Feb. 16 (Bloomberg) -- China approved two new stock funds that may raise as much as 19 billion yuan ($2.6 billion) following the end of a five-month freeze, Xinhua News Agency reported, citing the securities regulator.
Bank of China Investment Management Co. has won approval to offer a 12 billion yuan fund, the state-run news agency said late yesterday, citing ``sources close to the issue''. AXA SPDB Investment Managers received approval from the China Securities Regulatory Commission for a 7 billion yuan fund, it reported.
China's securities regulator suspended the approval of mutual funds starting in September amid efforts to cool the domestic stock market, where the benchmark CSI 300 Index more than doubled last year. The measure has dropped 10 percent this year.
The government on Feb. 4 allowed China Southern Fund Management Co. and CCB Principal Asset Management Co. to raise a combined 14 billion yuan in two new funds, ending the suspension.
By Zhang Dingmin, Bloomberg
Bank of China Investment Management Co. has won approval to offer a 12 billion yuan fund, the state-run news agency said late yesterday, citing ``sources close to the issue''. AXA SPDB Investment Managers received approval from the China Securities Regulatory Commission for a 7 billion yuan fund, it reported.
China's securities regulator suspended the approval of mutual funds starting in September amid efforts to cool the domestic stock market, where the benchmark CSI 300 Index more than doubled last year. The measure has dropped 10 percent this year.
The government on Feb. 4 allowed China Southern Fund Management Co. and CCB Principal Asset Management Co. to raise a combined 14 billion yuan in two new funds, ending the suspension.
By Zhang Dingmin, Bloomberg
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