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BIZCHINA / Center
Two more stock-oriented QDII funds in the offing
By Tu Lei (chinadaily.com.cn)
Updated: 2007-09-21 17:12
China's two stock-oriented funds under the qualified domestic
institutional investor (QDII) program are expected to be launched by
Huaxia Fund Management Co Ltd and Harvest Fund Management Co Ltd soon,
according to today's the Shanghai Securities News.
The two funds are waiting for the official approvals from the State
Administration of Foreign Exchange (SAFE).
Huaxia QDII product, expected for launch next week, would be the second
stock-oriented QDII product after that of China Southern Fund Management
Co Ltd.
China International Fund Management Co Ltd is also preparing to launch
QDII products.
The Huaxia Fund is applying to increase the quota to US$4.5 billion,
exceeding the scheduled limit of US$2.5 billion.
The Harvest Fund also wants to increase its quota to US$4 billion or US$5
billion from the approved US$2.5 billion.
The Huaxia Fund can invest in developed and emerging markets, and its
investment in stocks and other equities will not be less than 60 percent
of the fund's assets.
The Harvest Fund, awaiting approval, will focus on the H shares, red-chip
shares and Chinese stocks listed in the United States and Singapore.
China Southern Fund Management Co Ltd said the SAFE had officially
approved its application to increase the fund sale, 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.
China Securities Journal reported earlier that China would experience a
QDII fund sales peak as China Assets Management Company, Harvest Fund
Management and China International Fund Management launched QDII fund
products and other fund firms received regulatory approval to launch QDII
funds.
(For more biz stories, please visit Industry Updates)
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