The asset manager has debuted three themed exchange-traded funds with a China and ESG focus, following the release of ETFs tracking Chinese biotech and cloud computing companies in the summer of 2019.
Hong Kong-based Mirae Asset has launched three new thematic ETFs on the Hong Kong Stock Exchange that offer exposure to China's developing technology sectors: clean energy, electric vehicles, and consumer-oriented good and services, the firm announced in a statement on Tuesday.
Germany-based index provider Solactive, which provides the benchmarks for the ETFs, noted the «massive potential in the technological sector» in China, citing Chinese government data that renewable energy accounted for 38.4 percent of the country's power capacity in 2019, and the large electric vehicle market – projected to reach 57 percent by 2030.
«China is fast becoming a global innovation leader within the consumer and environmental areas, with exciting stories of corporate creativity that are reshaping the consumption and energy landscape around the world,» Jung Ho Rhee, Mirae Asset (HK) CEO, said.
New Fund Framework
The three funds are the first listed products to be launched under Hong Kong’s new open-ended fund companies (OFC) regime.
In July 2019, the Hong Kong government implemented the OFC regime, a move that boosts its status as a full-service asset management center in Asia. The regime offers fund managers the option of setting up a mutual fund in the form of a Hong Kong company, in addition to forming a unit trust.
