Venture(US:VEMLY) Zheng Quan Ri Bao·2025-11-25 17:07Core Viewpoint - The listing of the ChiNext 50 ETF-DR on the Thailand Stock Exchange marks a significant milestone in the internationalization of Chinese financial products, providing Thai investors with direct access to China's core assets without the need for cross-border accounts [1][5]. Group 1: Product Overview - The ChiNext 50 ETF-DR is the first depository receipt linked to a Chinese ETF listed in Thailand, and it is based on the Invesco Great Wall ChiNext 50 ETF, which has a total scale of 4.978 billion yuan as of now [2][3]. - The product allows for free trading on the stock exchange, similar to stocks, thus lowering the barriers for overseas capital to invest in China's emerging industries [1][3]. Group 2: Market Demand and Industry Logic - The Thai capital market has developed a foundational understanding of Chinese core technology assets, with companies like CATL gaining significant investor attention in Southeast Asia [3]. - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, aligning well with Thai investors' asset allocation needs [4][6]. - The top three sectors in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [4]. Group 3: Internationalization of A-share Index Products - The successful listing of the ChiNext 50 ETF-DR reflects the ongoing deepening of China's capital market opening, with A-share index products becoming important vehicles for global capital to allocate to Chinese core assets [5][6]. - There has been a notable increase in the number of ChiNext index products listed on over ten exchanges globally, creating a cross-border product network that spans major economies [5]. - Key factors driving the acceleration of A-share index products' internationalization include the potential for increased overseas capital allocation to A-shares, favorable policy developments, and the operational capabilities of leading domestic public funds [6][7].