singapore.

With effect from 1 July 2011, RBC Dexia retired as the Trustee of the Fund and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) was appointed in place of RBC Dexia.

The only sub-fund under LionGlobal Investment Funds III as at 31 December 2017 is LionGlobal Vietnam Fund (the “Sub-Fund”).

The investment objective of the Sub-Fund is to provide you with medium to long-term capital appreciation. The management fee rate is 1.5% per annum.Subscriptions and redemptions of the Sub-Fund are denominated in Singapore Dollar and United States Dollar. Investors may subscribe in United States Dollar at the applicable rate of exchange from Singapore Dollar.

23


2. SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, and in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) issued by the Institute of Singapore Chartered Accountants in March 2017 for the financial year beginning on or after 1 July 2016.

The Fund has adopted the following Singapore Financial Reporting Standards (“FRS”) and related amendments in accordance with the recommendations of the RAP7:

(i) Consolidation and disclosure of interests in other entities

FRS 110 “Consolidated financial statements”FRS 112 “Disclosure of interests in other entities”Amendments to FRS 110, FRS 112 and FRS 27 “Investment entities”

FRS 110 and the amendments define an investment entity and introduce an exception from the consolidation requirements for investment entities.

FRS 112 and the amendments require entities to disclose significant judgements and assumptions made in determining whether the entity controls, jointly controls, significantly influences or has some interests in other entities. Entities are also required to provide disclosure around certain “structured entities”. The amendments to FRS 112 introduce new disclosure requirements related to investment entities.

(ii) Offsetting financial assets and liabilities disclosures

Amendments to FRS 32 “Financial instruments: Presentation – Offsetting financial assets and financial liabilities”

Amendments to FRS 107 “Disclosures – Offsetting financial assets and financial liabilities”

The amendments to FRS 32 provide clarification on the offsetting criteria in FRS 32 and address inconsistencies in their application.

24


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(a) Basis of preparation (continued)

The amendments to FRS 107 require additional disclosures to enable users of financial statements to evaluate the effect or the potential effects of netting arrangements, including rights of set-off associated with an entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position.

The adoption of these new or amended FRS impacted the Sub-Fund’s level of disclosures in certain of the above noted areas, but did not result in substantial changes to the accounting policies of the Sub-Fund and had no material effect on the amounts reported for the current or prior financial years.

(b) Recognition of income

Dividend income is recognised when the right to receive payment is established.

Interest income is recognised on a time proportion basis using the effective interest method.

(c) Financial derivatives

Financial derivatives are entered into for the purposes of efficient portfolio management, tactical asset allocation or specific hedging of financial assets held as determined by the Manager and in accordance with the provisions of the Trust Deed.

Financial derivatives outstanding at the end of the financial year are measured at their fair values using the marked-to-market method, and the resultant gains and losses are taken up in the Statement of Total Return.

(d) Distributions

The Manager has the absolute discretion to determine whether a distribution is to be made. In such an event, an appropriate amount will be transferred to a distribution account to be paid out on the distribution date. The amount shall not be treated as part of the property of the Sub-Fund. Distributions are accrued for at the reporting date if the necessary approvals have been obtained and a legal or constructive obligation has been created.

25



(e) Investments

Investments are classified as financial assets at fair value through profit or loss.

(i) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.

(ii) Subsequent measurement

Investments are subsequently carried at fair value. Net change in the fair value of investments are included in the Statement of Total Return in the year in which they arise.

(iii) Derecognition

Investments are derecognised on the trade date of disposal. The resultant realised gains and losses on the sales of investments are computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs, and are taken up in the Statement of Total Return.

(f) Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date. The Sub-Fund utilises the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of fair value.

(g) Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are initially recognised at their fair value and subsequently carried at amortised cost using the effective interest method.

26



(h) Foreign currencies

(i) Functional and presentation currency

Subscriptions and redemptions of the units in the Sub-Fund are denominated in Singapore dollars and United States dollars. The primary activity of the Sub-Fund is to invest in authorised investments which are equities, equity-related instruments (including, without limitation, interests in property funds) and securities in Vietnamese incorporated companies or institutions, as well as in companies or institutions which although not incorporated in Vietnam, have operations in, exposure to, or derived part of their revenue from Vietnam, and the Indo-China region (which includes, but is not limited to, Cambodia and Laos). The Sub-Fund may also invest in short term fixed income securities listed or traded on recognised markets within the Indo-China region.

The performance of the Sub-Fund is measured and reported to the investors in Singapore dollars. In addition, the Sub-Fund’s activities are substantially based in Singapore and expenses are predominantly denominated in Singapore dollars. Therefore, the Manager considers the Singapore Dollar as the currency which most faithfully represents the economic effects of the underlying transactions, events and conditions. The Sub-Fund’s functional and presentation currency is the Singapore Dollar.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the reporting date are recognised in the Statement of Total Return. Translation differences on non-monetary financial assets and liabilities such as equities are also recognised in the Statement of Total Return within the net gain or loss on investment.

27



(i) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Sub-Fund or the counterparty.

3. INCOME TAX

The Sub-Fund was granted the status of Designated Unit Trust (DUT) in Singapore. The Trustee of the Sub-Fund will ensure that the Fund fulfills its reporting obligations under the DUT Scheme.

Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with sections 35(12) and 35(12A) of the Income Tax Act. Such income includes:

(a) gains or profits derived from Singapore or elsewhere from the disposal of securities;

(b) interest (other than interest for which tax has been deducted under section 45 of the Income Tax Act);

(c) dividends derived from outside Singapore and received in Singapore;

(d) gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rate or currency forwards, swaps or option contracts and transactions in forwards, swaps or option contracts relating to any securities or financial index;

(e) discount, prepayment fee, redemption premium and break cost from qualifying debt securities issued during the prescribed period; and

(f) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

28


3. INCOME TAX (continued)

The Sub-Fund with effect from 1 June 2015 has been approved by the Monetary Authority of Singapore (MAS) for the Enhanced-Tier Fund (“ETF”) Tax Incentive Scheme under Section 13X of the Income Tax Act and the relevant regulations. Subject to certain conditions being met on an annual basis, the Sub-Fund may enjoy Singapore corporate income tax exemption on “specified income” derived from “designated investments” for the life of the Sub-Fund. The tax exemption does not apply in the year when the relevant conditions are not met. Losses from “designated investments” are correspondingly disregarded. The terms “specified income” and “designated investments” are defined in the relevant income tax Regulations.

The Trustee of the Sub-Fund will ensure that the Sub-Fund fulfills its reporting obligations under the ETF Scheme.

4. DISTRIBUTION

The Manager does not propose any distributions to unitholders for the financial year ended 31 December 2017 (2016: Nil).

5. RECEIVABLES2017 2016

$ $

Amount receivable for creation of units 845,344 174,573 Dividends receivable 112,577 123,717 Other receivable 55,585 110,525

1,013,506 408,815

6. DUE FROM/TO BROKERS

2017 2016$ $

Sales awaiting settlement 227,386 372,606

Purchases awaiting settlement - 488,189

29


7. CASH AND BANK BALANCES

The cash and bank balances are placed with a financial institution which is a related company of the Trustee.

8. PAYABLES2017 2016

$ $

Amount payable for cancellation of units 794,194 505,339 Amount due to the Manager 116,808 129,402 Amount due to the Trustee 3,111 3,450 Amount due to the Custodian 5,096 5,096 Amount due to the Registrar 8,264 6,700 Other payables 47,293 66,619

974,766 716,606

9. UNITS IN ISSUE

2017 2016Units Units

Units at beginning of the year 202,708,421 288,075,714 Units created 56,811,049 101,015,544 Units cancelled (129,354,645) (186,382,837)Units at end of the year 130,164,825 202,708,421 of which, units denominated in - USD 56,323,955 106,289,958

Net assets attributable to unitholders 93,197,377 102,578,900 Net asset value per unit 0.715 0.506

There is no difference between the net assets attributable to unitholders per the financial statements and the net assets attributable to unitholders for issuing/redeeming units at the reporting date.

30


10. FINANCIAL RISK MANAGEMENT

The Sub-Fund’s activities expose it to a variety of market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Sub-Fund’s overall risk management programme seeks to minimise potential adverse effects on the Sub-Fund’s financial performance. The Sub-Fund may use financial futures contracts, options and/or currency forward contracts subject to the terms of the Trust Deed to moderate certain risk exposures. Specific guidelines on exposures to individual securities and certain industries are in place for the Sub-Fund at any time as part of the overall financial risk management to reduce the Sub-Fund’s risk exposures.

The Sub-Fund’s assets principally consist of equity securities. They are held in accordance with the published investment policies of the Sub-Fund. The allocation of assets between the various types of investments is determined by the Manager to achieve their investment objectives.

The following is a summary of the main risks and risk management policies:

(a) Market risk

Market risk is the risk of loss to the value of financial investments because of changes in market conditions like interest and currency rate movements and volatility in security prices. External factors such as changes in economic environment, consumption patterns and investor’s expectation contribute to market risk which may have a significant impact on the asset’s value.

The Sub-Fund’s investments are substantially dependent on changes in market prices. The Manager monitors the Sub-Fund’s investments closely so as to assess changes in fundamentals and valuation. Although the Manager makes reasonable efforts in the choice of investments, events beyond reasonable control of the Manager could affect the prices of the underlying investments and hence the asset value of the Sub-Fund. Guidelines are set to reduce the Sub-Fund’s risk exposures to market volatility such as diversifying the portfolio by investing across various geographies/ industries.

The Sub-Fund’s market risk is affected primarily by three components: changes in actual market prices, interest rate volatilities and foreign exchange movements.

31


10. FINANCIAL RISK MANAGEMENT (continued)

(a) Market risk (continued)

(i) Price risk

The Sub-Fund’s sensitivity to the market is measured using its beta, a ratio that describes how the expected return of a portfolio is correlated to the return of the financial market as a whole. The daily fund price movement is measured against the daily price movement of the benchmark to derive the beta.

As at 31 December 2017, the Sub-Fund’s beta was 0.83 (2016: 0.90) which was calculated based on the daily returns over the preceding 12 months for the Sub-Fund and its benchmark (2016: based on the daily returns over the preceding 12 months for the Sub-Fund and its benchmark).

The table below summarises the impact of increases/decreases from the Sub-Fund’s underlying investments in equities on the Sub-Fund’s net assets attributable to the unitholders as at 31 December 2017 and 2016. The analysis was based on the assumptions that the index components within the benchmark index increased/decreased by a reasonable possible shift, with all variables held constant and that the fair value of the Sub-Fund’s investments moved according to the beta.

Impact of 8% (2016: 5%) movement in

benchmark on net assets attributable to the unitholders

2017 2016Fund Benchmark $ $

LionGlobal Vietnam Fund

FTSE Vietnam Index

5,913,056 4,392,190

(ii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

32




(ii) Interest rate risk (continued)

Investment funds that invest in equity securities may be subject to interest rate risk as any interest rate change may affect the equity risk premium though at varying degrees. To manage this risk, the Manager analyses how interest rate changes may affect different industries and securities and then seeks to adjust the Sub-Fund’s portfolio investments accordingly. However, the effects of changes in interest rates on the Sub-Fund’s portfolio may not be quantified as the relationship between interest rates and the value of the equity securities is indirect. Other than cash and bank balances and fixed deposit which are subjected to an insignificant interest rate risk, the Sub-Fund’s financial assets and liabilities are largely non-interest bearing. The Sub-Fund is not subjected to significant risk due to fluctuations in the prevailing levels of market interest rates.

(iii) Currency risk

The Sub-Fund has monetary financial assets/liabilities denominated in currencies other than Singapore dollars and the Sub-Fund may be affected favourably or unfavourably by exchange rate regulations or changes in the exchange rates between the Singapore Dollar and such other currencies. The Sub-Fund may enter into foreign currency contracts designed to either hedge some or all of this exposure, or alternatively increase exposure to preferred foreign currencies.

The table below summarises the Sub-Fund’s exposure to key currencies at the end of the financial year. Monetary and non-monetary items have been taken into the account for the analysis.

33




(iii) Currency risk (continued)

31 December 2017 VND USD SGD Total $ $ $ $

AssetsPortfolio of

investments 89,052,049 - - 89,052,049 Receivables 112,577 197,924 703,005 1,013,506 Due from brokers 227,386 - - 227,386 Cash and bank

balances 3,554,583 233,917 90,702 3,879,202 Total assets 92,946,595 431,841 793,707 94,172,143

LiabilitiesPayables - 543,591 431,175 974,766 Total liabilities - 543,591 431,175 974,766

Net financial assets / (liability) 92,946,595 (111,750) 362,532 93,197,377

Net currency exposure 92,946,595 (111,750) 362,532

31 December 2016 VND USD SGD Total $ $ $ $

AssetsPortfolio of

investments 97,604,226 - - 97,604,226 Receivables 123,717 82,895 202,203 408,815 Due from brokers 372,606 - - 372,606 Cash and bank

balances 4,738,065 523,493 136,490 5,398,048 Total assets 102,838,614 606,388 338,693 103,783,695

LiabilitiesPayables - 329,097 387,509 716,606 Due to brokers 488,189 - - 488,189 Total liabilities 488,189 329,097 387,509 1,204,795

Net financial assets / (liability) 102,350,425 277,291 (48,816) 102,578,900

Net currency exposure

102,350,425 277,291 (48,816)

34




(iii) Currency risk (continued)

Equity investments are non-monetary financial assets and are exposed to both currency risk and price risk. As these financial assets are non-monetary, no separate sensitivity analysis has been performed to analyse currency risk. The impact of currency risk arising from these financial assets on the Sub-Fund’s net asset value has been included in the above price risk sensitivity analysis.The Sub-Fund’s monetary assets/liabilities are measured for their sensitivity to exchange rate movements based on the balance of the monetary assets/liabilities, forecasted exchange rate movements and the net asset value of the Sub-Fund.

As of 31 December 2017 and 2016, the Sub-Fund’s exposure to foreign currency fluctuations with respect to the monetary assets/liabilities is not considered to be significant and hence no sensitivity analysis on foreign currency risk has been presented.

(b) Liquidity risk

The Sub-Fund is exposed to daily redemption of units in the Sub-Fund. It therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of.

The table below analyses the Sub-Fund’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

35



(b) Liquidity risk (continued)

31 December 2017 Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 974,766 - - -

31 December 2016 Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 716,606 - - - Due to brokers 488,189 - - -

(c) Credit risk

Credit risk is the risk that counterparty will fail to perform contractual obligations, either in whole or in part, under a contract.

Concentrations of credit risk are minimised primarily by:

- ensuring counterparties, together with the respective credit limits, are approved,

- ensuring that transactions are undertaken with a large number of counterparties, and

- ensuring that the majority of transactions are undertaken on recognised exchanges.

All transactions in listed securities are settled/paid upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

Credit risk also arises from cash and cash equivalents and assets held with financial institutions.

36



(c) Credit risk (continued)

The Sub-Fund may also enter into derivatives to manage its exposures to currency risk and price risk, including foreign exchange forward contracts and options. Hence, the Sub-Fund is also exposed to the risk that its derivatives held with counterparties may not be recoverable in the event of any default by the parties concerned. The Manager minimises the Sub-Fund’s credit risk by undertaking transactions with banks that are part of banking groups with good credit-ratings assigned by international credit rating agencies.

The table below summarises the credit rating of banks and custodian in which the Sub-Fund’s assets are held as at 31 December 2017 and 2016.

Credit Source of31 December 2017 rating## credit rating

CustodianThe Hongkong and Shanghai Banking Corporation Limited AA- S&P

BankThe Hongkong and Shanghai Banking

Corporation Limited AA- S&P

Credit Source of31 December 2016 rating## credit rating

CustodianThe Hongkong and Shanghai Banking


BankThe Hongkong and Shanghai Banking


The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets.

The credit ratings are based on the Long-Term Issuer Ratings published by the rating agency.

## Group credit ratings are presented for unrated subsidiaries.

37



(d) Capital management

The Sub-Fund’s capital is represented by the net assets attributable to unitholders. The Sub-Fund strives to invest the subscriptions of redeemable participating units in investments that meet the Sub-Fund’s investment objectives while maintaining sufficient liquidity to meet unitholders’ redemptions.

(e) Fair value estimation

The Sub-Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table analyses within the fair value hierarchy the Sub-Fund’s financial assets and liabilities (by class) measured at fair value at 31 December 2017 and 2016:

31 December 2017 Level 1 Level 2 Level 3 TotalAssets $ $ $ $Financial assets designated

at fair value through profit or loss- Quoted equities 89,052,049 - - 89,052,049

31 December 2016 Level 1 Level 2 Level 3 TotalAssets $ $ $ $Financial assets designated

at fair value through profit or loss- Quoted equities 97,604,226 - - 97,604,226

38



(e) Fair value estimation

Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1, comprise active listed equities. The Sub-Fund does not adjust the quoted price for these instruments.

Except for cash and bank balances which are classified as Level 1, the Sub-Fund’s assets and liabilities not measured at fair value at 31 December 2017 and 2016 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.

11. RELATED PARTY TRANSACTIONS

Management fees are paid to the Manager, while trustee fee is paid to the Trustee. These fees paid or payable by the Sub-Fund shown in the Statement of Total Return and in the respective notes to the financial statements are on terms set out in the Trust Deed.

In addition to the related party information shown elsewhere in the financial statements, the following significant transactions took place during the financial year between the Sub-Fund and related parties at terms agreed between the parties and within the provisions of the Trust Deed:

2017 2016 $ $

Interest expenses incurred with a bank whichis a related company of the Trustee 1,853 2,838

Transaction fees charged by the Trustee 12,662 29,349 Registration fee charged by a related company

of the Trustee 27,164 30,386

Valuation and administration fees charged bythe Trustee 39,215 49,328

Bank service fees charged by a bank which isa related company of the Trustee 4,798 1,589

Custodian fees charged by a related companyof the Trustee 102,851 129,881

Cash transfer fees charged by a related company of the Trustee 68,841

113,833

39


12. FINANCIAL RATIOS

2017 2016% %

Expense ratio 1 1.86 1.87

Portfolio turnover ratio 2 7 23

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 December 2017 was based on total operating expenses of $1,819,190 (2016: $2,294,516) divided by the average net asset value of $97,898,563 (2016: $122,887,790) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $6,641,320 (2016: purchases of $28,027,146) divided by the weighted average daily net asset value of $97,898,563 (2016: $122,887,790).

Disclaimer

This publication is for information only. It is not a recommendation, offer or solicitation for the purchase or sale of any securities or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs. Applications for units in our funds must be made on forms accompanying the prospectus. You should read the prospectus and Product Highlights Sheet which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of its distributors, consider if a fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to invest in the fund. Investments in our funds are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of a fund is not guaranteed and the value of units in a fund and the income accruing to the units, if any, may rise or fall. Past performance, as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance of a fund. Dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the fund. Any information (which includes opinions and estimates) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information contained herein and no warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. LGI, its related companies, their directors and/or employees may hold units of a fund and be engaged in purchasing or selling units of a fund for themselves or their clients. Lion Global Investors® Limited (UEN/ Registration No. 198601745D) is a Singapore incorporated company, and is not related to any asset or fund management entity that is domiciled in Europe or the United States.

This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or omission between the English and Chinese versions, the English version shall apply and prevail. In the event of any ambiguity, discrepancy or omission between this publication and the prospectus, the contents of the prospectus shall apply and prevail.

A m

em

ber

of t

he O

CB

C G

rou

p

Lion Global Investors Ltd65 Chulia Street #18-01

OCBC Centre, Singapore 049513

For more information, visit: lionglobalinvestors.com or email: [email protected]

Co Reg No:198601745D

利安資金越南基金財務報告 - sfiles.cnyes.cool · airports corporation of vietnam joint...

Documents