Hang Seng Investment Management Ltd will list two dual-listed exchange-traded funds (ETFs) on the Taiwan Stock Exchange (TWSE) on Friday, director and chief investment officer Clement Ho (何家存) said yesterday.
On July 29, Hang Seng Bank announced that two ETFs managed by fully owned subsidiary Hang Seng Investment Management — a Hang Seng Index ETF and a Hang Seng H-Share Index ETF — had been approved by the Financial Supervisory Commission (FSC) for listing applications with the TWSE.
The cross-listing policy will allow Taiwanese investors to directly invest in Hong Kong ETFs.
Ho was bullish on the ETFs near-term prospects, saying stock markets in China and Hong Kong would retain upward momentum into the second quarter next year.
Though some analysts fear credit risks and asset bubbles might compel the Chinese government to change its moderately loose monetary policy, Ho thinks its policy will remain unchanged for now because the timing is not right to do otherwise.
Unless China’s exports increased dramatically and positive employment numbers were seen, the government would be unlikely to initiate a large-scale retrenchment policy, Ho said.
Hang Seng Bank said on July 29 that the two ETFs were the territory’s first to win the FSC’s permission to apply for dual listing under a cross-listing regime recently established by Hong Kong and Taiwan.
HSBC Global Asset Management (Taiwan) Ltd has been appointed the master agent of the ETFs in Taiwan. Yuanta Securities is the first firm to be appointed as a participating dealer.
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