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European Leading Fund Manager CGNU Raises Investment in China's B Share Market
CGNU, the largest British insurance company and a leading fund manager in Europe, has expanded its China Index Fund that invests in China's B share market.
Bob Scott, the Group Chief Executive, said here today that the fund has successfully issued 40 million US dollars of new shares to investors in July this year.
CGNU's China Index Fund was launched on December 30, 1997 to provide investors with an efficient way to gain exposure to the growth in China through the B share market reserved for foreign investors.
It holds 90 of the 112 shares in the CLSA China B Index and its investment objective is to be fully invested at all times and to track as closely as practicable the CLSA China B Index.
Scott announced that the net asset value of the fund rose 26.5 percent from 8.52 dollars to 10.78 dollars in the last 12 months between October 1, 1999 and September 30, 2000.
As at September 30, 2000, the market value of the fund was 46.67 million dollars, he said.
He attributed the fund's success to the rally in the B share market since May this year and noted that better than expected interim earnings results of listed Chinese companies have given more confidence about the fundamental growth prospects of the listed companies.
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