Chinese Steel Giant Engages in Fund Management

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Last updated at: (Beijing Time) Monday, November 04, 2002

Chinese Steel Giant Engages in Fund Management

The Shanghai Baogang (Group) Company, one of China's leading steel producers, has made a further step forward in diversifying its businesses.

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The Shanghai Baogang (Group) Company, one of China's leading steel producers, has made a further step forward in diversifying its businesses.

The Huabao Fortune Trust Company, a subsidiary of the Baogang company, and the world-renowned Societe Generale Asset Management Company of France, have launched a joint venture, the Huabao-Societe Generale Fund Management Company, which will engage in fund management and businesses permitted by China Securities Regulatory Commission (CSRC).

The CSRC has given the green light for the establishment of thejoint venture, one of the first Sino-foreign joint ventures engaged in fund management in China.

The new firm will be registered in Shanghai, with 67 percent ofits shares held by the Chinese company and 33 percent by the French company.

Huabao Fortune Trust Company boasts assets worth 6.498 billion yuan (780 million US dollars).

The Societe Generale Asset Management, a subsidiary of French bank Societe Generale, managed 1,500 investment funds with total assets of over 272 billion Euros as of March.

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