[SHANGHAI] Asset managers are racing to launch index funds tracking China's top technology companies, capitalising on investor fervour stirred by Sino-US tensions, and fuelled by Ant Group's blockbuster listing. Read more at The Business Times.
"We foresee many existing and new tech companies listing in Hong Kong, whereas before, their choice could be listing in the US," said Melody He, managing director of CSOP Asset Management, whose CSOP Hang Seng Tech Index ETF will be listed on Friday.
Greed and patriotism have fuelled a strong rally in Chinese tech stocks, as Beijing accelerates capital market reforms to fund its technology race with the US. Further driving up sentiment, Alibaba's Ant Group on Tuesday filed for a dual listing in Hong Kong and on Shanghai's Star Market, potentially raising as much as US$30 billion.
Zhang Hongtao, manager of ChinaAMC's planned STAR50 ETF, said increasing home listings by Chinese tech firms give local investors access to some of China's best technology companies, an opportunity they once missed. The trend is accelerating after Washington recently tightened auditing standards for US-listed Chinese companies, and sanctioned Chinese-owned apps TikTok and WeChat."ETFs, which invest in a portfolio of companies, lower the bar of tech investment for retail investors, who have difficulty picking stocks" and investing in tech stocks is being promoted by the government, Mr Yang said.For daily updates on weekdays and specially selected content for the weekend.
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