The national team enters! Hong Kong approves Bitcoin, Ethereum ETFs for first time

On April 15, China Asset Management, Boshi Capital and other applicants posted on the social media platform WeChat that they had been approved to list Bitcoin and Ethereum ETFs in Hong Kong. Following the news, Bitcoin prices surged to over $66,000.

However, the announcements appear to precede an official statement from the Securities and Futures Commission (SFC), which has yet to publish the list of approved issuers. Some posts have been deleted.

Major Chinese asset manager China Asset Management said its Hong Kong subsidiary has received in-principle approval from the Hong Kong Securities and Futures Commission to offer funds related to spot cryptocurrency ETFs. Retail asset management services. It plans to launch spot Bitcoin and Ethereum ETFs in partnership with OSL and BOCI. OSL said it will serve as the “first virtual asset trading and sub-custodial partner” for China Asset Management’s upcoming ETF.

Harvest Global Investments said in a statement that the company’s two spot crypto ETFs have also received in-principle approval from the Securities and Futures Commission. It added that the two ETFs will be issued in cooperation with OSL, which can effectively solve problems such as excessive margin requirements. OSL said in a statement: "In this cooperation, OSL leverages its powerful infrastructure to provide a secure trading environment necessary for ETF operations and manage underlying assets accurately and reliably."

China Large Assets The management company’s Hong Kong subsidiaries Boshi Asset Management and HashKey Capital also told The Block on Monday that regulators have conditionally approved two spot crypto ETFs jointly managed by the two companies. The pair did not immediately clarify what "conditional approval" meant.

Just three months ago, the United States launched the first U.S.-listed ETFs tracking Bitcoin spot. The U.S. rollout attracted about $12 billion in net inflows.

• Harvest International Asset Management Co., Ltd. is a wholly-owned subsidiary of Harvest Fund Management Co., Ltd., established in 2008. In recent years, it has focused on the integration of environmental, social and governance (ESG) factors and is committed to incorporating ESG considerations into investment strategies, and has achieved corresponding results.
• China Asset Management Co., Ltd. is one of the earliest national fund management companies in China. It was established on April 9, 1998 and is headquartered in Beijing. With public funds and institutional business as its core, it has formed a diversified asset management platform, including subsidiaries such as China Asset Management Hong Kong, China Capital, and China Fortune.
• Boshi Fund Management Co., Ltd. was established on July 13, 1998. It is one of the first five fund management companies established in mainland China. It is headquartered in Shenzhen and also owns Boshi Fund. (International) Co., Ltd., Bosera Capital Management Co., Ltd. and Bosera Wealth Fund Sales Co., Ltd. are three subsidiaries. The company's business scope includes fund raising, fund sales, asset management and other businesses licensed by the China Securities Regulatory Commission.

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