Hang Seng Bank unit licenses HSSI to E Fund

Hang Seng Bank unit licenses HSSI to E Fund

Hang Seng Indexes Company Ltd, a unit of Hang Seng Bank, has licensed to Guangzhou-based E Fund Management Company the Hang Seng Composite SmallCap Index (HSSI) to serve as the underlying index for the creation of a listed open-ended fund (LOF). The LOF was issued on the Shenzhen Stock Exchange on October 17.

The HSSI is a size index under the Hang Seng Composite Index (HSCI) and aims to cover the last 5% of the total market capitalization of the HSCI. As at 30 September 2016, the HSSI consisted of 179 constituents with a total market capitalization of over HK$1.04 trillion.

The new LOF will bring the number of exchange-traded products linked to indexes in the Hang Seng Family of Indexes to 45 – with listings on 17 different stock exchanges across the world. As at 30 September 2016, assets under management in exchange-traded products linked to indexes in the Hang Seng Family of Indexes had reached US$27 billion.