Hong Kong Bitcoin spot ETF will be listed as soon as the end of the month! The first four batches were approved, including Harvest and Huaxia

Chinese fund company Harvest International announced that it has received approval from the Hong Kong Securities and Futures Commission to add virtual asset management services to its existing asset management business. According to mainland media reports, the Hong Kong authorities’ move is paving the way for the announcement of the “first batch of Bitcoin spot ETF lists” on April 15. Upon inquiry, it was found that the Hong Kong subsidiary of China Asset Management has also obtained similar permission.

According to earlier reports, Harvest International, a Hong Kong subsidiary of Harvest Fund, and Hong Kong asset management company VSFG have both submitted applications for the listing of Bitcoin spot ETFs; other mainland media reports pointed out that China Asset Management CSOP, a Hong Kong subsidiary of China Southern Fund, also intends to issue a Bitcoin spot ETF.

The first batch of four approved Bitcoin spot ETFs

Tencent Finance’s “First Line” quoted multiple sources as saying that the Hong Kong Securities Regulatory Commission is expected to announce Bitcoin to the public on April 15. In the list of spot ETFs, there are 4 funds in the first batch of approved funds, which are issued by "Harvest International", "China Asset Management", "Boshi Fund" and "Value Partners".

However, Boshi Fund and Value Partners have not yet appeared on the list of companies “approved to operate virtual asset management business.” The report explained that the reason is that these two funds do not independently meet the Hong Kong regulations for virtual asset management. Licensed Responsible Person (RO), but cooperates with local licensed institutions HashKey Capital and VSFG respectively.

ETF listing process

As for the ETF listing process, after the Hong Kong Securities Regulatory Commission approved the first batch of Bitcoin spot ETFs on April 15, the Hong Kong Stock Exchange will need about 2 weeks to prepare the products for listing, etc. However, as the issuer and the Hong Kong Stock Exchange have conducted detailed communication and planning in advance, it is expected to be completed in about 10 days.

"First Line" pointed out that the Hong Kong Securities Regulatory Commission plans to list Bitcoin spot ETFs in Hong Kong around April 25 and no later than the end of April.

Allows for “physical” subscription and redemption

According to reports last month, unlike the U.S. Bitcoin spot ETF, which can only be subscribed and redeemed in “cash”, the Hong Kong Securities Regulatory Commission The Council will also allow ETFs to be purchased and redeemed in "kind".

In other words, in addition to using legal currency to subscribe for ETFs on the Hong Kong Stock Exchange, investors can also subscribe directly with Bitcoin spot through compliant virtual asset exchanges (HashKey, OSL). The "First Line" report mentioned that this is the main reason affecting the progress of the listing of the Hong Kong Bitcoin Spot ETF.

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