THIS MATERIAL IS A MARKETING COMMUNICATION.
“Guochao” – The Rise of Homegrown Chinese Labels
“Guo” stands for country, “Chao” taken from “Chao Liu,” meaning fashionable.
Combined – “Guochao” in China, has become a buzzword ever since domestic sportswear brand Li-Ning’s hugely successful debut at New York Fashion Week in 2018. Its “WuDao” (悟道) collection embedded traditional Chinese culture, underlying the use of red and yellow to represent the colours of China’s national flag, and featuring four prominent Chinese characters “China Li-Ning” (中國李寧) – symbolising China’s cultural confidence on the global stage following its rapid rise over the past few decades.
Li-Ning’s growing brand image and global prominence have influenced the trend to embrace domestic brands across other sectors and products, such as mobile phones (Xiaomi, Huawei, Oppo), home appliances (Midea, Gree), apparel (Bosideng, Erdos), food (White Rabbit Candy) and cosmetics (Proya, Shanghai Jahwa) to name a few.
National Pride and Cultural Confidence
Growing up in an era in which China has grown to be the world’s second-largest economy, “Guochao” consumers (largely Millennials and Generation Z) have strong and genuine confidence toward their national identity and traditional culture and this sentiment extends toward local brands. Guochao consider quality and appearance of local brands to be no longer inferior to foreign brands. In fact, some Chinese brands have improved their products from its aesthetics, innovation, and use of technology, while also keeping prices competitive versus foreign peers.
These renewed Chinese brands arouse “Guochao” fans’ emotional resonance and incorporate “trendy” technology enhancing the products “cool factor.” Local brands have been quick to respond to consumers’ needs and make great efforts to shorten production cycles in order to create fresh new products reflecting market demand.
Statistics jointly released by Baidu and the Research Institute of People.cn, show that the percentage of keyword searches for Chinese brands surged to 70% among all searches, much higher than the 38% seen in 2009. The tags related to Chinese brands have also changed from “OEM” and “low quality” in 2009 to “core technology” and “independent R&D” in 2019.
Towards a Consumer-led Economy
It is no coincidence the “Guochao” trend is taking place during China’s economic transformation from an export-led economy and investment to one driven by consumption. An increasing level of disposable income means Chinese consumers have much stronger purchasing power. China’s Gross Domestic Product (GDP) has expanded more than 50 times since its milestone reform in 1978. Disposable income per capita since then has increased more than 20 times.
Furthered by escalated trade and political tensions between China and the U.S., the trend toward domestic substitutes accelerated as strengthening patriotism pushes more consumers to buy Chinese. Nielsen’s study for the second quarter of 2019 showed 68% of consumers preferred homegrown brands, positively correlated with ‘Chinese nationalist’ sentiment also rising. Interestingly, consumers in first and second-tier cities demonstrated a stronger willingness to buy Chinese brands, with 67% of those choosing domestic due to their passion for Chinese traditional culture and symbols.
The digitisation of consumption has allowed for domestic brands’ to penetrate markets at a much easier and faster rate. The booming e-commerce platforms in China play an important role in the process. Key Opinion Leaders (KOLs) rely on Alibaba’s Taobao platform, TikTok and Kuaishou use live streaming or release short videos to sell products. According to the China Internet Network Information Centre, China’s online shopping user penetration climbed to 78.6% by March 2020. Compared to traditional marketing and sales practices, digital and interactive customer engagement tools, thanks to the evolution of technology, have improved overall experience and customer stickiness.
Chinese consumers have shifted from their infatuation of foreign brands, paying more attention to detail, cost, as well as cultural and technology elements. The younger generation has gradually become the main force in consumption. We believe “Guochao” is likely to last as long as domestic brands continue to adapt to consumer needs quickly and match their products accordingly. The new generation of Chinese consumers prefers to encompass quality, aesthetics while embedding Chinese culture and high-tech elements, and showcasing their ‘brand’ stories via ever-changing social media channels. In the meantime, Foreign brands will need to adjust and better understand Chinese consumers incorporating innovation in their products to attract the younger generation’s attention.
Guochao Trend #1– Athleisure: Trendy, Cool, and Stylish
Sportswear is the strongest Guochao sub-industry within consumer discretionary. Robust growth in sportswear is not a Chinese consumer trend but a global phenomenon. As health awareness improves, consumers care more about what they eat and participate in more sporting activities than in the past. For example, in China, marathons have gained popularity with a record high of 1,581 runners taking part in 2018, up 43.46% from 1,102 in 2017. The total number of participants rose by 17.07% YoY to 5.83mn, according to the Chinese Athletics Association (CAA). More importantly, striving for a healthy life has become the key trend of urban lifestyle, benefiting the sportswear industry.
Sportswear has expanded beyond functional shoes and apparel to casual urban lifestyle outfits. For example, yoga pants being more popularised as casual wear rather than yoga and workout gear. Similarly, it has become trendier to wear ‘smart’ watches than any luxury brands
Casual wear has become a fashion trend that has driven the sportswear industry to take tips from the apparel industry. Young consumers, particularly millennials and Gen-Z, typically dress more casually than even their parents’ generation. It was uncommon for older generations to not shave or dress casually to work. Today it is widely accepted to dress less formal to work. Adjusting to these trends, luxury brands have expanded their product suits to incorporate more casual and sports-related wear.
China increased support for sports across the country, spending heavily in recent years on new modern facilities. The total number of sporting facilities in China increased from 850,000 in 2004 to 1.96mn in 2017, growing approximately 6% YoY every year. This investment is set to continue for years to come encouraging people to lead healthier lifestyles and lessen any expected social burdens in the future. China, for instance, is aging fast, and birth rates have been declining alluding to higher costs for healthcare in the future. Added to this, teenagers spending too much time playing online games has become a social issue in China, with regulations introduced to reduce user screen times. By encouraging more young Chinese to participate in sports can be a better solution to such issues. Meanwhile, the Tokyo Olympics in 2021, followed by the Beijing Winter Olympics in 2022, will further support the sportswear industry in China.
Guochao Trend #2 – Riding the Mobile Wave in China
Foreign smartphone brands have been under pressure since the 4G era. In 2015 Apple’s market share was 13.6% while Samsung had 7.8% market share in China. By 2019 Samsung’s market share had shrunk to 0.8% and Apple at 8.9%. On the other hand, domestic brands gained traction over this period, especially Huawei, after the U.S. sanction in 2018. Huawei’s market share almost doubled from 2017 to 2019 after the US-China trade war as consumers turned to support the company in light of tough U.S. sanctions. The top 4 Chinese smartphone brands had a combined market share of 46.1% in 2015, and that number climbed to 84.6% in 2019.
We believe the strength of domestic brands across different hardware categories will continue. Besides nationalism, key drivers include the rapidly improving design and specification of hardware products for domestic brands. Pricing is also competitive, especially for the mid to low-end segment. Wearables, for example, saw Xiaomi and Huawei own the top 2 spots with a combined market share of 45.5% despite strength from traditional Apple products, holding 13.7% market share in 2019.
On the smartphone side, the gap between domestic brands and leading foreign brands has been closing in key features and specifications. The camera performance of many domestic brands even exceeds Apple and Samsung phones.
Beyond Traditional Consumer Sectors
Consumption is increasingly happening outside the traditional sectors. We search for opportunities across sectors as beneficiaries are not limited to only consumer staples and discretionary. We aim to capture shifts in consumption patterns in addition to Asia consumer’s growing wallets. The Mirae Asset Asia Great Consumer Equity Fund is a bottom-up, high conviction portfolio taking a long-term approach with a qualitative focus.
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.
“Guochao” – The Rise of Homegrown Chinese Labels
“Guo” stands for country, “Chao” taken from “Chao Liu,” meaning fashionable.
Combined – “Guochao” in China, has become a buzzword ever since domestic sportswear brand Li-Ning’s hugely successful debut at New York Fashion Week in 2018. Its “WuDao” (悟道) collection embedded traditional Chinese culture, underlying the use of red and yellow to represent the colours of China’s national flag, and featuring four prominent Chinese characters “China Li-Ning” (中國李寧) – symbolising China’s cultural confidence on the global stage following its rapid rise over the past few decades.
Li-Ning’s growing brand image and global prominence have influenced the trend to embrace domestic brands across other sectors and products, such as mobile phones (Xiaomi, Huawei, Oppo), home appliances (Midea, Gree), apparel (Bosideng, Erdos), food (White Rabbit Candy) and cosmetics (Proya, Shanghai Jahwa) to name a few.
National Pride and Cultural Confidence
Growing up in an era in which China has grown to be the world’s second-largest economy, “Guochao” consumers (largely Millennials and Generation Z) have strong and genuine confidence toward their national identity and traditional culture and this sentiment extends toward local brands. Guochao consider quality and appearance of local brands to be no longer inferior to foreign brands. In fact, some Chinese brands have improved their products from its aesthetics, innovation, and use of technology, while also keeping prices competitive versus foreign peers.
These renewed Chinese brands arouse “Guochao” fans’ emotional resonance and incorporate “trendy” technology enhancing the products “cool factor.” Local brands have been quick to respond to consumers’ needs and make great efforts to shorten production cycles in order to create fresh new products reflecting market demand.
Statistics jointly released by Baidu and the Research Institute of People.cn, show that the percentage of keyword searches for Chinese brands surged to 70% among all searches, much higher than the 38% seen in 2009. The tags related to Chinese brands have also changed from “OEM” and “low quality” in 2009 to “core technology” and “independent R&D” in 2019.
Towards a Consumer-led Economy
It is no coincidence the “Guochao” trend is taking place during China’s economic transformation from an export-led economy and investment to one driven by consumption. An increasing level of disposable income means Chinese consumers have much stronger purchasing power. China’s Gross Domestic Product (GDP) has expanded more than 50 times since its milestone reform in 1978. Disposable income per capita since then has increased more than 20 times.
Furthered by escalated trade and political tensions between China and the U.S., the trend toward domestic substitutes accelerated as strengthening patriotism pushes more consumers to buy Chinese. Nielsen’s study for the second quarter of 2019 showed 68% of consumers preferred homegrown brands, positively correlated with ‘Chinese nationalist’ sentiment also rising. Interestingly, consumers in first and second-tier cities demonstrated a stronger willingness to buy Chinese brands, with 67% of those choosing domestic due to their passion for Chinese traditional culture and symbols.
The digitisation of consumption has allowed for domestic brands’ to penetrate markets at a much easier and faster rate. The booming e-commerce platforms in China play an important role in the process. Key Opinion Leaders (KOLs) rely on Alibaba’s Taobao platform, TikTok and Kuaishou use live streaming or release short videos to sell products. According to the China Internet Network Information Centre, China’s online shopping user penetration climbed to 78.6% by March 2020. Compared to traditional marketing and sales practices, digital and interactive customer engagement tools, thanks to the evolution of technology, have improved overall experience and customer stickiness.
Chinese consumers have shifted from their infatuation of foreign brands, paying more attention to detail, cost, as well as cultural and technology elements. The younger generation has gradually become the main force in consumption. We believe “Guochao” is likely to last as long as domestic brands continue to adapt to consumer needs quickly and match their products accordingly. The new generation of Chinese consumers prefers to encompass quality, aesthetics while embedding Chinese culture and high-tech elements, and showcasing their ‘brand’ stories via ever-changing social media channels. In the meantime, Foreign brands will need to adjust and better understand Chinese consumers incorporating innovation in their products to attract the younger generation’s attention.
Guochao Trend #1– Athleisure: Trendy, Cool, and Stylish
Sportswear is the strongest Guochao sub-industry within consumer discretionary. Robust growth in sportswear is not a Chinese consumer trend but a global phenomenon. As health awareness improves, consumers care more about what they eat and participate in more sporting activities than in the past. For example, in China, marathons have gained popularity with a record high of 1,581 runners taking part in 2018, up 43.46% from 1,102 in 2017. The total number of participants rose by 17.07% YoY to 5.83mn, according to the Chinese Athletics Association (CAA). More importantly, striving for a healthy life has become the key trend of urban lifestyle, benefiting the sportswear industry.
Sportswear has expanded beyond functional shoes and apparel to casual urban lifestyle outfits. For example, yoga pants being more popularised as casual wear rather than yoga and workout gear. Similarly, it has become trendier to wear ‘smart’ watches than any luxury brands
Casual wear has become a fashion trend that has driven the sportswear industry to take tips from the apparel industry. Young consumers, particularly millennials and Gen-Z, typically dress more casually than even their parents’ generation. It was uncommon for older generations to not shave or dress casually to work. Today it is widely accepted to dress less formal to work. Adjusting to these trends, luxury brands have expanded their product suits to incorporate more casual and sports-related wear.
China increased support for sports across the country, spending heavily in recent years on new modern facilities. The total number of sporting facilities in China increased from 850,000 in 2004 to 1.96mn in 2017, growing approximately 6% YoY every year. This investment is set to continue for years to come encouraging people to lead healthier lifestyles and lessen any expected social burdens in the future. China, for instance, is aging fast, and birth rates have been declining alluding to higher costs for healthcare in the future. Added to this, teenagers spending too much time playing online games has become a social issue in China, with regulations introduced to reduce user screen times. By encouraging more young Chinese to participate in sports can be a better solution to such issues. Meanwhile, the Tokyo Olympics in 2021, followed by the Beijing Winter Olympics in 2022, will further support the sportswear industry in China.
Guochao Trend #2 – Riding the Mobile Wave in China
Foreign smartphone brands have been under pressure since the 4G era. In 2015 Apple’s market share was 13.6% while Samsung had 7.8% market share in China. By 2019 Samsung’s market share had shrunk to 0.8% and Apple at 8.9%. On the other hand, domestic brands gained traction over this period, especially Huawei, after the U.S. sanction in 2018. Huawei’s market share almost doubled from 2017 to 2019 after the US-China trade war as consumers turned to support the company in light of tough U.S. sanctions. The top 4 Chinese smartphone brands had a combined market share of 46.1% in 2015, and that number climbed to 84.6% in 2019.
We believe the strength of domestic brands across different hardware categories will continue. Besides nationalism, key drivers include the rapidly improving design and specification of hardware products for domestic brands. Pricing is also competitive, especially for the mid to low-end segment. Wearables, for example, saw Xiaomi and Huawei own the top 2 spots with a combined market share of 45.5% despite strength from traditional Apple products, holding 13.7% market share in 2019.
On the smartphone side, the gap between domestic brands and leading foreign brands has been closing in key features and specifications. The camera performance of many domestic brands even exceeds Apple and Samsung phones.
Beyond Traditional Consumer Sectors
Consumption is increasingly happening outside the traditional sectors. We search for opportunities across sectors as beneficiaries are not limited to only consumer staples and discretionary. We aim to capture shifts in consumption patterns in addition to Asia consumer’s growing wallets. The Mirae Asset Asia Great Consumer Equity Fund is a bottom-up, high conviction portfolio taking a long-term approach with a qualitative focus.
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.