Brown Brothers Harriman (BBH) has been selected to provide custody, administration, trustee, and registrar services for Industrial and Commercial Bank of China Union Bank of Switzerland Asset Management International’s (ICBCUBSI’s) new Hong Kong-listed ETF, together with KraneShares. The partners announced that the fund, domiciled in Hong Kong, marks their joint entry into the city’s ETF market.
The ICBC UBS KraneShares KWEB CSI China Internet ETF will offer both listed and unlisted share classes. According to the issuers, it gives Hong Kong investors access to the same underlying strategy used in KraneShares’ US-listed China Internet ETF, KWEB, which they describe as the largest US-listed China ETF.
Hong Kong demand
In the announcement, BBH notes rising interest in technology-themed ETFs in Hong Kong. Citing market data, the firm points to a 102% year-on-year increase in assets for tech-focused ETFs on HKEX, with net inflows exceeding HKD29 billion in the first nine months of 2025. BBH also refers to its 2025 ETF investor survey, saying 97% of Hong Kong respondents planned to increase ETF allocations this year.
ICBC UBS AM International says it chose BBH for the launch due to its experience in the Hong Kong ETF market and its technology platform for ETF servicing.
“With our first ETF launch in Hong Kong we wanted to partner with a proven global ETF service provider who knows the Hong Kong ETF market, that is why we chose BBH,” said Dylan Zhang, Head of ETFs at ICBCUBSI. He also says it chose BBH due to its technology platform for ETF servicing.
