The four products commence trading on The Stock Exchange of Hong Kong today, 13 June 2016.
The suite of products comprises two leveraged products, and two inverse products. The Samsung KOSPI 200 Daily (2x) Leveraged Product and Samsung TOPIX Daily (2x) Leveraged Product have the investment objective of providing investment results that closely correspond to twice the daily performance of the KOSPI 200 Index and Tokyo Stock Price Index (TOPIX) respectively. The Samsung KOSPI 200 Daily (-1x) Inverse Product and Samsung TOPIX Daily (-1x) Inverse Product have the investment objective of providing investment results that closely correspond to the inverse daily performance of the KOSPI 200 Index and TOPIX respectively.
Unlike traditional exchange traded funds, these products are designed to be used for short term trading or hedging purposes. They are not intended for holding longer than one day, or for long term investment.
The four products are the first of their kind to be approved for listing in Hong Kong, and represent a significant increase in options available to investors. Samsung’s success in having these products approved and listed demonstrates its leading role as a pioneer in the development of new investment products.
Commenting on the transaction, partner Rolfe Hayden said: "The listing of this suite of products, the first of their kind in Hong Kong, is a milestone in the development of the city’s exchange traded funds market, and a significant achievement for Samsung. Following our work on previous ‘firsts’ for Samsung, this latest work further elevates our reputation as a leader in investment funds, and highlights our unmatched ability to help our clients achieve regulatory approval in Hong Kong for innovative products."
The Simmons & Simmons team was jointly led by financial market partners Rolfe Hayden and Eva Chan, and assisted by Stella Wai.
Notes to editors:
1. We are a leading international law firm with fully integrated teams working through offices in Europe, the Middle East and Asia, and bring experienced professionals to some of the most active growth markets today. Our focus on a small number of sectors means we are able to understand and respond to our clients’ needs. Our industry sectors are: Asset Management & Investment Funds, Financial Institutions, Life Sciences and Telecoms, Media & Technology (TMT). We also focus on the E&I market, in particular through our international projects and construction teams. We have a track record for innovation and delivering value to clients through new ways of working.
2. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. The word “partner” refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP’s affiliated practices.
3. For all firmwide news and expert commentary, visit our website at simmons-simmons.com.
4. News is also published via the firm’s page on LinkedIn at linkedin.com/company/simmons-&-simmons.
5. Simmons & Simmons has a highly specialised international asset management and investment funds team. We have experts in fund formation, financial services regulation, trading documentation (including prime brokerage and derivatives documentation), corporate structuring and transactions, litigation, taxation, ICT and employment regulation. We have an in-depth understanding of the asset management industry. We have recently been named ‘Leading Law Firm’ at the Hedge Fund Journal Awards 2015 for the fifth consecutive year and have recently been awarded AsianInvestor Best Law Firm for Asset Management 2016.
6. Eva Chan is based in the firm's Hong Kong office and financial markets group. Eva was recently promoted to the partnership of Simmons & Simmons on 01 May 2016. She specialises in authorised/registered investment funds (listed and unlisted) and is known for being involved in more than half of the ETFs listed in Hong Kong, these funds for Samsung being the most recent.