Exchange Fund Investment Limited
Exchange Fund Investment Limited (EFIL) is a private limited company established in October 1998 under the Companies Ordinance by the Government of the Hong Kong Special Administrative Region to i) manage the Hong Kong equity portfolio of the Exchange Fund (consisting of the Hang Seng Index constituent stocks acquired in the HKMA's August 1998 Market Operation and the portfolio transferred from the Land Fund to the Exchange Fund in November 1998) and ii) to dispose of the Exchange Fund's Hong Kong equity portfolio (other than a long-term investment portfolio equivalent to about 5% of the Exchange Fund) with minimum disruption to the market. A total of HK$140.4 billion worth of Hong Kong stocks was disposed of through the initial public offering of the Tracker Fund of Hong Kong (TraHK) and the subsequent quarterly Tap Facility of TraHK. The disposal programme was completed on 15 October 2002. The HKMA took over responsibility for the management of the Exchange Fund's Hong Kong equity portfolio from EFIL in January 2003.