Chinese fund managers apply to launch Hong Kong's first bitcoin ETFs

HONG KONG -- At least two Chinese fund managers have applied to launch bitcoin exchange-traded funds (ETFs) in Hong Kong, as the city looks to burnish its financial hub credentials by following the U.S. in allowing widely accessible products tied to cryptocurrency assets.

Hong Kong is trying to become a regional center for virtual assets through regulated platforms as its traditional financial industry, including its market for initial public offerings, takes a beating from China's economic slowdown and geopolitical tensions with the U.S.