Polaris Taiwan top 50 debuts in Hong Kong.
The fund has a limited scale of only HK$246 million (around NT$1.047 billion), which is raised as a seed fund and subscribed by three participating securities firms in Hong Kong, namely Polaris Hong Kong, UBS, and Credit Suisse. Its scale will be expanded gradually along with the increase in market demand.
The fund will be traded as a feeder fund, with 90% of its money to be invested in Polaris Taiwan Top 50 Tracker Fund and the remaining 10% to be invested in futures or held in cash.
The debut of the fund following the listing of W.I.S.E. Polaris CSI 300 China Tracker Fund on the Taiwanese bourse on Aug. 17, which boasts NT$7 billion of scale, raised via IPO (initial public offering). The fund is also a feeder fund and is mainly invested in Hong Konglisted W.I.S.E. CSI 300 China Tracker Fund, which focuses on investments in leading A shares in the Chinese market.
Polaris Taiwan Top 50 Tracker Fund is Taiwan's largest ETF, with its scale reaching NT$66 billion at present.
Due to the steep fall of Taiwanese stocks recently, the fund will be traded at HK$9.84 per share, lower the subscription price, for its debut in Hong Kong today. The maximum scale of the fund is set at NT$10 billion by the Central Bank of China
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|Title Annotation:||Polaris Taiwan Top 50 Tracker Fund|
|Publication:||The Taiwan Economic News|
|Article Type:||Brief article|
|Date:||Aug 19, 2009|
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