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HSBC China Dragon Fund, 00820.HK - Company Profile
Chairman	-
Share Issued (share)	55,000,000
Par Currency
Par Value	0.0
Industry	-
Corporate Profile	Business Summary: HSBC China Dragon Fund is a unit trust constituted by the Trust Deed dated 20 June,2007 governed by the laws of Hong Kong. The Manager of the Fund is HSBC Investments(Hong Kong) Limited. Performance for the year: Business Review: The market had a rocky start to 2016, driven by the weakened investor confdence in domestic policy, volatility of the renminbi and the tepid economic activity. Investor sentiment was further weighed on by the skepticism around China’s policy stance as the State media People’s Daily published an article in May citing that the nation’s economic growth will likely to exhibit an L-shape pattern rather than a V-shape or U-shape trajectory. Chinese equities surged in the third quarter, largely bolstered by a stabilisation in macro data, accommodative policy measures and the positive sentiment around the approval of the Shenzhen-Hong Kong (SZ-HK) Stock Connect programme, before enduring a downward trend over the last quarter driven by restrictive measures in the property market and tightened interbank liquidity. In the frst quarter of 2017 the market was boosted by strong Stock Connect southbound ﬂows (HK$124bn in 1Q17 vs HK$281bn for full year 2016). A stable CNY and moderating fears around capital outﬂow also helped to provide support to the market. Continued robust macro data from China set a positive tone including rising PMI readings which pointed at a demand recovery in the manufacturing sector as well as stabilization in external demand. Infrastructure was also strong, supported by accelerating PPP project approval. The property market remained resilient, with strong transactions in cities without tightening measures. Prospects: The economy has stabilized and macro data continues to improve. An expansionary stance in terms of fscal spend alongside further implementation of supply side and SOE reforms is helping to support the Chinese economy. A further opening up of capital/ fnancial markets should help drive equity market valuations. Earnings are looking more upbeat, as margins have started to improve on the back of the recovery in producer price inﬂation (PPI). Valuations continue to look attractive when compared to long term averages.

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