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RQFII scheme to invest in HK-listed Chinese companies
By Louise Ho |
May 9, 2012, Wednesday
|
Online Edition
Online Edition
THE additional 50 billion yuan (US$7.9 billion) quota of the RMB Qualified Foreign Institutional Investors (RQFII) scheme will be invested in exchange-traded funds that track blue-chip Chinese companies listed in Hong Kong, a top official from China's securities regulator said on Tuesday.
China launched the RQFII program in December last year to allow mainland asset managers to channel yuan funds raised in Hong Kong into the mainland securities markets. China's regulators increased the initial quota of 20 billion yuan to 70 billion yuan on April 3.
The extra 50 billion yuan RQFII investments will choose blue-chip stocks and index funds with good market coverage, such as Shanghai Shenzhen CSI 300 Index and CSI 100 Index, said Wang Lin, head of the Department of Fund Supervision at the China Securities and Regulatory Commission in a conference in Hangzhou.
The new RQFII quota will be distributed among exchange-traded fund products approved by the Hong Kong Securities and Futures Commission rather than by pilot securities companies, he said.
Currently mainland brokerages including China Asset Management, Harvest Fund, E Fund Management and China Southern Fund have submitted applications to launch exchange-traded fund products under the RQFII scheme.
China launched the RQFII program in December last year to allow mainland asset managers to channel yuan funds raised in Hong Kong into the mainland securities markets. China's regulators increased the initial quota of 20 billion yuan to 70 billion yuan on April 3.
The extra 50 billion yuan RQFII investments will choose blue-chip stocks and index funds with good market coverage, such as Shanghai Shenzhen CSI 300 Index and CSI 100 Index, said Wang Lin, head of the Department of Fund Supervision at the China Securities and Regulatory Commission in a conference in Hangzhou.
The new RQFII quota will be distributed among exchange-traded fund products approved by the Hong Kong Securities and Futures Commission rather than by pilot securities companies, he said.
Currently mainland brokerages including China Asset Management, Harvest Fund, E Fund Management and China Southern Fund have submitted applications to launch exchange-traded fund products under the RQFII scheme.
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