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Vertex Macro | Trader Hub · Analysis report · July 2026

Vertex Macro | Bond Arbitrage in Hong Kong: Brent Oil, Gold Trends, and Linear Risk

Report
Bond Arbitrage
01 Comprehensive Guide to Executing Bond Arbitrage in Hong Kong A Hong Kong bond-arbitrage guide under high oil-gold spreads.
02 Report 1: High Spread Linear Risk in Brent Oil and Gold Trends: How to Execute Bond Arbitrage in Hong Kong? Five agents synthesize high- and low-spread Hong Kong bond trades.
03 Low-Spread Linear Risk in Brent Crude Oil and Gold Price Trends: How to Conduct Bond Arbitrage in Hong Kong How to run Hong Kong bond arbitrage when oil-gold spreads are tight.
04 Agent Outputs: Hong Kong Bond Arbitrage and Linear Risk Agent notes on Kungfu, Panda, Dragon, Dim Sum, and Mulan bonds.
05 Comprehensive Report on Low-Spread Linear Risk in Brent Crude Oil and Gold Price Movements: Conducting Bond Arbitrage in Hong Kong A full low-spread playbook for Hong Kong bond arbitrage.
06 Comprehensive Guide on Bond Arbitrage in Hong Kong Using Brent Crude Oil and Gold Price Trends Oil and gold trends that open Hong Kong bond-arbitrage windows.
07 Agent Outputs: Geopolitical Risk and Chinese USD High-Yield Bonds US-China geopolitics flatten Chinese USD high-yield returns.
08 Low Price-Spread Linear Risk in Brent Crude Oil and Gold Price Trends: How to Conduct Bond Arbitrage in Hong Kong Gold falls on hawkish Fed signals while oil rises on Middle East risk.
09 Bond Arbitrage in Hong Kong: Trader Reports and Strategy Notes Trader notes on Hong Kong bond arbitrage under oil and gold risk.
10 Bond Arbitrage in Hong Kong: Brent Oil, Gold Trends, and Linear Risk Linear risk when Brent and gold spreads stay narrow.
11 Understanding and Applying the Sharpe Ratio in Proprietary Trading Use net Sharpe after all costs, not gross Sharpe.
Alpha Game
12 Alpha Is Not a Prediction Game Prop trading is an Alpha system, not a prediction contest.
13 Machines Calculate, Markets Change The key skill is stopping when the model is no longer reliable.
14 Section-by-Section In-Depth Analysis How weak Alpha becomes institutionalized trading profit.
15 A Factor Factory Is Not a Variable Repository A factor factory builds tradable Alpha, not a pile of variables.
16 More Factors, Less Alpha More factors often mean more statistical illusions.
17 Proprietary Trading: Truth and Fiction Peter Muller on model-driven prop trading, risk, and incentives.
Asia Macro
A01 How History Shaped My Asian Risk Framework Institutional resilience, policy transmission, and risk discipline.
A02 Policy Announcement Doesn't Equal Market Returns How policy intent flows through implementation, financial conditions, and corporate earnings.
A03 Asia Beta Is Not a One-Way Street Breaking down country, sector, factor, and cross-asset beta.
A04 A Strategy That Worked in the Past Doesn't Mean It Still Works Now Testing whether historical strategies still work in new market structures.
A05 What I Modified After a Policy Trade Failed Revising entry, position-sizing, and risk rules after a failed policy trade.
A06 Manufacturing Policy Doesn't Equal Manufacturing Capacity Tracking manufacturing capabilities, capacity, and cash flow from policy commitments.
A07 Why Increased Foreign Direct Investment Doesn't Necessarily Benefit Local Markets Tracking how foreign-investment commitments translate into local production capacity and market beta.
A08 What's Really Being Traded in the Energy Subsidy Reform Market Analyzing the fiscal, inflationary, and sector transmission of energy-subsidy reform.
A09 How Digital Finance Adoption Moves from User Growth to Sustainable Finance Beta Assessing digital finance unit economics and credit quality beyond user growth.
A10 When AI Enters the Trading Process, the Most Important Thing Is Not Prediction, But Responsibility Responsibility, guardrails, and human oversight when AI enters the trading process.
A11 How Energy Shocks Change Asia Along the Demand Chain Beta Using the demand chain to analyze how energy shocks reshape cross-asset beta across Asia.
A12 The Problem in Asia in 2026 Is Not Whether There Are Savings, But Whether Households Are Willing to Spend Reading Asian domestic demand through savings, confidence, and real income.
A13 Exports Are Still Growing, So Why Might Domestic Demand Not Feel It Breaking down how export growth feeds through to employment, income, and domestic demand.
A14 The Real Test of South Asian Industrial Policy Is Not the Number of Factories, But the Quality of Work Using job quality to test how South Asian industrial policy transmits through the demand chain.
A15 Where Is the Final Demand Moving in Asian Regionalization in 2026 Tracking final demand, capital, and supply chains amid Asian regionalization.
A16 How a Packet of Instant Coffee Reflects Inflation and Household Demand in the Philippines What instant coffee reveals about Philippine inflation and household demand.
A17 Seeing the Informal Credit Cycle in the Philippines from "Lista Muna" Tracking informal credit stress in the Philippines through "lista muna".
A18 Where Do Overseas Remittances End Up After Reaching Barangay Tracking how overseas remittances translate into household demand in the Philippines.
A19 Seeing the Supply Chain and Corporate Profitability in the Philippines from the Replenishment Cycle Reading Philippine supply chains and corporate profitability through the replenishment cycle.
A20 When Sari-Sari Store Becomes a Financial Node, Technology Who Should It Serve Assessing digital finance, credit, and responsible governance through sari-sari stores.
Trading Framework
01 Accumulating Income Along a High-Rate Curve: Position Trading in Short-Duration Asian Offshore Bonds Short-duration position trading and carry framework.
02 From Market Reading to Position Action: Six Purchases in Asian Offshore Credit From macro observation to six-purchase execution and risk record.
03 Income, Defense, and Exit Discipline: Managing a Short-Duration Offshore Credit Book Managing offshore credit through income, risk, and exit rules.
04 How This Book Loses: Invalidation, Reduction, Exit, and Re-Entry for a Short-Duration Asian Offshore Credit Position Invalidation, reduction, hard stops, and re-entry as a trading process.
Quantitative Trading
Q01 Trading Course: Quantitative Trading and Factor Analysis A comprehensive learning module on quantitative trading and factor analysis.
Market Wall
02 Greenspan's Performance Art: A Central Banker's Market Theater How a Fed chairman staged expectations instead of moving the scenery.
03 The Chinese Version of the Greenspan Put: How the Policy Bottom Sneaks into Asset Prices When a policy floor quietly becomes part of the price.
04 The Illusion of Low Inflation: How China's Real Estate Cycle Traps the Central Bank Quiet CPI, aging pipes: how property traps the PBOC.
05 The Chinese Central Bank's Kitchen: Interest Rates Are Just One of the Pots Rates are only one pot in a crowded policy kitchen.
06 Pan Gongsheng's Interest Rate Corridor: The Central Bank Finally Starts Drawing Floors and Ceilings for the Market Drawing a floor and a ceiling so the market can price money.
07 The 811 Exchange Rate Reform: The Renminbi's First Time Tossing and Turning in the Night The night the renminbi first turned over in its sleep.
08 Debt Resolution is Not Market Clearing: It Merely Moves the Landmine from the Desk to the Drawer Moving the landmine from the desk into the drawer.
09 Supply-Side Reform of University Graduates: Who is Creating So Many Young People with Nowhere to Go Who is producing so many young people with nowhere to go.
10 The Central Bank is Responsible for Pumping Water, the Ministry of Finance is Responsible for Patching Holes: Why China's Credit Machine Gets Louder the More It's Repaired The PBOC pumps water; the MOF patches holes.
11 The Central Bank is Responsible for Pumping Water, the Ministry of Finance is Responsible for Patching Holes: Why China's Credit Machine Gets Louder the More It's Repaired Fed talk-show price discovery versus PBOC banquet jokes.
12 Jensen Huang's Compute Temple: Who Is Burning Incense to GPUs in the AI Bubble? The AI market treats computing infrastructure as a central object of investment.
13 Who Sold Shovels in the AI Bubble, and Who Is Using Shovels to Dig Their Own Grave The AI industry chain distributes investment and work across cloud providers, chip suppliers, model companies, application firms, and enterprise customers.
14 From Oracle to Customer Service: AI Bubble's Most Awkward Demotion AI may improve while enterprises still value it primarily at customer-service outsourcing prices.
15 Hong Kong Stocks at 23,000: The Discount Store Asked to Discount Forever Hong Kong stocks trade around 23,000 points in a market where investors continue to demand discounts.
16 Hong Kong Stocks at 23,000: The Discount Store Asked to Discount Forever Hong Kong stocks trade around 23,000 points in a market where investors continue to demand discounts.
17 The Dragon King in the Southbound Pipeline: How Southbound Funds Keep the Hang Seng Index Alive Hong Kong stocks now depend more on southbound fund pressure than on foreign-capital sentiment.
18 Hang Seng Tech's Parole Application: Every Rebound in Chinese Technology Stocks Must First Prove Its Innocence Hong Kong technology stocks must repeatedly demonstrate their credibility before each rebound.
19 The Coupon Monastery of Asian Dollar Bonds: After the Rate-Hike Execution Ground, Who Is Starting to Believe in Holding to Maturity? Investors in Asian dollar bonds are turning toward holding to maturity after volatility has made coupon income more important.
20 The Spirit-Summoners of the Property Ghost Towers: How Asian High-Yield Dollar Bonds Reopened on a Default Graveyard Asian high-yield dollar bonds present high-coupon opportunities alongside property defaults.
21 The Witch-Hunters Beneath the Central-Bank Belfry: Why Macro Funds Have Started Believing They Understand the World Again Macro funds package the world's disorder as insight, although markets may simply be disorderly.
22 The Macro Mercenaries of the Multi-Strategy Castle: How Hero Traders Are Recruited Multi-strategy funds now manage macro traders through monthly reporting and risk limits.
23 The A50's Nine-Dragon Throne: Every Bull Market Has Someone Who Thinks Heaven Appointed Them The SSE 50 was launched in January 2004 with a base point of 1,000 and fifty large, actively traded companies from the Shanghai market.
24 The SSE 50's Demon-Suppression Chronicle: Every Time Policy Saves the Market, the Market Raises Another Demon The SSE 50 was launched in January 2004 at a base point of 1,000 to represent fifty relatively large, actively traded companies from the Shanghai market.
25 The SSE 50 Undercover: Foreign Capital, the National Team, and Fundamentals—Who Is the Price's Mole? The SSE 50 was launched in January 2004 at 1,000 and tracks fifty relatively large, actively traded companies as a recurring snapshot of large Chinese listed firms.
26 Comfort Is the New Poor Person's Tax: How a Job Without Office Hours Turns Young People into Marginal Players A flexible, home-based job offered convenience while placing the worker at the margins of the workplace.
27 Trading Four Days of Labor for a 200-Yuan Prize: How to Write Begging as a Growth Plan The event asked participants to research a product and publish an article in exchange for points redeemable for subscription credits, merchandise, or electronic products.

Bond Arbitrage in Hong Kong: Brent Oil, Gold Trends, and Linear Risk

Title Options

1. Linear Risk in Narrow Price Spreads Between Brent Crude Oil and Gold Price Trends: How to Conduct Bond Arbitrage in Hong Kong

2. Linear Risk in Narrow Price Spreads Between Brent Crude Oil and Gold Price Trends: Chinese Bond Types, ETFs, Mutual Funds, and Strategic Considerations

3. In-Depth Analysis of Bond Arbitrage in Hong Kong: High-Spread Linear Risk Under Brent Crude Oil and Gold Market Trends

4. Comprehensive Analysis of Bond Arbitrage Trading Strategies in Hong Kong: High-Spread Linear Risk Under Brent Crude Oil and Gold Market Trends

Alternative (Finance-Professional Wording)

1. Bond Arbitrage in Hong Kong Under Low-Spread Linear Risk: Insights from Brent Crude Oil and Gold Price Trends

2. Low-Spread Linear Risk in Brent Crude Oil and Gold Markets: Chinese Bond Categories, ETFs, Mutual Funds, and Investment Strategy Considerations

3. A Deep Dive into Hong Kong Bond Arbitrage: Managing High-Spread Linear Risk Amid Brent Crude Oil and Gold Market Trends

4. Advanced Bond Arbitrage Trading Strategies in Hong Kong: Evaluating High-Spread Linear Risk Through Brent Crude Oil and Gold Price Dynamics

Market Note

Geopolitical conflicts have impacted the Chinese dollar-denominated high-yield bond index, reducing its year-to-date gains to zero. Advice in Hong Kong market.

Report for Trader

Report 1

High-spread linear risk in Brent oil and gold trends: how to buy bonds for arbitrage in Hong Kong?

Report 2

Low-spread linear risk in Brent oil and gold trends: how to buy bonds for arbitrage in Hong Kong?

Risk: Geopolitical conflicts have hit the Chinese USD high-yield bond index, wiping out its year-to-date gains.

Focus Instruments

● 3-year bonds

● US Treasuries

● Chinese property USD bonds

● USD bond QDII funds

Kungfu Bonds (Chinese USD Bonds)

Given the growing market demand for US dollar bonds issued by Chinese financial institutions and corporations in offshore markets, Bloomberg presents the Kungfu Bond (i.e., Chinese USD bond) solution—the industry’s first tool available for global investors to track this asset class.

Panda Bonds

Panda Bonds are RMB-denominated bonds issued by overseas institutions in the Chinese market. According to international convention, when a foreign issuer issues local-currency bonds in a country’s domestic market, they are generally named after that country’s most characteristic mascot—for example, Japan’s “Samurai Bonds,” the United States’ “Yankee Bonds,” and the UK’s “Bulldog Bonds,” all names with strong regional characteristics.

Panda Bonds debuted in 2005; by the end of 2018, cumulative issuance had reached nearly RMB 200 billion. Issuers include:

● International development institutions (the World Bank, the Asian Development Bank, etc.)

● Overseas government-related institutions

● Overseas financial institutions

● Large foreign enterprises

Dragon Bonds

Although both the dragon and the panda are representative animals of China, Dragon Bonds are not exclusively related to China.

Dragon Bonds are bonds denominated in a third-country currency and issued in Asian regions other than Japan.

Dragon Bonds have relatively high credit requirements for issuers; governments and related institutions are more common.

Dim Sum Bonds

Dim Sum Bonds are offshore RMB bonds issued in Hong Kong (that is, bonds not issued on the mainland but denominated in RMB). Issuers can be companies from anywhere in the world (the first Dim Sum Bond was issued by China Development Bank in 2007). If the issuer is a Chinese onshore entity, it is a Chinese-enterprise Dim Sum Bond—and, like Chinese USD bonds, it is a type of “offshore bond” as defined by the NDRC.

Regarding the origin of the name “Dim Sum,” Aunt Lin found two explanations:

1. Individual issuance sizes are relatively small and account for only a small share of the international bond market.

2. In the years after this bond type appeared in 2007, accelerated RMB appreciation led Hong Kong institutional investors and retail investors to snap them up—supply could not meet demand, and they were as popular with Hong Kong tea drinkers as dim sum itself.

Unlike onshore Chinese debt instruments, Dim Sum Bond issuance by domestic enterprises is regulated much more loosely. However, if funds are to be injected from the offshore market into the onshore market for use, permission from relevant Chinese onshore regulators is still required.

Besides Hong Kong, offshore RMB bonds are also issued in many countries/regions around the world, with colorful names—for example (issuance market in parentheses):

● Formosa Bonds (Taiwan)

● Lion City Bonds (Singapore)

● Kimchi Bonds (South Korea)

● Golden Tiger Bonds (Malaysia)

● Goethe Bonds (Germany)

● Arc de Triomphe Bonds (France)

● Schengen Bonds (Luxembourg)

● Ocean Bonds (Australia)

● Rainbow Bonds (South Africa)

Mulan Bond

Refers to the first Special Drawing Rights (SDR)–denominated bond settled in RMB and issued in the Chinese market. This type of bond appeared relatively late and remains a rare species.

On August 31, 2016, the World Bank issued SDR 500 million of SDR-denominated bonds in China’s interbank bond market via bookbuilding, with a three-year tenor. This was the first RMB SDR bond, symbolizing a new milestone in RMB internationalization, and was named after the legendary Chinese woman Hua Mulan.

> What is SDR?

> Special Drawing Rights (SDR) are potential claims by IMF members on quotas of freely usable currencies, and a supplementary international reserve asset created by the IMF in 1969. The SDR is not a true currency; it is limited to exchange among IMF members. When a member’s currency liquidity is insufficient, it can obtain any currency in the basket to meet balance-of-payments needs or to supplement official reserves.

Formal Reports

Report 1

High Spread Linear Risk in Brent Oil and Gold Trends: How to Execute Bond Arbitrage in Hong Kong?

Report 2

Low Spread Linear Risk in Brent Oil and Gold Trends: How to Execute Bond Arbitrage in Hong Kong?

Background Details

Risk: Geopolitical conflicts have impacted the Chinese USD high-yield bond index, wiping out its year-to-date gains.

● 3-year bonds

● US Treasury Bonds

● Chinese Real Estate USD Bonds

● USD Bond QDII Funds

Given the growing market demand for US dollar bonds issued by Chinese financial institutions and corporations in offshore markets, Bloomberg presents the Kungfu Bond (i.e., Chinese USD Bond) solution, which is the industry's first tool available for global investors to track this asset class.

Chinese Bond Types

Panda Bonds

Panda Bonds are RMB-denominated bonds issued by overseas institutions in the Chinese market. According to international convention, when foreign issuers issue local currency bonds in a country's domestic market, they are generally named after that country's most characteristic mascot. Examples include Japan's "Samurai Bonds," the United States' "Yankee Bonds," and the UK's "Bulldog Bonds"—names with strong regional characteristics.

Panda Bonds were introduced in 2005, with a cumulative issuance volume of nearly 200 billion RMB by the end of 2018. Issuers include:

● International development institutions (such as the World Bank and the Asian Development Bank)

● Overseas government agencies

● Overseas financial institutions

● Large foreign enterprises

Dragon Bonds

Although both the dragon and the panda are representative animals of China, Dragon Bonds are not exclusively related to China. Dragon Bonds are bonds denominated in a third-country currency issued in Asian regions outside of Japan. Dragon Bonds have high credit rating requirements for issuers, making governments and related institutions the most common participants.

Dim Sum Bonds

Dim Sum Bonds are offshore RMB bonds issued in Hong Kong (that is, bonds not issued in mainland China but denominated in RMB). The issuers can be companies from all over the world (the first Dim Sum Bond was issued by the China Development Bank in 2007). If the issuer is a Chinese domestic entity, it is a Chinese enterprise Dim Sum Bond, which, like Chinese USD bonds, is a type of "offshore bond" as defined by the NDRC (National Development and Reform Commission).

Regarding the origin of the name "Dim Sum," there are two common explanations:

1. The single issuance size is relatively small, making up only a small proportion of the international bond market.

2. In the years following its introduction in 2007, the accelerated appreciation of the RMB caused these bonds to be snapped up by Hong Kong institutional and retail investors. Being in short supply, they were highly favored—just like dim sum is by Hong Kong tea drinkers.

Unlike domestic debt financial instruments in China, domestic enterprises face much looser regulations when issuing Dim Sum Bonds. However, if they want to inject funds from the offshore market into the domestic market for use, they still need permission from relevant domestic regulatory agencies in China.

In addition to being issued in Hong Kong, offshore RMB bonds are also issued in many other countries/regions around the world, taking on colorful names based on their issuance markets:

● Formosa Bonds (Taiwan)

● Lion City Bonds (Singapore)

● Kimchi Bonds (South Korea)

● Golden Tiger Bonds (Malaysia)

● Goethe Bonds (Germany)

● Arc de Triomphe Bonds (France)

● Schengen Bonds (Luxembourg)

● Kangaroo/Ocean Bonds (Australia)

● Rainbow Bonds (South Africa)

Mulan Bonds

This refers to the first Special Drawing Rights (SDR) denominated bond settled in RMB issued in the Chinese market. This type of bond appeared relatively late and is still a rare breed.

On August 31, 2016, the World Bank issued 500 million SDR-denominated bonds in China's interbank bond market through book building, with a three-year maturity. This was the first RMB SDR bond, symbolizing a new milestone in the RMB internationalization process, and was named after the legendary Chinese woman Hua Mulan.

> What is SDR?

> Special Drawing Rights (SDR) are potential claims on the freely usable currencies of International Monetary Fund (IMF) members. They are also a supplementary international reserve asset created by the IMF in 1969. The SDR is not a true currency; it is limited to exchange among IMF members. When a member's currency liquidity is insufficient, it can obtain any currency in the basket to meet balance of payments needs or to supplement official reserves.

Hong Kong Bond and Equity & Derivative ETFs

Pure Bond ETFs (Fixed Income)

These funds only invest in government, policy bank, or corporate debt securities:

Ticker	Name
`3075.HK`	Global X Asia USD Investment Grade Bond ETF
`3411.HK`	Premia J.P. Morgan Asia Credit Investment Grade USD Bond ETF
`3005.HK`	ChinaMC FTSE China Policy Bank Bond ETF
`2821.HK`	ABF Pan Asia Bond Index Fund
`2817.HK`	Premia China Treasury and Policy Bank Bond Long Duration ETF
`3054.HK`	Global X FTSE China Policy Bank Bond ETF
`3077.HK`	Premia US Treasury Floating Rate ETF

Equity & Derivative ETFs (Stocks / Options)

These funds invest in stocks to capture dividends, growth, or income via options. They do not hold bonds:

Ticker	Name
`3110.HK`	Global X Hang Seng High Dividend Yield ETF
`3116.HK`	Global X Asia Pacific High Dividend Yield ETF (formerly iShares Core)
`3419.HK`	Global X HSI Covered Call Active ETF
`3188.HK`	ChinaAMC CSI 300 Index ETF
`3140.HK`	Value Partners Hong Kong High Dividend ETF
`3190.HK`	Fubon Shanghai-Shenzhen-Hong Kong High Dividend Yield ETF
`2824.HK`	Lippo Select HK & Mainland Property ETF

US Treasury Bond ETFs (HKEX)

Ticker	Name
`3450.HK` / `9450.HK`	Global X US Treasury 3-5 Year
`ETF3436.HK`	Hang Seng CMS Bloomberg US Treasury 1-3 Year Index
`ETF3435.HK`	Hang Seng CMS Bloomberg US Treasury 7-10 Year Index
`ETF9446.HK`	ChinaAMC 20+ Year US Treasury Bond
`ETF3077.HK` / `9077.HK`	Premia US Treasury Floating Rate ETF

Unlisted HKEX Mutual Funds (Cross-Boundary Mutual Recognition)

Cross-Boundary Wealth Management Connect or offshore Chinese asset schemes; these unlisted USD bond mutual funds are registered and distributed via HKEX platforms:

Fund ID / Name	Manager
`BIN737` (HKEX Fund ID) – CUAM Select US Dollar Bond Fund	China Universal Asset Management HK
CSOP Select US Dollar Bond Fund	CSOP Asset Management

Asian & Chinese USD Corporate Bond ETFs (HKEX)

Ticker	Name
`3075.HK` / `9075.HK`	Global X Asia USD Investment Grade Bond
`ETF3411.HK` / `9411.HK`	Premia J.P. Morgan Asia Credit Investment Grade USD Bond
`ETF3001.HK` / `9001.HK`	Premia China USD Property Bond ETF (High Yield)

Alternative Fixed Income & Credit ETFs (HKEX)

● Global X Asia USD Investment Grade Bond ETF (3075.HK): Offers exposure to safer, investment-grade USD-denominated bonds across Asia rather than high-yield real estate debt.

● Premia J.P. Morgan Asia Credit Investment Grade USD Bond ETF (3411.HK): A broader Asian fixed-income product focusing on high-quality credit issuers across the region.

● ChinaMC FTSE China Policy Bank Bond ETF (3005.HK / 9005.HK): Tracks onshore policy bank bonds, providing government-backed security but with a lower yield profile than property high-yield bonds.

High-Yield / Income Alternatives on HKEX

● 3001.HK – Premia China USD Property Bond ETF: Primarily tracks high-yield (HY), US-dollar-denominated bonds issued by Chinese real estate developers.

● Global X Hang Seng High Dividend Yield ETF (3110.HK): Targets the top dividend-paying stocks listed in Hong Kong to deliver consistent cash flow.

● iShares Core Hang Seng High Dividend Yield ETF (3116.HK): A low-cost alternative tracking high-yielding Hong Kong equities.

● Global X HSI Covered Call Active ETF (3419.HK): Uses an options strategy on the Hang Seng Index to generate enhanced monthly or quarterly income.

Key Comparisons

Product Ticker	Strategy Style	Risk Profile	Main Underlying Asset
`3001.HK`	High Yield Income	High Risk	Chinese Property USD Bonds
`3075.HK`	Conservative Income	Low–Medium Risk	Asian Investment Grade Corporate Bonds
`3110.HK`	Equity Dividend Income	Medium–High Risk	High-Yield HK Equities