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New Securities Investment Fund to Go Public
A new securities investment fund called Yuze will be listed on the Shenzhen Stock Exchange as of May 17, bringing the number of such funds in China to 25, with a total issuance value of nearly 53 billion yuan (US$6.4 billion).
According to the fund manager's news release, Yuze was created from the former Shenzhen Bandao Investment Fund, launched in 1994 by the Ping An Insurance Company and others.
The new fund is jointly offered by the Communications Securities Co. and the Boshi Fund Management Company, and being managed by the latter. It is under custody of the Industrial and Commercial Bank of China.
The fund has a total of 200 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 2010.
Like the 23 funds already listed in Shenzhen and Shanghai, Yuze is a unit-trust and closed-end fund.
The 24th securities investment fund, Tongzhi, is expected to be listed on the Shenzhen stock markets on May 15.
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