Asia’s first Saudi ETF launches in Hong Kong

Asia’s first ETF tracking shares listed in Saudi Arabia debuted in Hong Kong, allowing investors to trade Saudi stocks including the oil giant Saudi Aramco in Hong Kong dollars or Chinese yuan. Managed by CSOP Asset Management and with the Saudi sovereign wealth fund, Public Investment Fund (PIF), as an anchor investor, this marks a milestone in Hong Kong’s financial cooperation with Saudi Arabia.

Enhancing Cooperation
Hong Kong Monetary Authority and the Saudi Central Bank have signed a memorandum of understanding to promote joint deliberations in financial innovation.
Hong Kong Exchanges and Clearing Limited (HKEX) added the Saudi Exchange as a recognized stock exchange, allowing companies with a primary listing on the Saudi Exchange’s main market to apply for a secondary listing in Hong Kong.
Financial Secretary Paul Chan stated that the ETF launch signifies the determination to create innovative ways to cooperate and achieve mutually rewarding opportunities with Saudi Arabia and the Middle East

Source: Shanghaiist