History of the Fund

THE LAUNCH OF TRAHK

Launched in 1999, the Tracker Fund of Hong Kong (TraHK) is the pioneer of the local exchange-traded fund (ETF) industry. Today, it remains as one of the largest and most liquid ETFs in the Hong Kong market. Currently managed by Hang Seng Investment Management Limited (HSVM), TraHK provides a cost-efficient mean of gaining exposure to Hong Kong equities for a range of investors, large and small.

In August 1998, the Government of the Hong Kong Special Administrative Region (HKSAR government) acquired a substantial portfolio of Hong Kong shares during a market operation. Exchange Fund Investment Limited (EFIL) was established in October 1998 by the HKSAR government and one of its functions was to advise on the disposal of this portfolio in an orderly manner.

When seeking to dispose of these shares, the HKSAR government chose a stock neutral solution that would create minimal disruption to the market. An Exchange Traded Fund, the Tracker Fund of Hong Kong (TraHK), which met these requirements and added depth to Hong Kong's capital markets, was launched in November 1999 as the first step in the HKSAR government's disposal programme. State Street Global Advisors Asia Limited was appointed as the Manager in 1999 and State Street Bank and Trust Company was appointed as the Trustee of TraHK.

With an issue size of HK$ 33.3 billion (approximately US$ 4.3 billion), TraHK's Initial Public Offering (IPO) was the largest IPO ever in Asia ex-Japan at the time of launch. Through the IPO of TraHK and its Tap Facility, approximately HK$ 140.4 billion (by 15 October 2002) in Hang Seng Index constituent stocks have been returned to the market.

Starting from 19 September 2022, HSVM has officially become the new Manager of the TraHK.

About the Manager and Trustee

The Manager

Established in 1993, Hang Seng Investment Management Limited ("HSVM") is a wholly-owned subsidiary of Hang Seng Bank Limited. As a Hong Kong-based asset management company specialising in managing funds related to mainland China and Hong Kong markets, HSVM is committed to providing investors with comprehensive investment management services through investment managers with extensive experience in managing funds (including a series of exchange traded funds (ETFs) and retail funds) and investment portfolios for institutional and private clients. HSVM is a leading home-grown asset manager in Hong Kong with nearly 30 years of market leading asset management experience.

The Trustee

State Street Bank and Trust Company is a wholly-owned subsidiary of State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With US$33.10 trillion in assets under custody and administration as of December 31, 2017, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com*.

*This website has not been reviewed by SFC

Awards & Recognition

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News Release

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The press release before 19 September 2022 were issued by the previous fund manager
Investment involves risk and past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The website has not been reviewed by SFC. Issued by Hang Seng Investment Management Limited.