Hong Kong's virtual asset spot ETF is set to launch today, officially listing on the Hong Kong Stock Exchange tomorrow

2024-04-29 09:41:48

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ChainCatcher news, according to the "China Fund News," the Hong Kong Securities and Futures Commission has approved six virtual asset spot ETFs under Huaxia Hong Kong, Bosera International, and Harvest International, which will have their first issuance on April 29 and officially list on the Hong Kong Stock Exchange on April 30.

In terms of issuance price, the products under Harvest International and Huaxia (Hong Kong) have an issuance price of 1 USD per share, while the initial issuance prices of the Bosera Bitcoin ETF and Ethereum ETF are approximately consistent with 1/10000 and 1/1000 of the tracking index as of April 26, 2024, respectively. This means that the net asset value of the fund shares corresponds to about 0.0001 Bitcoin price and 0.001 Ethereum price, implying that holding 10,000 shares is roughly equivalent to 1 Bitcoin, and 1,000 shares is roughly equivalent to 1 Ethereum.

It is reported that the Hong Kong spot cryptocurrency ETFs are open to professional and retail investors in Hong Kong. For Hong Kong investors, they can purchase the spot Bitcoin and Ethereum ETFs in Hong Kong as long as they pass a cryptocurrency knowledge test based on basic KYC (real-name authentication). In contrast, Hong Kong investors wishing to purchase the corresponding ETFs in the United States must be professional investors, facing high investment threshold restrictions.

Additionally, investors from mainland China are currently not allowed to participate in buying and selling. A joint circular issued by the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority on December 22, 2023, regarding the activities of intermediaries related to virtual assets indicates that neither the existing virtual asset futures ETFs in the Hong Kong market nor the future issued virtual asset spot ETFs can be sold to retail investors in mainland China, where the sale of virtual asset-related products is prohibited.

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