China's Guotai Junan Securities wins QDII license |
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Published
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Mon, 15 Oct 2007 07:57
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BEIJING (XFN-ASIA) - Shanghai-based Guotai Junan Securities Co Ltd said it has won regulatory approval to invest overseas under China's Qualified Domestic Institutional Investor (QDII) scheme.'We received the license last Friday, and our QDII products are still awaiting approval by the regulator,' Guotai Junan spokeswoman Jin Yi told XFN-Asia.CITIC Securities Co Ltd (SHA 600030) announced earlier today that had become the third brokerage firm to win a QDII license, joining China International Capital Corp (CICC) and China Merchants Securities.In July, the China Securities and Regulatory Commission issued new rules allowing brokerages and fund management companies to use client funds to invest in overseas fixed income, stocks and financial derivatives.About nine fund managers have since obtained QDII licenses, with three - China Southern Fund Management Co, China Asset Management Co and Harvest Fund Management Co - having issued QDII products, which all hit their subscription targets on the first day of sales.allen.shu@xfn.com-xfnals/xfnjanmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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