China Approves First Joint Venture Management Firm

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Last updated at: (Beijing Time) Friday, October 18, 2002

China Approves First Joint Venture Management Firm

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Guo'an Fund Management Co. Ltd., China's first joint venture fund corporation, won approval of its establishment on Oct 16, which is co-sponsored by Guotai Junan Securities Co. Ltd. and Allianz Germany. This event, of epoch-making significance in the development of China's securities industry, marks an important step taken by China in honoring its promises made for WTO membership.

The news was confirmed by Allianz. The group noted that the planned corporation, registered in Shanghai, has a registered capital of 100 million yuan, with Guotai Junan holding 67 percent shares and Allianz 33 percent. Its business scope covers the establishment and management of funds as well as other businesses permitted by the China Securities Regulatory Commission (CSRC). Now the preparatory work is being stepped up, so as to turn out the first fund-related product as soon as possible.

Allianz indicated that they chose to cooperate with Guotai Junan because they have full confidence in the prospects of the Chinese market, especially the securities market. Allianz will do its best to support the future joint venture fund management company in developing its business in China. Both sides will select outstanding talented people, give play to their respective superiority and use their newest ideas, best products and most standard management to best satisfy the investors' demand and promote the development of China's capital market.

Guotai Junan and Allianz have started cooperation and exchange since 1994 and have established close strategic partnership in this process. They have accumulated rich experiences in the management of capital and fund, indicating their ability to provide strong support for the company's future successful operation.

Guotai Junan is one of the securities companies with the largest capital and the best, comprehensive achievement in China. As a securities company developing asset management business earlier in China, Guotai Junan has always paid close attention and devoted great efforts to the development of funding business.

Established in Munich, Germany in 1890, Allianz is one of the financial service groups in the front ranks of the world, the scope of its business covers banking, capital/fund management, and insurance and investment consultation. The group has a high credit grade, and its stocks are listed in Frankfurt, London, Paris, Zurich and New York, it provides wide-ranging services for about 60 million clients in over 70 countries. Currently, Allianz manages assets worth over US$1 trillion. With respect to fund performance, Allianz has made enormous achievements over the years.

Besides Guoan Fund Management Corp., another three joint fund management ventures have gained the approval too. They are Huabao Fund Management Corp. co-sponsored by Huabao Trust Co. Ltd. and Societe Generale Asset Management (SGAM); Hai Futong Fund Management Corp. co-sponsored by Haitong Securities and Futong Group: and Merchants Fund Management Corp. co-sponsored by Merchants Securities and International Netherlands Group. (ING).

By PD Online Staff Zhu Lizhen

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