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szdaily -> Markets -> 
ETFs tracking HK-listed tech giants approved
    2021-05-11  08:53    Shenzhen Daily

CHINA’S securities regulator has approved domestic fund managers’ first exchange-traded funds (ETFs) based on Hong Kong’s Hang Seng TECH Index, giving mainland investors increased access to such big-name stocks as Alibaba and Tencent.

Regulatory approval to launch such ETFs was obtained by six mainland-based mutual fund managers, including China Asset Management, Dacheng Fund Management and E Fund Management.

The Hang Seng TECH Index tracks the 30 biggest technology companies out of more than 160 tech companies listed in Hong Kong in terms of market capitalization. Constituents include Alibaba Group Holding Ltd., Tencent Holdings Ltd., Meituan, NetEase Inc., JD.com Inc., Xiaomi Corp. and Semiconductor Manufacturing International Corp.

Hong Kong-based asset manager CSOP Asset Management launched the first ETF tracking the Hang Seng TECH Index in August, about a month after bourse operator Hong Kong Exchanges and Clearing Ltd. introduced the index.

Huatai-Pinebridge Fund Management, which plans to launch an ETF tracking the Hang Seng TECH Index together with CSOP, said such ETFs offer mainland investors access to “historic” opportunities in mainland new-economy stocks listed in Hong Kong.

At least five fund firms on the mainland, including industry leaders China Asset Management Co. and Harvest Global Investments Ltd., had submitted applications to regulators in August last year to issue ETFs tracking the Hang Seng Tech Index, according to the China Securities Regulatory Commission.

Issuing the ETFs on the mainland would give mainland investors exposure to tech gauge member Alibaba, which is not yet available on trading links with Hong Kong. (SD-Agencies)

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