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HK's Asset Manager Optimistic About Economic Growth in Asia
An economic growth can still be identified throughout Asia, despite the US economic slowdown, said Peter Wong, managing director of the Tai Fook Securities Group Limited of Hong Kong, Wednesday.
In Asia, especially China, further deregulation, globalization and advancement in technology is opening up tremendous new business opportunities, said Wong at a press conference on the launch of Tai Fook Growth Enterprise Fund.
As Tai Fook's first public fund authorized by the Securities and Futures Commission (SFC) of Hong Kong, the Tai Fook Growth Enterprise Fund will make investment in high quality growth stocks, primarily listed on the GEM Board and Main Board of the Stock Exchange of Hong Kong.
The introduction period for the Tai Fook Growth Enterprise Fund is scheduled on March 19-28 and the launch date will be March 29, 2001.
Wong said that although this is a time of come uncertainty, it is also a time of great opportunity, particular in Asia.
According to Andrew Sheng, chairman of the SFC, Asian funds yielded higher returns than their counterparts in Europe and America in 2000, despite the slowing U.S. economy in the third and fourth quarters, Wong said, adding that China's entry into the WTO is expected to further open up this vast new financial market.
Elsewhere in Asia, although many IT companies have been affected in terms of market valuation, quality counters are nevertheless expecting sustained earnings growth, he noted.
Wong said the Tai Fook Growth Enterprise Fund will have an investment inclination towards China's growth enterprises that have the potential to emerge as world-class corporations, as well as selective Asian companies that offer fabulous investment opportunities given their leading role in their respective sectors.
"Such companies are likely to be the first beneficiaries once the global economy recovers," he added.
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