Ping An not in crypto, focuses on traditional assets

Ping An Insurance’s (2318) asset management unit has not invested in cryptocurrency and will focus on traditional assets due to a bullish outlook on Hong Kong’s stock market, an executive said. This stance comes as more mainland financial institutions are tapping into the heated sector.

Albert Wang Xinyi, chief investment officer and head of capital markets at Ping An of China Asset Management (Hong Kong), said the asset manager has not engaged in cryptocurrency but will research the innovative investment in terms of market, regulation, and application.

When asked whether Ping An will apply for a stablecoin license in Hong Kong, Wang said his team's research has not been deep enough for the company to comment.

The international arm of mainland brokerage giant Guotai Junan Securities (2611) and China Merchants Bank (3968) received a crypto license in Hong Kong in July.

However, Wang said Ping An is now focusing on traditional assets such as stocks because the Hong Kong market is highly active. The asset manager is very confident in its second-half performance, he added.

Ping An of China Asset Management (Hong Kong) launched two exchange-traded funds in the city on Monday — Ping An East-West Select ETF (3477) and Ping An Technology Select ETF (3406) — which rose 1-2 percent at 11.34 am.

Both ETFs cover stocks traded in Hong Kong and the United States, aiming to provide access to quality US-listed assets during Asian trading hours.

While Chinese equities have shown an opposite trend to US stocks in recent months, Wang believes such portfolios can diversify risks for investors in the long term.