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Greater China Equities: Opportunities abound for stock pickers

14 January 2022

Kai Kong Chay, Senior Portfolio Manager, Greater China Equities
 

2021 was an eventful year for the Greater China equity market. During the first quarter, better-than-expected macroeconomic data attracted investors. However, in the second half of the year, Beijing introduced a series of targeted industry regulations that dulled sentiment and drove investors to the sidelines, causing offshore Chinese equities to plummet throughout the third and fourth quarters. In contrast, the mainland A-shares market remained relatively stable, and tech stocks propelled Taiwan equity to record highs. Kai-Kong Chay, Senior Portfolio Manager for Greater China equities, believes that amid unprecedented change, such as the pandemic accelerating China’s transition process, investors can capture potential opportunities in onshore (A-shares), Hong Kong and Taiwan equity markets by employing a bottom-up, stock-picking approach, as current valuations present compelling opportunities.

Market review

The performance of Greater China equities was varied in 2021, and this was particularly so for Chinese and Hong Kong stocks. Offshore and onshore Chinese equities continued to diverge, as the former experienced a considerable correction amid concerns about rising COVID-19 cases and regulatory tightening. The MSCI China Index, which comprises mega-cap internet and e-commerce names listed offshore, registered a loss of more than 22%. Meanwhile, A-shares gained slightly, helped by a higher representation of industries that align with the sustainability push in China, such as the electric-vehicle (EV) supply chain and renewable-energy plays. Taiwan equities performed superbly, rising by 25%.1
 

Chart 1: 2021 market review for China, Hong Kong, and Taiwan equities

Bloomberg, as of 28 December 2021.

Regulatory concerns: internet platform rectification and real-estate deleveraging

In the second half of 2021, investors grew concerned about default risk among high-profile property developers given tighter regulation and tighter liquidity. During the third quarter, several market segments, such as after-school tutoring, property- management services, and internet platforms, also faced a regulatory squeeze that resulted in a sharp sell-off in some sectors.2

The situation became more settled in the fourth quarter of 2021, as investors digested the most severe measures.

Turning to internet platform providers, it’s worth noting that the October study session of the Politburo called for the “co-existence of regulation and development for internet platforms” – stating that the digital economy is crucial for enhancing productivity and international competitiveness. Thereafter, the finalising of antitrust fines on some major platforms provided clarity, as the issue had clouded the sector. We believe the year-to-date correction, led by the regulatory clampdown in the third quarter, has allowed fundamental value to emerge in these sectors of Chinese equities.

Regarding the real-estate sector, potential credit events still grabbed the headlines, but the Chinese government signalled that the debt crisis relating to a leading property developer was manageable, and any spillover risks would be contained. As a matter of fact, there are signs that credit conditions may be easing for the battered real estate industry. Bank lending to property developers rose sharply in October and November, with momentum expected to continue.

2022 outlook

Despite the market volatility triggered by negative sentiment and industry regulation, China’s macroeconomy was supported by a rebound in exports, rising foreign reserves, and a steadily appreciating renminbi. These factors allowed it to recover from the pandemic.

Besides internal macroeconomic tailwinds, both onshore and offshore Chinese equities can potentially benefit from a more accommodative monetary policy. In December, the US Federal Reserve (the Fed) began tapering its bond-purchase programme. Meanwhile, the PBOC took advantage of the timing to cut its reserve requirement ratio (RRR) for the second time in 2021 and slashed rates for the second time in 20 months, raising liquidity in onshore stock markets. While some industries experienced corrections, they were helped by accommodative government policies. Given accelerated structural transitions, Chinese equities still offer investors a great deal of potential that can be categorised into major themes known as the “5Cs”.

First “C”: COVID-ZERO policy

Promoting industrial production

  • China has followed a COVID-zero policy since 2020. As it was able to control the spread of the disease at an early stage, it was one of the first countries to emerge from the crisis. From mid-2020 onwards, while the pandemic wreaked havoc on global supply chains, China’s COVID measures ensured that industrial production could resume. In turn, this meant that the economy rebounded during the latter stages of the pandemic-led global supply chain disruption. For example, China’s share of global exports rose to 14.6% in the first half of the year, while its exports also drove the economy to outperform market expectations. Indeed, macroeconomic data to November revealed that China’s exports remained robust as the year progressed. Based on its past success, we think the central government will retain strict measures to prevent the spread of the virus.

Second “C”: Common prosperity

Encouraging domestic consumption and innovation

  • The Central Financial and Economic Affairs Commission held its 10th meeting last August when it stressed that common prosperity is an essential requirement of socialism and called for reasonable adjustment of excessive incomes and rearrangement of income distribution to promote common prosperity through high-quality development. We believe the government’s drive for common prosperity will narrow the gaps between individuals, regions, and urban-rural communities to a more acceptable level. Corporate profitability and capital accumulation should remain, albeit the growth rate will be contained. Growing the pie is the foundation of common prosperity, and we think that China’s overall economy could expand even more via domestic consumption and innovation.
  • Dual circulation is a key strategy that outlines how the new economic model will function. On one hand, domestic economic growth will be the primary driver. Domestic consumption and innovation, such as the digital economy and biotech, will still be the anchor that allows China to move forward. On the other hand, China wants to strengthen its position as a high-value global manufacturing hub. Therefore, industrial automation and manufacturing upgrades led by advanced technology will be in focus.

Chart 2: China’s domestic innovation delivers results, as electric-vehicle battery manufacturers have already captured over half of the global market share

Citic Securities, Bloomberg, as of August 2020.

Third “C”: Co-existence of regulation and development for IT and e-commerce

Promoting digitalisation over the longer term

While it may be too early to say if the current regulatory tightening cycle is over, we believe the most severe measures had been released and digested. The swift rectification of businesses and operating models, along with the implementation of necessary measures in the affected industries mean that growth expectations can be reset.  Here, we reiterate the forward-looking, long-term drivers of technology and digitalisation.

Fourth “C”: Carbon peak and carbon neutrality

Peak carbon emissions and promoting new energy

  • Following China’s aim of reaching carbon emissions peak by 2030 and achieving carbon neutrality by 2060, in October the State Council proposed the “Action Plan for Carbon Dioxide Peaking before 2030”, urging the people’s governments of all provinces, autonomous regions and municipalities, as well as all ministries and commissions of the State Council, and all institutions directly under the State Council to implement the overall plan: by 2030, the share of non-fossil energy consumption should reach around 25%, and carbon dioxide emissions per unit of GDP should drop by more than 65% compared with the 2005 level, successfully achieving carbon dioxide peaking before 2030.
  • We see solid investment opportunities in the renewable-energy sector, which enjoys strategic priority for government funding. The construction of wind and photovoltaic bases has already been accelerated thanks to the elevated pace of governmental bond issuance and policy support. Over the longer term, we expect a roadmap that will help China’s journey toward peak carbon emissions by 2030. This will place the country’s decarbonisation efforts under a more institutionalised framework. Overall, we believe that if China can change this energy problem into a manufacturing one, then it’ll greatly help China to achieve carbon peak and carbon neutrality.

Fifth “C”: Changing demographics

  • Changing demographics are reshaping the investment landscape and available opportunities in China. Importantly, this change is in tune with local tastes. We already see this with the evolution of products and brands for old and young alike.
  • The consumption upgrade for China’s population, especially the middle class, is demonstrated by a shift in demand from goods to high-quality lifestyle services like property management and "experiences" such as travel. 
  • For consumer products, the winners will be those that can quickly adapt to local tastes.  We have seen Chinese brands gain market share from foreign equivalents in multiple categories, such as sportswear, skincare, and cosmetics.

Chart 3: Chinese brands’ share trend in cosmetics (%)

Euromonitor, UBS, as of September 2021.

Greater China equities: Unique advantages across three markets

The following section explores investor opportunities in the onshore and offshore markets.

1. Onshore China A-shares market

We see three unique opportunities in A-shares:

  • New energy – especially new-energy equipment firms

Given China’s goal of carbon neutrality, solar and wind energy installations may experience higher growth in the coming years. Despite higher raw-material prices affecting solar energy developments in 2020, which resulted in new installations falling short of expectations in 2021, we believe the number will grow markedly in 2022. With solar energy costs remaining high, new energy operators are more optimistic about wind energy and, therefore, the number of installations may exceed forecasts in 2021 and 2022.

It’s worth mentioning that new-energy sources are leading to changes in the power-grid sector. To cope with competition, capex investment here should also exceed expectations.

In terms of opportunities, new-energy operators are mainly listed in Hong Kong, while new-energy-related materials and equipment companies are primarily traded in A-share markets.

  • The electric-vehicle supply chain

The penetration of EVs continues to rise – especially given the subsidies introduced in Europe and the US. The EV market has evolved from one driven by government subsidies to one led by consumption. With many EVs produced by traditional automobile manufacturers due to hit the market in 2022, EV sales should maintain high levels of growth throughout the year. Many companies that provide materials and equipment to EV supply chains are listed on the A-share market.

  • Semiconductors

The replacement of imported semiconductors with those locally produced in China will be an industry trend lasting several years. In 2021, the semiconductor industry was highly cyclical, and we are optimistic about capital spending in 2022. Overall, then, we are constructive on semiconductor equipment companies. The higher penetration of EVs and solar energy will enhance the structural demand for power-management semiconductors (i.e., semiconductor components related to power and voltage control). As such, the outlook of power semiconductor companies is also more favourable.

2. Hong Kong equity market

Although Hong-Kong listed Chinese equities trailed China A shares and Taiwan equity by a considerable margin in 2021, we need to consider the valuation of the Hang Seng Index over the past five years and a price-to-book (P/B) ratio of less than one, which signals a bottoming out. As of end December 2021, the historic P/B ratio of Hong Kong equities was 0.97, implying that downside risk is limited. Catalysts for Hong Kong’s equity market include an increasing number of IPOs, especially those returning from the US.

Besides, the China Securities Regulatory Commission recently announced that if companies meet compliance requirements and use the variable interest entities (VIE) structure, they will be allowed to list offshore after registration. As the US Securities and Exchange Commission has passed a new rule ordering the delisting of foreign companies that fail to comply with audit regulations for three consecutive years, we expect the number of China concept stocks heading to Hong Kong for IPOs or homecoming listings to grow continuously. This should provide a liquidity boost for Hong Kong equities.

Finally, growth expectations for the large-cap internet and e-commerce sectors have been reset, and we believe that current valuations price in most of the negative news flow. Looking ahead, the long-term drivers of technology and digitalisation remain intact. Catalysts for re-ratings in 2022 could be further clarity on the approval of gaming titles and time-spent limits, strong growth among new retail offerings (e.g., group community purchase), and the increasing penetration of fresh food and grocery e-commerce services. We believe that any risk is on the upside.   

3. Taiwan equity market

After experiencing rapid growth in 2021 (projected at 6%), Taiwan’s GDP is set to expand by 3.3% in 2022, which is slower than 2021 but higher than pre-COVID levels. Corporate earnings may slow to 0–3%, with negative growth in the materials sector and cyclical equities being the leading detractors. The earnings prospects for most electronics companies remain bright. For example, semiconductor and server companies, as well as automotive electronics, are expected to achieve double-digit earnings growth.

Stock-picking rather than market selection should be in favour throughout 2022. Corporate profits may recede in the second quarter of the year, and the Fed is widely anticipated to raise interest rates. Historical data suggests that Taiwan equity performance would, to a large extent, be negatively correlated to Fed policy, meaning we may see Taiwan equities peak in the first quarter of 2022. Key investment themes include mid-cap electronics such as integrated-circuit (IC) designers, servers, EVs, and the metaverse-related names; banks that can benefit from rate hikes; and stocks that will be boosted by the post-pandemic recovery.

We believe the ongoing semiconductor shortage will extend into the first half of 2022, with Taiwan’s IC foundries emerging as major beneficiaries. Given chip prices are set to rise further in the first quarter of 2022, gross margins are expected to trend upwards. Meanwhile, IC design companies can also gain from the shortage. The substitution effect has begun to occur, with Taiwan chips gradually replacing supplies from Europe and America, implying that IC prices have room for upward adjustments.

Having borne the brunt of the pandemic in the third quarter of 2021, Southeast Asia is showing signs of recovery. Downstream electronics account for most of the Taiwanese manufacturers in China, and their production has not suffered severely thanks to redeployment strategies and an easing of power rationing measures since the final quarter of the year. Manufacturers have also taken steps to lower the risks associated with power rationing. Furthermore, the current factory utilisation rate of Taiwanese manufacturers in Southeast Asia, most of them being textiles and shoe producers, has rebounded by over 80%. Manufacturers are also actively diversifying to avoid overexposure to Vietnam.

Greater choice in a varied asset class

Given its increasingly diverse range of investment opportunities, the Greater China equity universe will be best approached from a bottom-up, stock-picking perspective rather than by focusing on a narrower band of individual markets. We are encouraged by developments across all share types, most notably the swift growth in renewables, Hong Kong’s burgeoning IPO sector, and changes in the semiconductor supply chain. Furthermore, China’s expanding middle class and its desire for domestic brands provides us, as active managers, with a deeper well of ideas from which to draw. Lastly, we believe that the most stringent regulatory measures are now behind us. This, coupled with a hoped-for easing of COVID-related concerns, should see investor confidence accelerate in 2022.

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1 Bloomberg. Total return in USD, as of 27 December 2021. MSCI China Index measuring performances of large-to-mid cap SOEs, red chips, A-shares, B-shares and Chinese stocks listed overseas fell 22.62%; MSCI Hong Kong Index declined 4.31%, MSCI China A-share Index rose 3.38%; MSCI Taiwan Index increased 25.18%. Past performance is not indicative of future performance.

2 On 24 July 2021, the “Opinions on Reducing Homework Burden and After-school Tutoring Burden of Students in the Compulsory Education Stage” (aka "Double Reduction" policy) was officially released by Chinese government. Ministry of Housing and Urban-Rural Development of the People’s Republic of China, 23 July 2021. The Cyberspace Administration of China (CAC) announced a cybersecurity inspection on certain ride-hailing platforms in early July soon after the IPOs of a few concerned companies in the US.

 

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    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

Disclaimer (Singapore Investors)

 

Please read carefully these Terms and Conditions of Use (these "Terms") relating to access and use of this website. By clicking "accept" at the bottom of this page, you confirm that you agree to the Terms and Global Terms, and are an investor domiciled in Singapore. By clicking "accept" below, you also confirm that you consent to the setting of cookies on this machine to remember site preferences and track user activity. If you do not agree to be bound by or comply with the Terms or the Global Terms, or do not consent to the use of cookies, please do not access or use this website.
 

This website is operated by Manulife Investment Management (Singapore) Pte. Ltd. ("Manulife Singapore"), which is an entity regulated by Monetary Authority of Singapore. Manulife Singapore is a member of the Investment Management Association of Singapore (IMAS), and a fund management company included under the Central Provident Fund Investment Scheme (CPFIS).
 

Manulife Singapore reserves the right, in its sole discretion, to change, modify, add to, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be notified to you by, and effective upon, posting on this website. You agree that such notification of changes shall be sufficient notice for the purpose of this clause. If you use this website after we post changes to the Terms, you are deemed to have accepted the Terms as changed. If you do not agree to be bound by the changes, you shall immediately cease all access and/or use of this website. Manulife Singapore expressly reserves the right to monitor any use of this website.


You agree:- (i) to comply with all the notices, guidelines, rules and instructions pertaining to the use of the website as issued by Manulife Singapore from time to time and/or made available at this website, including all specific terms and conditions governing use of specific aspects of the website set out in any additional terms and conditions; (ii) to abide by all applicable laws and regulations in your use of the website; (iii) not to impersonate any person or entity or to falsely state or otherwise misrepresent your affiliation with any person or entity; (iv) not to upload or distribute in any way files that contain viruses, corrupted files or any other similar software, programs, macros or files that may impair or damage the operation of another's computer or handset; and (v) not to post, promote or transmit through the website any unlawful, harassing, libellous, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature.


The information provided on this website is intended solely for use by Singapore residents and is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Manulife Singapore (including its affiliates) (collectively hereafter "Manulife") or any of Manulife's products or services to any registration requirement within such jurisdiction or country. Nothing on this website shall be considered as a solicitation to buy or an offer to sell a security or service to any person. Manulife Singapore does not claim that any products or services referenced in this site are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location outside Singapore, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. By proceeding you are representing and warranting that you are either resident in Singapore or the applicable laws and regulations of your jurisdiction allow you to access the information on this website.


Manulife Singapore may from time to time without giving any reason or prior notice, upgrade, modify, alter, suspend, discontinue the provision of or remove, whether in whole or in part, this website and shall not be liable if any such upgrade, modification, suspension or alteration to the website prevents you from accessing the website or any part or feature thereof. The information and/or any other material contained in the website may be modified, deleted or replaced from time to time and at any time in the absolute discretion of Manulife Singapore. Any changes, modifications, or additions to, or deletions from these Terms or Global Terms shall be effective upon posting on this website. If you access this website, including the country-specific sections, after changes are posted to the Terms or Global Terms, you further acknowledge the Terms or Global Terms as changed and agree to be bound by them.


You will indemnify Manulife and their officers, directors, employees and agents in respect of any third party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from your use of this website or any information or content therein, and/or the use or supply of information to a third party provided in breach of any of your obligations under these Terms.

 

Limitation of Liability on System and Transmission over the Internet

Manulife, or any of their respective directors, officers, employees or agents shall not liable for any event of Force Majeure, any virus or other harmful component affecting the website or any server that operates it, any interception of data or communications in connection with the public nature of the internet, any problems or technical malfunction of any telephone network or lines, computer online systems, servers or providers, computer equipment, software failure of any email or entry to be received on account of technical problems or traffic congestion on the Internet, telephone lines or at any website, or any combination thereof, including any loss of opportunities or profit arising from any time delay, system disruption or interruption, transmission blackout, delayed transmission or any incorrect data transmission, or any injury or damage to the computer or other electronic devices or property of any person accessing their website or any other person related to or resulting from accessing the websites or downloading any materials from the website of Manulife Singapore or any third party.


Manulife, or any of their respective directors, officers, employees or agents shall not be liable for any and all losses, injury (including special, indirect and consequential losses), damages, rights, claims and actions of any kind resulting from accessing or downloading any materials from the website of Manulife Singapore or any third party, including without limitation, personal injuries, death and property damage.


Except as specifically set forth herein or where the law requires a different standard, we shall not be responsible for any loss, damage or injury or for any direct, indirect, special, incidental, exemplary, or consequential damages, including lost profits, arising from or related to the system, equipment, browser and/or the installation or maintenance thereof, access to or use of the website, failure of electronic or mechanical equipment, the internet, the system, or communication lines, telephone or other interconnect problems, bugs, errors, configuration problems or incompatibility of computer hardware, software, the internet, or the system, failure or unavailability of internet access, problems with internet service providers, problems or delays with intermediate computer or communications networks or facilities, problems with data transmission facilities or any other problems you experience due to causes beyond our control.

 

Intellectual Property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Manulife, unless otherwise indicated. All intellectual property and proprietary rights in the content, including but not limited to text, software, code, scripts, webpages, music, sound, photographs, video, graphics, graphical user interface, forms, diagrams or other material contained in the website belong to Manulife or the applicable third party service provider unless otherwise indicated. Manulife reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is made available for personal browsing and printing purposes only. You may access material displayed on this website for your non-commercial use only provided that you also retain all copyright and other proprietary notices contained on the materials. Users of this website may not otherwise:

  1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Manulife; 
  2. use, copy, modify, or display any Manulife name, logo, text, or graphic image without Manulife's express, written permission;
  3. display any of the pages, text, images, or other content of this website using "framing" technology without Manulife's express written permission; 
  4. use or reproduce the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use only; 
  5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Manulife; or 
  6. insert a hyperlink to this website (or any part thereof) on any other website or webpage or "mirror" any material contained on this website on any other server or establish and/or maintain, on any website or webpage, any in-links, frame-links and/or any other type of hyperlinks to this website or any part thereof.


The website may contain content posted, emailed or otherwise submitted by you and/or, in the case of the website, by other users of the website (“User Content”). Manulife Singapore has the right to access and examine any User Content and may in its absolute discretion move, remove or disable access to User Content or cause the same to be done. You grant Manulife Singapore a perpetual, irrevocable, royalty free licence to use, reproduce, modify, adapt, publish, translate, incorporate in other works, distribute and display any information posted, emailed or otherwise submitted by you, in whole or in part.

 

Computer Equipment, Browser Access and Internet Services

You are responsible for obtaining, installing, maintaining and operating all software, hardware or other equipment (collectively, “System”) necessary for you to access and use and access this website. This responsibility includes, without limitation, your utilising up to date web-browsers and the best commercially available encryption, antivirus, anti-spyware, and internet security software. You are additionally responsible for obtaining Internet services via the Internet service provider of your choice, for any and all fees imposed by such Internet service provider and any associated communications service provider charges. You acknowledge that there are certain security, corruption, transmission error, and access availability risks associated with using open networks such as the Internet and you hereby expressly assume such risks, including, but not limited to those we may disclose in our materials. You acknowledge that you are responsible for the data security of the Systems used to access this website, and for the transmission and receipt of information using such Systems. You acknowledge that you have requested access to the website for your convenience, have made your own independent assessment of the adequacy of the Internet and Systems and that you are satisfied with that assessment. Manulife Singapore is not responsible for any errors or problems that arise from the malfunction or failure of the Internet or your Systems nor are we responsible for notifying you of any upgrades, fixes, or enhancements to, or for providing technical or other support for your Systems. Although we may provide a link to a third party site where you may download software, we make no endorsement of any specific software, hardware or Internet Service Provider and your use of any such software, hardware or service may also be subject to the license or other agreements of that provider, in addition to these Terms of Use.

 

Hyperlinks

We do not recommend or endorse and accept no responsibility for the content of any website not operated by Manulife Singapore which you may visit by following a link from this website. You acknowledge and agree that Manulife Singapore is not responsible for the availability of such third-party sites or resources, and do not endorse, approve, investigate or verify, and are not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further agree that Manulife Singapore shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources. These links are provided as a convenience and solely for informational purposes. Manulife Singapore is not making any recommendation to invest in, purchase, or sell any securities or other products or services issued by the companies with the linked sites, nor has Manulife Singapore sought to verify or confirm the information contained in the linked sites. Accordingly, Manulife Singapore disclaims any responsibility for the linked sites.


No other website, without the prior written permission of Manulife Singapore, is authorized to link to any part of this website.

 

Investments

The contents on this website are for information only and without consideration given to the specific investment objective, financial situation and particular needs of any particular person and Manulife does not make any representation that the securities, investment products or services referred to, discussed on, or accessible through, this website are suitable for any particular investor. You should consider whether the security, investment product or service in question is suitable for you and may wish to seek professional advice before making a commitment to invest in any such security, investment product or to engage such service.
 

The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.


Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.


An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.


Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
 

On this website:

  1. The short name and full name of the following funds are as follows: Asia Pacific Investment Grade Bond Fund = Manulife Asia Pacific Investment Grade Bond Fund; Global Asset Allocation – Growth Fund = Manulife Global Asset Allocation – Growth Fund; SGD Income Fund = Manulife SGD Income Fund; Singapore Bond Fund = Manulife Singapore Bond Fund; Singapore Equity Fund = Manulife Singapore Equity Fund.
  2. The following are sub-funds of Manulife Global Fund:
    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

Confirm