韩国投资管理与CUAM HK联名首只全球半导体ETF在港交所上市，拟争取纳入ETF互联互通

Korea Investment Management has launched its first co-branded exchange-traded fund in Hong Kong in partnership with a Chinese asset manager. Starting with a product that invests in global semiconductor companies, the firm plans to expand its client base to mainland Chinese investors and build out its overseas ETF business.
Korea Investment Management said on the 26th that it listed the CUAM Solactive China & Global Semiconductor ETF on the Hong Kong Stock Exchange on the 23rd of this month. The fund was jointly developed with CUAM HK, the Hong Kong unit of China Universal Asset Management. The listing comes about 11 months after the two firms signed a strategic partnership agreement in November last year to enter the Hong Kong ETF market.
The ETF spreads investments across 30 stocks in the semiconductor value chains of China, Hong Kong and the broader global market. It tracks the Solactive ACE ETF Connect China & Global Semiconductor Top 30 Index, compiled by German index provider Solactive, and holds major chipmakers including Nvidia, TSMC, Samsung Electronics, ASML and Broadcom, along with Chinese technology companies.
The two firms are splitting product development and management duties. Korea Investment Management handles ETF planning and development and provides non-discretionary investment advice on portfolio construction, while CUAM HK is responsible for the local listing, fund management and final investment decisions. Korea Investment Management is also moving to invest about $5 million of its own capital to help secure initial assets under management.
The firms are also considering expanding into the mainland Chinese market. They aim to have the product included in ETF Connect, a cross-border trading scheme between Hong Kong and mainland China. The scheme allows mainland investors to buy Hong Kong-listed ETFs that meet certain requirements. Whether the fund is actually included will depend on whether it satisfies the eligibility criteria after listing.
Korea Investment Management plans to expand its overseas investment advisory business by developing additional joint ETFs. "This listing is an important starting point for our full-fledged entry into the overseas ETF business, built on the competitiveness we have accumulated in the domestic ETF market," said Bae Jae-kyu, chief executive of Korea Investment Management. "Through our partnership with CUAM HK, we will gradually widen our business reach beyond Hong Kong to the mainland Chinese market."