HSBC tapped for first Hong Kong ETFs under cross-listing scheme

24 Octobre, 2020, 20:23 | Auteur: Anatole Charbonneau
  • A demonstrator shows a British National passport as another waves a colonial-era Hong Kong flag during a lunchtime protest at the International Finance Center shopping mall in Hong Kong China | Bloomberg

The spokesman emphasized that Hong Kong is a part of China, and therefore its affairs are China's internal affairs.

The British offer is not for all residents of Hong Kong, but only those holding a British National Overseas (BNO) passport.

After the announcement was made by the British government, thousands of Hong Kongers had renewed and applied for the BNO passports, which coincided with the controversial new security bill passed in Hong Kong by China.

Britain confirmed details of its route to citizenship for nearly three million people in its former colony Hong Kong, saying in a statement that there would be no quota on numbers and that a five-year visa would cost 250 pounds ($330) per person.

The Chinese Foreign Ministry warned the United Kingdom that China will consider not recognizing Hong Kong British national overseas (BNO) passports as valid travel documents, following the UK government's announcement on Thursday that it will start to process BNO applications for residents in the Hong Kong Special Administrative Region (HKSAR) from January 31, 2021.

You'll be able to work and study, but you won't be able to access public funds such as social welfare benefits, Hong Kong-based South China Morning quoted the statement as saying.

The BNO passport allows Hong Kong citizens to prove their identities and then immediately apply for working and/or studying in the United Kingdom, later leading up to citizenship.

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After 12 months with this status, you can apply for British citizenship, the statement said.

London said there would be no quota on numbers, and a five-year visa would cost £250 ($330).

Around 300,000 people now hold a BNO passport, while an estimated 2.9 million people are eligible for it, according to the British Consulate General in Hong Kong.

The Chinese embassy in Britain warned in July that Beijing firmly opposes the offer to provide more privileges for Hong Kong residents and reserves the right to take measures.

China imposed the new national security law in Hong Kong after repeated protests there demanding more democracy and less Chinese influence.

While there are ETFs in Hong Kong, London or NY following China's onshore equity market, the tracking error can be as high as 15%, partly due to limits on foreign ownership. There have been brutal layoffs and pay-cuts.

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