Banks in China have commenced the sale of investment funds tied to the performance of the recently launched Beijing Stock Exchange.
An initial group of eight Beijing Stock Exchange funds commenced sale via selected Chinese banks on 19 November, according to a report from the state-owned Securities Daily.
The Huaxia (华夏), Guangfa (广发), Huitianfu (汇添富), Yifangda (易方达), Nanfang (南方), Jiashi (嘉实), Dacheng (大成) and Wanjia (万家) mutual funds reportedly have a total investment amount of 4 billion yuan.
The move came hot on the heels of the official opening of the Beijing Stock Exchange on 15 November.
Xu Ming (徐明), chairmen of the Beijing Stock Exchange, said at its opening ceremony that its goal is the “creation of a main front to service innovative small and medium-sized enterprises,” as well as the “expansion of market scope, excavation of market depth, introduction of diversified funds, and development of an excellent operating environment for SME’s.”
According to state-owned media reports from the end of October a total of 68 companies from the country’s over-the-counter New Third Board will make their debut as listed companies on the Beijing Stock Exchange once trading officially commences.