EMQQ Global, the team behind the US-listed EMQQ Emerging Markets Internet and Ecommerce ETF (EMQQ US), a $620 million emerging markets fund focused on internet and e-commerce stocks, has brought its flagship strategy to Hong Kong investors.
Kevin T. Carter, Founder and CEO of EMQQ Global.The VPEMQQ ETF (3030 HK) has been listed on the Stock Exchange of Hong Kong in Hong Kong dollars, coming to market with HKD 230m (approx. $30m) in initial assets.
The fund has been launched in partnership with Hong Kong-based Value Partners, one of Asia’s largest independent asset managers.
Methodology
The ETF tracks the Emerging Markets Internet & Ecommerce Index which is the same index underlying EMQQ Global’s flagship NYSE-listed ETF.
The index selects its constituents from a universe of emerging market stocks with market capitalizations greater than $300 million and average daily trading volumes of at least $1m. American Depository Receipts are eligible for inclusion.
The methodology screens for companies that derive at least half of their profits, revenues, or assets from internet and e-commerce activities. Qualifying activities encompass themes such as internet services, internet retail, internet broadcasting, internet media, online advertising, online travel, online gaming, search engines, and social networks.
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Securities that meet these criteria are selected to form the index and weighted by float-adjusted market capitalization subject to an individual security cap of 8% and an aggregate cap of 50% for stocks representing 5% or more. The index is reconstituted and rebalanced on a semi-annual basis.
As of the end of June, Chinese stocks accounted for more than half (58.9%) of the index weight with the next-largest country exposures being India (8.4%), South Korea (7.4%), South Africa (3.3%), and Argentina (2.8%).
Notable positions included China-based internet leaders such as Alibaba (8.7%), Tencent (7.7%), and JD.com (6.6%), as well as Meituan (6.7%), Reliance Industries (6.5%), Pinduoduo (6.0%), and Prosus (5.4%).
The ETF comes with ongoing charges of 1.49%.
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Kevin T. Carter, Founder and CEO of EMQQ Global, commented: “We are excited to be launching the VPEMQQ ETF in Hong Kong with Value Partners. Their experience, pedigree, and enterprising spirit make them an ideal partner for us to bring the EMQQ story to the Asian market. VPEMQQ provides investors with targeted exposure to the fast-growing and innovative internet companies in emerging markets which we believe are the best way to access the growth in the developing world.”
June Wong, CEO of Value Partners, added: “We are very excited to be partnering with EMQQ Global to launch the VPEMQQ ETF. The ETF combines the capabilities of two strong firms: Value Partners with its strong on-the-ground research capabilities, while EMQQ Global has been an ETF specialist for emerging and frontier markets for eight years.”