The CSOP Gold ETF, a physical-gold exchange-traded fund, listed in Hong Kong on Tuesday, as the city steps up efforts to enhance the global appeal of its bullion market amid a complex geopolitical landscape and to strengthen its influence in international gold pricing.
The fund debuted with about $720 million in assets under management, making it Hong Kong’s largest local physical-gold ETF, according to its issuer, CSOP Asset Management. It is priced at HK$7.2 (92 US cents) per unit, with a board lot size of 100 units.
The ETF — which trades throughout market days on the Hong Kong stock exchange like a company stock — holds bullion stored in Hong Kong and allows purchases and redemptions in cash or physical gold.
Speaking at the listing ceremony, Hong Kong Financial Secretary Paul Chan Mo-po said the product supports a “trade in Hong Kong, store in Hong Kong” model, which he said aligns with the city’s development strategy.
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“In today’s complex and rapidly changing geopolitical environment, Hong Kong remains committed to maintaining an open and inclusive market, as well as institutional strengths such as the free flow of capital,” Chan said. “These advantages enhance the appeal and strategic value of our gold market to global investors.”
He said the average daily turnover in Hong Kong’s exchange-traded products market was about $5 billion at the beginning of this year, making it one of the most active markets globally and second in size only to the United States and the Chinese mainland.
Kelvin Wong Tin-yau, chairman of the Securities and Futures Commission, said CSOP Gold ETF’s launch comes as global investors increasingly diversify portfolios amid heightened uncertainty. Physical gold is viewed by many market experts as a hedge against market volatility.
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“ETFs provide investors with a convenient and efficient channel to gain exposure to gold, while also helping to enhance Hong Kong’s influence in the global gold pricing system,” Wong said.
Zhou Yi, chairman of CSOP Asset Management, said, “We are highly confident in the long-term prospects of Hong Kong’s gold market, underpinned by the city’s world-class market infrastructure, transparent and robust regulatory framework, and its unique connectivity with the Chinese mainland and global investors.”
Hong Kong aims to build itself into an international gold trading hub. In his Policy Address in September, Hong Kong Chief Executive John Lee Ka-chiu pledged to expand gold reserves to more than 2,000 metric tons within three years and establish a central clearing system for bullion that meets international standards.
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Separately on Tuesday, Victory Giant Technology (Huizhou) Co made its debut on the Hong Kong stock exchange, raising net proceeds of HK$19.89 billion in the city’s largest initial public offering so far this year.
Shares of the printed circuit board (PCB) maker, whose products are used in artificial intelligence and high-performance computing, closed at HK$315, more than 50 percent above the offer price of HK$209.88, valuing the company at over HK$301 billion.
Company Chairman Chen Tao said listing in Hong Kong will serve as “a new engine” for Victory Giant to connect with global capital and accelerate expansion.
Victory Giant ranked first globally by sales revenue in AI and high-performance computing PCB segment in the first half of 2025, with a market share of 13.8 percent, according to consultancy Frost & Sullivan.
Chan said more than 500 companies are in the city’s listing pipeline. “We will continue to refine listing rules and reforms to enable more innovation and technology companies to raise funds efficiently through the Hong Kong market,” he added.
Contact the writer at irisli@chinadailyhk.com
