The Hong Kong arm of China Asset Management, one of the mainland’s largest fund managers, will launch the first exchange traded fund on the island that can invest directly in Chinese shares.
The company, which is one of the mainland’s biggest fund managers with almost Rmb300bn of assets, has won approval from the Hong Kong market regulator to launch the product as part of a series of co-operative market initiatives between China and the island that have been announced in recent days.
The Hong Kong approval of China Asset Management’s ETF coincided with Chinese regulators approving similar funds listed in Shanghai and Shenzhen that would invest in the Hong Kong stock market.
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