China will launch a new securities investment fund, the Tongsheng Securities Investment Fund, on the Shenzhen Stock Exchange November 1, said China Securities October 28.

The Tongsheng Fund will be offered to general investors and insurance firms. This is the first time China's insurance firms are allowed to invest in securities investment funds upon the recent approval of the Chinese State Council.

The Tongsheng Fund will be offering three billion units each at a face value of one yuan and sold at 1.01 yuan.

The fund is sponsored by the CITIC Securities Co., Ltd. and other companies, and will be run by the Changsheng Fund Management Company.

The sponsors will hold one percent of the fund, or 30 million units. Another 900 million units, or 30 percent, will be allocated to insurance firms, and the rest are for general investors.

According to the manager, the fund will mainly invest in growth and undervalued stocks.

Tongsheng is China's 20th securities investment fund. The total scale of China's securities investment fund has now reached 46.15 billion yuan. (Xinhua)