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T. Rowe Price Funds SICAV

China Evolution Equity Fund

Seeks to identify rising stars in China's sea change.

Holistic approach to China equity investing

  • Seek attractive investment opportunities across Chinese companies listed both onshore and offshore
  • Being benchmark-unconstrained, the fund manager takes a truly active approach

Investing in change


  • Identify change in business fundamentals or investor behaviour
  • We believe mispricing could arise in areas where future fundamentals will be different from the past

Looking beyond the obvious


  • The team seeks to go beyond the top 100 mega-cap names1 and focus on the less efficient part of the market
  • That translates roughly to a market cap range of US$20-30 billion or below today


¹ Source: MSCI, FactSet. Financial data and analytics provider FactSet. Copyright 2022 FactSet. All Rights Reserved. As of 30 June 2022. The top mega-cap names and market cap cut-off could evolve with changing market dynamics over time.

Hear from our Portfolio Manager, Wenli Zheng



In this video, Wenli Zheng answers questions about the China Evolution Equity Strategy.  



In this video, Wenli Zheng explains the differentiators and drivers of China Evolution Equity.

China Evolution Equity Fund

Class A

Inception Date

10 August 2020

Base currency


Management Fee

Up to 1.70% p.a.

ISIN code


Bloomberg code



MSCI China All Shares Index Net

Full details of the fees payable by investors are available within the prospectus. 
This benchmark is shown for comparison purposes only.

Ready to discuss your investment plans?

Standard Chartered Bank Singapore is our exclusive distributor for the T. Rowe Price Funds SICAV - China Evolution Equity Fund.

Please reach out to Standard Chartered for further enquiries.

In Partnership with

Contact your Standard Chartered Relationship Manager

A word from our founder

“Change is the investor's only certainty.”

Thomas Rowe Price, Jr. / Founder

Why T. Rowe Price?

Our competitive edge

Heritage of success

Established in 1937, we are a diversified business, having been investing in emerging markets since 1980. Our demonstrated track record across markets lends confidence to investors.

Scale and size

We manage over US$21.93 billion of assets2 in China related equities, covering both securities listed in mainland China and on offshore exchanges.

Research is in our DNA

The breadth and depth of our 392 global research professionals3 provide a critical information edge to find the best investment ideas.

2 All figures as at 30 June 2022. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. 

3 Source: T. Rowe Price. All figures as at 30 June 2022. 14 sector portfolio managers, 200 investment analysts, 85 associate research analysts, 37 specialty analysts, and 56 quantitative analysts.


China Equity Insights


On a steady path to normalization.

By Wenli Zheng

Wenli Zheng Regional Portfolio Manager


Tensions remain elevated, but expect a return to more multilateral negotiations

By Katie Deal & Chris Kushlis

By Katie Deal & Chris Kushlis


Emerging from the pandemic, an encouraging pathway for China’s economy

By Chris Kushlis

Chris Kushlis Chief of China and Emerging Markets Macro Strategy

Additional Disclosures

Morningstar - © 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For further information on ratings methodology please visit

Unless otherwise stated, all data is as of 30 June 2022 and sourced from T. Rowe Price. Certain numbers in this website may not add due to rounding and/or the exclusion of cash.

Investment involves risk. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can fall as well as rise. You may get back less than the amounted invested. The performance returns are denominated in the share class dealing currency which can be a foreign currency and if so, US/SG dollar-based investors are exposed to fluctuations in the US/SG dollar/foreign currency exchange rate. Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) and the product highlights sheet which are available and may be obtained from any appointed distributors.

T. Rowe Price Singapore Private Ltd. is the appointed Singapore representative and agent for service of process in Singapore. SICAV refers to the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”).

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