Another two closed-end stock funds have received official approval from China's securities regulator, Xinhua learned from a company source?in Beijing?on Friday.
The China Nature Asset Management Co. Ltd's Tianzhi Fund and the Dongwu Fund run by Soochow Asset Management Co., Ltd received regulatory approval from the State Securities Regulatory Commission Friday.
The Tianzhi stock fund will open through China Communication Bank, China Construction Bank, the Agricultural Bank of China, the Industrial Bank Co., Ltd, Shanghai Pudong Development Bank, CITIC Bank, Minsheng Banking Corp., Ltd, and with big brokers.
The Dongwu fund is to be issued by the Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank, the Postal Savings Bank, Huaxia Bank and qualified individual brokers.
Both companies declined to say how much they expected to reap from the listing.
Four stock funds launched by Bank of China Investment Management Co., Ltd. and AXA SPDB Investment Managers, CCB Principal Asset Management Co. and China Southern Fund Management Co., respectively, received official approval in the first half of February.
Of the four, CCB Principal Asset Management's Jianxin Fund and the Nanfangshengyuan Fund run by China Southern Fund Management Co. made their debut on Feb. 18.
Market analysts said the launch of these funds was expected to bring a new round of fresh capital into the sliding stock market.
China's securities watchdog suspended the launch of new funds late last year in reaction to the surging domestic stock market. The Shanghai Composite Index nearly doubled last year.
(Xinhua News Agency February 23, 2008)
