Chinese language - Fund management firms to invest in overseas stock markets

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BIZCHINA / Center

Fund management firms to invest in overseas stock markets

(Xinhua)
Updated: 2007-07-31 11:31

The China Securities Regulatory Commission (CSRC) allows fund management
firms with net assets of more than 200 million yuan (US$26 million) and
more than two years of operational experience and securities dealers with
net assets of more than 800 million yuan and more than one year of
investment management operations to apply for QDII status.

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?Southern Fund wins nod to invest abroad
?Banks use only 26% of QDII quota in 1st half
?Insurers to be allowed to increase overseas investment

About 20 Chinese fund management firms met the standards, said Li
Zhengqiang, a CSRC official.

By the beginning of July, the State Administration of Foreign Exchange
(SAFE) had approved a quota of US$20.5 billion: US$14.8 billion for 19
banks, US$5.2 billion for four insurance companies and US$500 million for
one fund management company.

Last year, 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 during the following six months.

(For more biz stories, please visit Industry Updates)

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