China's first Western-style mutual fund launch was an instant hit September 11, 2001 with domestic investors, who snapped up nearly all its three billion yuan (about HK$2.81 billion) retail subscription allocation, half in the first two hours. - China's first Western-style mutual fund launch was an instant hit September 11, 2001 with domestic investors, who snapped up nearly all its three billion yuan (about HK$2.81 billion) retail subscription allocation, half in the first two hours.
- Ignoring rainstorms, risk warnings and 15-month lows in the markets, investors flocked to 139 Bank of Communications outlets in 13 mainland cities to apply for units in the open-ended Huaan Innovation Fund.
- The remaining two billion yuan of the five billion yuan fund is to be sold to institutional investors.
China Southern Fund Management is another mainland open-ended funds. China Asset Management signed a technical co-operation agreement last year with British fund-management firm Schroders for assistance in launching the third open-ended fund. - China Southern Fund Management is another mainland open-ended funds. China Asset Management signed a technical co-operation agreement last year with British fund-management firm Schroders for assistance in launching the third open-ended fund.
- Mainland investors' choices were limited to closed-end funds offered by 14 fund management companies and managing assets worth 70 billion yuan as of late July, 2001.
- The foreign-funded firms may allow to issue stocks but must retain a minimum stake of 10%. It might lose their preferential treatments such as tax benefits if foreign holdings were diluted below 25%
- Unilever, The Bank of East Asia, HSBC Holdings, insurer American International Group, French Alcatel (French telecommunications equipment maker) and Eastman Kodak also have an interest such plans
Trade Finance in China - Cash in advance
- open account
- L/C -- procedure and documentation Bank of China requires its bills officers to comply directly to international code
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