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News | Business | Markets | Asia: Chinese managers apply to launch first Hang Seng Tech index ETFs
Two Chinese managers have applied to launch exchange traded
funds that will track the newly launched Hang Seng Tech Index, according
to records from the China Securities Regulatory Commission.
China
Asset Management and Dacheng Fund Management have made applications to
list the new ETFs, which will be aimed at mainland Chinese investors and
will use the fund managers’ qualified domestic institutional investors
quota.
Depending on the approval time, these could be the first
ETFs introduced in either the mainland or Hong Kong markets tracking the
Hang Seng Tech Index, which was launched on July 27.
The new
index incorporates 30 constituent stocks, including heavyweight Chinese
tech giants such as Tencent, Alibaba and Meituan.
This article was previously published by Ignites Asia, a title owned by the FT Group.
Hong
Kong managers have been relatively slow to roll out any fund product
aimed at capturing potential growth of the index. Hang Seng Investment
Management, a subsidiary of Hong Kong-listed Hang Seng bank, said in
late July that it was still researching the possibility of launching a
fund product based on the index.
China Fund News, a mainland
Chinese publication, has reported that the launch of the Hang Seng Tech
Index has been greeted with enthusiasm in China due to its strong
weighting towards technology firms that are well known to Chinese
investors.
China AMC and Dacheng already have other ETF products
tracking Hang Seng indices, as do China Southern Asset Management, E
Fund Management and Fullgoal Asset Management.
The main blue-chip
Hang Seng index has been struggling to regain losses suffered since its
high point of 29,056 points seen in January this year, partly due to
coronavirus but also due to the political tension between the US and
China.
Hong Kong’s economy contracted 9 per cent in the second
quarter compared with the same period a year ago. The various political
and public health crises have partly offset the excitement brought about
by a slew of Chinese tech firms going public or carrying out secondary
listings in Hong Kong. *Ignites Asia is a news service
published by FT Specialist for professionals working in the asset
management industry. It covers everything from new product launches to
regulations and industry trends. Trials and subscriptions are available
at ignitesasia.com.
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