The South China Morning Post reports that Taiwan ETFs have now opened in Hong Kong:
....chief executive Paul Chow Man-yiu expects more exchange-traded funds to be cross-listed in Taiwan and Hong Kong and hopes to see ETFs cross-listed on the Hong Kong and mainland bourses.Exchange Traded Funds (Wiki) are basically funds that may be traded like stocks, but hold as their contents a representative set of stocks that enables them to track the movements of a particular stock index. They are vehicles for large institutional investors, and apparently have been criticized for having potential to manipulate market behavior. Remember that Chinese "institutional" investors are often State-owned....
Speaking after a listing ceremony for the first ETF cross-listed in Hong Kong, the Polaris Taiwan Top 50 Tracker Fund (HK), Mr Chow (right), said: "This is a good debut because Taiwan and Hong Kong regulators have worked out a framework to allow Taiwan-listed ETFs to list in Hong Kong and vice versa.
"We can expect more Taiwan ETFs to list here in future."
The ETF ended yesterday down 6.98 per cent at $9HK.86 after making its debut at $10HK.50, its high point for the day. A total of $824HK.4 million worth of the ETF changed hands.
This was the first cross-listing of a Taiwan ETF in the city since the Securities and Futures Commission signed a memorandum of understanding in May with the Taiwan Financial Supervisory Commission to facilitate cross-listing of ETFs in the two markets.
Two Hang Seng Bank-issued ETFs from Hong Kong listed on the Taiwan stock exchange last Friday under the agreement.
Mr Chow said he hoped to see an accord between mainland authorities and the SFC to work out a framework for ETF cross-listings between the Hong Kong and mainland markets.
This is just a signal of the deepening financial integration between Taiwan and China -- Beijing is going to permit cross-listing of ETFs between Hong Kong and China -- and the kind of thing the big boys in the financial industry wanted to see when they backed Ma Ying-jeou in the election last year. But as a Chinese scholar Li Fei (李非), deputy director of the Taiwan Research Center at Xiamen University, said last week at a cross-strait forum in Taiwan, China’s promotion of cross-strait economic exchanges is to accelerate annexation. Other benefits are nice, but not necessary.
- Economist with good summary of post-Morakot political fallout
- Paul Katz at China Beat with another excellent post on Siaolin Village, with pics.
- Chinese Learn Online: list of all centers in Taiwan teaching Chinese
- Fun Videos: Secretary-General's Father's Day and 台灣的Super 救命兒
- Jon Adams in Global Post: seven days after Morakot
- Ryan pitches in in Pingtung with pics.
- The Hsu girls sing traditional Taiwan song to raise money for Morakot victims. With donation links.
- Taiwan Matters says Ma is worst.president.ever. With links to other good stuff.
- VOA says military tensions between Taiwan and China as bad as ever.
- Taiwan shows balance of payments surplus, meaning more $$ are coming in than going out.
- Ocean temperatures break record. Apparently our elites really don't give a damn whether their grandchildren have a planet.
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