China approves ETFs tracking HK-listed tech giants -state media
SHANGHAI, May 7 (Reuters) - China has approved domestic fund managers' first exchange-traded funds (ETFs) based on Hong Kong's Hang Seng TECH Index .HSTECH, state media said on Friday, giving Chinese investors increased access to such big-name stocks as Alibaba and Tencent.
Regulatory approval to launch such ETFs was obtained by six Chinese mutual fund managers, including China Asset Management, Dacheng Fund Management and E Fund Management, the Shanghai Securities News reported citing the six fund houses.
The Hang Seng TECH Index tracks the 30 biggest technology companies listed in Hong Kong. Constituents include Alibaba Group Holding Ltd 9988.HK, Tencent Holdings Ltd 0700.HK, Meituan 3690.HK, NetEase Inc 9999.HK, JD.com Inc 9618.HK and Semiconductor Manufacturing International Corp 0981.HK.
Hong Kong-based asset manager CSOP Asset Management launched the first ETF tracking the Hang Seng TECH Index in August, about a month after bourse operator Hong Kong Exchanges and Clearing Ltd 0388.HK introduced the index.
Huatai-Pinebridge Fund Management, which plans to launch an ETF tracking the Hang Seng TECH Index together with CSOP, said such ETFs offer mainland investors access to "historic" opportunities in Chinese new-economy stocks listed in Hong Kong.
(Reporting by Samuel Shen and Andrew Galbraith; Editing by Christopher Cushing)
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