The Fund's investment objective is to achieve capital appreciation primarily (i.e. usually two thirds of its net asset value) through investing in small and mid capcompanies whose operations are focused mainly in, or which derive a significant amount of revenue from China, HongKong or Macau listed in China, HongKong and the US. The Fund is actively managed in reference to the 95% of MSCI China Free SMID Index and 5% of Hong-Kong Overnight Interbank Offer Rate (the "Benchmark"). It issolely used as performance reference. The Fund is a long-only open-ended equity Fund. The Fund may invests up to 50% of its asset value in China A-Share via the securities trading and clearing linked programme with an aim to achieve mutual stock marketaccess between Mainland China and Hong Kong (the Stock Connect Program) and qualified foreign investor (QFI) status of the Investment Manager