香港开启ETF通道:5亿美元规模预期是保守还是乐观?
在测算流入资金规模时,为何各机构对南向资金如此看重?
JinseFinance
Source: Jishi Communication
Event:On April 15, China Asset Management (Hong Kong) Co., Ltd., Harvest Global Asset Management Co., Ltd., and Bosera Funds (International) Co., Ltd. announced that they had obtained approval from the Hong Kong Securities and Futures Commission (SFC) to issue ETF products that invest in Bitcoin and Ethereum spot.
Consistent with previous documents, it demonstrates Hong Kong's determination to "become a global virtual asset center."On October 31, 2022, the Hong Kong Financial Secretary issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong", clarifying the regulatory attitude towards virtual assets and proposing that virtual assets have become indispensable in the market: 1) attractive to global investors; 2) increasing recognition in financial innovation; 3) entering the Web 3.0 and metaverse fields, bringing future opportunities. The "Declaration" mentioned that the Hong Kong government welcomes the introduction of virtual asset exchange-traded funds ("ETFs"). Afterwards, the Hong Kong government's door continued to open to crypto assets in accordance with the "Declaration".
In October 2022, the SFC approved the issuance of futures-based virtual asset ETFs. At the end of the same year, Southern Asset Management's Hong Kong subsidiary Southern East Asset Management officially launched Asia's first batch of cryptocurrency ETFs in Hong Kong: Southern East Asset Management Bitcoin Futures ETF and Southern East Asset Management Ethereum Futures ETF. In mid-2023, the Hong Kong government allowed OSL and Hashkey, two major crypto asset exchanges, to accept retail clients. On December 22, 2023, the SFC issued the "Circular on the SFC's Approval of Funds to Expose Virtual Assets", announcing the conditions and relevant details that funds should meet when investing more than 10% of their net assets in virtual assets, pointing out that Hong Kong may approve mainstream virtual asset spot ETFs such as Bitcoin and Ethereum, and that users can choose to subscribe and redeem with cash or virtual asset spot. On April 10, 2024, the Hong Kong Securities and Futures Commission (SFC) updated the list of fund companies managing virtual assets on its official website, adding Harvest Global Asset Management and China Asset Management (Hong Kong) Co., Ltd. So far, there are 18 institutions on the list.
There are two major differences between Hong Kong crypto asset spot ETFs and US spot ETFs:1) The underlying assets include not only Bitcoin, but also Ethereum. In January 2024, the United States approved the Bitcoin spot ETF, but has not yet approved the Ethereum (the second largest crypto asset by market value after Bitcoin) spot ETF, and the first important observation date is May. Hong Kong approved the Ethereum spot ETF before the United States, reflecting the Hong Kong government's "daring to be the first" spirit of innovation. 2) Not only can cash subscription and redemption be used, but also crypto asset spot. We believe that this move will help the deep integration of the securities investment circle and the crypto asset investment circle.
Spot ETFs are expected to lower the investment threshold for Hong Kong residents and increase the penetration rate of crypto assets.Since the United States approved the Bitcoin spot ETF in January 2024, as of April 12, the total net inflow of 10 ETFs that have purchased Bitcoin spot was US$12.5 billion, and the cumulative trading volume exceeded US$212.6 billion. These data show that Bitcoin spot ETFs are widely welcomed by American investors. We believe that the factors that have hindered the penetration rate of crypto assets are that it is difficult to remember and keep private keys, and users are unfamiliar with crypto asset exchanges, etc. Spot ETFs have the characteristics of "closely tracking spot prices while allowing users to not hold crypto assets themselves", which is expected to lower the threshold for traditional securities investors to "enter" crypto asset investment and increase the understanding of crypto assets by Hong Kong residents, thereby increasing the penetration rate of crypto assets.
Investment advice:1) Licensed exchanges and custodians: OSL (00863.HK), Coinbase (COIN); 2) Licensed crypto asset funds: New Fire Technology; 3) Other crypto asset service providers: Canaan Technology (CAN), Bit Deer (BTDR), etc.
Risk warning:The penetration rate of crypto assets is lower than expected, the Fed raises interest rates, and the price of crypto assets falls.

(Hong Kong) Co., Ltd., Harvest Global Asset Management Co., Ltd., and Bosera Funds (International) Co., Ltd. announced that they have obtained approval from the Hong Kong Securities and Futures Commission (SFC) to issue ETF products that invest in Bitcoin and Ethereum spot.
It is consistent with previous documents and demonstrates Hong Kong's determination to "become a global virtual asset center." On October 31, 2022, the Hong Kong Financial Secretary issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong", clarifying the regulatory attitude towards virtual assets and proposing that virtual assets have become indispensable in the market: 1) attractive to global investors; 2) increasing recognition in financial innovation; 3) entering the Web 3.0 and metaverse fields, bringing future opportunities. The "Declaration" mentioned that the Hong Kong government welcomes the introduction of virtual asset exchange-traded funds ("ETFs"). The Declaration states: 1) an open and inclusive attitude towards innovators engaged in virtual asset business around the world; 2) sustainable and responsible development of Hong Kong's virtual asset industry will be promoted; 3) cooperation will be provided in legal and regulatory systems to provide a convenient environment. The Declaration summarizes several measures that the Hong Kong government has taken in virtual asset regulation: 1) issuing guidelines on the management of virtual asset funds and discretionary accounts; 2) providing guidance to banks and financial institutions on the distribution of virtual asset-related products, trading or providing virtual assets; 3) issuing discussion documents on issues such as stablecoins. Subsequently, the Hong Kong government continued to open its doors to crypto assets in accordance with the Declaration.
In October 2022, the SFC approved the issuance of futures-based virtual asset ETFs. At the end of the same year, Southern Fund's Hong Kong subsidiary Southern East China Securities officially launched Asia's first batch of cryptocurrency ETFs in Hong Kong: Southern East China Securities Bitcoin Futures ETF and Southern East China Securities Ethereum Futures ETF. In mid-2023, the Hong Kong government allowed OSL and Hashkey, two major crypto asset exchanges, to accept retail customers. On December 22, 2023, the SFC issued the "Circular on the SFC's Approval of Funds to Exposure to Virtual Assets", announcing the conditions and relevant details that funds should meet when investing more than 10% of their net assets in virtual assets, and pointed out that Hong Kong may approve mainstream virtual asset spot ETFs such as Bitcoin and Ethereum, and that users can choose to subscribe and redeem with cash or virtual asset spot. On April 10, 2024, the Hong Kong Securities and Futures Commission (SFC) updated the list of fund companies managing virtual assets on its official website, adding Harvest Global Asset Management and China Asset Management (Hong Kong) Co., Ltd. So far, there are 18 institutions on the list.
There are two major differences between Hong Kong's crypto asset spot ETFs and those in the United States:1) The underlying assets include not only Bitcoin, but also Ethereum. In January 2024, the United States approved the Bitcoin spot ETF, but has not yet approved the Ethereum (the second largest crypto asset by market value after Bitcoin) spot ETF, and the first important observation date is May. Hong Kong approved the Ethereum spot ETF before the United States, reflecting the Hong Kong government's "daring to be the first" spirit of innovation. 2) Not only can cash be used for subscription and redemption, but also crypto asset spot can be used. We believe that this measure will help the deep integration of securities investment circles and crypto asset investment circles.
Lowering the threshold for Hong Kong residents to invest in crypto assets is expected to increase the penetration rate of crypto assets. Since the United States approved the Bitcoin spot ETF in January 2024, as of April 12, the total net inflow of 10 ETFs that have purchased Bitcoin spot was US$12.53 billion, and the cumulative trading volume exceeded US$212.6 billion. These data show that Bitcoin spot ETFs are widely welcomed by American investors. We believe that the factors that have always hindered the improvement of the penetration rate of crypto assets are that private keys are difficult to remember, private keys are difficult to keep, and users are unfamiliar with crypto asset exchanges. Spot ETFs have the characteristics of "closely tracking spot prices while allowing users to not hold crypto assets themselves", which is expected to lower the threshold for traditional securities investors to "enter" crypto asset investment, increase the understanding of crypto assets by Hong Kong residents, and thus increase the penetration rate of crypto assets.

Investment advice:1) Licensed exchanges and custodians: OSL (00863.HK), Coinbase (COIN); 2) Licensed crypto asset funds: Xinhuo Technology; 3) Other crypto asset service providers: OKEx, Canaan Technology (CAN), BitDeer (BTDR), etc.
Risk warning
The penetration rate of crypto assets is lower than expected, the Federal Reserve raises interest rates, and the price of crypto assets falls.
This article is excerpted from the report "Hong Kong Announces the First Batch of Spot ETFs, Crypto Assets Welcome a New Milestone" released by Guosheng Securities Research Institute on April 15, 2024. For details, please see the relevant report.
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