China's Largest Funds Apply For Spot Bitcoin ETF In Hong Kong

[Peter90]

Some of China's biggest asset managers are using Hong Kong subsidiaries to enter the Bitcoin ETF market


Securities Times reported on Monday that financial giants like Harvest Fund and Southern Fund have submitted applications via their Hong Kong arms and are awaiting regulatory approval.
The move reflects growing institutional interest despite China's previous hostility towards Bitcoin.

Harvest Fund manages over $230 billion in total assets, while Southern Fund oversees over $280 billion.

Approval of Bitcoin ETF products from such influential institutions could significantly validate Bitcoin in the eyes of both Chinese regulators and investors.
The news is also a testament to the evolving landscape of Bitcoin in China. Despite its previous crackdown on Bitcoin trading and mining, the country is now witnessing a shift. While the mainland remains cautious, Hong Kong has adopted a more open approach, attracting the attention of Chinese funds.

By leveraging Hong Kong subsidiaries, major funds can gain exposure to Bitcoin in a compliant manner.
The location provides a legal loophole for Chinese companies to participate in the burgeoning Bitcoin asset class.

Industry insiders are buzzing with anticipation as they predict a significant milestone in Bitcoin.
Hong Kong's first Bitcoin ETFs could potentially launch as early as Q2 this year.

zerohedge.com

[TomPluz]

The move reflects growing institutional interest despite China's previous hostility towards Bitcoin. Harvest Fund manages over $230 billion in total assets, while Southern Fund oversees over $280 billion.

Of course, it was only the government of China that banned Bitcoin and the rest of the cryptocurrency industry that is not really interested with Bitcoin and cryptocurrency...the people and many financial institutions are so into Bitcoin and they were actually upset with the ban yet there is nothing they can do with it as they fear the dictatorial power of the current regime. Go against the wishes of the government and soon you can find yourself either in a hot water or in the middle of the ocean swimming with no boat to rescue you. Now, there is now a new opportunity for them to enter Bitcoin again though indirectly vis the ETF approved in Hong Kong but they could not get involved directly hence the use of linked subsidiaries can be necessary. I am not sure though if the China government will not be reacting to this badly if they could find one day that many are now into Bitcoin ETF in Hong Kong.

[Mr. Magkaisa]

        -    It seems that the winds of China are changing now; in that matter, it used to be very angry with Bitcoin and against it, and now it is one of the leading supporters of ETF in Hong Kong. In fact, that's not surprising because, all around the world now, there are many whale investors focused on Bitcoin.

So it is also likely, from what I see, that it will also be approved without difficulty because we know that China is also a strong country in the world at this time.