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Seven Investment Funds in China to Merge
China Securities Regulatory Commission (CSRC) has approved the merger of four mutual funds, namely, Gannong, Venus, Seagull and Zhuxin, into a new securities investment fund named Xingye.
The merger has also been approved by the funds' shareholders, according to separate announcements by the funds here today.
Xingye fund would be managed by the China Fund Management Company and under the custody of the Agricultural Bank of China.
Also with approval from the CSRC, the Daqing, Beijiang and Xinglong investment funds would be merged into Longyuan securities investment fund, once the move is agreed by their shareholders.
Longyuan fund would be managed by the Nanfang Fund Management Company and under the custody of the Industrial and Commercial Bank of China.
Both Xingye and Longyuan funds would be listed on one of the two stock exchanges in China and would apply for equity expansion at a proper time.
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