HSNGY | Quote | Chart | News | PowerRating -- Hang Seng Investment Management
Ltd. will begin offering its two dual-listed exchange-traded
funds (ETFs) on the Taiwan Stock Exchange (TWSE) Aug. 14, the
company's chief investment officer said Tuesday.
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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