久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

   

Time to turn focus on private fund sector

By Jin Jing (China Daily)
Updated: 2007-04-11 09:03

Chinese regulators are beginning to turn their attention to the 600-700 billion yuan private fund market, which is expanding at a brisk speed, driven by the stock market boom.

The daily trading activities by these private funds account for 30 to 40 percent of the total turnover on the mainland stock market, according to a recent report from the Beijing-based Central University of Finance and Economics.

"The existence of these private funds need to be recognized and they must be brought into the regulatory framework," Ba Shusong, deputy director of the financial research institute of the Development Research Center of State Council, was quoted as saying by the official China Securities Journal.

Many private funds are managed by individuals who raised the seed capital from friends and relatives. There are also funds raised by trusts or securities companies but managed by other private fund companies.

Most private funds are based in Guangdong and Zhejiang provinces. There are also some in big cities, such as Beijing and Shanghai.

"Private funds are more flexible in operation, compared with mutual funds, because they are not subject to any regulations," said a fund manager surnamed Zhang from a small-scale fund with 100 million yuan in assets in Shanghai.

Related readings:
Funds work both ways for nation
Qualified investors to manage pension funds
New rule likely on pension funds
Chinese investment in funds hit record high

"Most well-performing private funds had more than 400 percent return in 2006. The total return of our company was 110 percent," he said.

In comparison, the average return of equity mutual funds was 143 percent in 2006, according to Lipper, a fund information provider.

"We can invest all the money we raise in one stock, or invest no money in the stock market at all," said Zhang.

Chinese fund regulations stipulate that mutual funds can invest no more than 10 percent of their total net asset value in one stock. Besides, all mutual funds have set investment portfolios before they are issued.

Gu Baojun, also a private fund manager, said private funds can set a longer closing period, usually one year, before which investors cannot retrieve their money without paying a penalty. In contrast, mutual fund investors are free to opt out at any time.

"We are more flexible in operation so we can pursue a higher profit, but with higher risks," said Zhang.

Although private funds are usually raised from friends and acquaintances, some managers have begun marketing their funds on the Internet by websites or blogs.

CZZX Asset Management Company, a Shenzhen-based private fund established in 2003, posted its returns every year on the main page of its website to attract clients. A private fund manager set up a blog on eastmoney.com with the name of "Jia Yu Cun Yan" to offer his opinion on the current stock market, and also as a way of attracting investors.

Chinese regulators have finished drafting a private funds policy, the China Securities Journal has reported. According to the proposed policy, private funds have to submit detailed prospectus, including total asset, company background and investment strategy, in order to be legally recognized.

Some analysts said the government should not impose too much supervision on the private funds, some of which will probably disappear anyway when the stock market plummets.

"Besides, it is difficult for the government to supervise individually raised small-scale private funds," said Zhou Liang, a fund research manager from Lipper. "We can now use corporate law and trust law to regulate some private funds."

A recent report from Shenzhen Stock Exchange suggested that the government should give private funds the legal identity to optimize the investor structure in China's financial market, but needs to separate the supervision framework between private funds and mutual funds.

(China Daily 04/11/2007 page15)


(For more biz stories, please visit Industry Updates)



久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    久久久噜噜噜www成人网| 国产嫩草在线观看| 日韩亚洲在线视频| 在线观看中文av| 国产中文字幕视频在线观看| 爱爱爱视频网站| 东京热加勒比无码少妇| 97精品国产97久久久久久粉红| 37pao成人国产永久免费视频| 男同互操gay射视频在线看| av免费在线播放网站| 日韩精品手机在线观看| 天天影视综合色| 鲁一鲁一鲁一鲁一色| 国产成人免费高清视频| 欧美精品aaaa| 中国丰满人妻videoshd | 精品久久久99| 国产最新免费视频| 成人一级生活片| 一道本在线观看视频| 国产又大又黄又粗又爽| av免费观看大全| 国产人妻人伦精品| 日韩最新中文字幕| 色婷婷综合网站| 青青草原av在线播放| 免费看毛片的网址| 午夜久久久久久久久久久| 中文字幕丰满乱码| 999精彩视频| 午夜精品久久久内射近拍高清 | www国产黄色| 国产精品啪啪啪视频| 天天看片天天操| 国产视频一区二区三区在线播放| 成人免费在线网| 成年丰满熟妇午夜免费视频| 欧美一级小视频| 色婷婷成人在线| 欧美日韩中文不卡| 亚洲一级片网站| 黑森林精品导航| 毛葺葺老太做受视频| 国产裸体免费无遮挡| 搡女人真爽免费午夜网站| 热久久精品免费视频| 欧美日韩大尺度| 91看片在线免费观看| 亚洲天堂av线| 91插插插插插插插插| 五月天亚洲视频| 日本中文字幕二区| 在线观看日本www| 99精品视频网站| 黄色一级片av| 日韩欧美一级在线| 久久综合久久久久| 99色这里只有精品| 黄色免费观看视频网站| 精品久久久噜噜噜噜久久图片| 在线视频日韩一区| 日本高清久久久| 樱空桃在线播放| 一本色道久久88亚洲精品综合| 男人天堂新网址| 国产在线精品91| 狠狠热免费视频| 57pao国产成永久免费视频| 99久久99精品| 日韩欧美一级在线| 青青艹视频在线| 亚洲最大成人在线观看| 天天做天天干天天操| 激情六月天婷婷| 欧美视频在线播放一区| 人人干人人视频| 日本成人性视频| 香港三级韩国三级日本三级| 免费看黄色一级大片| 手机在线观看日韩av| 日韩av高清在线看片| 亚洲激情在线观看视频| 午夜探花在线观看| 国产黄页在线观看| 最近中文字幕一区二区| 在线观看污视频| av免费在线播放网站| 欧美日韩在线免费观看视频| 精品少妇人妻av免费久久洗澡| 性欧美videossex精品| xxxxxx在线观看| 免费在线观看毛片网站| 免费在线观看污污视频| 男人日女人bb视频| 三日本三级少妇三级99| 免费看日本毛片| 中文字幕中文在线| 青青草国产免费| 久久撸在线视频| 男人添女荫道口图片| 亚洲精品手机在线观看| 性高湖久久久久久久久aaaaa| 欧美两根一起进3p做受视频| 桥本有菜av在线| 久久久久免费精品| 久久亚洲国产成人精品无码区| www.99av.com| 精品成在人线av无码免费看| 污污动漫在线观看| 18禁裸男晨勃露j毛免费观看| 在线免费观看视频黄| www插插插无码视频网站| 久久精品久久99| www.xxx亚洲| xxxx18hd亚洲hd捆绑| 夜夜爽久久精品91| 韩国日本美国免费毛片| 激情五月婷婷六月| 国产九九九视频| 动漫av免费观看| 国产成a人亚洲精v品在线观看| 国产福利在线免费| 成年网站在线免费观看| 日韩欧美猛交xxxxx无码| 亚洲男人天堂av在线| 岳毛多又紧做起爽| 国产在线无码精品| 极品粉嫩美女露脸啪啪| 国产精品丝袜久久久久久消防器材| 国产又爽又黄ai换脸| 亚洲精品20p| 亚洲成人福利在线观看| www黄色日本| 久久国产精品网| 男人天堂网站在线| 日韩不卡一二区| 免费成人黄色大片| 中文字幕国产传媒| 日韩中文字幕组| 欧美精品色婷婷五月综合| 男人插女人视频在线观看| 777久久精品一区二区三区无码| 国产黑丝在线视频| 樱花草www在线| 91aaa精品| 超碰在线超碰在线| 一级黄色大片儿| www.桃色.com| 国产高清999| 久久久精品视频国产| 亚洲免费成人在线视频| 日韩亚洲欧美一区二区| 国产日本欧美在线| 中文字幕黄色大片| 亚洲美女自拍偷拍| 浴室偷拍美女洗澡456在线| 九九热视频免费| 艳母动漫在线观看| 手机在线观看日韩av| 日韩第一页在线观看| 97超碰人人爱| 妺妺窝人体色www看人体| 阿v天堂2018| 一二三四视频社区在线| 人妻熟妇乱又伦精品视频| aⅴ在线免费观看| 亚洲无吗一区二区三区| 一区二区在线免费看| 手机av在线网站| 青青草综合视频| 久久99中文字幕| 毛片一区二区三区四区| 激情 小说 亚洲 图片: 伦| 潘金莲激情呻吟欲求不满视频| 国产又粗又长又爽又黄的视频| 国产精品亚洲天堂| a级免费在线观看| 18禁男女爽爽爽午夜网站免费| 色婷婷综合久久久久中文字幕| 亚洲欧美自偷自拍另类| 午夜免费视频网站| 久久av综合网| 青青在线视频免费| 天堂视频免费看| 男女啪啪免费观看| jizzjizzxxxx| 亚洲视频一二三四| 欧美视频在线第一页| 欧美日韩国产精品激情在线播放| 日韩肉感妇bbwbbwbbw| 亚洲第一精品区| 缅甸午夜性猛交xxxx| 午夜激情av在线| 日本黄网站色大片免费观看| 黄色免费视频大全| 一起操在线视频| 免费超爽大片黄| 亚洲老女人av| 999一区二区三区|