China’s top securities regulator has approved six niche technology-themed exchange traded funds (ETFs) just days after the applications were submitted, as the country rushes to attain self-sufficiency in strategic high-tech sectors, reports the Financial Times.
HuaAn Fund Management and Harvest Fund Management have obtained the green light to run their respective ETFs that invest in semiconductor stocks listed on the STAR Market, while Bosera Asset Management and China Southern Asset Management received the go-ahead for their ETFs which focus on new-material maker shares on the same bourse, sources with knowledge of the matter told local media. China Asset Management and Guotai Asset Management have also received regulatory approval to launch China’s first machine-tool-themed ETFs.
The fund houses filed their applications for the six strategies on September 16, according to filings with the China Securities Regulatory Commission, and received their go-ahead just two days later. They have not announced when the fundraising period for the funds will begin.