DAX licensed to Hua An to underlie ETF in China
21 September 2012
News, China, Europe, Germany
Deutsche Börse has announced that the DAX index has been licensed to Hua An Asset Management Co Ltd, one of the longest running fund management companies in China, to serve as the basis for an exchange-traded fund (ETF). This is the first time that the DAX will underlie an ETF available in China.
STOXX Ltd is the marketing agent for the indices of Deutsche Börse AG and SIX, including the DAX and SMI indices. The firm has recently increased its presence in Asia with the launch of several indices for the region, such as the STOXX Asia Indices and the STOXX China Indices for A-, B- and H-shares, as well as Red Chips.
“As the unique and reliable measure of Germany’s leading companies, DAX continues to be a popular underlying for index-based financial products,” said Hartmut Graf, chief executive officer, STOXX Limited. “The new ETF by Hua An Asset Management is a major step in providing Chinese investors direct access to the DAX index for the first time.”
Li Qing, CEO of Hua An Asset Management, said: “The DAX index is one of the most well-known flagship indices in the European market. Its constituent stocks include BMW, Volkswagen, Bayer, Siemens and other world-renowned German companies. Our new cross-border ETF is an important means for Hua An to integrate into the international capital market and develop its overseas investment business. They will help to speed up its transformation from a Chinese fund company to a modern asset management institution.”
The DAX measures the development of the 30 largest and most liquid companies on the German equities market and represents around 80% of the market capitalisation authorised in Germany. It currently serves as the basis for more than 200,000 financial products and is one of the largest underlyings for derivatives globally.
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