Fund companies began gap between rich and poor widening
By Jia Baoli
CITIC Securities has announced the first half of 2007 reportedly revealed that the holding company China Asset Management Co. Ltd.. During the reporting period, the company’s net profit contribution to 242.07 million yuan.
Data show that as of June 30, 2007, China Asset Management Co. Ltd. Management has total assets of 1301.4985 billion yuan and ranked 57 companies in the first fund, and CITIC Securities report at the end of the stake holders ChinaAMC ratio of 60.725%, according to calculations , the domestic asset management is the largest fund companies first half net profit reached 398 million yuan.
ChinaAMC Fund and the tremendous contribution compared CITIC Securities under the other a wholly-owned holding company CITIC Fund fund’s performance relative favorably. Reportedly the first half, CITIC Fund realized in the first half of the net profit of 18.76 million yuan, with the difference almost 12 times. This, of course, the scale of the asset management due to the huge gap. Data show that as of the end of the period, CITIC Fund Management for the asset size of 15.1669 billion yuan.
It is noteworthy that in some companies of net profit substantial growth, while individual fund companies still in losses. According to the first half of the information reported, the investment Yimin Fund first half loss of 1.6826 million yuan; Guangzhou Securities Investment of the Golden Eagle Fund loss for the first half of 2.25 million yuan. This is mainly due to the smaller size of the management company is still in the capital caused by consumption period.
Overall, the shares of investment funds rate of return is still very attractive. CITIC Securities said in its annual report, as at end of the reporting period, the company has respectively to Beijing securities, Southwest Securities and China Technology Securities paid ChinaAMC Fund equity transfer, the question of this part of the shares and the approval of the SFC business completing transfer procedures, CITIC Securities will hold 100% ChinaAMC Fund equity. The report, the company worked to achieve full equity of ChinaAMC Fund the price paid cumulative total of 9.0048 billion yuan. And ChinaAMC Fund the six-month net profit reached 398 million yuan, which is only one part of investment over a year can be fully recovered.
Copyright Fund China 2008.
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