China Sets up First Mutual Fund Joint Venture

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Last updated at: (Beijing Time) Sunday, January 05, 2003

China Sets up First Mutual Fund Joint Venture

With the approval of the China Securities Regulatory Commission (CSRC), a Sino-Dutch mutual fund joint venture has been established recently in Shenzhen City, Guangdong Province.

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With the approval of the China Securities Regulatory Commission (CSRC), a Sino-Dutch mutual fund joint venture has been established recently in Shenzhen City, Guangdong Province.

It is the first Sino-foreign mutual fund joint venture set up since China's World Trade Organization (WTO) accession in 2001. State rules on the establishment of overseas-financed mutual fund companies went into effect on July 1, 2002.

The joint venture, with registered capital of 100 million yuan (about 12.1 million US dollars), is operated by China Merchants Securities, ING of the Netherlands, China Electric Financial Affairs Co., Ltd., China Huaneng Financial Affairs Co., Ltd. and COSCO Financial Affairs, Ltd.

The China Merchants Securities holds 40 percent of the shares of the joint venture, the Dutch company owns 30 percent, and the remaining three Chinese companies the remaining 30 percent.

Corporate sources say that the China Merchants Mutual Fund Management Co. Ltd, the newly-created joint venture, has developedits first mutual fund product and is currently preparing for its distribution.

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