History of the Fund

THE LAUNCH OF TRAHK

Launched in 1999, the Tracker Fund of Hong Kong (TraHK) is the pioneer of the local exchange-traded fund (ETF) industry. Today, it remains as one of the largest and most liquid ETFs in the Hong Kong market. Currently managed by Hang Seng Investment Management Limited (HSVM), TraHK provides a cost-efficient mean of gaining exposure to Hong Kong equities for a range of investors, large and small.

In August 1998, the Government of the Hong Kong Special Administrative Region (HKSAR government) acquired a substantial portfolio of Hong Kong shares during a market operation. Exchange Fund Investment Limited (EFIL) was established in October 1998 by the HKSAR government and one of its functions was to advise on the disposal of this portfolio in an orderly manner.

When seeking to dispose of these shares, the HKSAR government chose a stock neutral solution that would create minimal disruption to the market. An Exchange Traded Fund, the Tracker Fund of Hong Kong (TraHK), which met these requirements and added depth to Hong Kong's capital markets, was launched in November 1999 as the first step in the HKSAR government's disposal programme. State Street Global Advisors Asia Limited was appointed as the Manager in 1999 and State Street Bank and Trust Company was appointed as the Trustee of TraHK.

With an issue size of HK$ 33.3 billion (approximately US$ 4.3 billion), TraHK's Initial Public Offering (IPO) was the largest IPO ever in Asia ex-Japan at the time of launch. Through the IPO of TraHK and its Tap Facility, approximately HK$ 140.4 billion (by 15 October 2002) in Hang Seng Index constituent stocks have been returned to the market.

Starting from 19 September 2022, HSVM has officially become the new Manager of the TraHK. As of 08 October 2025, HSBC Institutional Trust Services (Asia) Limited has been appointed as the new Trustee of TraHK.

About the Manager and Trustee

The Manager

Established in 1993, Hang Seng Investment Management Limited ("HSVM") is a wholly-owned subsidiary of Hang Seng Bank Limited. As a Hong Kong-based asset management company specialising in managing funds related to mainland China and Hong Kong markets, HSVM is committed to providing investors with comprehensive investment management services through investment managers with extensive experience in managing funds (including a series of exchange traded funds (ETFs) and retail funds) and investment portfolios for institutional and private clients. HSVM is a leading home-grown asset manager in Hong Kong with over 30 years of market leading asset management experience.

The Trustee

HSBC Institutional Trust Services (Asia) Limited is registered as a Trust Company under the Hong Kong Trustee Ordinance and is a wholly-owned subsidiary of HSBC Holding Plc.

While HSBC Institutional Trust Services (Asia) Limited was established in Hong Kong in 1974, our trust business dates back to 1946. HSBC was the first business entity operating trust business in Hong Kong specialising in trusteeship and administration of assets. We first acted as trustee to retirement schemes in 1949 i.e. over 70 years of pension experience in Hong Kong. 

As of June 2025, HSBC provide fiduciary services in a total of 18 jurisdictions globally, for circa 3,000 funds with assets in excess of USD1.5 trillion.

For more information, visit HSBC website at www.hsbc.com.hk.

Awards & Recognition

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News Release

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The press release before 19 September 2022 were issued by the previous fund manager
Investment involves risk and past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The website has not been reviewed by SFC. Issued by Hang Seng Investment Management Limited.