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April 15, 2015

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Home » Business » Finance

1st fund to buy HK stocks under link

INVESCO Ltd’s China fund venture has raised about 11 billion yuan (US$1.77 billion) for China’s first mutual fund product to buy Hong Kong stocks under the Shanghai-Hong Kong Stock Connect, said two sources with knowledge of the situation.

The fund will be the first of its kind after Beijing in late March allowed Chinese mainland mutual funds to invest in Hong Kong via the connect. The fund was launched by Invesco Great Wall Fund Management, which completed its subscription process on Monday.

According to comparative data from fund consultancy Z-Ben advisors, this marks the second-largest fundraising by a Chinese mutual fund so far this year and the fifth-largest since 2010.

The size of the fund underscores increasing Chinese mainland interest in relatively cheap Hong Kong stocks, and would add fuel to a stock market that has already jumped 11 percent in April.

The sources declined to be named because they were not authorized to speak to the press. An Invesco spokesperson declined to comment on the fundraising, saying they would release details later.

Chinese and global hedge funds and wealthy individuals have already piled into Hong Kong stocks over the past two weeks, boosting prices of Hong Kong-traded shares.

BOC International has forecast that 100 billion yuan could be raised by mutual funds in April to invest in Hong Kong’s stock market.


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