CSOP Asset Management launches the first exchange-traded fund in Hong Kong tracking the ChiNext index of small-company shares today, Bloomberg reported, citing managing director Jack Wang. Mainland small-cap companies are trading near record highs after the government pledged to support developing sectors, with the ChiNext valued at 109 times reported earnings. Wang said at a briefing on Wednesday that there “are funds that want to go short ChiNext thinking the valuation is too high,” and that they “could do so with this ETF.”