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Speaker 1: This podcast is brought to you by HKX, Asia's ETF marketplace. Well,

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Speaker 1: you'll find a gateway to liquidity and a diverse selection

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Speaker 1: of opportunities across asset classes, sectors and themes in Asia

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Speaker 1: and beyond. Search HKX to learn more.

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Speaker 2: Good day or good evening to our listeners out there.

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Speaker 2: I guess it depends where in the worlds you're joining

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Speaker 2: us from. Welcome to Tiger Money, Bloomberg podcast about investing stocks, commodities, bonds,

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Speaker 2: crypto and everything in between, with a focus on exchange

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Speaker 2: traded funds in the Asia Pacific and also beyond. I'm

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Speaker 2: your host, David inglests chief Markets editor for the Asia

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Speaker 2: Pacific from Bloomberg TV and also hosted The China Show,

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Speaker 2: also of Bloomberg TV. And my co host is Rebecca

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Speaker 2: sin She is head of Asia Pacific ETF Research at

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Speaker 2: Bloomberg Intelligence. A kind housekeeping reminder of course for everyone,

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Speaker 2: if you like what you hear, do not forget to like,

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Speaker 2: to subscribe, and also to share without further ado. My

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Speaker 2: co pilot.

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Speaker 3: Rebecca, thank you David. Today we're very excited to have

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Speaker 3: miss ding Chen, who is the CEO of CSOP asset Management.

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Speaker 3: Prior to that, she was the assistant CEO and Managing

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Speaker 3: director of China Southern Asset Management, one of the largest

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Speaker 3: fund management company in China. She issued the first and

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Speaker 3: largest QTI neutral fund in China. Thank you very much

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Speaker 3: for joining us here today. Missing I'm very excited to

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Speaker 3: have you here.

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Speaker 4: Thank you Rebuka, and thank your David. Pleasure to be

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Speaker 4: here again.

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Speaker 2: I guess just for our listeners who might not be

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Speaker 2: as familiar with the company and with yourself, could you

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Speaker 2: give our listeners a little bit of an introduction of yourself.

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Speaker 2: How long have you been in this role in the

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Speaker 2: industry in your career path up to this point.

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Speaker 4: Thanks Davie. I work with C Sop as a CEO

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Speaker 4: since twenty ten and currently we are one of the

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Speaker 4: largest ETF issue in the region. Currently we're managing more

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Speaker 4: than forty ETFs across Hong Kong and also Singapore, and

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Speaker 4: the people will ask not only as ETF specialist, but

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Speaker 4: also across border expertise. We participate in various connect scheme

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Speaker 4: between Millian China and Hong Kong. We start doing ETF

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Speaker 4: twenty twelve and we're very lucky through our QF we

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Speaker 4: managed one of the largest China a ETF back to

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Speaker 4: that time, and we view us as a connector to

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Speaker 4: connect Mini in China and the rest of the world.

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Speaker 4: We provide China and Hong Kong ETF to the global investors.

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Speaker 4: They're using the ETF as a proxy to get access

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Speaker 4: to milli in China, helping Chinese capital markets, to geting

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Speaker 4: assets from outside of China to get investor into Minian China.

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Speaker 4: We are one of the largest in Hong Kong and

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Speaker 4: Sesul piece ETF stately work comes up about five percent

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Speaker 4: of the total turnover of Hong Kong markets.

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Speaker 2: That's crazy, Yeah, that's well, how many strategies forty plus

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Speaker 2: forty plus, Yeah, it's like having forty children.

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Speaker 3: They have forty seven ETFs in Hong Kong with twelve

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Speaker 3: billion in assets under management, and they launched the first

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Speaker 3: ETF in twenty twelve. So definitely, as David says, a

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Speaker 3: lot of children.

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Speaker 2: Yeah, yeah, and more to come, I believe, yes.

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Speaker 3: Yes, So you've been very busy in the region. You've

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Speaker 3: had a lot of new launches, but specifically today we

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Speaker 3: want to talk about this CSOP Bitcoin Future Daily Inverse ETF.

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Speaker 3: The crypto market has exploded this year. Globally, there's more

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Speaker 3: than one hundred billion in crypto ETPs with two hundred

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Speaker 3: and fifty two ETFs, and twenty seven percent of them

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Speaker 3: were actually launched this year. If we include twenty twenty three,

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Speaker 3: around forty two percent of new launches were in the

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Speaker 3: crypto space, and so a lot of new products coming.

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Speaker 3: Performance has been through the roof Bitcoin is up more

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Speaker 3: than fifty percent. There's talk that with a potential Trump presidency,

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Speaker 3: bitcoin is going to go over one hundred thousand. So

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Speaker 3: there's a lot of hype and interest into this. But

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Speaker 3: an interesting fact is that for inverse ETF, there's only

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Speaker 3: roughly one hundred and twelve million globally, and so appro

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Speaker 3: shares short Bitcoin. It's the main ETF with seventy million.

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Speaker 3: So your ETF that is brand new to the market,

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Speaker 3: can you tell us a little bit about it. You

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Speaker 3: could potentially have the largest inverse bitcoin ETF in the world.

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Speaker 4: I hope we can achieve that. So obviously bitcoin is unfair.

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Speaker 4: Everybody's talking about bitcoin. It's a new phenomenon thing. And

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Speaker 4: we launched a future based ETF, which is a beta

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Speaker 4: ETF two years ago. At that time, bitcoin price is

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Speaker 4: seventeen thousand, so right now it's sixty four thousand something.

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Speaker 4: At that time, we feel like the market is bottoming.

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Speaker 4: We think bitcoin it's very important asset class. We try

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Speaker 4: to introduce this new asset class to our clients. At

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Speaker 4: this point, we try to introduce inverse ETF to the market.

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Speaker 4: And one of the most important reasons you already mentioned

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Speaker 4: because Donald Trump is obviously a big fun of bitcoin,

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Speaker 4: and people say, you know, the bitcoin price might go

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Speaker 4: to like one hundred thousand very soon, but right now

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Speaker 4: for bitcoin, it's not that easy to open a count

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Speaker 4: to trade futures to get an active position, or to

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Speaker 4: imverse to short bitcoin. So we try to introduce this

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Speaker 4: daily rebalanced, one time imverse ETF to the market.

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Speaker 2: There's a ton of demand for this specific strategy as

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Speaker 2: part of broader strategies. Or if you take a simple

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Speaker 2: call and market direction, do you have an initial projection

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Speaker 2: of how much aum you think this specific product might

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Speaker 2: start to inhale.

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Speaker 4: A M obviously is the most important thing for VIS

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Speaker 4: the managers, But right now we're doing leveraging inverse products.

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Speaker 4: Pretty much all of our leveraging imverse product, no matter

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Speaker 4: how big it is, we all start with very much

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Speaker 4: small seeding a day one something like five million to

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Speaker 4: ten million normally. Is that the starting point. And as

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Speaker 4: long as the market favors this sort of strategy, people

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Speaker 4: feel that this strategy has good liquidity can help them

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Speaker 4: either to enhance their risk or take other positions the

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Speaker 4: AOL Milk role. I think seventy million is not a

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Speaker 4: big number as three seven zero.

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Speaker 3: So the current record is pro share short Bitcoin they

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Speaker 3: have seventy million, and across all inverse bitcoin ETPs globally

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Speaker 3: there's only one hundred and twelve million. And so in

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Speaker 3: terms of your estimate, do you see your Hong Kong

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Speaker 3: ETF being larger than this? Because when you mentioned you

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Speaker 3: launched your futures based spot bitcoin in two years ago

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Speaker 3: in twenty twenty two, at the time you had more

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Speaker 3: than one hundred million across both bitcoin and ether, and

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Speaker 3: so as one of the largest players, where's the AUM

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Speaker 3: coming from and what do you projected to be by

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Speaker 3: end of year? By in one year two years time for.

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Speaker 4: The inverse one, it would be very interesting because it

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Speaker 4: is also the first inverse bitcoin ETF in Asia because

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Speaker 4: at that time we will introduce the future basic bitcoin

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Speaker 4: ETF I think the market is on the bottom and

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Speaker 4: right now with the huge rally, it's not that cheap.

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Speaker 4: So we think we can have decent numbers from here

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Speaker 4: at day one when we launched this inverse ETF. The

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Speaker 4: number won't be big, but I think fifty million one

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Speaker 4: hundred million is definitely a tubo giving us one or

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Speaker 4: two years easy work.

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Speaker 2: As they say, are you expecting any competition?

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Speaker 4: Well, of course, of course, yeah.

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Speaker 2: How much in terms of fees are you charging for

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Speaker 2: this one? And do you expect competition to intensifying? How

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Speaker 2: do you look at fees moving forward? Then?

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Speaker 4: So for this one, the fee is one point nine

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Speaker 4: nine percent, It's like one hundred and ninety nine basis

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Speaker 4: point from a lot of people's view, is not cheap.

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Speaker 4: But for this it's not cheap, but it's interesting.

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Speaker 2: But the only one in the market right, No, But.

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Speaker 3: The thing is in the US they have an smp

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Speaker 3: CME Bitcoin Futures Daily two times leverage and it's the

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Speaker 3: largest leverage crypto ETF and it has one point seven

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Speaker 3: billion asset management and their management fee is one point

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Speaker 3: nine percent. Yeah, and so for leveraging inverse you can

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Speaker 3: charge more. People won't really be don take it.

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Speaker 2: Yeah, Okay, Well I'm curious because I think Rebecca brought

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Speaker 2: up that some of your peers in the industry launched

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Speaker 2: spot bitcoin ETFs. Right, why didn't you guys do the

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Speaker 2: spot route and why did you go futures?

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Speaker 4: For you?

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Speaker 2: What did you join in the spot in that? I

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Speaker 2: remember that day that was a very big day also

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Speaker 2: for the broader sector, and I'm wondering why you guys

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Speaker 2: didn't join the spot one.

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Speaker 4: So for CSOP, we have a house rules, like we're

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Speaker 4: only doing something we're comfortable with or we know we

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Speaker 4: can help investors for physical bitcoin ETF. So currently we

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Speaker 4: are not very comfortable internally because it's a new technology

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Speaker 4: and a lot of things we need to look at

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Speaker 4: that and also the ecosystem because you try to introduce

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Speaker 4: or issue a ETF you have to have a custodium

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Speaker 4: and pds and for those people we are familiar with

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Speaker 4: and some of them are already yet, so we have

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Speaker 4: to wait for all kind of bodies to get ready.

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Speaker 3: So you guys are launching inverse bitcoin, but why not

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Speaker 3: inverse ether any plans in the pipeline for that?

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Speaker 4: It's on the way. I think we're definitely, Yeah, we're

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Speaker 4: definitely working on it. Yes. Of course at the virtual

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Speaker 4: asset world, bitcoin obviously dominate quite a lot, so everything

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Speaker 4: goes it definitely will be like bitcoin first and either flop. Yeah,

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Speaker 4: so yeah, I'm.

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Speaker 2: Wondering what you think as an industry player. A lot

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Speaker 2: of this is also regulation in Hong Kong has really

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Speaker 2: opened up to welcome virtual assets, and I'm wondering how

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Speaker 2: you would rate you know, the policy right now and

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Speaker 2: how how much of it is really leading to all

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Speaker 2: this innovation in the industry like yourself and perhaps more

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Speaker 2: in the future that we've seen from the Hong Kong government.

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Speaker 4: Yeah, I think from the physical side of bitcoin and

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Speaker 4: either ETFs, Hong Kong is the only place that they

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Speaker 4: can using bitcoin physically to do the creation and redemption.

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Speaker 4: So even in US they are not they are only

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Speaker 4: allowed like cash creation and redemption. So from that point

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Speaker 4: of view, yes, Hong Kong is really leading all the

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Speaker 4: other regions and so we're very lucky to have this

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Speaker 4: environment to do more innovative in those areas.

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Speaker 3: As a connector between Hong Kong and mainland China. A

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Speaker 3: lot of the funhouses that launched the spot bcoin, ETF

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Speaker 3: and Hong Kong in April. We're all Chinese asset management

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Speaker 3: house and it really came from the parent company. But

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Speaker 3: you can invest into crypto in mainland China. Do you

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Speaker 3: see this changing or do you have any insights into

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Speaker 3: this area?

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Speaker 4: Yeah? I think from meinland China investment point of view,

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Speaker 4: it's still forbidden for them to invest into any sort

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Speaker 4: of big coin, the especial physical bitcoin or physical bitcoin

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Speaker 4: TF and I personally don't expect the regulation will losen

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Speaker 4: very soon.

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Speaker 2: Correct me if I'm wrong, because a lot of this

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Speaker 2: is also nuance right, because we have a stock connect

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Speaker 2: that connects the exchange in Hong Kong to Sheen and Shanghai.

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Speaker 2: That stock connect allows investors on both sides of the

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Speaker 2: border to purchase or access certain securities in each of

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Speaker 2: these markets, but it's a limited pool from which they

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Speaker 2: can pick. And my understanding is, you know, for mainland

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Speaker 2: investors looking at home going into Hong Kong, are crypto

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Speaker 2: ETFs in Hong Kong is still not part of that

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Speaker 2: eligible pool?

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Speaker 4: No, definitely not.

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Speaker 3: Do you see that changing? If so? How long? If

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Speaker 3: at all?

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Speaker 4: Yeah? I think you know. I'm not a regulator, so

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Speaker 4: it's basically it's not the question I can answer, but

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Speaker 4: I personally don't see any near future it will happen. Yeah,

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Speaker 4: I think it will still very difficult, right.

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Speaker 2: I think that also goes on. I mean that's one

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Speaker 2: side of the coin. The other side is being in

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Speaker 2: Hong Kong. Of course, you're getting flows from all over

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Speaker 2: the world, all over the Asia Pacific, right, and you

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Speaker 2: guys being the first one to the game with this

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Speaker 2: inverse product, do you expect inflows coming through from the

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Speaker 2: Asia Pacific investors needing to for whatever reason, hedging or

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Speaker 2: taking a position simply? Are you expecting more flows to

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Speaker 2: come into the specific product.

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Speaker 4: Yes, yes, I'm very positive on that, especially from regions

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Speaker 4: like Japan, Korean and even Singapore. You know a lot

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Speaker 4: of people are very very interested in this sort of products,

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Speaker 4: and also because of the Internet brokers, they can bring

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Speaker 4: those products across the border very easy.

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Speaker 1: This podcast is brought to you by HKX Asia's ETF marketplace,

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Speaker 1: where you can get exposure to themes ranging from AI

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Speaker 1: to virtual assets, small cap to large cap Greater China

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Speaker 1: to global search HKX To learn more.

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Speaker 3: You're listening to Taigan Money. If you like what you

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Speaker 3: hear don't forget to subscribe, like and share just to

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Speaker 3: follow up on the Ether ETF. The reason why investors

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Speaker 3: are interested in Ether ETF is that the staking possibility.

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Speaker 3: Many investors are asking if staking is allowed, and it's

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Speaker 3: currently not in the US. For those that may not know,

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Speaker 3: if an Ether ETF issuer we're allowed to stake the Ether,

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Speaker 3: they can accumulate anywhere from four to five percent in

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Speaker 3: additional income. This number does fluctuate depending on the form

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Speaker 3: of rewards of how they secured the ethereum blockchain, but

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Speaker 3: this premium could be passed back on to the ETF,

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Speaker 3: and so that's why a lot of people are interested

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Speaker 3: in the Ether ETFs and specifically staking. Do you think

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Speaker 3: Hong Kong will allow this future?

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Speaker 4: It's up to the regulator, the SFC is all they

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Speaker 4: look at that. But market rumas already says probably you

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Speaker 4: know tomorrow or someday US US yea, yes, any time, yeah, yeah,

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Speaker 4: anytime now, So probably we're watching there. Whether that feature

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Speaker 4: will be a lot from the US side.

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Speaker 2: Right, I'm going to highlight it's the use of ETF

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Speaker 2: in this part of the world. It's very different from

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Speaker 2: what you see in the US market. Do we look

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Speaker 2: at the US market as you think where China and

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Speaker 2: Hong Kong the ET market will be in a few years.

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Speaker 2: Are we headed in that direction or do you think

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Speaker 2: we we're going to create some different path moving for

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Speaker 2: In other words, I'm trying to understand where things headed

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Speaker 2: over the next years and how you're planning for that

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Speaker 2: as a business too.

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Speaker 4: US financial market is most the once financial market in

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Speaker 4: the world. There's no doubt so US leading quite a

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Speaker 4: lot of things in the area, especially in ETF is

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Speaker 4: the same thing. We can see from a lot of aspects.

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Speaker 4: US guest the largest um except Middle East, we have

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Speaker 4: one of the largest, and also you know Hong Kong.

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Speaker 4: Obviously we got the largest in Hong Kong in China.

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Speaker 4: And I think there's a lot of thing we can

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Speaker 4: learn from US market, and from my point of view,

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Speaker 4: i think in a relatively longer period of time, we're

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Speaker 4: still on the trend to learn from US. I think

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Speaker 4: it's also very healthy because no matter what kind of

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Speaker 4: financial products or instrument they have, like up and also

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Speaker 4: down and also the risk, So we can watch in

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Speaker 4: the US market play a little bit and then we

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Speaker 4: can sense about the risk and how we can do

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Speaker 4: it even better.

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Speaker 2: AND's so called first mover disadvantage, as they say, right,

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Speaker 2: you watch and you see how you can improve it. Well,

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Speaker 2: since you mentioned Saudi, why didn't I ask you about it?

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Speaker 2: Because that's of course one of the newest Can you

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Speaker 2: give us just the backstory of how this all came?

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Speaker 2: You know, of course, the improving links between Greater China

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Speaker 2: and the Middle East. I know you've been making some

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Speaker 2: trips to Saudi a lot, several if I'm not mistaken,

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Speaker 2: the last couple of months. How did this all come

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Speaker 2: to be?

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Speaker 4: The idea comes from the first trip I went to Saudi.

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Speaker 4: It's like one and a half years ago when I

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Speaker 4: first learned to Saudi, and I really like to sense

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Speaker 4: the market. I heard from some of my friends doing

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Speaker 4: business in Saudi. They told me that Saudi is really

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Speaker 4: a very place and also has huge potential, and they're

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Speaker 4: doing reforms, and I hope I can use my own

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Speaker 4: eyes to look at that and also to sense that.

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Speaker 4: And after my first visit to Saudi, I really really

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Speaker 4: buy in the story they have like Vision twenty thirty.

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Speaker 4: As a Chinese, you know, you are very very familiar

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Speaker 4: with those huge reform long term plans and allders of things,

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Speaker 4: and it's a very young population with a lot of

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Speaker 4: ambitious and the people are so well educated, and also

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Speaker 4: they learn from the development of the rest of world,

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Speaker 4: so they try to do the social and economic reform

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Speaker 4: and cucha. And when you'll be there, you will see,

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Speaker 4: you know, there's a lot of potentials. And look at

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Speaker 4: the capital markets, they only have like a right now,

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Speaker 4: it's like two hundred and forty. When I've first been there,

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Speaker 4: it's like two hundred and ten listed companies. And after

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Speaker 4: this a sense that it's like the Chinese capital market

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Speaker 4: situation twenty fifteen years ago. And then when I did

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Speaker 4: a little bit more research on that, I realized certainly

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Speaker 4: it is because given the historical reason. For instance, like

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Speaker 4: Saudi market they open from Sunday to Thursday. They close

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Speaker 4: at Friday and open at Sunday. So you can't imagine

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Speaker 4: how difficult it give us to international investors to do

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Speaker 4: the settlement and everything. It's headache, it's a huge headache.

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Speaker 4: But if we have a ETF as a proxy to

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Speaker 4: invest into Saudi. I listed this ETF a Hong Kong

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Speaker 4: sta Exchange and that was of quite a lot of

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Speaker 4: people's headache. So that's the reason we began to do

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Speaker 4: in research and to talk with our theaters and pds,

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Speaker 4: participan dinners and everybody in the ecosystem.

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Speaker 2: I mean, it's it's early days, right, It's only been

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Speaker 2: several days since the debut of course of these ets,

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Speaker 2: and man have prices gone through the roof, I think,

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Speaker 2: and I mean we'll see it. Nothing goes up in

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Speaker 2: the straight line too.

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Speaker 4: Oh you mean the domestic one, the domestic one. Yeah,

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Speaker 4: the domestic one is one the Minha and China domestic

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Speaker 4: one is through the cross listing scheme. We have two

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Speaker 4: partners in Minan, China, one in Shanghai, Wan and shin

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Speaker 4: Zin to list a feather fund. Each feeder funds to

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Speaker 4: fit to our Hong Kong Saudi ETF. Yeah, it's much

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Speaker 4: much easier for all Chinese partners to invest into Saudi.

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Speaker 4: Otherwise they were facing like working on Sunday and other things.

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Speaker 2: Yeah.

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Speaker 3: So in terms of this China, Shanghai, shen Chien, Saudi

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Speaker 3: Arabia connect for ETFs, when do you expect that this

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Speaker 3: will happen? Because now we're in the first few steps.

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Speaker 3: Products have been listed. When do you think it'll actually

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Speaker 3: come to fruition.

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Speaker 4: I think it's coming. You know, it's not like a

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Speaker 4: pair of when China ETF goes to Saudi one Saudi

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Speaker 4: ETF comes to China. But right now we are already

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Speaker 4: step one or version one. We bring Saudi's ETF listed

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Speaker 4: on Hong Kong and then feeder funds listed on Shanji

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Speaker 4: and Shanghai. Our next step probably will bring Hong Kong

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Speaker 4: or China A listed on Saudi's capital markets. UH their

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Speaker 4: exchange is called tada Wu, so probably we can bring

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Speaker 4: Hong Kong ETF or Hong Kong products min and China

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Speaker 4: products to their.

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Speaker 2: When we mentioned afsho on sure we know what we're

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Speaker 2: talking about. Hong Kong has this mel and China. I'm wondering,

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Speaker 2: when you go out into the rest of the world

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Speaker 2: and you have to talk about quote unquote the Chinese

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Speaker 2: stock market universe, do you feel like you still have

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Speaker 2: to there is some form of education that you have

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Speaker 2: to sort of undertake the difference between Hong Kong and

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Speaker 2: mainland China, the index constituency that you get here, the

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Speaker 2: difference in China, and I'm wondering how it is almost

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Speaker 2: to be an ambassador of the market, if I could

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Speaker 2: describe it that way.

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Speaker 4: So for most of sophisticated investdors, you don't need to

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Speaker 4: tell them what's the difference between Mino China and Hong

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Speaker 4: Kong issues or edh yeers. But for the rest of them,

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Speaker 4: it's a mess. You know, when you talk quite a

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Speaker 4: lot about them, they just don't know. So what is

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Speaker 4: a then why there is a There is only like

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Speaker 4: Shanghai San Engines, so something like that. We are like

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Speaker 4: an ambassador of all those stacks, so we need to

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Speaker 4: tell them and sometimes we also joke about that. It's

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Speaker 4: like being in this industry. We have our jobs curity

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Speaker 4: quite safe. The reason is the whole system is so complicated. Yeah, yeah,

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Speaker 4: it's not that easy. So that's why you know, Hong

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Speaker 4: Kong has its value. When we bring institutional investors from

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Speaker 4: a board, they are very comfortable to go to Hong

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Speaker 4: Kong first because too complicated and.

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Speaker 2: They're more familiar with Hong Kong it has the longer

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Speaker 2: history as being a market. Just to follow up on

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Speaker 2: that as well, a bit of a background for some

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Speaker 2: of our listeners, right, I studied in Shanghai. I was

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Speaker 2: there when things were opening up in the two thousands, right,

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Speaker 2: and I knew the some of the projects to make

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Speaker 2: Shanghai an international finance center. And then of course you

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Speaker 2: have Shanjen that has the aut exchange, and then you

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Speaker 2: have Hong Kong, and then of course Beijing has now

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Speaker 2: then the small caps gauge there. How do you think

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Speaker 2: it's all going to work out in the future longer

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Speaker 2: longer term? You have a market in Hong Kong, you

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Speaker 2: have separate financial centers in Changa and Shinjen. Do you

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Speaker 2: think all can coexist smoothly?

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Speaker 4: Yeah? I think obviously there's a collaboration between those major

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Speaker 4: three stack changes shanghais Engine and Hong Kong, and also

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Speaker 4: they are facing competitions. But from my point of view,

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Speaker 4: I would say, you know, Shanghai Sanden obviously get their

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Speaker 4: value of course for domestic investors one hundred percent, but

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Speaker 4: Hong Kong is more international platform and we have a

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Speaker 4: lot of advantage in issuing some new things like bitcoin,

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Speaker 4: like inverse, becoin etf all sorts of things. They will

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Speaker 4: be functionally different if you ask me, I certainly think

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Speaker 4: from international point of view, I think Hong Kong has

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Speaker 4: its very strong value on that.

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Speaker 3: Yeah, what's one tip you can give them on what

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Speaker 3: it takes to be successful ETF issue in the region,

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Speaker 3: because Asia is just so fragmented and so different.

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Speaker 4: To the rest of the market for the ETF usual,

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Speaker 4: I think the most important thing is you need to

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Speaker 4: have commitment. You need to be dedicate. But if you

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Speaker 4: really want to, you know, have a successful business here,

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Speaker 4: you need to really really focus, to commit to the market,

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Speaker 4: to do a lot of investor education, and to do

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Speaker 4: a lot of marketing, you need to spend money, et cetera.

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Speaker 2: Yeah, and maybe this the question is really to your

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Speaker 2: point on competition, right, is there space for a new entrance?

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Speaker 2: Is the question right? Or is this a market where

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Speaker 2: the bigger takes the bulk of the market share and

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Speaker 2: the to burrier are quite high or do you consider

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Speaker 2: them low.

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Speaker 4: I think the entry barrier is high, to be honest,

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Speaker 4: but it's not saying, you know, there's no chance for

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Speaker 4: newcomer to come in. So for CESP, we are also newcomer, right.

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Speaker 4: We just launching ETF at twenty twelve. Before that, we

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Speaker 4: have zero experience in ETF. But we work very hard

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Speaker 4: and also smartly. We embrace innovative ideas and we get

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Speaker 4: the data is here right now, so I think from

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Speaker 4: that point of view, all the players has chance. But

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Speaker 4: in ETF definitely, you know, first move advantage, winner takes

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Speaker 4: all those rules applied.

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Speaker 3: Moving on, we're going to do the fun questions now

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Speaker 3: missing You're on several boards, permanent honorary chairperson of the

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Speaker 3: Chinese Asset Management Association, which you started, Vice Chairman of

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Speaker 3: the Hong Kong Financial Service Development Council, and the list

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Speaker 3: goes on and on and on. How do you do

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00:24:30,720 --> 00:24:31,000
Speaker 3: it all?

438
00:24:32,080 --> 00:24:35,879
Speaker 4: Try my best, really try my best, because when I

439
00:24:35,960 --> 00:24:40,080
Speaker 4: began to start my career in Hong Kong to set

440
00:24:40,160 --> 00:24:44,080
Speaker 4: up these small companies or voice was difficult to be

441
00:24:44,160 --> 00:24:47,120
Speaker 4: heard by the regulators and everything, and they will form

442
00:24:47,200 --> 00:24:52,320
Speaker 4: the first Hong k Kong Association. So it's basically raising

443
00:24:52,400 --> 00:24:57,280
Speaker 4: voice to let the regulators know those newcomers, especially from

444
00:24:57,359 --> 00:25:01,639
Speaker 4: Milian China. As a managers, the difficulty facing and the

445
00:25:01,720 --> 00:25:05,479
Speaker 4: challenging wele facing. So I guess because of that, you

446
00:25:05,520 --> 00:25:07,520
Speaker 4: know you need to have your words to be heard

447
00:25:08,200 --> 00:25:11,240
Speaker 4: to represent your group of people. So I'm the one

448
00:25:11,280 --> 00:25:14,800
Speaker 4: to come here the artists, so naturally.

449
00:25:14,400 --> 00:25:17,800
Speaker 3: You're very busy. What is one advice you give your

450
00:25:17,800 --> 00:25:20,440
Speaker 3: younger self ten years ago, I.

451
00:25:20,359 --> 00:25:23,879
Speaker 4: Think still focus, focus, work harder.

452
00:25:24,720 --> 00:25:29,000
Speaker 2: How do you keep the culture in your company entrepreneurial

453
00:25:29,160 --> 00:25:31,879
Speaker 2: in other words, like it almost has to always have

454
00:25:32,040 --> 00:25:35,200
Speaker 2: a startup spirit because you guys are trying new things

455
00:25:35,200 --> 00:25:38,040
Speaker 2: all the time. You're launching new strategies, and the bigger

456
00:25:38,040 --> 00:25:40,879
Speaker 2: you get, the more difficult I imagine it is for

457
00:25:40,960 --> 00:25:44,560
Speaker 2: you to share that it's probably you in your head,

458
00:25:44,720 --> 00:25:48,440
Speaker 2: you know in yourself, but being able to make your

459
00:25:48,480 --> 00:25:52,280
Speaker 2: team feel the same way that you do about the project,

460
00:25:52,480 --> 00:25:53,560
Speaker 2: it must be difficult.

461
00:25:55,000 --> 00:25:59,239
Speaker 4: Yes, So for us, obviously we need that spirit to

462
00:25:59,320 --> 00:26:02,000
Speaker 4: try and use it thans and to move very fast.

463
00:26:02,320 --> 00:26:07,880
Speaker 4: It's a very fast environment and it's highly competitive environment

464
00:26:08,200 --> 00:26:12,879
Speaker 4: for ETF and we're very lucky we have the team.

465
00:26:13,119 --> 00:26:17,320
Speaker 4: We share the same dream and we treat people fairly.

466
00:26:18,359 --> 00:26:20,399
Speaker 4: Most of the people I would say in c SOP

467
00:26:21,200 --> 00:26:24,000
Speaker 4: they're very proud to be part of that. And we

468
00:26:24,119 --> 00:26:27,440
Speaker 4: do a lot of things together and we'll achieve quite

469
00:26:27,440 --> 00:26:31,199
Speaker 4: a lot of things together and people can share with

470
00:26:31,520 --> 00:26:34,920
Speaker 4: that joy. Everybody can share with that joy as well.

471
00:26:35,520 --> 00:26:38,119
Speaker 4: Like yesterday we went to San Zen to attend the

472
00:26:38,240 --> 00:26:42,680
Speaker 4: listing of fatter funds. Synthrones like change. You can see,

473
00:26:42,720 --> 00:26:46,840
Speaker 4: you know, the people occupy the stage take pictures are

474
00:26:46,880 --> 00:26:52,520
Speaker 4: all coming from SOOP guys. Actually it's the China thousands listing,

475
00:26:52,640 --> 00:26:55,960
Speaker 4: but CSOP will always make it like our own ETF

476
00:26:56,000 --> 00:26:58,960
Speaker 4: for listing. So you can sense that people are so

477
00:26:59,119 --> 00:27:01,720
Speaker 4: proud of the name of SOOP and they are part

478
00:27:01,760 --> 00:27:05,240
Speaker 4: of that. And I think every one of the team

479
00:27:05,320 --> 00:27:09,960
Speaker 4: members they find their own appropriate position. They contribute together,

480
00:27:10,359 --> 00:27:13,440
Speaker 4: not one or two superstars, but the whole team. Yeah.

481
00:27:13,640 --> 00:27:16,040
Speaker 3: A fun fact for our listeners is I believe if

482
00:27:16,080 --> 00:27:19,000
Speaker 3: you work at CSOP you get free lunch every day.

483
00:27:19,520 --> 00:27:21,640
Speaker 3: That's what some of your employees tell me that they

484
00:27:21,680 --> 00:27:22,240
Speaker 3: really liked.

485
00:27:22,480 --> 00:27:28,440
Speaker 4: Yeah, so people gain quite a lot of weight as well.

486
00:27:28,480 --> 00:27:31,560
Speaker 3: Thank you so much for your time and insights. Missing.

487
00:27:31,640 --> 00:27:35,200
Speaker 3: We really enjoyed having you on this episode of Tiger Money,

488
00:27:35,359 --> 00:27:37,840
Speaker 3: and we look forward to continuing our conversation another time.

489
00:27:38,080 --> 00:27:40,480
Speaker 4: Thank you so much. It'smi Prajer and.

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00:27:40,320 --> 00:27:42,639
Speaker 2: So all our listeners out there, thank you for joining us.

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00:27:42,640 --> 00:27:45,480
Speaker 2: Today's an absolute blessing to have you spend your time here.

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00:27:45,600 --> 00:27:48,160
Speaker 2: If you're listening to Tiger Money, you'r Bloomberg podcast about

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00:27:48,160 --> 00:27:51,760
Speaker 2: investing funds and financial markets in Asia and beyond. If

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00:27:51,760 --> 00:27:53,960
Speaker 2: you like what you hear, please do not forget to

495
00:27:54,040 --> 00:27:56,640
Speaker 2: subscribe to like, and to also share with your friends

496
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Speaker 2: and loved ones. And until next time, you can find

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00:27:58,359 --> 00:28:01,920
Speaker 2: us inside the Bloomberg terminal or on LinkedIn. We look

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00:28:01,960 --> 00:28:05,399
Speaker 2: forward to hearing from all of you. This podcast was

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00:28:05,440 --> 00:28:07,200
Speaker 2: produced by Clara chep