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BIZCHINA / News
Another stock-oriented QDII fund gets go-ahead
(Xinhua)
Updated: 2007-09-24 09:10
ChinaAMC, one of China's major fund management companies, has got the nod
from the top securities regulator to launch a fund that can buy stocks
overseas.
The Beijing-headquartered company has been granted a fund sales limit to
US$2.5 billion and is applying for more to the State Administration of
Foreign Exchange, according to a statement on its website.
The fund is to be launched in RMB on September 27 and will invest in
global stock markets including those in the United States, Europe, Japan,
Hong Kong and other emerging markets.
At least 60 percent of the investment will go to equity securities like
stocks and Hong Kong shares will account for about 30 percent.
This is the second of its kind following the first stock-oriented QDII
(qualified domestic institutional investor) fund, which was issued by the
China Southern Fund Management Co Ltd on September 12.
The first stock-oriented QDII fund had attracted almost 50 billion yuan
(US$6.67 billion), far exceeding its sales limit of 30 billion yuan.
In an effort to curb excessive liquidity, the Chinese government has
tried to encourage investment in overseas markets since 1996. The
Shanghai-based Hua An Fund Management Co Ltd became China's first fund
management firm to be allowed to invest overseas as a pilot QDII, with a
quota of US$500 million.
Its first QDII product, launched in November last year, raised US$197
million and yielded five percent over the subsequent six months.
(For more biz stories, please visit Industry Updates)
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