China Approves 15th Securities Investment Fund

BEIJING, August 16 (Xinhua) -- China's 15th securities investment fund, Tianyuan Fund, would be issued on the Shenzhen Stock Exchange Wednesday, Xinhua learned today.

The fund is being launched by the Nanfang Securities Co. Limited,the Eagle Securities Co. Limited and the Nanfang Fund Management Co. Limited, and would be managed by the Nanfang Fund Management Co.

According the fund manager's notice of public offering released today, Tianyuan Fund would offer a total of three billion units at a price of 1.01 yuan per unit.

It would mainly invest in index-related stocks on the Shanghai and Shenzhen bourses, which are leading in their own sectors and have good liquidity, capital multiplication potentials and stable dividends, the notice said.

The Chinese authorities have been taking a positive attitude towards securities investment funds since early last year, in a bid to foster more institutional investors and a stable and healthy stock market.