Multiple signals converging; tech growth stocks stage a comeback

According to a July 20 report by China Fund News, multiple state-owned capital operation platforms, central SOEs, listed companies, mutual and private funds, and insurance institutions have simultaneously announced actions including share purchases, buybacks, self-investments, and increased equity allocations. Many of these institutions are intensifying their focus on technological innovation and new-quality productive forces.

Amid synchronized improvements in market liquidity, technology stocks rebounded from intraday lows on July 21,with the STAR 50 Index surging 10.73% and the ChiNext Index rising 7.05% in a single day.*, led by gains across the semiconductor supply chain.

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*Source: Bloomberg, based on closing prices of the STAR 50 Index and ChiNext Index from July 20 to July 21. Investing involves risks. Past index performance does not indicate future results and should not be construed as investment advice. Investors should pay attention to index volatility risk.

**Source: Hong Kong Exchange Mutual Fund Platform, data as of July 21, 2026. Leveraged products are high-risk investments and may not be suitable for all investors. These products are not intended for long-term holding; if held for more than one day, their actual performance may significantly deviate from the leveraged return of the underlying index over the same period. Investors should carefully review the product's official documents before investing to fully understand all relevant risk factors.

Key Information on Bosera ChiNext Daily Leverage (2x) Product: 1. Investment involves risk. The value of investments may rise or fall. Past fund performance does not guarantee future results. Investors should refer to the prospectus and product key facts statement for details, including product features and risk factors, and should not rely solely on this marketing material when making any investment decision. The Bosera ChiNext Daily Leverage (2x) Product (the "Product") is part of the Bosera Leveraged and Inverse Series, structured as an umbrella unit trust established under the laws of Hong Kong. Units of the Product ("Units") are traded in HKD on the Hong Kong Stock Exchange ("HKEX"), similar to shares. The Product uses swaps as its underlying instrument and seeks to deliver daily investment results that, before fees and expenses, correspond to twice (2x) the daily performance of the ChiNext Index. The Product is denominated in HKD. 2. The Product is a high-risk investment instrument and is not suitable for all investors. There is no guarantee of principal repayment. Your investment may suffer significant or total loss. 3. The Product employs leverage to achieve daily returns equivalent to twice (2x) the index’s daily performance. Gains and losses will be magnified. Losses may substantially exceed those of an unleveraged fund, particularly during bear markets. 4. The Product is not intended to be held for more than one day, as its performance over periods longer than one day—both in magnitude and direction—is likely to diverge significantly from twice (2x) the index’s performance over the same period (e.g., losses could exceed twice the index’s decline). Compounding effects significantly impact the Product’s performance, especially during volatile market conditions. Greater index volatility generally has an adverse effect on the Product’s leveraged performance. Daily rebalancing aims to align the Product’s performance with the index over time despite daily volatility and compounding effects. The Product may even lose money over time if the index rises or remains flat. 5. The Product seeks to achieve its desired exposure through swap agreements with various counterparties. The Product is exposed to counterparty risk and settlement risk associated with these swaps; significant losses may occur if a swap counterparty fails to fulfill its obligations. 6. There is no assurance that the Product can rebalance its portfolio daily to meet its investment objective. Market disruptions, regulatory constraints, or extreme market volatility may adversely affect the Product’s ability to rebalance. 7. The Product may be subject to tracking error risk. This risk may arise from the investment strategy employed, swap-related costs, market liquidity, and fees and expenses, potentially reducing the correlation between the Product’s performance and twice (2x) the daily performance of the index. The fund manager will monitor and seek to manage these risks to minimize tracking error, but there is no guarantee that the leveraged performance of the index can be precisely or fully replicated at all times. 8. Compared with traditional index ETFs, the Product’s price may exhibit higher volatility due to the effects of daily rebalancing and leverage. 9. Please note that the above risk disclosures are not exhaustive; investors should thoroughly review relevant documents before making any investment decision.

Key Information on Bosera STAR 50 Index ETF: 1. Investment involves risk. Past performance does not guarantee future results. The ETF’s price may rise or fall, and there is no assurance of principal repayment. Investors should not base investment decisions solely on the information contained herein and should carefully read the ETF’s offering documents and key facts statement (including product features and risk factors). 2. Bosera STAR 50 Index ETF (the “ETF”) seeks to provide investment returns that closely correspond to the performance of the SSE STAR 50 Index (“Index”), before fees and expenses. The ETF is a physically replicated exchange-traded fund denominated in RMB with RQFII (RMB Qualified Foreign Institutional Investor) status, investing directly in A-shares. 3. The ETF is passively managed. When the Index declines, the ETF’s value will also decrease. Bosera Fund (International) Limited (“Manager”) will not implement any temporary defensive measures against market downturns. 4. The Index is newly launched. Compared to ETFs tracking indices with longer track records and greater scale, the ETF may carry higher risk. 5. The ETF is exposed to concentration risk as it tracks a single region (China) and focuses on technology innovation companies, making it more volatile than broadly diversified funds. 6. The Shanghai Stock Exchange STAR Market (“STAR Market”) is subject to greater price and liquidity volatility, potentially inflated valuations, regulatory differences, delisting risk, and concentration risk. 7. On days when the STAR Market is closed at market open, the ETF’s units may not be priced, meaning investors cannot buy or sell ETF units on those days even if the ETF’s underlying securities change. Differences in trading hours between HKEX and the STAR Market may result in premiums or discounts between the ETF’s trading price and its net asset value (NAV), as the Index does not provide quotes when the STAR Market is closed while HKEX is open. A-shares are subject to daily price limits (up/down circuit breakers), whereas ETF units listed on HKEX are not. This difference may further widen the premium or discount of the ETF’s unit price relative to its NAV, potentially impairing the ETF’s ability to track the Index.

Disclaimer: Investment involves risk. Past performance does not indicate future results. Please refer to the relevant offering documents for details, including risk factors. This document is issued by Bosera Fund (International) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. This document is not intended for distribution or dissemination in jurisdictions where such distribution is prohibited.

Index Provider Disclaimer: The index is commissioned and authorized by the Shenzhen Stock Exchange and compiled, maintained, and managed by Shenzhen Securities Information Co., Ltd. (“SZSE Info”). SZSE Info’s Index Division periodically reviews the representativeness of constituent stocks and may replace constituents based on such reviews. The index is the property of the Shenzhen Stock Exchange. The Shenzhen Stock Exchange and SZSE Info are independent of the fund manager. The Bosera ChiNext Daily Leverage (2x) Product is not approved, offered, guaranteed, or promoted in any form by the Shenzhen Stock Exchange, SZSE Info, or HKEX. The Shenzhen Stock Exchange, SZSE Info, or HKEX make no express or implied warranties or representations regarding the performance of the ChiNext Index. The ChiNext Index is calculated by SZSE Info or its agent, which will take all necessary measures to ensure the accuracy of the ChiNext Index. However, the Shenzhen Stock Exchange, SZSE Info, and HKEX shall not be liable (whether for negligence or otherwise) for any errors in the ChiNext Index nor assume any responsibility to provide advice to any person regarding such errors. The ChiNext Index is owned by the Shenzhen Stock Exchange. The SSE STAR 50 Index (“Underlying Index”) is managed by China Securities Index Co., Ltd. (“CSI”) under commission from the Shanghai Stock Exchange, and ownership of the Underlying Index belongs to the Shanghai Stock Exchange. The Shanghai Stock Exchange and/or CSI make no express or implied warranties regarding the timeliness, accuracy, completeness, or fitness for a particular purpose of the Underlying Index and assume no liability (whether for negligence or otherwise) for any delays, omissions, or errors in the Underlying Index. The Shanghai Stock Exchange and/or CSI do not guarantee, endorse, offer, or promote any funds tracking the Underlying Index and assume no related liability.

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