Golden Finance reported that Huaxia Ether ETF (03046.HK) rose 19.15%, Boshi Ether (03009.HK) rose 19.09%, Jiashi Ether ETF (03179.HK) rose 18.80%, and Huaxia Bitcoin (03042.HK) rose 6.35%. There are reports that the US Securities and Exchange Commission (SEC) may approve a Spot Ethereum ETF this week.

According to Farside Investors data, the Hong Kong encryption ETF Huaxia series saw an outflow of $18.5 million today. Boshi and Jiashi series data have not been announced yet. In addition, the Hong Kong encryption ETF saw a total outflow of $6.3 million last Friday.

BitNavi reported that spot Bitcoin and Ethereum ETFs began trading in Hong Kong. Huaxia Bitcoin (03042.HK), Jiashi Bitcoin (03439.HK), and Boshi Bitcoin (03008.HK) all rose more than 3% at the beginning of the session.

The Hong Kong Securities and Futures Commission has approved the issuance of 6 virtual asset spot ETFs under Huaxia Hong Kong, Bosera International, and Harvest International. They will be first issued on April 29th and officially listed on the Hong Kong Stock Exchange on April 30th. In terms of the issuance price, the issuance price of Jia Shi International and Huaxia (Hong Kong) products is $1 per share. The initial issuance prices of Boshi Bitcoin ETF and Ethereum ETF are roughly in line with 1/10000 and 1/1000 of the tracking index on April 26, 2024, respectively, which corresponds to approximately 0.0001 BTC and 0.001 ETH per fund share. This means that holding 10,000 shares is equivalent to 1 BTC, and holding 1,000 shares is equivalent to 1 ETH. According to the information, the Hong Kong spot cryptocurrency ETF is open to professional and retail investors in Hong Kong. For Hong Kong investors, on the basis of basic KYC (Know Your Customer), they can purchase Hong Kong spot Bitcoin and Ethereum ETFs by passing the cryptocurrency knowledge test. Hong Kong investors who want to purchase the corresponding US ETFs must be professional investors and face high investment threshold restrictions. Chinese mainland investors are currently not allowed to participate in buying and selling. The joint circular issued by the Securities and Futures Commission and the Hong Kong Monetary Authority on December 22, 2023, regarding virtual asset-related activities of intermediaries, shows that both existing virtual asset futures ETFs in the Hong Kong market and future spot virtual asset ETFs cannot be sold to retail investors in mainland China and other regions where the sale of virtual asset-related products is prohibited. (China Fund News)

The Hong Kong Securities and Futures Commission has approved the issuance of six virtual asset spot currency ETFs under Huaxia Hong Kong, Boshi International, and Jiashi International. The first issuance will take place on April 29th, and the ETFs will officially be listed on the Hong Kong Stock Exchange on April 30th. As Bitcoin and Ether are virtual assets, these ETF funds will invest 100% of their assets in Bitcoin or Ether, without engaging in other types of investments or financial derivative instruments. They will not participate in securities lending, repurchase or reverse repurchase transactions, and will not use any form of leverage. A small amount of cash may be retained for expenses or redemption purposes. (Securities Times)

PANews 29th April news, according to China Fund News, six virtual asset spot ETFs were launched in Hong Kong today and will be listed on the Hong Kong Stock Exchange on 30th April. They are managed by Huaxia (Hong Kong), Bosera International, and ChinaAMC International, with each institution offering one Bitcoin spot ETF and one Ethereum spot ETF. These products invest 100% of their assets in Bitcoin or Ethereum and do not engage in any other types of investments. They also do not invest in financial derivatives or engage in securities lending, repurchase agreements, reverse repurchase agreements, or any form of leverage. A small amount of cash may be reserved for expenses or redemptions. In terms of issuance price, the issuance price of Jia Shi International and Huaxia (Hong Kong) products is $1; the initial issuance price of Boshi Bitcoin ETF is basically the same as 1/10000 of the tracking index on April 26, 2024, and the initial issuance price of Boshi Ethereum ETF is basically the same as 1/1000 of the tracking index on April 26, 2024. This means that holding 10,000 shares is approximately equal to 1 Bitcoin, and holding 1,000 shares is approximately equal to 1 Ethereum.

Odaily Planet Daily According to the news, three major Chinese fund companies, Huaxia Fund, China Asset International, and Boshi Fund, have each obtained approval from the Hong Kong Securities and Futures Commission for Bitcoin and Ethereum spot ETFs. According to the product summary, the expense ratio of Huaxia's ETF is the highest, reaching 1.99% per year; the expense ratios of China Asset and Boshi's ETFs are 1% and 0.85% respectively, which are still generally higher than the Bitcoin spot ETFs already issued in the United States. It is understood that the higher expense ratio of Huaxia reflects the bank's insurance for assets with a total value of 1 billion US dollars. The Bitcoin and Ethereum spot ETFs issued by Huaxia charge a maximum management fee of 0.99% of AUM, and internal evaluation shows that the actual fee can be reduced to 0.65%. Bloomberg ETF analyst James Seyffart believes that China Asset, which waives the management fee for 6 months and has the lowest cost, is very likely to trigger a fee reduction war among Hong Kong fund companies.

PANews news on April 27, according to industry insiders, in addition to Boshi, Huaxia, Jiashi, Hong Kong local institution Huili also applied for the issuance of virtual currency spot ETF. However, it did not appear in the approved list in the end. Insiders revealed that Huili voluntarily withdrew after applying because the preparation work was not well done, time was tight, and manpower was insufficient. In addition, compared with the other three companies, Huili mainly focuses on active business in Hong Kong, and the ETF business is relatively weak, so it plans to observe first. Although this batch of virtual currency spot ETFs is issued by the Hong Kong subsidiaries of three domestic public funds, according to previous regulations, mainland investors cannot participate in the trading. Markus Thielen, the founder of encryption research company 10x Research, believes that if mainland investors are allowed to buy in, this batch of Bitcoin spot ETFs may attract capital inflows of $25 billion. Bloomberg ETF analyst Eric Balchunas believes that the Hong Kong ETF market is small, the three domestic public fund managers and international asset management companies such as BlackRock are not of the same scale, retail investors in the mainland cannot trade, and the liquidity of the products is questionable, etc. Therefore, "500 million US dollars is considered lucky".

Coin World reported: Coin World reported that Blue Whale News learned from the industry that in addition to Boshi, Huaxia, and Jiashi, local Hong Kong institution Huili also applied for the issuance of virtual money spot ETF. However, it did not appear in the approved list in the end. Insiders told Blue Whale News that Huili voluntarily withdrew after applying because the preparations were not well done, time was tight, and the manpower was insufficient. In addition, compared with the other three companies, Huili mainly focuses on active business in Hong Kong and is relatively weak in ETF business, so it plans to take a wait-and-see approach.

Golden Finance reported that in addition to Boshi, Huaxia, and Jiashi, Hong Kong local institution Huili also applied for the issuance of virtual currency spot ETF. However, it did not appear on the approved list in the end. Informed sources revealed to Golden Finance that Huili voluntarily withdrew after applying because the preparation work was not well done, time was tight, and there was a shortage of manpower. Moreover, compared with the other three companies, Huili mainly focuses on active business in Hong Kong, and its ETF business is relatively weak, so it plans to take a wait-and-see approach.