7 funds get in under cross-border plan
Print Edition
SEVEN funds have been approved under a program allowing cross-border sales of mutual funds between the Chinese mainland and Hong Kong, securities regulators said yesterday.
The first batch includes four mainland funds and three Hong Kong funds, said Zhang Xiaojun, spokesman for the China Securities Regulatory Commission.
“The program diversifies investment products for mainland investors while promoting competition in the mainland fund market,” Zhang said.
The Mainland-Hong Kong Mutual Recognition of Funds program allows asset-management companies on the mainland to sell funds in Hong Kong while offering their Hong Kong counterparts access to the mainland market. This program helps boost cross-border investment after a stock trading link between Shanghai and Hong Kong opened last November.
The approved mainland funds are China AMC Return Securities Investment Fund; GF Industry Leaders Mixed Assets Fund; HSBC Jintrust Large Cap Equity Securities Investment Fund; and ICBCCS China Core Value Mixed Fund. The Hong Kong funds to be sold on the mainland are the Hang Seng H-Share Index Fund, Zeal Voyage China Fund and JPMorgan Asian Total Return Bond, according to a CSRC statement.
The CSRC received 17 applications from Hong Kong funds and Hong Kong’s Securities and Futures Commission got more than 30 applications from mainland funds.
Funds eligible for the program are required to have a minimum size of 200 million yuan (US$31 million) or its equivalent in a different currency. The value of the fund sold to investors in the other’s market cannot exceed 50 percent of the fund’s total assets, according to the rules.
The fund sales were due to start in July but were delayed after the stock market rout in the summer, insiders said.
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