The latest offerings in investments, such as funds and structured products, and other notable developments.
Lion Global Investors, part of OCBC, and OCBC Securities are setting up a tech-focused exchange traded fund on the Singapore Exchange in December 2020.
The ETF tracks the Hang Seng TECH Index, which is made up of the top 30 technology companies listed in Hong Kong by market capitalisation that have high business exposure to technology themes.
The fund’s initial offering period starts on 23 November and ends on 7 December. It will list on the SGX on 10 December 2020 and will be available in both Singapore and US dollar denominations, OCBC and Lion Global Investors said in a statement yesterday.
According to back-tested data from Hang Seng Indexes Company Limited, the Hang Seng TECH Index returned 36.25 per cent in 2019 and 35.30 per cent in the first half of 2020.
“2020 is a year of change for all of us. We have seen how the pandemic impacted our lives and how technology has stepped in to give a glimpse of normalcy in the changed world. The technology sector has significantly outperformed the broader equity market during this period and technology stocks have benefitted from changes in consumer behaviour as well as digital transformation of businesses,” Wilson He, managing director of OCBC Securities, said. “The Lion-OCBC Securities Hang Seng TECH ETF comes at the right time to ride this wave of change and bullish sentiment. It allows investors a chance to gain access to the rapidly-growing Chinese technology giants.”