China's securities regulator has given the greenlight to the country's first mutual fund targeting top Chinese and South Korean chipmakers, an official at Huatai-PineBridge Fund Management Co said, amid an escalating Sino-U.S. tech war.
"The Chinese and Korean semiconductor industries are expected to be closely integrated," creating synergies, Huatai-PineBridge said in prepared marketing material for the ETF, whose launch date has not yet been determined.
The fund will also benefit from China's accelerated pace towards tech self-sufficiency amid U.S. sanctions, according to the marketing material, which mentioned the U.S. blacklisting of China's Huawei Technologies Co Ltd , and the recently enactedIn 2021, South Korea was China's second-biggest exporting country in equipments, including chipmaking tools, and Chinese exports to South Korea have also been rising, the fund manager said.
South Korea said on Saturday there would be no significant disruption to equipment supply for Samsung and SK Hynix's existing chip production in China from the U.S. move., China's foreign ministry spokesperson Mao Ning said on Saturday.The index was launched as part of a broader cooperation agreement signed last year between the Shanghai Stock Exchange and the Korean Exchange to promote cross-border investment between the two markets.
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