(Yicai) Nov. 25 -- A depositary receipt based on China’s ChiNext 50 Index began trading on the Stock Exchange of Thailand today, marking the first time an exchange-traded fund from the Chinese mainland has been listed in the Thai market and signaling the entry of China’s core technology assets into Southeast Asia.

The product was jointly issued by US investment manager Invesco and Thai brokerage InnovestX. Its underlying asset is the Invesco Great Wall ChiNext 50 ETF, managed by Invesco Great Wall Fund Management, a China-US joint venture that manages mutual funds.

Launched in December 2022, the Invesco Great Wall ChiNext 50 ETF tracks the ChiNext 50 Index of the Shenzhen Stock Exchange. As of Sept. 30, it had a total size of CNY6 billion (USD845.6 million) and has gained more than 40 percent this year, according to financial data provider Wind.

Atlanta-headquartered Invesco began promoting the ETF overseas last June, helping it secure listings on five major European exchanges: Euronext Dublin in Ireland, the London Stock Exchange, Deutsche Börse Group in Germany, the SIX Swiss Exchange, and Borsa Italiana in Italy.

The American firm said it chose the ChiNext 50 ETF for international expansion because the index focuses on new energy, high-end manufacturing, biomedicine, and other high-tech sectors, offering overseas investors exposure to China’s technological development.

Established in 2014, the ChiNext 50 Index includes 50 highly traded, large-cap stocks on ChiNext. Its heaviest-weighted constituent is battery giant Contemporary Amperex Technology, followed by optical communications equipment maker Zhongji Innolight and internet broker East Money Information.

The latest financial results show that the top 10 weighted stocks in the ChiNext 50 Index posted an average net profit growth rate of 82 percent in the third quarter from a year earlier and an average revenue growth rate of 49 percent.

Editors: Dou Shicong, Emmi Laine