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China asset managers rush to set up virtual services in Hong Kong

ChinaAMC (HK) and Harvest Global Investments have gained SFC approval to offer virtual asset management services in the SAR.
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China Asset Management (Hong Kong) (ChinaAMC (HK)) today said that it has received regulatory approval from Hong Kong’s Securities and Futures Commission (SFC) to provide virtual asset management services.

ChinaAMC (HK), in partnership with OSL Digital Securities Limited and custodian BOCI-Prudential Trustee Ltd are actively deploying resources in the development of spot Bitcoin ETF and spot Ethereum ETF, according to a statement by the manager.

Established in 2008, ChinaAMC (HK), is a wholly owned subsidiary of China Asset Management Co. Limited, with over $266bn in AUM as of 31 December 2023.

Late last week, the SFC gave approval for rival mainland manager, Harvest Global Investments, to offer virtual asset management services in addition to its existing asset management business.

Harvest Global Investments was incorporated in Hong Kong in 2008, and was among the first group of Chinese asset managers to establish operations outside of mainland China.

The moves come three months after the US launched its first ETFs to track spot bitcoin, which have already attracted about $12bn in net inflows.

Part of the Mark Allen Group.