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| RMB 7 billion-worth of Quota All Sold Out; Turnover Hit RMB 100 million for Days |
HONG KONG, Oct 26, 2012 - (ACN Newswire) - CSOP Asset Management, the Hong Kong subsidiary of China Southern Fund, announced it has sold out the second batch of RMB 2 billion-worth of quota for CSOP FTSE A50 ETF (Stock Code: 82822.hk), its RQFII A-Share Exchange Traded Fund product.
CSOP was granted a total of RMB 7 billion for CSOP FTSE A50 ETF in two batches. The first batch of RMB 5 billion was swiftly sold out in two days upon its offering to enthusiastic market reception. Robust investors' reaction to the second batch testifies again to the product's recognition among core investment constituencies.
As China's equity market picks up its momentum entering the fourth quarter of 2012, CSOP FTSE A50, which tracks the FTSE A50 China Index, has seen marked rise in its turnover which puts it way ahead of other RMB-denominated A-share ETFs under the Renminbi Qualified Institutional Investors (RQFII) program. CSOP ETF's turnover hit the RMB 100 million mark between October 18th and 24th, and on days such as October 22, it accounted for over 50% of the total turnover of the four RQFII ETFs at RMB 107 million. CSOP FTSE A50 ETF is also trading at a growing premium over its unit NAV at 1.38%, while the growth of premium rate is further escalated in recent days, indicating that the market demand remains strong for the ETF product.
Ding Chen, CEO of CSOP Asset Management, said, "As the only gateway to A-shares investment in Hong Kong, RQFII A-Share ETFs enjoy increasingly active trading thanks in part to the renewed strengthening of the Yuan and China's economic revitalization. We believe the leadership of CSOP FTSE A50 ETF in market reception and trading volume is a testimony to investors' affirmation of its multiple advantages in index quality, tracking errors, and cost of investment. We are encouraged by the market's interest in the depth and breadth of the A-share market. In orchestration with our fixed income and other products, CSOP is exploring the possibility of adding a RMB-HKD dual-currency dimension to this A-share ETF, to offer investors more flexible options in tapping the enormous China opportunities."
* 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. Investment involves certain risks, so please refer to the prospectus and product summaries for further details.
About CSOP
CSOP Asset Management Limited ("CSOP") is one of the first offshore entities set up by a local Chinese asset management company. Its parent company, China Southern Asset Management Co., Ltd. ("CSAM"), is also one of the first asset management companies established in onshore China*. CSOP was founded in 2008 as the Hong Kong subsidiary of CSAM. It is also the first offshore entity set up by a mainland Chinese asset management company. CSOP is licensed by SFC to carry on Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities under Part V of the Securities and Futures Ordinance. CSOP has been managing its own funds, providing advisory services (i.e., QFII, QDII, etc.) and managing discretionary accounts for US hedge funds. CSOP launched CSOP Shen Zhou RMB Fund in Hong Kong in February 2012. This is CSOP's first RQFII fund product, as well as our first public fund product. CSOP FTSE China A50 ETF was listed on The Stock Exchange of Hong Kong Limited in August 2012. This is CSOP's second RQFII fund product. In terms of AUM, CSOP is the largest RQFII asset manager**. As of 30 September 2012, CSOP's total AUM (including advisory business, discretionary accounts and funds) is USD 1.95 billion***.
About CSAM
As of June 2012, CSAM has a total AUM of more than 148 billion RMB in mutual fund****. CSAM has a total AUM of more than 59 billion RMB in fixed income by the end of July 2012 as the leading fixed income asset manager in China. CSAM also ranks the first in terms of the overall strength in the "Chinese Asset Management Overall Strength Quantitative Assessment report" released by Morningstar (China) in the second quarter of 2012.
*CSOP was founded in 2008; CSAM was founded in March, 1998.
**Source: Bloomberg, as of 25 October 2012
***Source: CSOP
****Source: Wan De, in terms of AUM for mutual fund.
Topic: Press release summary
Source: CSOP Asset Management Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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