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Confidence growing in markets
(Chian Daily)
Updated: 2005-06-10 09:13

Fortis Haitong Investment Management Co Ltd -- one of the first Sino-foreign joint venture asset management companies in China -- launches a fourth fund product on Wednesday, with a 70-95 per cent investment in the stock market, according to senior company executives.

"This is a fund product of high risk and high return," said Chen Hong, chief investment officer of Fortis Haitong.

The Haitong Stock Market Fund, an open-end mutual fund product with no set scale and maturity time limit, will be available until July 11.

The move showed the high confidence Fortis Haitong has in China's stock market.

When investors are extremely pessimistic about the stock market as they are now, there is a U-turn opportunity, according to Tian Rencan, chief executive officer of Fortis Haitong.

"The investment risk in China's stock market is reducing as shares are now at very low valuation," Tian said.

This has seen international investors become increasingly keen to invest in China's stock market. They have used up the US$4 billion QFII (qualified foreign institutional investor) quotas and are applying for more.

The "Yangzi Fund," with Fortis Haitong as its investment advisor, is seeing 7-8 times demand from European institutional investors. The product is an open-end fund, registered in Luxembourg, to mainly invest in China's stock market.

It is managed by Fortis Investment with Fortis Bank's US$100-million QFII quota from the Chinese authorities.

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