Hong Kong Companies Apply for Virtual Currency Spot ETF

Source

Wui Li, a company that is based in Hong Kong, has made application to the virtual currency spot Exchange Traded Funds (ETF), that it's interested in issuing. Wui Li's name hasn't yet been seen on the list of companies that has been approved.

There are speculations that Wui Li decided to remove its application, as a result of the fact that they don't have enough working force, their level of preparation wasn't appropriate, they don't have enough time to put all the necessities together.

When Wui Li was placed in comparison with the other 3 institutions, it could be seen that Wui Li only basically do their business activities in Hong Kong. And it was seen that Wui Li's ETF business wasn't strong. For this reason, Wui Li decided to remove their application, and chose to first watch and observe.

Eric Balchunas, who is an ETF expert, thinks that the Hong Kong ETF market is very small in size, and that all 3 of the Hong Kong public funds managers do not compare to BlackRock. He suggested that a great idea would be involving mainland retail investors, as this will remove the doubts concerning product liquidity.