Mirae Asset Global Investments is expected to list three ETFs in Hong Kong tomorrow, according to filings from the Hong Kong Exchange.
All three are thematic products that are focused on the Chinese market. They are the Global X China Electric Vehicle ETF, China Clean Energy ETF and the China Consumer Brand ETF.
The roll-out of the three products follows the firm’s launch of two other China-focused thematic ETFs in July, which are China Biotech and China Cloud Computing.
“The objective of our thematic growth ETFs is to offer our investors efficient exposure to growth stories in China,” a Hong Kong-based Mirae Asset spokesman said.
Both the China Biotech and China Cloud Computing products have attracted sizable assets from investors. The biotech product now has HK$1.19bn ($150m) in assets, while the cloud computing fund has assets of around HK$520.7m, according to HKEX data.
The biotech product is also among the top 10 funds sold in Hong Kong that attracted the most money during the third quarter, with around $135.3m in net inflows, according to data from Broadridge Financial.
Other fund managers have also launched specialised or thematic China-focused ETFs in a move to further diversify Hong Kong’s ETF market, which is dominated by China-focused products that follow broad indices, such as the CSI 300 or MSCI China Index.
These relatively new products include the Premia CSI Caixin China New Economy ETF, the Samsung CSI China Dragon Internet ETF and the Ping An MSCI China Quality product.
In total, Mirae Asset manages 11 ETFs in Hong Kong, which include five leveraged and inverse products.
Brand rename
The Mirae Asset spokesman noted that the firm’s ETF range in the SAR was rebranded in November to have the “Global X” name. Previously, they carried the “Horizons” brand, which originally came from the firm’s Canadian business.
The spokesman said that the rebranding follows the firm’s acquisition of New York-based Global X in 2018, which manages around $11bn ETF assets.
He explained that given that both Global X in the US and Mirae Asset’s ETFs in Hong Kong follow the same strategy of providing thematic and income-focused products to investors, it makes sense to have a unified brand.
Separately, Mirae Asset has also begun promoting its US-listed Global X ETFs to Asia-based institutions and private banks, Jay Jacobs, Global X’s New York-based head of research and strategy, told FSA in November.
The firm has also expanded into Japan. Last year, the Korean firm also partnered with Tokyo-based Daiwa Securities and Daiwa Asset Management to create a joint venture called Global X Japan, Jacobs said.
The other ETF brands that Mirae Asset owns include Beta Shares in Australia, Horizons in Canada and Tiger ETFs in Korea.
Globally, Mirae manages around $34bn in ETF assets, according to the firm’s website. In Hong Kong, ETF AUM is $453m, according to figures from the firm.
