1/8/2024 0 Comments List of list stack exchange![]() ![]() Howard Lee, deputy chief executive of Hong Kong Monetary Authority, has visited Saudi Arabia on four occasions in the past 14 months.Ĭhristina Choi, executive director of Hong Kong’s SFC, who also attended the listing ceremony, said the regulator was working closely with Saudi Arabia’s Capital Market Authority to bring some Hong Kong fund products for sale in the Saudi Arabian market. In an unusual display of support for the launch of a single ETF product, the listing ceremony attracted not only Paul Chan, Hong Kong’s financial secretary, but also the chief executives of the Hong Kong Securities and Futures Commission and the Hong Kong Exchange and Clearing, the deputy chief executive of Hong Kong’s de facto central bank and the head of HSBC in Hong Kong.Īt the launch of the Hong Kong chapter of the Saudi Arabia-China Entrepreneurs Association in July this year, John Lee, Hong Kong’s chief executive, said he wanted to make strengthening relations with Saudi Arabia, and the Middle East in general, “a priority”. The launch of the Saudi Arabian ETF strategy comes amid a significant pivot by Hong Kong authorities to build closer political ties and attract capital investment from wealthy Middle Eastern institutional investors and family offices, and encourage businesses including fund firms to establish more links with the region. CSOP Asset Management, which manages the ETF, declined to say how much of the $1bn initial fundraising came from PIF but called the wealth fund “the most important cornerstone investor” for the product.ĬSOP AM, a Hong Kong subsidiary of China Southern Fund Management, is also considering expanding the potential sales reach of the fund by making it available to retail investors in mainland China via ETF cross-listing. The Public Investment Fund, Saudi Arabia’s $700bn sovereign wealth fund, has been named as an anchor investor in the fund. This article was previously published by Ignites Asia, a title owned by the FT Group. ![]()
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