China: HSBC Jintrust’s first equity fund raises RMB1.4 billion
HSBC Jintrust announced that subscriptions for its first equity fund, the HSBC Jintrust Dragon Growth Equity Fund, reached RMB1.44 billion (approximately US$182 million) during its initial public offering period from 28 August to 22 September 2006 in mainland China.
The Fund aims to tap China’s rapid economic growth by investing in selected high-quality listed companies with long-term capital growth potential in the Mainland market.
Blair Pickerell, Chief Executive of Asia Pacific HSBC Investments, said: “This new equity fund has enhanced our product offering and has allowed us to strengthen our foothold in the Mainland market. We attribute the success of the Fund’s launch to its long-term investment growth strategy, the trust that investors place in our brand and our investment approach and the extensive experience of the fund manager, Tom Lin, who is one of the most experienced fund managers in the China equity market.” Tom Lin, Fund Manager for the HSBC Jintrust Dragon Growth Equity Fund, said: “To achieve a potentially high return that outperforms market benchmarks, we are focusing on three categories of listed companies. One of the categories comprises firms operating in sectors that will benefit from China’s strong economic growth in the long run, such as consumption, telecommunications equipment, information technology, as well as energy and environmental protection. The other two categories include companies which are highly innovative in terms of their technique and operation, and undervalued stocks with long-term capital growth potential.” The HSBC Jintrust Dragon Growth Equity Fund is established on 27 September 2006. It is available for subscription through over 2,000 distribution channels, including the branches of the Bank of Communications and a consortium of other distributors in the Mainland. The minimum investment amount is RMB2,000.
–www.theasianbanker.com (September 28 2006)–