HONG KONG, May 31 (Bernama-BUSINESS WIRE) — CSOP Asset Management Limited (CSOP) is proud to announce the listing of CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF (stock ticker: 3134.HK) on the Hong Kong Stock Exchange (the “HKEX”). As the first pair of ETFs under the HKEX and the Shanghai Stock Exchange (the “SSE”) ETF Cross-Listing Scheme, 3134.HK will track the performance of the CSI Photovoltaic Industry Index (the index), before deduction of fees and expenses, by investing in the Huatai-Pinebridge CSI Photovoltaic Industry ETF1 listed on SSE via the QFI status. With listing price at around HKD 8 per share, trading lot of 100 and management fee of 0.99%, CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF will start to trade on 1 June, 2021. Upon inception, 3134.HK has received around RMB 53 million initial investment. On the same day, the feeder ETF investing in CSOP’s HKEX listed ETF – CSOP Hang Seng TECH Index ETF (stock ticker: 3033.HK) will also list on the SSE. The feeder ETF has already raised RMB 1.17 billion which will flow to 3033.HK before listing, boosting 3033.HK’s overall size and strengthening its leading status as the largest Hang Seng TECH index ETF in the world.2 Currently 3033.HK has assets under management over HKD 10 billion.3
Clean energy and carbon neutrality define the futures of mankind. China has put the carbon emission reduction into the 14th five-year plan formulation, with ultimate goal of achieving carbon neutrality in the long term.4 To materialize the goal, photovoltaic (PV) is the key solution to clean energy. PV refers to producing electricity from sunlight that can be used to power equipment or to recharge a battery. The whole PV industry chain includes the materials in the upstream, PV cells and modules in the midstream, and PV system in the downstream. PV is one of the high-conviction sectors in China with huge growth potential. In 2020, PV electricity generation increased 16.1% YoY, marking 3.47% of overall electricity generation.5 In 2020, PV electricity cumulative installed capacity reached 253GW, in 2035, PV electricity is expected to reach 600GW, more than doubling in cumulative installed capacity.6 With PV technology evolution, the cost of PV electricity will decrease significantly—hence, PV can become the major electricity source in the future. China is also the leading country in the PV industry regarding semiconductor materials, PV cells and modules, and PV system production.7