Two of the largest Chinese investment funds are reportedly considering introducing Bitcoin ETFs through their Hong Kong branches.
On April 8th, the branches of Harvest Fund and Southern Fund, two major Chinese asset management companies overseeing assets of over $200 billion each, announced their intention to apply to offer spot Bitcoin ETFs on the Hong Kong Stock Exchange.
Due to government restrictions on trading and mining in China, Chinese investment companies cannot offer financial products on Bitcoin in the country. By leveraging their Hong Kong branches, the two investment funds aim to attract new capital from investors after seeing the outcome of spot ETF approvals in the United States.
According to local media reports, the two companies have already submitted their applications to the Hong Kong Monetary Authority and are awaiting feedback from the authorities.
Last year, the Hong Kong Monetary Authority and the Securities and Futures Commission approved the submission of requests for the approval of spot ETFs on digital assets.
