China’s top funds want to launch Bitcoin spot ETFs through Hong Kong branches
Share this article
Prominent Chinese asset managers, including Harvest Fund and China Southern Fund (CSOP), are bidding for space in Bitcoin exchange-traded funds (ETFs) through their Hong Kong subsidiaries, according to a new report from the Securities Times, a China-based financial publication.
In the year At the end of 2023, the Harvest Fund had approximately $210 billion in assets under management, while the South Fund managed more than $280 billion. If approved, these institutions' ETF products could bring more legitimacy and credibility to Bitcoin ETFs in Hong Kong, potentially attracting a new breed of participants.
China Southern Fund is known for developing Asia's first Bitcoin and Ethereum futures ETFs. Since its launch, the CSOP Bitcoin Futures ETF (03066.HK) has seen positive market reaction, according to Securities Times. Its net worth increased by 1.34 times by 2023 and generated a rate of return of 51.53% in the first three months of this year. In addition, the average daily trading volume of this ETF is high, nearly HK$30 million, more than many public Hong Kong stock funds.
Leading public fund companies are rushing to the Bitcoin ETF market as they see it as a way to diversify their offerings and gain a bigger foothold in Hong Kong's stock market amid competition among 2,000 asset managers, Securities Times reported.
These developments, in addition to creating a level playing field, are part of a broader trend by Hong Kong's regulatory authorities aimed at fostering the development of a strong and responsible virtual market. With more than 220 Web3-connected companies in Hong Kong, the region is set to balance development and control in the virtual assets space.
The rising trend has seen rising interest in the ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF, a Hong Kong-traded ETF that invests in gold mining companies. According to a recent report from Bloomberg, Hong Kong's gold ETF market is experiencing high demand and volatility due to a troubled economy, declining share prices, real estate crisis and low deposits.
Regulatory approval for spot Bitcoin ETFs in Hong Kong is expected in the second quarter of 2024. Industry experts believe this will be a huge opportunity for funders and could significantly increase trading volume.
Share this article
The information on or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of any information on or accessible from this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
Crypto Briefing may also include articles with AI-generated content created by Crypto Briefing's own proprietary AI platform. We use AI as a tool to deliver fast, useful and actionable information without losing the insight – and control – of experienced crypto natives. All AI-added content is carefully reviewed, for accuracy, by our editors and writers, and we always draw from multiple primary and secondary sources to create our stories and articles.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
