|
|
|
|
|
|
| Overwhelming response from secondary market |
HONG KONG, Aug 28, 2012 - (ACN Newswire) - CSOP Asset Management Limited ("CSOP" or "the Company") is pleased to announce that in an overwhelming response from the secondary market, its index fund product CSOP FTSE China A50 ETF (Stock code: 82822) recorded an total turnover of RMB 49.1 million on its first trading day on the Hong Kong Stock Exchange to become the second largest trading product among all A share ETFs for the day. The ETF opened at 7.21 RMB and closed at 7.24 RMB, being the first RQFII ETF so far to record a positive return on the first trading day.
The RMB 5 billion quota assigned to the CSOP FTSE China A50 ETF was swiftly sold out during the first day of offering to the primary market on 22 August 2012, thanks to the influx of orders from enthusiastic institutional investors. According to information disclosed by the Hong Kong Stock Exchange ("HKSE"), CSOP A50 ETF is the only product confirmed to have used up the manager's entire RQFII quota.
CSOP FTSE China A50 ETF tracks the FTSE China A50 index published by the FTSE Group, a prestigious global index provider widely recognized by international investors. The investment portfolio comprises of the 50 largest 'A' Share companies by market capitalization listed on Shenzhen and Shanghai Stock Exchanges in key sectors ranging from consumption, heath care, to banking and energy , offering an optimal balance between representativeness and tradability. The product is designed to attract investors with effective diversification, flexible earning potentials, stable dividend, as well as a transparent and precise tracking model.
Ms. Ding Chen, the Chief Executive Officer of CSOP, said "We are delighted to see the secondary market's warm endorsement for CSOP A-Share ETF, which is a strong testimony to market confidence in the quality and value of our product. Today also marks a solid step forward in CSOP's quest in leading the global investment community in opening up more flexible and diversified channels into China's capital market."
"Looking forward, China as a growth engine of the global economy will command an ever greater share of global financial activity; the internationalization of RMB is bound to unfold on a grander scale. Meanwhile, overseas investors are demanding ever more sustained, in-depth and all-around access to China's A share market. Being the international platform of China Southern Fund, CSOP has brought together an elite global team of professionals who are building a solid tracking record of our RQFII fixed income fund, dim sum bond fund, RQFII ETF and other offshore RMB products. We are fully prepared to take advantage of the upcoming investment tide with a diversified and innovative product portfolio."
* The above information provided should not be deemed as any investment opinions or any kind of recommendations.
** The price of an Investment Product may fall in value as rapidly as it may rise. Past performance of the investment product is not an indication of future performance. Where necessary, please seek professional advice.
About CSF
China Southern Fund ("CSF") was established in March 1998 and was one of first asset management companies established in onshore China. CSF has a total AUM of more than 148bn RMB* in mutual fund at the end of June 2012. CSF has a total AUM of more than 59bn RMB* in fixed income by the end of July 2012 as the leading fixed income asset manager in China and is renowned for its capability in passive investments: China Southern CSI 500 Index Fund has won "Golden Bull Award" for 2010 and 2011**.
About CSOP
CSOP Asset Management Limited ("CSOP") was founded in 2008 as the Hong Kong subsidiary of CSF. It is also the first offshore entity set up by a mainland Chinese asset management company. The total AUM of all the private and public funds together with all advisory business as of May 2012 is 1.01 billion USD***. Similar to CSF, CSOP is also dedicated to the development of fund products which are associated with China market performance and in favour of RMB's internationalization. In December 2011, CSOP obtained approval from the Securities and Futures Commission ("SFC") for its first public fund in Hong Kong - CSOP Shen Zhou Fund and the fund was launched in February 2012. CSOP Shen Zhou Fund was the first RQFII product of CSOP. In August 2012, CSOP obtained SFC's approval of the launch of a physical ETF, RMB index fund products CSOP FTSE China A50 ETF (stock code: 82822). CSOP FTSE China A50 ETF is denominated and traded in RMB on the Hong Kong Stock Exchange, with RQFII quota of RMB 5billion. CSOP has been managing its own funds, providing advisory services (i.e., QFII, QDII) and managing discretionary accounts for US hedge funds.
*Source: Wan De, in terms of AUM for mutual fund.
**Source: China Securities Journal
***Source: CSOP
Topic: New Product
Source: CSOP Asset Management Limited
Sectors: Daily Finance, Real Estate & REIT
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
