The SPDR Gold fund, listed on July 31, was the first to list on the Hong Kong Stock Exchange. Clifford Chance advised State Street Global Advisors.
“Originally, it seemed difficult for a fund with only one asset class, gold, to meet the SFC’s normal requirements for fund diversification,” said Mark Shipman, the Hong Kong partner at Clifford Chance who led the team.
Normally no more than 10% of the securities in a fund product can come from a single issuer and no more than 20% of the net asset value can be invested in commodities.
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