Hong Kong-based Hang Seng Investment Management has received a greenlight from the Securities and Futures Commission to roll-out its China New Economy Index Fund in the SAR, according to the regulator’s records.
FSA sought more information from Hang Seng IM, but the firm was not immediately able to provide more details about the product.
When launched, Hang Seng IM’s new economy fund will be the 12th China-focused mutual fund that the firm will be managing, according to SFC records. Seven are passive products.
In November, the firm launched the China A Industry Top Index Fund.
According to FE, Hang Seng IM manages 39 SFC-registered funds.
The firm is part of Hang Seng Bank, which is majority owned by HSBC.
New index
The approval of the new fund follows the launch of the Hang Seng China New Economy Index in August, according to a firm statement. The index aims to reflect the performance of Chinese companies that operate in “new economy industries and are listed in Hong Kong, mainland China and the US”, the statement said.
At the time, the firm also launched the Hang Seng Stock Connect Sector Top Index, which measures the performance of sector leaders that are listed in both Hong Kong and the mainland.
Hang Seng’s index unit has also launched several other China-focused indices, including the SCHK Mainland China Healthcare Index, which was just rolled-out this week, according to a separate statement.
