Hang Seng, the Hong Kong-based bank majority-owned by HSBC Group, is launching a new Renminbi qualified foreign institutional investor exchange-traded fund after securing the necessary licence from the Securities and Futures Commission.

The new Hang Seng China A Industry Top Index ETF makes the firm the first local financial institution in Hong Kong to issue an RQFII ETF, according to a statement. It will be listed on The Stock Exchange of Hong Kong on 26 November 2013 and is available for subscription from 12 to 19 November. The units are denominated in RMB and will have an issue price of around RMB4,000 per board lot of 200 fund units. After the listing, investors can trade in either RMB Counter of HKD counter on the Exchange.

It will be managed by Hang Seng Investment Management, which currently handles 15 index funds and four ETFs.

Hang Seng Bank records HK$1.1 trillion ($141.9 billion) in total assets as at 30 June 2013.