Shanghai, HK bourses to list each other's ETFs

SHANGHAI: Reciprocal listing of Exchange Traded Funds (ETF) on the Shanghai and Hong Kong bourses are likely to materialize soon, according to a city official.

An appointed fund management firm having a Qualified Domestic Institutional Investor (QDII) license would manage the ETF, Fang Xinghai, director of the Shanghai Financial Services Office, said on Friday.

The ETF amount will depend on the firm's quota, he said, hinting that it would be capped initially at 3 billion yuan, the maximum for any QDII-licensed fund firm. The value would be increased over time, he said.