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Ping An Launches ETF Initiative, Targets Electric Vehicles
Ping An Launches ETF Initiative, Targets Electric Vehicles
Person tracking index. Image credit Austin Distel/Unsplash

Ping An, China’s largest insurance company, listed a CSI New Energy Automobile Industry ETF (referred to as a New Energy Vehicle ETF, on-the-spot trading code: 515700) on February 10, which will track an index of Chinese A-Shares that are helping make electric cars.

On February 19, the turnover of the Shanghai and Shenzhen stock markets exceeded CNY 1 trillion, among which technology ETFs were favored. After-hours data showed that the transaction volume of New Energy Vehicle ETFs reached CNY 1.89 billion. It has reached a new high since listing and ranks third in the market's ETF fund (non-monetary) transaction list.

As of February 19, the total turnover of New Energy Vehicle ETFs in eight trading days has achieved CNY 7.95 billion, with a net inflow of CNY 4.2 billion. Ping An Fund pointed out that liquidity is an important indicator that ETF investors focus on. The larger the average daily trading volume, the better the liquidity of ETF products. It also means that investors are more efficient when trading on the floor, which is conducive to investors' participation.

The biggest companies in the index are battery maker CATL, and car manufacturer SAIC Motor and BYD. 

According to the market performance, investors are showing strong interest and confidence in the new energy vehicle sector; one of the reasons is closely related to the recent frequent moves of Tesla. On February 18, it was reported that Tesla is in talks with CATL about purchasing cobalt-free batteries for use in its Shanghai Super Factory. The market expects that the cobalt-free battery may be a lithium iron phosphate CTP battery solution. Once the two parties formally reach an agreement, it will mark the first time Tesla has incorporated lithium iron phosphate batteries into the production system.

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