CSOP Asset Management has become one of the first firms in Hong Kong to launch a product tracking the index of the largest technology companies listed in the SAR.
On Friday, the firm received approval from the Securities and Futures Commission to launch the CSOP Hang Seng Tech Index ETF, according to the regulator’s records.
The ETF has begun its initial public offering today and will be listed on the Hong Kong Stock Exchange on 28 August, a CSOP AM spokesman told FSA.
CSOP AM has been actively rolling out products this year. Last month, it listed two L&I products tracking the CSI 300 Index in Hong Kong. Meanwhile, in Singapore, it lodged an application with the Monetary Authority of Singapore earlier this month to launch its first ETF in the Lion City.
In total, the asset manager has 20 SFC-authorised ETFs, 10 of which are L&I products, according to SFC records.
Tech theme popularity
CSOP AM’s Hang Seng Tech Index ETF will be the first ETF globally tracking the Hang Seng Tech Index, which was launched last month and includes the 30 largest technology companies listed in Hong Kong.
The index universe covers companies that have high business exposure to selected technology themes, including internet, fintech, cloud and e-commerce, according to a statement from the index provider.
“In view of the rapid blossoming of new businesses in the technology sector and the increasing number of technology companies that are listed in Hong Kong, we developed the Hang Seng Tech Index to meet the fast-growing interest in this investment theme among investors,” Anita Mo, Hang Seng Indexes Company’s deputy CEO, said in the statement.
The top 10 holdings of the 30 leading stocks listed on HKEX
Other firms have also recently launched technology-themed products in Hong Kong. Earlier this month, for example, Mirae Asset Global Investments listed two China thematic ETFs that invest in the robotics and AI and semiconductor themes, while Nikko Asset Management launched the Nikko AM E-Games Active ETF in June this year and the Global Internet ETF in October.
In total, around 16 technology-related ETFs have been launched in Hong Kong, according to data from HKEX.