China AMC and Mirae delist ETFs in HK

Added 12th October 2017

ETFs managed by China Asset Management in Hong Kong and Mirae Asset Global Investments are among the products that will be delisted from the Stock Exchange of Hong Kong, according to records from the bourse.

China AMC and Mirae delist ETFs in HK

 

 

The last trading day of China AMC’s CES China A80 Index ETF will be on 9 November.

Mirae Asset’s Horizons S&P Emerging Asia Consumer ETF and the Horizons S&P Asia ex-Japan Healthcare ETF’s last trading day will be on 2 November.

FSA sought more information from the two firms about why they are delisting their products, but they did not reply in time for publication.

China AMC’s ETF is a physical A-share product that utilises the firm’s renminbi qualified foreign institutional investor (RQFII) quota and tracks the price return of the CES China A80 Index, according to its fund factsheet.

The ETF, which was first launched in 2012, saw its assets decline since 2013. During the first half of this year, assets dropped 53% to RMB 3.56m ($540,000). Last year alone, assets plunged by 63%.

ChinaAMC CES China A80 Index ETF AUM (RMB m)

Dec 2013

83.97

Dec 2014

25.25

Dec 2015

24.55

Dec 2016

7.73

June 2017

3.56

Source: China AMC

The firm also manages another RQFII ETF, which is the ChinaAMC CSI 300 Index ETF, which held RMB 10.69bn in assets as of end August, according to its fund factsheet.

Rival CSOP Asset Management also manages an ETF that tracks the China A80 Index. The fund has only RMB 5m in assets.

China Asset Management manages three ETFs (including the China A80 Index ETF), six leveraged and inverse products, seven SFC-authorised funds and two funds under the Hong Kong-China Mutual Recognition of Funds scheme. 

Mirae Asset’s Emerging Asia Consumer ETF had assets of HK$44m ($5.64m) as of the end of August, while the Asia ex-Japan Healthcare ETF had assets of around HK$25.7m, according to their fund factsheets. 

A number of firms have delisted their ETFs in Hong Kong this year. For example, BOCI-Prudential Asset Management stopped the trading of its WISE – CSI HK Listed Mainland Consumption Tracker and WISE – CSI HK Listed Mainland Real Estate Tracker in September.

Samsung Asset Management announced that it will delist six products in July, four of which are leveraged and inverse products.

Deutsche Asset Management announced the termination of 16 ETFs in June, 10 of which were tracking the China A share market.

 Last year, 26 ETFs were delisted in Hong Kong, according to HKEX.

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