Offshore investors can now access 98 new onshore ETFs through the Stock Connect program starting Monday, gaining exposures to a wide range of new targets—from the broad-based CSI A500 index to thematic ones such as satellites and non-ferrous metals.

The latest expansion on January 19 will see 54 Shanghai-listed ETFs included under northbound Shanghai Stock Connect and 44 Shenzhen-listed ETFs added via the Shenzhen route, according to Hong Kong Exchanges and Clearing. Seven products will be temporarily removed.

Following the expansion, the total number of eligible northbound products in the ETF Connect universe has reached 364. This is the largest increase since the program started in 2022, which allowed offshore investors to trade onshore ETFs via the Stock Connect program between Hong Kong and Mainland.

Among 29 China fund managers involved in the latest inclusion, China Asset Management Co.(ChinaAMC) has the largest number of newly eligible products, with 14 additions.

These products are heavily concentrated in technology themes, such as cloud computing and big data(516630) and CSI semiconductor material & equipment (562590). Other novel types include CSI non-ferrous metals(516650), CSI power grid equipment (159326), and CSI gold industry stocks(159562).

ETFs tracking the CSI A500 Index, the flagship index the regulators have keenly promoted to better represent the new structure of China economy, were included in the ETF Connect universe for the first time. With an AUM of 41.2 billion yuan, ChinaAMC CSI A500 ETF (512050) is among 25 such funds newly added.

Stronger overseas appetite for onshore ETFs

Last year, overseas investors' crescendo sentiments toward China's technology breakthrough, global capital's re-rating of China-themed stocks, and the slow bull run in H2 have fueled a surge in portfolio inflow into China's onshore equity market via the ETF Connect's northbound route.

Northbound trading in Shanghai and Shenzhen-listed ETFs hit a historic peak of 816.6 billion yuan(USD 117.2 billion) in 2025, up 76% year-on-year, according to iFinD. The trading turnover represents a rapidly narrowing gap with southbound trading, which historically has been much stronger than the other way around.

Although total southbound trading flow last year remained higher, at HKD 921.6 billion, northbound flow beat the southbound in some months—including March, June, July, and each month from September onward—reflecting strong overseas appetites toward A-shares for those periods.

The blistering rally since the beginning of this year further boosted the sentiment, leading to a 46.4 billion yuan turnover as of Jan 16, a figure outweighed the southbound trading.

Now, as the total number of eligible northbound funds expanded to 364, ChinaAMC's qualifying ETFs have grown to 38, the highest among all Chinese asset managers. The expansion of product pool means that offshore investors can access various themes, industries and assets under one single ChinaAMC banner.

Source: iFinD, as of Jan 16, 2026. The FX rate is sourced from PBoC of the closing price of Jan 16, 2026