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BIZCHINA / Center
First stock-oriented QDII fund doubles sales limit
(Xinhua)
Updated: 2007-09-15 09:59
China's first overseas stock-oriented QDII (qualified domestic
institutional investor) fund has been given approval to increase its fund
sales limit to 30 billion yuan (US$4 billion), Friday's Shanghai
Securities Journal reported.
China Southern Fund Management Co Ltd said the State Administration of
Foreign Exchange had officially approved its application to increase the
fund sales, as subscription was near to 50 billion yuan (US$6.67 billion)
in the first day, far exceeding the scheduled limit of 15 billion yuan
(US$2 billion).
Despite the increase, subscription still exceeded the limit, meaning
subscribers would only get a proportion of the fund they subscribed to,
said sources with China Southern Fund Management.
The proportion could be around 60 percent, said Xu Xiaosong, deputy
manager of China Southern Fund Management.
He said the proportion would be officially announced next Monday, and the
remaining money would be returned to subscribers at the same time.
The yuan-denominated fund was launched on September 12 and would be
invested in markets in 48 countries and regions, from which the ten most
valuable would be carefully selected for key investment, said sources
with the firm.
The stock-oriented QDII fund had given local investors opportunities to
cash in on the mature markets in developed countries as well as
fast-growing emerging markets, according to Guosen Securities.
China would experience a QDII fund sales peak as China Asset Management
Co Ltd, Harvest Fund Management and China International Fund Management
launched QDII fund products and other fund firms received regulatory
approval to launch QDII funds, China Securities Journal said in an
earlier report.
(For more biz stories, please visit Industry Updates)
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