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On July 29, Hang Seng Bank (SEHK:0011) announced that two ETFs managed by fully owned subsidiary Hang Seng Investment Management -- Hang Seng Index ETF and Hang Seng H-Share Index ETF -- had been approved by Taiwan's Cabinet-level Financial Supervisory Commission (FSC) for listing applications with the TWSE.
The new cross-listing policy will allow Taiwanese investors to directly invest in Hong Kong ETFs.
Clement Ho, director and chief investment officer of Hang Seng Investment Management, was bullish on the ETFs near-term prospects, saying stock markets in both China and Hong Kong would retain their upward momentum into the second quarter of 2010.
Though some analysts fear credit risks and asset bubbles might compel the Chinese government to change its moderately loose monetary policy, Ho thinks China's monetary policy will remain unchanged, arguing that the timing is not right.
Unless China's exports increase dramatically and positive employment numbers are seen, the government is unlikely to initiate a large-scale retrenchment policy, Ho said.
Hang Seng Bank said on July 29 the two ETFs were the first Hong Kong ETFs to have obtained permission from the FSC to apply for dual-listing under a cross-listing regime recently established by Hong Kong and Taiwan.
HSBC Global Asset Management (Taiwan) Limited has been appointed the master agent of the ETFs in Taiwan, and Yuanta Securities was the first firm to be appointed as a participating dealer.
(CNA) cg
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