Two stock funds raise US$1.59b each
Updated: 2007-08-02 12:56
Dutch bank ABN AMRO’s fund arm in China and Great Wall Fund Management Co. have raised 12 billion yuan (US$1.59 billion) each for stock funds they recently launched, underscoring bullish sentiment in the local stock market.
ABN AMRO TEDA Fund Management, in which ABN AMRO holds a 49 percent stake, said yesterday it had received more than 12 billion yuan in subscriptions, the maximum amount of proceeds it is allowed to raise for the fund, as of Tuesday.
Beijing-based ABN AMRO TEDA started selling the product last Thursday.
Great Wall Fund Management has also raised 12 billion yuan for a stock fund launched for sale late last month, the Shanghai Securities News said in a report. Great Wall officials were not immediately available for comment.
The government is quickening the approval of new funds in an apparent bid to ease concerns among investors that a spate of new share offers scheduled for later this year may push down prices on the stock market.
In July, 16 firms raised a combined 21.4 billion yuan through initial public offerings in the domestic A-share market, the Shanghai Securities News said in a separate report. This was higher than 15.6 billion yuan raised in June, it said.
Interest in buying funds rebounded at the start of June, when a sharp correction in the stock market nudged investors back to funds as a way to diversify risks.
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