We are delighted to announce that Deacons has won the China Business Law Journal – Deals of the Year 2022 award for “CICC’s carbon futures ETF in Hong Kong”, “Fubon’s three ETFs under new OFC”, and “Omnix OFC first to re-domicile in HK”. Congratulations to Deacons’ Financial Services Partners Su Cheen Chuah, Fiona Fong and Pinky Siu who led the teams in the deals.
CICC’s carbon futures ETF in Hong Kong (Capital Markets)
Lead Partner on the deal: Su Cheen Chuah, Partner
CICC Carbon Futures ETF is the first carbon futures exchange traded fund (ETF) debuted in Hong Kong, enabling investment in futures contracts of carbon emission permits traded in the EU. Hong Kong Exchanges and Clearing Limited said the product, which tracked the Intercontinental Exchange EU allowance carbon futures index, extended coverage of Hong Kong-listed commodity ETFs to carbon credits and opened up new opportunities for investors to participate in the reduction of carbon emissions in a convenient and cost-effective way.
Fubon’s three ETFs under new OFC (Capital Markets)
Lead Partner on the deal: Pinky Siu, Partner
Fubon Fund Management set up a new open-ended fund company (OFC) in Hong Kong to launch three ETFs oriented towards the Taiwan equity market, and track an index related to Shanghai, Shenzhen or Hong Kong-listed companies including Fubon ICE FactSet Taiwan Core Semiconductor Index ETF, which is a rare semiconductor-thematic ETF in Hong Kong, and the first listed ETF in the city that focuses on the Taiwan semiconductor industry.
Omnix OFC first to re-domicile in HK (Cross-border)
Lead Partner on the deal: Fiona Fong, Partner
Omnix Capital, a Hong Kong-based investment manager, completed the re-domiciliation of its standalone fund in the Cayman Islands to Hong Kong as an open-ended fund company (OFC). Omnix Asia Fund Limited OFC became the first fund to re-domicile to Hong Kong since the financial hub enacted the relevant regime in November 2021.
The relocation, according to Deacons, will enable the fund to save maintenance costs while maintaining its track record and legal continuity. Costs associated with the move will also be eligible for an SFC grant scheme that covers the majority of local service provider fees.
China Business Law Journal has selected the deals that stood out from a massive submission database of Chinese and international law firms, taking into account factors that included overall significance, complexity, innovative nature and deal size.
Click here for the full list of winners.
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