Fund boosts stock investments
By Lydia Chen |
July 29, 2011, Friday
|
Print Edition
Print Edition
CHINA'S National Council for Social Security Fund has sharply increased its exposure to stocks in the second quarter, and also eyes companies in the tourism, food and medical care industries.
The fund, with total assets of 856.69 billion yuan (US$131.7 billion) in 2010, boosted its investments in stocks by 18.5 percent in the April-June period from the previous quarter, a research by Securities Daily showed yesterday.
The fund is major shareholders of 10 listed companies, including Lijiang Yulong Tourism Co, Hybio Pharmaceutical Co, Starway Bio-technology Co and Wuhan Kaidi Electric Power Co.
Lijiang Yulong said in its half-year earnings report that its revenue surged nearly 63 percent on an annual basis to 136 million yuan in the first six months of this year while net profit rocketed almost 368 percent to 30.2 million yuan.
Six newly-authorized asset management firms will invest a total of 10 billion yuan from the fund in stocks on the Chinese mainland, Dai Xianglong, president of the fund, said in May.
The fund, with total assets of 856.69 billion yuan (US$131.7 billion) in 2010, boosted its investments in stocks by 18.5 percent in the April-June period from the previous quarter, a research by Securities Daily showed yesterday.
The fund is major shareholders of 10 listed companies, including Lijiang Yulong Tourism Co, Hybio Pharmaceutical Co, Starway Bio-technology Co and Wuhan Kaidi Electric Power Co.
Lijiang Yulong said in its half-year earnings report that its revenue surged nearly 63 percent on an annual basis to 136 million yuan in the first six months of this year while net profit rocketed almost 368 percent to 30.2 million yuan.
Six newly-authorized asset management firms will invest a total of 10 billion yuan from the fund in stocks on the Chinese mainland, Dai Xianglong, president of the fund, said in May.
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