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HSBC Jintrust's 3rd fund raises US$686m

(XFN-Asia)
Updated: 2007-04-13 16:03

HSBC Jintrust Fund Management Co Ltd, a joint venture between HSBC Investments and Shanxi Trust and Investment Corp, said subscriptions for its third fund reached 5.3 billion yuan (US$686 million) during its initial public offering period in the Chinese mainland from March 22 to April 4.

The HSBC Jintrust Dynamic Strategy Fund will have a weighting of 30-95 percent in equities and 5-70 percent in non-equity asset classes such as cash, bonds and derivatives, HSBC said in a statement.

The fund is not constrained to specific sectors, themes or market capitalization, the statement said.

Bank of Communications is the major local distributor of the fund.

The fund's manager, Kevin Wang, said he expects major blue chips in the banking and property sectors to rebound this year, together with stocks related to highways, iron and steel, and machinery.

"Moreover, the upcoming launch of the stock index futures in the mainland market will raise the importance of blue chip stocks and turn the market spotlight onto them again," he added.