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Hong Kong ETFs Extend Invitation to Chinese RMB Investors, Say Issuers

Apr 30, 2024 at 10:32

The debut of spot crypto exchange-traded funds (ETFs) on the Hong Kong stock market is seen as a potential gateway for future Chinese investment by industry insiders.

According to Yimei Li, CEO of China Asset Management, the recent launch of spot Bitcoin and Ether ETFs on Tuesday marks a significant opportunity for Chinese yuan (RMB) holders seeking alternative investment avenues.

China Asset Management, along with Harvest Global Investments and Bosera Asset Management, are among the trio of ETF issuers that introduced their crypto products on the Hong Kong Stock Exchange on April 30.

Li expressed optimism about the possibility of mainland Chinese investors participating in such investment opportunities in the future as the market continues to open up.

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However, currently, these ETFs are accessible only to residents of Hong Kong, as crypto trading remains prohibited in mainland China.

Harvest Global CEO Han Tongli emphasized the importance of regulators closely monitoring the development of these ETFs to ensure risk management, which could pave the way for gradual market expansion.

Samson Mow, CEO of Jan3 and a prominent figure in the Bitcoin community, anticipates significant growth for ETFs in Hong Kong, noting the potential long-term implications.

Meanwhile, Daniel Batten, a Bitcoin environmentalist, highlighted the economic challenges in China, including a decline in stock exchanges and turmoil in the real estate market, making alternative investment options like Hong Kong’s crypto ETFs more attractive.

Zhu Haokang, spokesperson for China Asset Management, confirmed that mainland Chinese investors are currently restricted from investing in these ETFs, clarifying that only qualified investors and institutions in Hong Kong, as well as international investors complying with regulations, are eligible.

Despite current limitations, fund issuers and investors anticipate that this initiative could lay the groundwork for future capital inflows from mainland China.

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