THIS MATERIAL IS A MARKETING COMMUNICATION.
Display Market: Latest Innovations, Drivers, and Trends
In this article, we provide an introduction to the display industry by walking through the key display technologies and examine the current competitive landscape of the industry.
Nature of Display Business
The display industry is highly concentrated due to a few reasons. First, while technology migration is relatively slow, R&D in next-generation technology takes time and requires significant investment. Betting on the wrong technology could have devastating results. Second, panels especially mature technology like LCD(Liquid crystal display) is commoditized, which means limited bargaining power for display producers and price can be volatile. Third, capacity expansion is capital intensive. Total investment for a new LCD factory is around US$10-20bn. (Beijing Oriental Electronics BOE 2019).
Display Technology Migration
We can trace the root of modern display technology back to research around cathode rays in the 1890s. After decades of research and attempts, by the 1920s prototypes of the earliest television start to emerge. Color television was introduced in the late 1940s; however, the core mechanism behind mainstream display technology remains largely unchanged throughout the 20th century, as TV makers continue to adopt different versions of cathode ray tube design.
CRT (Cathode Ray Tube)
Mechanism: Multiple electron guns housed in a cathode fire electron through the vacuum tube. The deflection angle of the electrons is controlled by the vertical and horizontal deflection coils. When the electrons hit the phosphorescent material on the screen it excites the R, G, and B phosphors which emit light in a process called cathodoluminescence.
Development: From the 1930s to the 2000s, CRT has been the dominant display technology for television and computer monitors. It is the earliest display design covering the monochrome and color era of television. As other technologies like plasma and LCD enter the market in early 2000, CRT shipment starts to drop significantly. Sony one of the largest makers of CRT TV ended production of cathode-ray tubes in Japan in 2004, then stopped production of all CRT TVs in 2008.
Plasma Display Panel
Mechanism: The plasma display panel uses a small cell that contains plasma (ionized gas) between two ultra-thin glasses. A pulse of electricity causes gas sealed in a subpixel to form plasma and discharge ultraviolet light. This discharge in turn causes the phosphor coating of the subpixel to flash visible light through the front glass panel.
Development: Panasonic was the leader behind this technology. In early 2000 Plasma was the popular choice for premium large panel size TV as LCD and CRT TV size was limited at the time. However screen burn-in has always been a problem for the technology, Panasonic’s monopoly power in the technology also forces other panel makers to seek alternative technologies. As a result the technology never became a mainstream display solution. By the early 2010s, large-size LCD prices and performance squeeze plasma display panel out of the market. Panasonic ended production of plasma TV in December 2013.
LCD (liquid crystal display)
Mechanism: LCDs are lit by a backlight, and pixels are switched on and off electronically while using liquid crystals to rotate polarized light.
Development: LCD was the main display technology to replace CRT and still dominates the display market today. The technology has been able to evolve to stay competitive as it continues to improve in resolution, contract, the power consumption etc. The latest variation includes quantum dot LCD and mini LED backlight LCD.
OLED (Organic light-emitting diode)
Mechanism: OLED works by placing a series of organic thin films between two conductors. When a current is applied, the organic compound emits light. The two main types of OLED are Active-matrix OLED and Passive matrix OLED.
Development: Practical OLED prototypes appeared in the late 1980s. Companies start to make small volume of commercial OLED displays in the early 2000s. OLED provides pixel-level brightness control as it does not rely on backlights. It provides better contrast, higher brightness, and lower power consumption compared to LCD. However, due to the significantly higher cost relative to LED, penetration of OLED is still under 5% of global panel shipment by area in 2020(Morgan Stanley 2020). OLED is mostly adopted in devices with a smaller display such as smartphones and wearable products.
Rise of Chinese Panel Makers
Korea and Taiwan once controlled the LCD market, and for many years China imported a significant amount of displays. In 2010, the display panel was the fourth largest import by value among all the imported goods in China. However, China has picked up the pace of LED manufacturing. In 4Q18, China’s LCD production capacity surpassed South Korea, being the largest in the world. China is estimated to account for around 40% of global LCD capacity in 2020 and is expected to continue to gain more market share. (DSCC Display Supply Chain Consultant, 2020) On the other hand, Korean LCD panel makers are planning to exit the market, as excess capacity and strong competition have impacted their profitability in LCD production. Three main Korean LCD production lines will be closed in 2020/2021, which is around 5.7m sqm/quarter of their capacity or around 30% of the total capacity from Korea. (Morgan Stanley 2020)
In addition, China is stepping up its effort to tap into the OLED market, which is dominated by Korean companies. BOE (Beijing Oriental Electronics)started to invest in OLED back in 2012, the Chengdu fab alone required RMB 46.5bn of investment. (BOE 2013) Morgan Stanley estimate China accounts for around 28% of global OLED capacity in 2020 and will be on track to reach 45% of global OLED capacity in 2022.
Industry outlook
The exit of Korean players in LCD will stabilize the panel price going forward. We believe innovation is the key growth driver for the industry as new technologies such as quantum dot, micro LED and mini LED continue to improve display performance.
In this article, we provide an introduction to the display industry by walking through the key display technologies and examine the current competitive landscape of the industry.
Nature of Display Business
The display industry is highly concentrated due to a few reasons. First, while technology migration is relatively slow, R&D in next-generation technology takes time and requires significant investment. Betting on the wrong technology could have devastating results. Second, panels especially mature technology like LCD(Liquid crystal display) is commoditized, which means limited bargaining power for display producers and price can be volatile. Third, capacity expansion is capital intensive. Total investment for a new LCD factory is around US$10-20bn. (Beijing Oriental Electronics BOE 2019).
Display Technology Migration
We can trace the root of modern display technology back to research around cathode rays in the 1890s. After decades of research and attempts, by the 1920s prototypes of the earliest television start to emerge. Color television was introduced in the late 1940s; however, the core mechanism behind mainstream display technology remains largely unchanged throughout the 20th century, as TV makers continue to adopt different versions of cathode ray tube design.
CRT (Cathode Ray Tube)
Mechanism: Multiple electron guns housed in a cathode fire electron through the vacuum tube. The deflection angle of the electrons is controlled by the vertical and horizontal deflection coils. When the electrons hit the phosphorescent material on the screen it excites the R, G, and B phosphors which emit light in a process called cathodoluminescence.
Development: From the 1930s to the 2000s, CRT has been the dominant display technology for television and computer monitors. It is the earliest display design covering the monochrome and color era of television. As other technologies like plasma and LCD enter the market in early 2000, CRT shipment starts to drop significantly. Sony one of the largest makers of CRT TV ended production of cathode-ray tubes in Japan in 2004, then stopped production of all CRT TVs in 2008.
Plasma Display Panel
Mechanism: The plasma display panel uses a small cell that contains plasma (ionized gas) between two ultra-thin glasses. A pulse of electricity causes gas sealed in a subpixel to form plasma and discharge ultraviolet light. This discharge in turn causes the phosphor coating of the subpixel to flash visible light through the front glass panel.
Development: Panasonic was the leader behind this technology. In early 2000 Plasma was the popular choice for premium large panel size TV as LCD and CRT TV size was limited at the time. However screen burn-in has always been a problem for the technology, Panasonic’s monopoly power in the technology also forces other panel makers to seek alternative technologies. As a result the technology never became a mainstream display solution. By the early 2010s, large-size LCD prices and performance squeeze plasma display panel out of the market. Panasonic ended production of plasma TV in December 2013.
LCD (liquid crystal display)
Mechanism: LCDs are lit by a backlight, and pixels are switched on and off electronically while using liquid crystals to rotate polarized light.
Development: LCD was the main display technology to replace CRT and still dominates the display market today. The technology has been able to evolve to stay competitive as it continues to improve in resolution, contract, the power consumption etc. The latest variation includes quantum dot LCD and mini LED backlight LCD.
OLED (Organic light-emitting diode)
Mechanism: OLED works by placing a series of organic thin films between two conductors. When a current is applied, the organic compound emits light. The two main types of OLED are Active-matrix OLED and Passive matrix OLED.
Development: Practical OLED prototypes appeared in the late 1980s. Companies start to make small volume of commercial OLED displays in the early 2000s. OLED provides pixel-level brightness control as it does not rely on backlights. It provides better contrast, higher brightness, and lower power consumption compared to LCD. However, due to the significantly higher cost relative to LED, penetration of OLED is still under 5% of global panel shipment by area in 2020(Morgan Stanley 2020). OLED is mostly adopted in devices with a smaller display such as smartphones and wearable products.
Rise of Chinese Panel Makers
Korea and Taiwan once controlled the LCD market, and for many years China imported a significant amount of displays. In 2010, the display panel was the fourth largest import by value among all the imported goods in China. However, China has picked up the pace of LED manufacturing. In 4Q18, China’s LCD production capacity surpassed South Korea, being the largest in the world. China is estimated to account for around 40% of global LCD capacity in 2020 and is expected to continue to gain more market share. (DSCC Display Supply Chain Consultant, 2020) On the other hand, Korean LCD panel makers are planning to exit the market, as excess capacity and strong competition have impacted their profitability in LCD production. Three main Korean LCD production lines will be closed in 2020/2021, which is around 5.7m sqm/quarter of their capacity or around 30% of the total capacity from Korea. (Morgan Stanley 2020)
In addition, China is stepping up its effort to tap into the OLED market, which is dominated by Korean companies. BOE (Beijing Oriental Electronics)started to invest in OLED back in 2012, the Chengdu fab alone required RMB 46.5bn of investment. (BOE 2013) Morgan Stanley estimate China accounts for around 28% of global OLED capacity in 2020 and will be on track to reach 45% of global OLED capacity in 2022.
Industry outlook
The exit of Korean players in LCD will stabilize the panel price going forward. We believe innovation is the key growth driver for the industry as new technologies such as quantum dot, micro LED and mini LED continue to improve display performance.
The mentioned companies are strictly for educational and fund marketing purposes only. For more information on our product offering, please refer to our website.
Disclaimer
This document is intended for Hong Kong investors only. This material is neither an offer to sell nor solicitation to buy a security to any person in any jurisdiction where such solicitation, offer, purchase or sale would be unlawful under the laws of that jurisdiction. Investment involves risk.
The information in this material is based on sources we believe to be reliable but we do not guarantee the accuracy of completeness of the information provided. This material has not been reviewed by SFC and shall only be circulated in countries where it is permitted.
This material is intended solely for your private use and shall not be reproduced or recirculated either in whole or in part, without the written permission of Mirae Asset Global Investments. This document has been prepared for presentation, illustration and discussion purposes only and is not legally binding. Whilst compiled from sources Mirae Asset Global Investments believes to be accurate, no representation, warranty, assurance or implication to the accuracy, completeness or adequacy from defect of any kind is made. The division, group, subsidiary or affiliate of Mirae Asset Global Investments which produced this document shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. The views and information discussed or referred in this report are as of the date of publication, are subject to change and may not reflect the current views of the writer(s). The views expressed represent an assessment of market conditions at a specific point in time, are to be treated as opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. In addition, the opinions expressed are those of the writer(s) and may differ from those of other Mirae Asset Global Investments’ investment professionals.
The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract which may exist between the parties. The issuer of this article is Mirae Asset Global Investments (HK) Limited (“we”) which we may or our managed funds may hold the mentioned securities. It should not be distributed to any other party except with the written consent of Mirae Asset Global Investments. Nothing herein contained shall be construed as granting the recipient whether directly or indirectly or by implication, any license or right, under any copy right or intellectual property rights to use the information herein. This document may include reference data from third-party sources and Mirae Asset Global Investments has not conducted any audit, validation, or verification of such data. Mirae Asset Global Investments accepts no liability for any loss or damage of any kind resulting out of the unauthorized use of this document. Investment involves risk. Past performance figures are not indicative of future performance. Forward-looking statements are not guarantees of performance. The information presented is not intended to provide specific investment advice. Please carefully read through the offering documents and seek independent professional advice before you make any investment decision. Products, services, and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries, and/or distributors of Mirae Asset Global Investments as stipulated by local laws and regulations. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.
Hong Kong: This material is prepared by Mirae Asset Global Investments (HK) Limited (Mirae HK). Mirae HK is regulated by the SFC (CE reference: ALK083).
Australia: The information contained on this document is provided by Mirae Asset Global Investments (HK) Limited (“MAGIHK”), which is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) (Corporations Act) pursuant to ASIC Class Order 03/1103 (Class Order) in respect of the financial services it provides to wholesale clients (as defined in the Corporations Act) in Australia. MAGIHK is regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws, which differ from Australian laws. Pursuant to the Class Order, this document and any information regarding MAGIHK and its products is strictly provided to and intended for Australian wholesale clients only. By accessing this document and any information or content contained in it, you represent that you are a ‘wholesale client’ under the Corporations Act. This document is strictly for information purposes only and does not constitute a representation that any investment strategy is suitable or appropriate for an investor’s individual circumstances. Further, this document should not be regarded by investors as a substitute for independent professional advice or the exercise of their own judgement. The contents of this document is prepared and maintained by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Australian Investments & Securities Commission. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGI HK. Copyright 2020. All rights reserved.
Display Market: Latest Innovations, Drivers, and Trends
In this article, we provide an introduction to the display industry by walking through the key display technologies and examine the current competitive landscape of the industry.
Nature of Display Business
The display industry is highly concentrated due to a few reasons. First, while technology migration is relatively slow, R&D in next-generation technology takes time and requires significant investment. Betting on the wrong technology could have devastating results. Second, panels especially mature technology like LCD(Liquid crystal display) is commoditized, which means limited bargaining power for display producers and price can be volatile. Third, capacity expansion is capital intensive. Total investment for a new LCD factory is around US$10-20bn. (Beijing Oriental Electronics BOE 2019).
Display Technology Migration
We can trace the root of modern display technology back to research around cathode rays in the 1890s. After decades of research and attempts, by the 1920s prototypes of the earliest television start to emerge. Color television was introduced in the late 1940s; however, the core mechanism behind mainstream display technology remains largely unchanged throughout the 20th century, as TV makers continue to adopt different versions of cathode ray tube design.
CRT (Cathode Ray Tube)
Mechanism: Multiple electron guns housed in a cathode fire electron through the vacuum tube. The deflection angle of the electrons is controlled by the vertical and horizontal deflection coils. When the electrons hit the phosphorescent material on the screen it excites the R, G, and B phosphors which emit light in a process called cathodoluminescence.
Development: From the 1930s to the 2000s, CRT has been the dominant display technology for television and computer monitors. It is the earliest display design covering the monochrome and color era of television. As other technologies like plasma and LCD enter the market in early 2000, CRT shipment starts to drop significantly. Sony one of the largest makers of CRT TV ended production of cathode-ray tubes in Japan in 2004, then stopped production of all CRT TVs in 2008.
Plasma Display Panel
Mechanism: The plasma display panel uses a small cell that contains plasma (ionized gas) between two ultra-thin glasses. A pulse of electricity causes gas sealed in a subpixel to form plasma and discharge ultraviolet light. This discharge in turn causes the phosphor coating of the subpixel to flash visible light through the front glass panel.
Development: Panasonic was the leader behind this technology. In early 2000 Plasma was the popular choice for premium large panel size TV as LCD and CRT TV size was limited at the time. However screen burn-in has always been a problem for the technology, Panasonic’s monopoly power in the technology also forces other panel makers to seek alternative technologies. As a result the technology never became a mainstream display solution. By the early 2010s, large-size LCD prices and performance squeeze plasma display panel out of the market. Panasonic ended production of plasma TV in December 2013.
LCD (liquid crystal display)
Mechanism: LCDs are lit by a backlight, and pixels are switched on and off electronically while using liquid crystals to rotate polarized light.
Development: LCD was the main display technology to replace CRT and still dominates the display market today. The technology has been able to evolve to stay competitive as it continues to improve in resolution, contract, the power consumption etc. The latest variation includes quantum dot LCD and mini LED backlight LCD.
OLED (Organic light-emitting diode)
Mechanism: OLED works by placing a series of organic thin films between two conductors. When a current is applied, the organic compound emits light. The two main types of OLED are Active-matrix OLED and Passive matrix OLED.
Development: Practical OLED prototypes appeared in the late 1980s. Companies start to make small volume of commercial OLED displays in the early 2000s. OLED provides pixel-level brightness control as it does not rely on backlights. It provides better contrast, higher brightness, and lower power consumption compared to LCD. However, due to the significantly higher cost relative to LED, penetration of OLED is still under 5% of global panel shipment by area in 2020(Morgan Stanley 2020). OLED is mostly adopted in devices with a smaller display such as smartphones and wearable products.
Rise of Chinese Panel Makers
Korea and Taiwan once controlled the LCD market, and for many years China imported a significant amount of displays. In 2010, the display panel was the fourth largest import by value among all the imported goods in China. However, China has picked up the pace of LED manufacturing. In 4Q18, China’s LCD production capacity surpassed South Korea, being the largest in the world. China is estimated to account for around 40% of global LCD capacity in 2020 and is expected to continue to gain more market share. (DSCC Display Supply Chain Consultant, 2020) On the other hand, Korean LCD panel makers are planning to exit the market, as excess capacity and strong competition have impacted their profitability in LCD production. Three main Korean LCD production lines will be closed in 2020/2021, which is around 5.7m sqm/quarter of their capacity or around 30% of the total capacity from Korea. (Morgan Stanley 2020)
In addition, China is stepping up its effort to tap into the OLED market, which is dominated by Korean companies. BOE (Beijing Oriental Electronics)started to invest in OLED back in 2012, the Chengdu fab alone required RMB 46.5bn of investment. (BOE 2013) Morgan Stanley estimate China accounts for around 28% of global OLED capacity in 2020 and will be on track to reach 45% of global OLED capacity in 2022.
Industry outlook
The exit of Korean players in LCD will stabilize the panel price going forward. We believe innovation is the key growth driver for the industry as new technologies such as quantum dot, micro LED and mini LED continue to improve display performance.
In this article, we provide an introduction to the display industry by walking through the key display technologies and examine the current competitive landscape of the industry.
Nature of Display Business
The display industry is highly concentrated due to a few reasons. First, while technology migration is relatively slow, R&D in next-generation technology takes time and requires significant investment. Betting on the wrong technology could have devastating results. Second, panels especially mature technology like LCD(Liquid crystal display) is commoditized, which means limited bargaining power for display producers and price can be volatile. Third, capacity expansion is capital intensive. Total investment for a new LCD factory is around US$10-20bn. (Beijing Oriental Electronics BOE 2019).
Display Technology Migration
We can trace the root of modern display technology back to research around cathode rays in the 1890s. After decades of research and attempts, by the 1920s prototypes of the earliest television start to emerge. Color television was introduced in the late 1940s; however, the core mechanism behind mainstream display technology remains largely unchanged throughout the 20th century, as TV makers continue to adopt different versions of cathode ray tube design.
CRT (Cathode Ray Tube)
Mechanism: Multiple electron guns housed in a cathode fire electron through the vacuum tube. The deflection angle of the electrons is controlled by the vertical and horizontal deflection coils. When the electrons hit the phosphorescent material on the screen it excites the R, G, and B phosphors which emit light in a process called cathodoluminescence.
Development: From the 1930s to the 2000s, CRT has been the dominant display technology for television and computer monitors. It is the earliest display design covering the monochrome and color era of television. As other technologies like plasma and LCD enter the market in early 2000, CRT shipment starts to drop significantly. Sony one of the largest makers of CRT TV ended production of cathode-ray tubes in Japan in 2004, then stopped production of all CRT TVs in 2008.
Plasma Display Panel
Mechanism: The plasma display panel uses a small cell that contains plasma (ionized gas) between two ultra-thin glasses. A pulse of electricity causes gas sealed in a subpixel to form plasma and discharge ultraviolet light. This discharge in turn causes the phosphor coating of the subpixel to flash visible light through the front glass panel.
Development: Panasonic was the leader behind this technology. In early 2000 Plasma was the popular choice for premium large panel size TV as LCD and CRT TV size was limited at the time. However screen burn-in has always been a problem for the technology, Panasonic’s monopoly power in the technology also forces other panel makers to seek alternative technologies. As a result the technology never became a mainstream display solution. By the early 2010s, large-size LCD prices and performance squeeze plasma display panel out of the market. Panasonic ended production of plasma TV in December 2013.
LCD (liquid crystal display)
Mechanism: LCDs are lit by a backlight, and pixels are switched on and off electronically while using liquid crystals to rotate polarized light.
Development: LCD was the main display technology to replace CRT and still dominates the display market today. The technology has been able to evolve to stay competitive as it continues to improve in resolution, contract, the power consumption etc. The latest variation includes quantum dot LCD and mini LED backlight LCD.
OLED (Organic light-emitting diode)
Mechanism: OLED works by placing a series of organic thin films between two conductors. When a current is applied, the organic compound emits light. The two main types of OLED are Active-matrix OLED and Passive matrix OLED.
Development: Practical OLED prototypes appeared in the late 1980s. Companies start to make small volume of commercial OLED displays in the early 2000s. OLED provides pixel-level brightness control as it does not rely on backlights. It provides better contrast, higher brightness, and lower power consumption compared to LCD. However, due to the significantly higher cost relative to LED, penetration of OLED is still under 5% of global panel shipment by area in 2020(Morgan Stanley 2020). OLED is mostly adopted in devices with a smaller display such as smartphones and wearable products.
Rise of Chinese Panel Makers
Korea and Taiwan once controlled the LCD market, and for many years China imported a significant amount of displays. In 2010, the display panel was the fourth largest import by value among all the imported goods in China. However, China has picked up the pace of LED manufacturing. In 4Q18, China’s LCD production capacity surpassed South Korea, being the largest in the world. China is estimated to account for around 40% of global LCD capacity in 2020 and is expected to continue to gain more market share. (DSCC Display Supply Chain Consultant, 2020) On the other hand, Korean LCD panel makers are planning to exit the market, as excess capacity and strong competition have impacted their profitability in LCD production. Three main Korean LCD production lines will be closed in 2020/2021, which is around 5.7m sqm/quarter of their capacity or around 30% of the total capacity from Korea. (Morgan Stanley 2020)
In addition, China is stepping up its effort to tap into the OLED market, which is dominated by Korean companies. BOE (Beijing Oriental Electronics)started to invest in OLED back in 2012, the Chengdu fab alone required RMB 46.5bn of investment. (BOE 2013) Morgan Stanley estimate China accounts for around 28% of global OLED capacity in 2020 and will be on track to reach 45% of global OLED capacity in 2022.
Industry outlook
The exit of Korean players in LCD will stabilize the panel price going forward. We believe innovation is the key growth driver for the industry as new technologies such as quantum dot, micro LED and mini LED continue to improve display performance.
The mentioned companies are strictly for educational and fund marketing purposes only. For more information on our product offering, please refer to our website.
Disclaimer
This document is intended for Hong Kong investors only. This material is neither an offer to sell nor solicitation to buy a security to any person in any jurisdiction where such solicitation, offer, purchase or sale would be unlawful under the laws of that jurisdiction. Investment involves risk.
The information in this material is based on sources we believe to be reliable but we do not guarantee the accuracy of completeness of the information provided. This material has not been reviewed by SFC and shall only be circulated in countries where it is permitted.
This material is intended solely for your private use and shall not be reproduced or recirculated either in whole or in part, without the written permission of Mirae Asset Global Investments. This document has been prepared for presentation, illustration and discussion purposes only and is not legally binding. Whilst compiled from sources Mirae Asset Global Investments believes to be accurate, no representation, warranty, assurance or implication to the accuracy, completeness or adequacy from defect of any kind is made. The division, group, subsidiary or affiliate of Mirae Asset Global Investments which produced this document shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. The views and information discussed or referred in this report are as of the date of publication, are subject to change and may not reflect the current views of the writer(s). The views expressed represent an assessment of market conditions at a specific point in time, are to be treated as opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. In addition, the opinions expressed are those of the writer(s) and may differ from those of other Mirae Asset Global Investments’ investment professionals.
The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract which may exist between the parties. The issuer of this article is Mirae Asset Global Investments (HK) Limited (“we”) which we may or our managed funds may hold the mentioned securities. It should not be distributed to any other party except with the written consent of Mirae Asset Global Investments. Nothing herein contained shall be construed as granting the recipient whether directly or indirectly or by implication, any license or right, under any copy right or intellectual property rights to use the information herein. This document may include reference data from third-party sources and Mirae Asset Global Investments has not conducted any audit, validation, or verification of such data. Mirae Asset Global Investments accepts no liability for any loss or damage of any kind resulting out of the unauthorized use of this document. Investment involves risk. Past performance figures are not indicative of future performance. Forward-looking statements are not guarantees of performance. The information presented is not intended to provide specific investment advice. Please carefully read through the offering documents and seek independent professional advice before you make any investment decision. Products, services, and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries, and/or distributors of Mirae Asset Global Investments as stipulated by local laws and regulations. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.
Hong Kong: This material is prepared by Mirae Asset Global Investments (HK) Limited (Mirae HK). Mirae HK is regulated by the SFC (CE reference: ALK083).
Australia: The information contained on this document is provided by Mirae Asset Global Investments (HK) Limited (“MAGIHK”), which is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) (Corporations Act) pursuant to ASIC Class Order 03/1103 (Class Order) in respect of the financial services it provides to wholesale clients (as defined in the Corporations Act) in Australia. MAGIHK is regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws, which differ from Australian laws. Pursuant to the Class Order, this document and any information regarding MAGIHK and its products is strictly provided to and intended for Australian wholesale clients only. By accessing this document and any information or content contained in it, you represent that you are a ‘wholesale client’ under the Corporations Act. This document is strictly for information purposes only and does not constitute a representation that any investment strategy is suitable or appropriate for an investor’s individual circumstances. Further, this document should not be regarded by investors as a substitute for independent professional advice or the exercise of their own judgement. The contents of this document is prepared and maintained by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Australian Investments & Securities Commission. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGI HK. Copyright 2020. All rights reserved.
Disclaimer & Information for Investors
No distribution, solicitation or advice: This document is provided for information and illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated service.
The views and information discussed or referred in this document are as of the date of publication. Certain of the statements contained in this document are statements of future expectations and other forward-looking statements. Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements. In addition, the opinions expressed may differ from those of other Mirae Asset Global Investments’ investment professionals.
Investment involves risk: Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Fund will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Fund and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.
Sources: Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (“MAGI”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.
Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGI as stipulated by local laws and regulations. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction. This document is issued by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Securities and Futures Commission.
Information for EU investors pursuant to Regulation (EU) 2019/1156: This document is a marketing communication and is intended for Professional Investors only. A Prospectus is available for the Mirae Asset Global Discovery Fund (the “Company”) a société d'investissement à capital variable (SICAV) domiciled in Luxembourg structured as an umbrella with a number of sub-funds. Key Investor Information Documents (“KIIDs”) are available for each share class of each of the sub-funds of the Company.
The Company’s Prospectus and the KIIDs can be obtained from www.am.miraeasset.eu/fund-literature . The Prospectus is available in English, French, German, and Danish, while the KIIDs are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the “UCITS Directive”). Please refer to the Prospectus and the KIID before making any final investment decisions.
A summary of investor rights is available in English from www.am.miraeasset.eu/investor-rights-summary.
The sub-funds of the Company are currently notified for marketing into a number of EU Member States under the UCITS Directive. FundRock Management Company can terminate such notifications for any share class and/or sub-fund of the Company at any time using the process contained in Article 93a of the UCITS Directive.
Australia: The information contained in this document is provided by Mirae Asset Global Investments (HK) Limited (“MAGIHK”), which is exempted from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) (Corporations Act) pursuant to ASIC Class Order 03/1103 (Class Order) in respect of the financial services it provides to wholesale clients (as defined in the Corporations Act) in Australia. MAGIHK is regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws, which differ from Australian laws. Pursuant to the Class Order, this document and any information regarding MAGIHK and its products is strictly provided to and intended for Australian wholesale clients only. The contents of this document is prepared by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Australian Investments & Securities Commission.
Copyright 2021. All rights reserved. No part of this document may be reproduced in any form, or referred to in any other publication, without express written permission of Mirae Asset Global Investments (Hong Kong) Limited.