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With the opening of ETF products backed on ETH and BTC on the Hong Kong Stock Exchange, the popular asset management firm, ChinaAMC (HK) listed its ETF products on Ethereum and Bitcoin on April 30.
China Asset Management Limited’s Hong Kong (ChinaAMC (HK)) subsidiary, which was established in 2008, is a leading and most popular Chinese asset manager in Hong Kong. ChinaAMC (HK) is the fully owned subsidiary of China Asset Management Co. Limited. The parent company is one of the most trusted asset managers and largest ETF provider in Mainland China.
As of December 31, 2023, the company had more than $300 Billion in assets under management. With the successful functioning of their ETF products in Mainland China. The Hong Kong subsidiary has launched ETF products in the country as BTC and ETH got approval for spot Bitcoin and Ethereum ETFs in Hong Kong.
On April 29, China Asset Management (Hong Kong) announced the launch of its two crypto backed ETF products in Hong Kong, namely the ChinaAMC Bitcoin ETF with Stock Code: 3042.HK/9042.HK/83042.HK and the ChinaAMC Ether ETF with stock Code: 3046.HK/9046.HK/83046.HK. Both of these ETF products will get listed on Hong Kong stock exchange starting from April 30, 2024.
Objectives Of BTC And ETH ETF
The Bitcoin and Ether ETF will track the performance of the two most popular crypto currencies, Bitcoin and Ether. This tracking will be similar as measured by the performance of the CME CF Bitcoin Reference Rate (APAC variant) and the EME CF Ether-Dollar Reference Rate (APAC variant), respectively, before charging fees and expenses.
Product Overview
Both of these instruments will charge a management fee of 0.99% annually.
ChinaAMC Ethereum ETF
ChinaAMC ETH ETF has been listed on Hong Kong Stock Exchange (HKEX) with the ticker CAM ETH (3046), opened trading today at HK$ 7.950 and previously closed at HK$ 7.830 (off the market). However, at the time of writing, it was trading at HK$ 7.770, 0.77% down from the open. The intraday price range for the ETF is HK$ 7.770 and HK$ 7.985. It has a volume of 1.60 Million and a turnover of HK$12.66 Million.
At the same time, it offered a trading spread of 140 basis points (bps).
Looking at the above trendline, the ETF followed a declining trend in the very first trading session. The steepness of the graph can suggest a further decrease in the prices.
ChinaAMC Bitcoin ETF
The Bitcoin based ETF of ChinaAMC has been listed on the Hong Kong Stock Exchange with the ticker CAM BTC (3042) and has opened its trading window at a price of HK$ 8.080 on April 30, while the previous off-market session closed at HK$ 7.830. It has been trading in the range of HK$ 7.920 and HK$ 8.130 for the day.
At the time of writing, it was trading at HK$7.950, experiencing an increase of 1.53%. It has a narrow bid-ask spread of just 60 bps. The trading volume stands at 4.63 Million and the turnover is HK$ 37.16 Million.
This is also following a declining trend but with a lower slope; that is, it is observing a comparatively flatter price trend confirmed by the increase in the prices so it can revert the graph in the near term.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
