(Reuters)
Updated: 2007-07-04 14:01

Credit Suisse's China asset management joint venture has won Chinese regulatory approval to launch a new stock fund, the Shanghai Securities News reported on Wednesday.

Unlike most other domestic open-ended mutual funds, the fund will be closed for subscription and redemption during the first year after its launch, China's second such "innovation fund" product, the newspaper said.

Officials at the Beijing-based venture, ICBC Credit Suisse Asset Management Co., Ltd., could not be reached for comment.

Last week, UBS SDIC Fund Management Co. Ltd., UBS's fund arm in the southern Chinese city of Shenzhen, won official approval to become the first fund house to launch such a product.

During the first year after launch, the ICBC Credit Suisse fund will be able to invest all of its proceeds in stocks, the Shanghai Securities News said.

ICBC Credit Suisse is expected to start selling the fund product soon via the domestic branch networks of the Industrial and Commercial Bank of China , Credit Suisse's joint venture partner, and China Construction Bank , the paper added.