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By Hao Zhou (chinadaily.com.cn)
Updated: 2007-10-16 14:29

With the debut of China's fourth stock-oriented qualified domestic institutional investor (QDII) fund, China International Fund Management Co Ltd raised more than 100 billion yuan (US$13.3 billion) yesterday, according to today's China Business News.

Not long ago, subscriptions for Southern, Huaxia and Harvest's QDII fund surpassed their due amount, and total subscription for Harvest QDII fund were a recorded 73 billion yuan last Monday.

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China International Fund's offering, expected to raise 30 billion yuan, was originally scheduled to end on October 19. However, the company had to close subscription sales ahead of schedule.

The fund supplier will confirm the subscribers' valid requisitions at the ending date (yesterday), in compliance with the ratio between offering quota and subscription volume. Unconfirmed subscription money will be returned to investors.

The new QDII fund focuses on markets in the Asia-Pacific such as securities markets in Australia, South Korea, Chinese Hong Kong, India, and Singapore, with the exception being Japan. Some 60 to 100 percent of the fund will be invested in stock, and the remainder will go to other short-term financial products, including bonds and foreign exchange.

China International Fund Management Co Ltd is a joint venture between Shanghai International Trust and Investment Co Ltd and JPMorgan Fleming Asset Management Ltd, a member of the JPMorgan Chase Group.