Mutual Funds Beat Deadline for RegularizationEight mutual funds Friday announced their merger plans, beating the deadline set by the Chinese securities regulators for the so-called "old funds" to transform into standard securities investment funds.According to plans approved by the China Securities Regulatory Commission (CSRC), the Nanfang fund and the Guangfa Investment Fund (second phase) will merge into a Kexiang Securities Investment Fund, with the Guangfa Securities Co., Ltd. as the sponsor and the Industrial and Commercial Bank of China (ICBC) as the custodian. The Guangzheng Investment Fund and the Huaxin Investment Fund will merge into a Kehui Securities Investment Fund, which will be sponsored by the Guangdong Securities Co., Ltd. and under the custody of the Bank of Communications. The Guangfa Investment Fund (first phase) and the Guangxin Investment Fund will merge into a Kexun Securities Investment Fund, with Guangfa Securities as the new sponsor and the Bank of Communications the new custodian. The three funds will be managed by a new fund management company approved by the CSRC. The Yinhai Investment Fund and the Jinxin Investment Fund will be merged into a Purun Securities Investment Fund, which will be managed by the Penghua Fund Management Company and under the custody of the ICBC. All the four new funds will be listed on the Shanghai or Shenzhen bourses, and would apply for equity expansion after their listings. |
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