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Cryptocurrency News Articles
Hong Kong Bitcoin ETFs Set to Unlock Door for Mainland Chinese Investors
May 07, 2024 at 05:01 am
Recent speculations suggest that Bitcoin ETFs listed on the Hong Kong Stock Exchange could become accessible to mainland Chinese investors through adjustments to the Stock Connect system. Richard Byworth, managing partner at SyzCapital, has indicated that such a move could have "huge implications," allowing mainland investors to access these ETFs. The potential for this development is highlighted by the success of the ChinaAMC Bitcoin ETF, which raised $121 million on its first day of trading, and the growing demand for investment alternatives in mainland China.
Hong Kong Bitcoin ETFs Poised to Unlock Access for Mainland Chinese Investors
Hong Kong, China - Rumours are circulating that Bitcoin exchange-traded funds (ETFs) listed on the Hong Kong Stock Exchange may soon become accessible to mainland Chinese investors. This potential development has sparked excitement and speculation within the financial community.
The possibility of this access was brought to light by Richard Byworth, managing partner at SyzCapital, in a social media post on May 1, 2024. Byworth, who recently returned from Hong Kong, hinted that the Stock Connect system, which facilitates investment flows between mainland China and Hong Kong, could be expanded to include Bitcoin ETFs.
"There is talk that the ETF could be added to stock connect," Byworth wrote. "The implications for this are absolutely huge (it basically means mainland money can buy it)."
The potential impact of such a move has been widely discussed. Samson Mow, the former chief strategy officer of Blockstream, emphasized the significance of the ChinaAMC Bitcoin ETF, which raised an impressive $121 million on its first day of trading. Mow encouraged a positive outlook on the potential inclusion of Bitcoin ETFs in the Stock Connect system.
"I think you should be a little more optimistic," Mow said.
Brian HoonJong Paik, co-founder and COO of SmashFi, provided insights into the socioeconomic drivers behind the demand for alternative investment options in mainland China. Paik noted that with an estimated 100 million unoccupied homes in the country, there is an urgent need to diversify investment portfolios.
"It's only a matter of time," Paik said. "The PCC needs an alternative resource to mitigate social unrest."
Paik also clarified that Chinese investors currently have access to ETFs in Hong Kong through mechanisms such as the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect, and the Qualified Domestic Institutional Investor (QDII) scheme. These channels already allow for significant capital flow between the two regions.
"These mechanisms make the Hong Kong stock market one of the most accessible foreign markets for Chinese investors, promoting financial integration between the Mainland and Hong Kong," Paik said. "Excluding just the Bitcoin ETF would likely cause significant repercussions among institutional and retail investors in China and Hong Kong."
Matrixport, a Singapore-based digital asset custodian, estimates that the approval and inclusion of Hong Kong-listed Bitcoin Spot ETFs on Southbound Stock Connect could attract up to US$25 billion in capital. This highlights the immense growth potential and investor interest in this segment.
The inclusion of Bitcoin ETFs in the Stock Connect system would represent a significant milestone in the development of the cryptocurrency market in China. It would provide mainland Chinese investors with increased access to digital assets and potentially boost the global demand for Bitcoin and other cryptocurrencies.
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