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China Approves Listing of 24th Securities Investment Fund
A new securities investment fund called Tongzhi will be listed on the Shenzhen Stock Exchange as of May 15, bringing the number of such funds in China to 24, with a total face value of nearly 51 billion yuan.
According to the fund manager's news release Wednesday, Tongzhi is a merger of six investment funds in Hebei, Jiangxi, and Hubei provinces and the city of Tianjin.
The fund is jointly offered by the Changjiang Securities Co., the CITIC Securities Co. and others, and is managed by the Changsheng Fund Management Co. under the custody of the Bank of China.
The fund has a total of 268 million units, each with a face value of one yuan.
Upon its listing, the fund will be expanded to 500 million units, while its life will be prolonged by five years to the year 2007.
Like the other 23 funds already listed, Tongzhi is a unit-trust and closed-end fund.
According to its manager, the fund will mainly invest in listed firms with high growth prospects.
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