Mirae Asset Global Investments, a leading asset manager based in Korea, announced on Tuesday its high dividend yield exchange-traded fund has been included in the Stock Connect Scheme, a program that allows mainland China investors access to certain eligible Hong Kong-listed ETFs.

The Global X Hang Seng High Dividend Yield ETF, operated by the asset manager's Hong Kong branch, was included in the program on Monday.

The ETF tracks shares with high dividend yields on the Hong Kong Stock Exchange's benchmark Hang Seng index. The net asset is about $272 million, the largest among the high dividend yield ETFs listed on the Hong Kong exchange.

While most Hong Kong ETFs that are included in the Stock Connect Scheme track the Hang Seng Tech index, a gauge of major Chinese tech shares listed in Hong Kong, the newly included ETF product follows shares that yield high dividends.

According to Mirae Asset, it is the first asset manager to introduce a Hong Kong-based high dividend yield ETF to the program.

The average yearly dividend yield for the ETF product stood at 8.24 percent as of payments distributed in March, with an outstanding track record of over 10 years, the asset manager said.

The firm added that further growth is expected as anticipations on the recovery of Hong Kong-listed shares have been strengthening with the recent rebound following a slowdown earlier this year.

The Hang Seng Index surged more than 7 percent in April, rebounding nearly 20 percent from its dip in January as prospects for China's economic recovery have improved.

The Stock Connect Scheme was first enabled in 2022 to bridge the two capital markets of mainland China and Hong Kong. Under the scheme, investors have mutual stock market access for eligible equities and ETFs.

Following the opening of the investment border, Mirae Asset introduced the Global X Hang Seng Tech ETF to the program in November. It was the first Korean asset manager to have eligible ETFs accepted to the Stock Connect Scheme.

Mirae Asset Global Investments has been striving to expand its ETF scope both in Hong Kong and on a global scale. The Hong Kong subsidiary’s AUM for ETF products stands at 2.4 trillion won ($1.8 billion) as of April.

"We have further plans to register additional Hong Kong-listed ETFs to the program" Kim Young-hwan, Chief Global Officer of Mirae Asset Global Investments, said.

"This inclusion reaffirms our dedication to providing high-quality and innovative investment opportunities while strengthening our confidence in expanding our presence in the mainland market and global business."