ING Investment Management Asia/Pacific (ING IM) announced on Monday that its China Access Fund has received overwhelming response from institutional and retail investors in Asia and the Middle East, following the successful close of its initial public offering (IPO).

The fund has beaten expectations and raised more than 100 million U.S. dollars in three weeks and it still has been receiving subscriptions,” said Chris Ryan, CEO of ING IM.

“It is encouraging to see a strong response from a very broad investor base. This clearly demonstrates that they share our long-term investment philosophy and strategy in China,” Ryan said.

A recent ING survey report revealed that 71 percent of the interviewees on the Chinese mainland believed their home economies would improve over the next three months.

This fund targets select Chinese companies not listed on the domestic A-share markets, well-established global companies which derive significant amount of revenue from China and good quality China IPOs listed on international markets.

“We expect the fund is on track to meet our initial fund raising target of 250 million U.S. dollars in 12 months,” added Ryan.

ING IM said the fund was managed by an experienced regional investment team, and was supported by the Shenzhen-based investment professionals in China Merchants Fund Management Co., Ltd., ING’s joint venture in China and the first Sino-foreign joint venture that was granted an operating license.

Source: Xinhua

Copyright Fund China 2008.

You Might Like: