Important Information

The materials/information contained in this website are intended for use by Institutional Investors and/or Professional Investors only as such terms are defined in the relevant jurisdiction. Please note that the investment solutions featured on the site may be available only to residents of certain countries and/or only to certain categories of investors. The information on this Site is not intended to be available to any person in any jurisdiction where access to or use of such information would be contrary to law or regulation or which would subject any First State Investments entity or any FSSA Investment Managers Fund to any registration requirement within such jurisdiction.

This website contains information on products and services and does not provide investment advice based on individual circumstances. Views and opinions on this website are subject to change. Nothing in this website shall be construed as investment, tax, legal or other advice. 

By accessing this website and by clicking ‘I have read and agree to the above information’ you are confirming that: 

• You are an Institutional Investor or Professional Investor as such terms are defined under applicable laws of each jurisdiction in which you reside.

• You have read, understood and accept these Terms and Conditions. 

• You have read, understood and accept the privacy and cookie policies, and accept that any collection, use and disclosure of your personal information will be handled in accordance with the privacy and cookie policies. 

• You are not a U.S. Person as defined in Regulation S under the Securities Act of 1933, as amended.

• This website is not directed at any person in the United Kingdom or European Union.

• You accept delivery of this website in English. 


This webpage is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission of Hong Kong. First State Investments and FSSA Investment Managers are business names of First State Investments (Hong Kong) Limited. FSSA Investment Managers is a team within First State Investments that manages a range of Asia Pacific equity funds.

This website is operated and issued by First State Investments (Hong Kong) Limited, and is managed by various companies within the First State Investments Group (“FSI”). First State Investments (Hong Kong) Limited is  part of the investment management business of First Sentier Investors, which is ultimately owned by Mitsubishi UFJ Financial Group, Inc. (“MUFG”), a global financial group. First Sentier Investors includes a number of entities in different jurisdictions, operating in Australia as First Sentier Investors and as FSI elsewhere.  You acknowledge that any company in the FSI group may disclose and transfer any information that you provide through this website to (i) any company within the FSI group, its affiliates, agents or information providers; (ii) to any other person or entity with your consent; or (iii) if we have a right or duty to disclose or are permitted or compelled to so disclose such information by law. You consent to the transmission, transfer or processing of such information to, or through, any country in the world, as we deem necessary or appropriate, and by using and providing information through this website you agree to such transfers. Any information about you that we provide through this website to third parties will comply with applicable law within the various regions.

Use of this website may be monitored, tracked and recorded. Anyone using this website expressly consents to such monitoring, tracking and recording. You are responsible for being familiar with the current version of these Terms and Conditions posted on the website during each session.

When accessing and using this website, you are responsible for complying with all applicable local and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on the website in certain jurisdictions and we disclaim all responsibility if you download any information from the website in breach of any law or regulation of the jurisdiction in which you reside or, if different, in which you download such information. This website is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this website is prohibited. By proceeding, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information.

The information contained in this website does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities, nor is the information directed at any jurisdiction in which such offer, sale or recommendation is not authorised. 

The information contained in this website does not constitute investment advice. An investment in strategies mentioned in this website may not be suitable for all investors.

The information and/or data herein has been obtained from sources that FSI believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. Neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this document. 

The commentaries and/or views expressed on or via the website are the views of the writer at the time of issue and may change over time. Analyses contained in or accessible via the website are based on numerous assumptions which may cease to be valid over time. Reference to any fund on this website does not imply and/or indicate that the relevant fund is authorized for distribution to any person in a particular jurisdiction. No person should rely on the content and/or act on the basis of any matter contained in this document without obtaining specific professional advice. 

This website may contain or be linked to other websites as a convenience for visitors. First State Investments (Hong Kong) Limited makes no representations or guarantees as to the accuracy, subject matter, timeliness or quality of information on any linked sites and assumes no liability for the content or presentation of such linked sites. First State Investments (Hong Kong) Limited has not and will not review or update information on any linked sites and cautions that any use made of such information is at your own risk.


Intellectual Property

(a) Unless otherwise specified, First State Investments is the owner or the licensee of all intellectual property rights in and to this Website, its content and the information, imagery and data published on it including but not limited to copyright and trademark rights (whether registered or unregistered). Those works are protected by copyright laws and treaties around the world. All such rights, save as expressly granted, are reserved. 

(b) Notwithstanding paragraph (a) above, no warranty or indemnity is given that the use of the Website, or any information or material taken or downloaded from the Website will not infringe the intellectual property rights of any third party. 

(c) Reproduction in any form of any part of the content, information, imagery or data from, or underlying, this Website, save for in strict compliance with these Terms, is prohibited without the prior written consent of First State Investments. All such intellectual property rights shall continue to be held by First State Investments or its licensors and no rights of any kind in such rights shall pass to you. 

(d) The information held on this Website is for your own personal use only. You may print off or download copies of, or extracts from, pages from this Website for your personal reference but you must not modify those copies or extracts in any way. First State Investments (and any identified contributors), as the authors of material on this Website, must always be acknowledged. 

(e) Notwithstanding paragraph (d) above, to the extent that you are a financial advisor, you may use the information available on this Website and provide copies of documents available on the Website to make recommendations to your clients, however such information is not intended for direct use by members of the public. 

(f) Any unauthorised downloading, re-transmission or other copying or modification of any of the contents of the Website may be in breach of statutory or common law rights which could be the subject of legal action. First State Investments disclaims all liability which may result from any unauthorised reproduction or use of the information on the Website.

(g) All trademarks, service marks, company names or logos are the property of their respective holders. The display of any trade names or trademarks on the Website does not imply that any licence has been granted to any third party in respect of the same. Any use by you of these marks, names and/or logos may constitute an infringement of the holders’ rights. 

MUFG and its subsidiaries are not responsible for any statement or information contained in this website. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment or entity referred to in this website or the repayment of capital. Any investments referred to are not deposits or other liabilities of the MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.

Please read our Privacy Policy below before submitting your personal data via the website.


Privacy and the Information Handling Practices of the Mitsubishi UFJ Financial Group, Inc. (MUFG Group)  

First State Investments (Hong Kong) Limited is a member of the Mitsubishi UFJ Financial Group, Inc. (MUFG), a global financial group.


How we handle your personal information 

Personal information is information or opinion that allows others to identify you. It includes your name, age, gender, contact details as well as your health and financial information. We are part of the MUFG Group. We will act to protect your personal information in accordance with local law and this policy statement.

The MUFG Group is a collection of related organisations that provide banking, insurance, fund management, financial planning and advice, superannuation, stockbroking and finance services. 

We collect personal data to provide you with the financial products and services you request as well as information on other products and services offered by us. The law may also require us to collect personal information in certain circumstances. We will tell you who collects the personal information, advise you of their contact details, your right of access to that information, and what will happen if you choose not to provide this information.

Personal information may be used and disclosed within the MUFG Group to administer our products and services, as well as for prudential and risk management purposes and, depending on your choice, to provide you with related marketing information. We also use the information we hold to help detect and prevent illegal activity. We co-operate with police and other enforcement bodies as required or allowed by law.

We disclose relevant personal information to external organisations that help us provide services. These organisations are bound by confidentiality arrangements. They may include overseas organisations.

You can seek access to the personal information we hold about you. If the information we hold is inaccurate, incomplete or outdated, please inform us so that we can correct it. If we deny access to your personal information, we will let you know why.

Our more detailed privacy policy document is detailed below.

If you have any questions or would like further information on our privacy and information handling practices, please contact us.

First State Investments (Hong Kong) Limited (“First State Investments”) detailed privacy policy document for investors and advisors 

At First State Investments, the privacy of your personal data is important to us. We collect personal data to make and maintain investments on your behalf or on behalf of your clients in funds managed by us as well as to provide you with information about other products and services we offer. In some circumstances the law may also require us to collect personal data.

In Hong Kong, Personal Data is defined as any data
(a) relating directly or indirectly to a living individual;

(b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and

(c) in a form in which access to or processing of the data is practicable;) from those data

First State Investments is bound to protect your personal data in accordance with applicable laws and/or guidelines, and the principles contained therein.

The following statement outlines our general information handling practices.

How is your personal data dealt with? 

In the course of doing business and/or operating this website, we may use internal service providers or outsource certain tasks to third party administrators or agents. These internal providers or third parties will have access to your personal data submitted via the website; their use of your data would be restricted to authorized use(s) as stipulated in the confidentiality arrangements to which they are bound by. Your personal data may also be used by us to administer, monitor and evaluate products and services, inform you about promotional activities, gather, aggregate and report statistical information, assist you with any queries and take measures to detect and prevent fraud and other illegal activity. We may also be allowed or obliged to disclose information by law or by the rules of any applicable regulatory body or otherwise where you have given your consent. In some instances, your personal data may be transferred out of the jurisdiction.

We aim to ensure that the personal information we retain about you is accurate, complete and up to date. If you provide us with incomplete or inaccurate information, we may not be able to provide you with the products or services you are seeking or the best of our products for your individual circumstances. 

What personal data do we collect? 

First State Investments collects personal data on investors, clients, intermediaries and business contacts via application forms, other First State Investments forms, investment management agreements, correspondence, business cards, phone, fax, e-mail and on-line. Personal data collected may include:
Date of birth
Contact details
Bank account information
Investment information  


The main purpose for First State Investments collecting your data is to make and maintain investments on your or your client's behalf in funds managed by us. If you would like to receive further information from us about other products or services offered by First State Investments please ensure you tick the relevant box on the appropriate application form or contact us by e-mailing us at   

E-mail and Marketing

We do not intend to use your email addresses for direct marketing purposes, nor will we provide your personal data to third parties or our affiliates for their marketing purposes without your consent. As a matter of policy, we do not transfer your personal data to any third parties or its affiliates for marketing purposes, or we would only do so with your prior written consent. Also, we will not send you e-mail messages without first receiving your consent, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents as part of our E-Delivery service. It is our policy to include instructions for unsubscribing from these services, or withdrawing any consent previously provided.  

Personal Data Quality  

We take reasonable steps to ensure that the personal data we collect, use or disclose is accurate, complete and up to date. Please contact us by e-mailing us at if any of the details you have provided change. Please also contact us if you believe that the information we have about you is not accurate, complete or up to date.  

Personal information security

We are committed to keeping secure the personal data you provide to us. We take all reasonable precautions to protect the personal data we hold about you from misuse and loss and from unauthorised access, modification or disclosure. We have a range of physical and technological policies and procedures in place to provide a robust security environment. We seek to ensure the on-going adequacy of these measures by regularly reviewing them. Our security measures include, but are not limited to: restricting access to our computer systems and physical records to authorised persons and preventing users from accessing information they have no need to access; and requiring employees to use unique passwords to gain access to systems. These passwords are changed regularly and their use is independently monitored; employing firewalls, intrusion detection systems and virus scanning tools to prevent unauthorised persons and viruses from entering our systems; using dedicated secure networks or encryption on sensitive customer information transmitted via email when we transmit electronic data for purposes of outsourcing; providing secure storage for physical records; and detecting and preventing unauthorised access to buildings by employing physical and electronic means such as alarms and cameras. Where information we hold is identified as no longer needed for any purpose we take reasonable steps to effectively and securely destroy it.  

Online services - collection of information via web site activity 

For statistical purposes we may collect information on web site activity (such as the number of users who visit our web site, the date and time of visits, the number of pages viewed, navigation patterns, what country and what systems users have used to access the site and, when entering our web site from another web site, the address of that web site) through the use of 'cookies'. Unless the web site is a secure web site this information on its own does not identify an individual but it does provide us with statistics that can be used to analyze and improve our web site.

We may also collect your personal data via your use of our web site. Generally, the information that we collect is what you give us when you complete a Form or otherwise make an enquiry via the web site.


A 'cookie' is a packet of information that allows the server (the computer that houses the web site) to identify and interact more effectively with your computer. When you use our public web site, we send you a temporary cookie (known as a session cookie) that gives you a unique identification number. A different identification number is sent each time you use our web site. Session cookies do not identify individual users, although they do identify a user's browser type and your Internet Service Provider (ISP). At the end of your interaction with our public web site, the session cookie "crumbles". This means it no longer exists on your computer and therefore it cannot be used for further identification or access to your computer. We also use persistent cookies in certain parts of our sites. A persistent cookie is stored on your hard drive and is read by your browser each time you visit the secure web site. The persistent cookie can be used to track your browsing habits and present more appropriate or personalised content. A persistent cookie has an expiry date and is stored on your hard drive until that date. To evaluate the effectiveness of our web sites, we may use third parties to collect statistical data. No personal data is collected on these occasions. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Please refer to your browser instructions or help screens to learn more about these functions. If you reject all cookies, you may not be able to use parts of our web sites as intended.
Additionally, you may encounter cookies or other similar devices on our Website that are placed by third parties. We do not control the use of cookies by third parties.  

Links to other web sites

Our web site may contain links to non-First State Investments web sites. While such links are provided for your convenience, you should be aware that the information handling practices of the linked web sites might not be the same as ours. You should review any privacy policies on those linked websites. We are not responsible for any linked websites.  

Telephone services

We monitor and record telephone calls for training and security purposes.  

Your rights relating to Personal Data under the Personal Data (Privacy) Ordinance of Hong Kong (“Ordinance”)

You have the following rights under the Ordinance:
(i) Right to confirm with us whether your personal data is being held;
(ii) Right to access and obtain a copy of such data;
(iii) Right to have your personal data corrected; and
(iv) Right to object to use of your personal data for marketing purposes

First State Investments (Hong Kong) Limited are allowed, by law, to charge you a fee for this. If you would like to exercise any of these rights, please put your request in writing to:

Data Protection Officer
First State Investments (Hong Kong) Limited
Level 25 
One Exchange Square
8 Connaught Place
Central, Hong Kong

First State Investments will respond promptly, and in any event within 7days, to a request by you in relation to any of the above. If we deny access to your personal information, we will let you know why.

Changes to our Privacy Policy 

This Privacy Policy was updated on 2 August 2019. We reserve the right to change this policy at any time. We will ensure that any changes to the Privacy Policy are added to the Policy available on our website on their effective date.

We will post a message on our Website home page whenever an amendment is made to this Privacy Policy so that you will know when to check. You acknowledge that by accessing our Website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Whistleblower statement

FSSA Investment Managers is committed to maintaining high standards of corporate governance, ethics and behaviour in all of its activities, as part of which FSSA Investment Managers requires that its employees display the highest levels of professionalism in all aspects of their work to facilitate compliance with its code of conduct and all applicable laws.

FSSA Investment Managers is also committed to providing a culture where all staff are encouraged to raise concerns about unacceptable practice and misconduct. This extends to others with a connection to FSSA Investment Managers such as directors, contractors, consultants, suppliers and service providers or a relative or dependent of these individuals or their spouse.

Individuals as noted above with information in relation to serious wrongdoing (including unethical, illegal, corrupt or other inappropriate conduct) are encouraged to contact the FSSA Investment Managers Whistleblowing Protection Officer via:

• FSSA Investment Managers EthicsPoint website click here.

The global direct access telephone hotline on +1-844-319-1607, or a local toll free number in the following locations:

• Australia: 1-800-515-184

• Hong Kong: 800-93-3975

• United Kingdom: 0808-234-5817

• United States: (844) 319-1607

• Singapore: (StarHub) 800-001-0001 OR (SingTel) 800-011-1111 then 844-319-1607                                          

The Website is produced by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.