HONG KONG, May 17 (Bernama-BUSINESS WIRE) — CSOP Asset Management Limited (“CSOP”) is proud to announce the listing of CSOP Global Cloud Computing Technology Index ETF (stock ticker: 3194.HK) on the Hong Kong Stock Exchange (the “HKEX”). 3194.HK will track the performance of the Solactive Global Cloud Computing Technology Index (the “index”). With listing price at around HKD 15.53 per unit, trading lot of 100 shares and annual management fee of 0.99%, CSOP Global Cloud Computing Technology Index ETF will start to trade on 13 May, 2021. Upon inception, 3194.HK has received around USD 9.37 million initial investment.
Cloud computing is the modern practice of using remote servers and shared resources instead of a local network for storing, managing, processing and delivering data. Such technology enables access to information from anywhere with much less upfront investment. Cloud computing has further helped to lower costs, improving the reliability and security of business IT operations. Since the onset of Covid-19, telecommuting has accelerated the pace of business digitalization, further bolstering the rise in adoption of cloud. Worldwide spending on public cloud services is expected to reach USD 332.3 billion in 2021, an increase of 23.1% from 2020.¹ Cloud computing has also become the critical technology sector amid the competition of the world’s tech giants and major economies. Amazon, Microsoft and Google combined accounted for 68.2% of the global cloud computing market in 2019.² The U.S. is the most significant public cloud market with a projected spending of USD 124.6 billion in 2019.³ With the government’s support in new infrastructure development, China’s public cloud market also keeps evolving with high prospects, booming from RMB 96.3 billion in 2018 to RMB 375.4 billion in 2023, with an estimated CAGR of 31%.⁴