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Today’s Top Headlines




HKEx Welcomes First RQFII ETF Under Offshore Management

by Mary Swire, LawAndTax-News.com, Hong Kong

28 November 2013

Hong Kong Exchanges and Clearing Limited (HKEx) has welcomed the listing, on November 26, of the world's first Renminbi Qualified Foreign Institutional Investor (RQFII) Exchange Traded Fund (ETF) from a fund manager based outside Mainland China.

Hong Kong-based Hang Seng Investment Management Limited's Hang Seng China A Industry Top Index ETF is Hong Kong's 10th RQFII ETF and the newest of the 115 ETFs listed at HKEx.

The new ETF's underlying index reflects the performance of A shares of leading Mainland companies in each of the 11 industries under the Hang Seng Industry Classification System. Investors in the ETF can buy units in either HKD or RMB.

"The listing is a positive development for Hong Kong's ETF market as RQFII ETFs are now being issued by a wider range of fund managers," said Romnesh Lamba, HKEx's Co-Head of Global Markets. "HKEx is the first market with an RQFII ETF launched solely by an offshore fund manager and as a result we anticipate that other international fund managers will use our platform for their initial launch of RQFII ETFs."

ETF trading at HKEx has been on the rise this year, with average daily turnover for January to October up 123 percent from the same period last year, led by Mainland A-share ETFs.

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
TAGS: investment | investment funds | China | offshore | stock exchanges | Hong Kong | alternative investment | Expats | Investment | Invest | Investment

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