“寒冷”中上市 恒生科技ETF“首发不火”成定局？

Core Viewpoint - The initial fundraising for the first batch of Hang Seng Technology ETFs has been disappointing, with total subscriptions falling short of expectations despite the potential for long-term growth in the sector [1][2][3]. Fundraising Performance - The first batch of Hang Seng Technology ETFs, including those from Huaxia, E Fund, and Bosera, has seen low initial fundraising amounts, with total disclosed figures around 49.89 billion yuan, significantly below the anticipated 280 billion yuan [2][3]. - Specific fundraising amounts include approximately 4.55 billion yuan for Huaxia, 12.01 billion yuan for E Fund, and 3.12 billion yuan for Bosera [2]. Market Environment - The poor fundraising performance is attributed to a combination of market conditions, including a significant decline in the Hang Seng Technology Index, which has dropped 6.52% year-to-date and 1.85% on a single day as of May 24 [3][6]. - The index peaked at 11,001.78 points on February 18 but has since fallen to 7,876.61 points, reflecting a broader market sentiment shift away from technology stocks [3]. Future Growth Potential - Despite the initial setbacks, industry insiders believe that the long-term outlook for Hang Seng Technology ETFs remains positive, with potential for growth through effective marketing and liquidity support from market makers [4][5]. - The performance of the ETFs will largely depend on the asset management capabilities of the fund managers and the ability to reduce costs associated with subscriptions and redemptions [5]. Investment Opportunities - The Hang Seng Technology sector is seen as a long-term investment opportunity, particularly with the return of Chinese concept stocks and the presence of leading technology firms in the Hong Kong market [5]. - The design of the ETFs aims to track the performance of the Hong Kong technology sector, which includes major companies that are not accessible through domestic investments [5].