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Investors rush for QFII status to invest in China shares
By Zhang Fengming |
June 4, 2010, Friday
|
Online Edition
Online Edition
RUSSELL Investments Ltd is planning to apply for qualified foreign institutional investor status to ride on China's stock market, its Asia Pacific Chairman Alan Schoenheimer said today in Shanghai.
The company will apply to Chinese regulators for the status within weeks, Schoenheimer told Shanghai Daily on the sidelines of a Sino-Australia financial seminar today at the World Expo.
The QFII program is set up for foreign companies to invest in China's yuan-backed A-share stock markets through foreign exchange quotas allowed by regulators.
Schoenheimer shrugged off the current doldrums in the domestic A-share market. The benchmark Shanghai Composite Index has lost 21 percent so far this year.
"We're more interested in the long-term growth story than short-term market volatility," he said. "Our investment is long term so a little bit downturn just doesn't matter."
AMP Capital Investors, which gained its QFII status in 2006, is awaiting approval from the China Securities Regulatory Commission and the State Administration of Foreign Exchange for expanding its forex quota to invest in the A-share market.
The wealth management company operating in Australia and New Zealand has already obtained combined quotas of US$300 million, which it has poured into the A-share market. The company expects an extra quota of more than US$200 million, said Beng Neoh, managing director, AMP North Asia.
The company is also seeking opportunities to invest in China's securities companies, he said, declining to elaborate.
The company will apply to Chinese regulators for the status within weeks, Schoenheimer told Shanghai Daily on the sidelines of a Sino-Australia financial seminar today at the World Expo.
The QFII program is set up for foreign companies to invest in China's yuan-backed A-share stock markets through foreign exchange quotas allowed by regulators.
Schoenheimer shrugged off the current doldrums in the domestic A-share market. The benchmark Shanghai Composite Index has lost 21 percent so far this year.
"We're more interested in the long-term growth story than short-term market volatility," he said. "Our investment is long term so a little bit downturn just doesn't matter."
AMP Capital Investors, which gained its QFII status in 2006, is awaiting approval from the China Securities Regulatory Commission and the State Administration of Foreign Exchange for expanding its forex quota to invest in the A-share market.
The wealth management company operating in Australia and New Zealand has already obtained combined quotas of US$300 million, which it has poured into the A-share market. The company expects an extra quota of more than US$200 million, said Beng Neoh, managing director, AMP North Asia.
The company is also seeking opportunities to invest in China's securities companies, he said, declining to elaborate.
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