Hang Seng Investment Management has gained approval to launch a Hong Kong-focused exchange traded fund in Saudi Arabia, becoming the second manager to get the green light as authorities push for closer ties between the two markets.
Saudi Arabia’s Capital Market Authority said it had approved the launch of the SAB Invest Hang Seng Hong Kong ETF, which is managed by Hang Seng Bank’s investment arm and SAB Invest, a subsidiary of Saudi Awwal Bank, on the local stock exchange.
The new ETF will track Hong Kong’s flagship Hang Seng index but will feature an adjusted stock selection to align with sharia investment rules.
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