GUANGZHOU (Fund China) - China Merchants Fund Management Co., announced in Thursday, the company has got the QDII qualification from the China Securities Regulatory Commission, which allow the company to develop overseas securities investment management business.

China Merchants Fund was established in 2002, the first Sino-foreign joint venture fund management company approved by the China Securities Regulatory Commission.

According to the company’s Web site, China Merchants Bank Co., holds 33.4 percent stocks of the company, China Merchants Securities Co., and ING Asset Management halve the rest.

The company’s registered capital is 160 million yuan, the management assets are about 53.7 billion yuan to the end of 2007.

China Merchants Fund has not disclosed the amount of overseas investment that were allowed. Reporter could not immediately contacted to the company’s executives to comment on this.

In Thursday, “Shanghai Securities News” reported that E-Fund Management Co., also got the QDII qualification, but reportor also failed to immediately contact the man of E-Fund Management to confirm this report.

The plan of QDII was launched in 2006, it allow Chinese domestic banks, fund companies and insurance companies engaged in overseas securities investment business restrainedly, and it is regarded as a important way for China to control domestic liquidity surplus through money’s outflow.

Copyright Fund China 2008.

You Might Like: