According to PANews, Hong Kong-based institution, Value Partners, has applied to issue a virtual currency spot ETF, but did not appear on the approved list. Insiders revealed that Wui Li voluntarily withdrew its application due to inadequate preparation, time constraints, and insufficient manpower. Compared to the other three companies, Wui Li primarily conducts active business in Hong Kong, and its ETF business is relatively weak, hence the decision to observe first.
Despite the fact that this batch of virtual currency spot ETFs was launched by three Hong Kong subsidiaries of domestic public funds, mainland investors are not allowed to participate in trading according to existing regulations. Markus Thielen, founder of crypto research company 10x Research, believes that if mainland purchases are allowed, these Bitcoin spot ETFs could attract $25 billion in funds.
However, Bloomberg ETF analyst Eric Balchunas thinks otherwise. He believes that due to reasons such as the small size of the Hong Kong ETF market, the three domestic public fund managers not being on par with international asset managers like BlackRock, mainland retail investors not being able to trade, and doubts about product liquidity, even $500 million would be considered lucky.