Hong Kong Exchanges and Clearing Limited (HKEx) welcomed the listing, on August 27, of the ChinaAMC CES China A80 Index Exchange Traded Fund (ETF), the first on an index from China Exchanges Services Company Limited (CESC).
The CES China A80 Index is part of the China Cross Border Index Series developed by CESC, HKEx's joint venture with the Shanghai and Shenzhen stock exchanges.
The ChinaAMC CES China A80 Index ETF is the seventh Renminbi Qualified Foreign Institutional Investors ETF listed in Hong Kong and the seventh ETF available for trading and settlement in both RMB and HKD at HKEx. With the listing, there are, in fact, nine RMB-denominated ETFs on the Stock Exchange and the total number of listed ETFs has increased to 112, compared with 100 at the end of 2012.
Average daily turnover of ETFs at HKEx in the first seven months of the year was up 160 percent from the same period last year and the sector accounted for 6.5 percent of securities market turnover, up from 3 per cent in the first seven months of 2012. Three of the top four ETFs by turnover value and seven of the top 10, including the top two, were A-share ETFs.
"The launch of our first ETF on a CESC index is another milestone for us and CESC," said HKEx Chief Executive Charles Li. "We launched CES China 120 Index futures, our first CESC index futures, about two weeks ago and hope to have more CESC products in our markets in the next several months."
"CESC opened for business in late October of last year and we are very proud of its many achievements in its first 10 months," he added. "Its success shows there are plenty of opportunities for us to work with Mainland exchanges in mutually beneficial ways."A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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