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Saturday, March 25, 2000, updated at 10:38(GMT+8) Business
Four Investment Funds to Merge in ChinaFour investment funds in China--the Shaanxin fund, Nanjing Trust and Investment Fund, Tongxin fund and Changxin fund--would merge into a securities investment fund called the Xingke. The four funds are currently managed by the Shaanxi Trust and Investment Co., the Nanjing International Trust and Investment Co., the Nantong Trust and Investment Co. and the Changzhou Trust and Investment Co. The Xingke Securities Investment Fund will be managed by the China Fund Management Company and under the auspices of the Bank of Communications. The new fund would be listed on the Shanghai or Shenzhen Stock exchanges. The new fund may also raise its equity capital and maturity. The merger of the four funds is part of an ongoing drive by the Chinese government to transform more than 70 investment funds launched in early 1990s into officially recognized securities investment funds. A total of 14 investment funds have announced similar merger plans in the last few weeks. Printer-friendly Version
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