BIZCHINA / Top Biz News |
Harvest stock QDII fund stirs up investorsBy Hao Zhou (chinadaily.com.cn)
Updated: 2007-10-10 14:12 Subscriptions for Harvest Fund Management Co Ltd's stock-oriented fund overseas China totaled 70 billion yuan (US$9.3 billion) when it went public yesterday, according to today's Shanghai Securities News.
However, having experience an explosive subscription demand, the company decided to call an end to the initial offerings ahead of schedule, on October 9, according to Harvest's official announcement. Meanwhile, subscribers will be allocated approximately 42 percent of their subscription at the ending date, in compliance with the ratio between offering quota and subscription volume, the Shanghai Securities News predicted. The proportion of confirmed subscriptions will be publicized when the fund contract enters into force. The unconfirmed subscription money will be returned to investors. On September 12, subscriptions for the pilot stock-oriented QDII fund managed by Southern Fund accounted 4.9 billion yuan. Immediately following, Huaxia's QDII fund brought the record to 6.3 billion yuan on September 27. This time, Harvest's 70 billion yuan proved that the quota of 30 billion yuan had significantly underestimated the investors’ enthusiasm over QDII funds. The newspaper attributed the sizzling QDII funds to the absence of new A-Share funds in nearly one month, as well as to investor expectations of high returns from overseas stock markets and their trust in fund companies managing QDII funds.
|
|