Tools: Save | Print | E-mail | Most Read
China's First QDII Fund Launches Services
Adjust font size:

China's first qualified domestic institutional investor (QDII) fund, managed by Hua An Fund Management Co.Ltd., has begun operating, the firm announced Friday.

With a subscription of US$197 million from 16,652 subscribers from Sept. 13 to Oct. 20, the Hua An International Balanced Fund, drew more investment than any other QDII product.

China started the QDII scheme in July, allowing domestic institutions and residents to buy financial products overseas via mainland commercial banks and other financial institutions.

Following eight Chinese and overseas-funded commercial banks, the Hua An fund was awarded a QDII license in August and raised more than US$6 million on the first day of subscription.

The fund will be invested in stocks, bonds, real estate investment trusts and other mainstream financial products in international markets such as New York, London, Tokyo and Hong Kong.

Investors can only withdraw their money from the fund six months after their contracts take effect, said the Hua An Fund Management Co., Ltd.

Established in June 1998, the Hua An company set up China's first open-ended fund and now manages nine securities investment funds valued at 35 billion yuan, including four closed funds and five open-ended funds.

By the end of September, altogether 11 Chinese and overseas-funded commercial banks had acquired QDII licenses, with eight granted quotas totaling US$10.3 billion.

(Xinhua News Agency November 4, 2006)

Tools: Save | Print | E-mail | Most Read

Related Stories
China Grants US$10.3 Billion Quotas to QDIIs
Hang Seng Bank Authorized to Offer QDII Services
CITIC Bank Approved to Offer QDII Services
Fund Manager Gets QDII Approval
First Domestic Fund Authorized to Offer QDII Services
Gov't Authorizes Citibank to Offer QDII Services

Product Directory
China Search
Country Search
Hot Buys
SiteMap | About Us | RSS | Newsletter | Feedback
Copyright © All Rights Reserved     E-mail: Tel: 86-10-88828000 京ICP证 040089号