Harvest Global Investments Limited announced that Harvest STAR Chip ETF has officially listed on The Stock Exchange of Hong Kong Limited. The fund trades under HKD counter stock code 3559 and USD counter stock code 41559.

The listing ceremony was held at HKEX. Attendees included Song Guo, Chief Compliance Officer, and Bin Liu, Chief Investment Officer of Index and Quantitative Investment, of Harvest Fund Management Co., Ltd.; Zhixin Chen, Chief Executive Officer, Kevin Shu, Chief Marketing Officer, and Yiqian Jiang, Chief Investment Officer, of Harvest Global Investments Limited; Sophia Kim, Head of Private Wealth APAC ex Japan and Head of Xtrackers Sales APAC, and Elke Schoeppl-Jost, Regional Investment Head APAC, of DWS Investments Hong Kong Limited; Lihua Song, Chief Business Officer of CMB Wing Lung Bank Limited; and Lorraine Toh, Alternate Chief Executive and Chief Operating Officer of Deutsche Bank AG, Hong Kong Branch, and Co-Chief Operating Officer for Developed Asia (ex Australia), together with other guests.

CEO Frames AI Demand and Cross-Border Access

Zhixin Chen, Chief Executive Officer of HGI, said in his remarks that the core driver of momentum in the chip industry is the transmission of AI computing demand from individual segments to the entire value chain. He said that from chip design to wafer fabrication, and from packaging and testing to equipment and materials, China's semiconductor industry is experiencing coordinated momentum across the full value chain.

Chen said Harvest STAR Chip ETF uses a mainland China-listed A-share ETF as its Master ETF, describing it as another practical application of mutual market access between mainland China and Hong Kong at the product level. He said that as China's economy accelerates its transition towards innovation-driven growth, international investors' allocation to Chinese assets is expected to extend from broad market indices to specific industries and themes, and that Hong Kong's role as a hub connecting mainland China with global markets will become increasingly prominent.

HGI will continue to connect quality mainland assets with Hong Kong's international platform, providing overseas investors with a convenient point of access for asset allocation, Chen said. He said the firm will serve as a cross-border bridge, expand the range of products linking the two markets, and work with all parties to support Hong Kong's development as an international financial centre.

AI Demand and Domestic Substitution in Focus

The development of large AI models and computing infrastructure has drawn market attention to chip-related segments such as GPUs, memory and advanced packaging. As AI applications extend from training to inference, the associated demand also involves chip design, manufacturing, materials, equipment, packaging and testing. Technological advances and supply capabilities across these segments have become important factors in assessing the semiconductor industry's development.

In China, the chip industry is described as a strategic, foundational and pioneering industry that supports economic and social development. Policy measures such as preferential income tax policies, support from the National Integrated Circuit Industry Investment Fund and additional value-added tax deductions, together with domestic substitution and AI demand, form the backdrop to the development of the STAR Market chip industry. Harvest STAR Chip ETF uses an index-based approach to offer investors an allocation option spanning different segments of the chip value chain.

Master-Feeder Structure Links Hong Kong and Mainland Markets

Managed by HGI, the fund adopts a master-feeder structure. It will invest at least 90% of its net asset value in Harvest SSE STAR Chip ETF (stock code 588200; the Master ETF), which is listed on the Shanghai Stock Exchange, through the Manager's Qualified Foreign Investor status and/or Shanghai-Hong Kong Stock Connect. The Master ETF is managed by Harvest Fund Management Co., Ltd. and tracks the SSE STAR Chip Index (index code 000685).

The structure links the mainland Master ETF managed by Harvest Fund Management Co., Ltd. with the Hong Kong-listed feeder fund managed by HGI. Cross-border investment in the Master ETF takes place at the fund level. Investors in the Hong Kong market can gain indirect exposure to STAR Market chip assets by trading units of the fund, providing a channel for those seeking to allocate to the industry through the Hong Kong market.

The SSE STAR Chip Index covers areas including chip design, manufacturing and semiconductor equipment. Its ten largest constituents and their subsector classifications, per Harvest and Bloomberg data as of 30 September 2026, are:

  • Cambricon, 9.71%, Digital Chip Design
  • AMEC, 8.34%, Semiconductor Equipment
  • Montage Technology, 8.11%, Digital Chip Design
  • SMIC, 7.97%, Integrated Circuit Manufacturing
  • Hygon Information Technology, 7.37%, Digital Chip Design
  • Yuanjie Semiconductor Technology, 5.61%, Discrete Semiconductor Devices
  • Piotech, 4.43%, Semiconductor Equipment
  • Hwatsing Technology, 3.15%, Semiconductor Equipment
  • Hua Hong Grace, 3.04%, Integrated Circuit Manufacturing
  • Skyverse Technology, 2.99%, Semiconductor Equipment

Industry classifications follow the Shenwan Level 3 Industry Classification. The index constituents and weights shown do not represent the direct holdings of the Hong Kong-listed ETF and do not constitute individual stock recommendations or investment valuation assessments.

Index Construction and Coverage

The SSE STAR Chip Index selects from STAR Market-listed securities in semiconductor materials and equipment, chip design, manufacturing, packaging and testing. After a liquidity screen, no more than 50 securities are selected based on their average daily total market capitalisation over the preceding year. The index is reviewed quarterly, with a 10% cap on the weight of any individual constituent applied at each regular review.

The index covers the following principal segments of the value chain:

  • Semiconductor materials and equipment: Materials and equipment required for chip production, forming the upstream manufacturing foundations of the value chain.
  • Chip design: Chip design companies serving demand for computing power and a range of end-use applications.
  • Chip manufacturing: Activities such as wafer fabrication, translating chip designs into physical production.
  • Chip packaging and testing: Packaging and testing activities linking chip production with downstream applications.

Historical Index Performance

According to data from Hithink RoyalFlush, the SSE STAR Chip Index rose by more than 200% from its base date of 31 December 2019 to 23 October 2026. Its cumulative gain over the three years ended 23 October 2026 exceeded 150%.

The listing of Harvest STAR Chip ETF further broadens the range of STAR Market chip investment tools available in Hong Kong. By linking a mainland Master ETF with a Hong Kong-listed feeder fund, it offers investors a channel for cross-border participation in the chip industry. Investors may assess the relevant allocation opportunities and risks in light of their investment objectives, investment horizons and risk tolerance.

Risk Disclosures

Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents of Harvest STAR Chip ETF for further details, including the risk factors, before investing, and should not base investment decisions on this material alone.

The fund is a feeder fund that will invest at least 90% of its NAV in the Master ETF. The Master ETF is regulated by the CSRC and is subject to applicable PRC mainland laws and regulations. It is subject to chip industry concentration risks, PRC mainland market and concentration risks and risk of investing in the STAR Market.

Rules and regulations in the PRC mainland, including restrictions on investments, repatriation of principal and profits, and taxation, are subject to change which may have potential retrospective effect. Where a suspension or intervention in trading through the QFI regime and/or Stock Connect is effected, the fund's ability to achieve its investment objective could be negatively affected.

There are risks and uncertainties associated with current PRC mainland tax laws, regulations and practice in respect of capital gains realised via the QFI regime or Stock Connect. Any increased tax liabilities on the fund may adversely affect its value.

Investors of Listed and Unlisted Classes of Units are subject to different pricing and dealing arrangements. The NAV per Unit of each class may differ due to different fees and costs applicable to each class. Trading hours of SEHK applicable to the Listed Class in the secondary market, and dealing deadlines in respect of the Listed and/or Unlisted Classes in the primary market, may all differ.

The fund is subject to general investment risk, trading differences risks, RMB currency risk and risk relating to distributions paid out of capital. The fund is authorized by the Securities and Futures Commission in Hong Kong; such authorization does not imply official recommendation by the SFC. Investment returns not denominated in HKD/USD are exposed to exchange rate fluctuations.

The Master ETF is not authorised by the SFC and will not be offered directly to the public in Hong Kong.