Fortis Investment Management and its partner Haitong Securities are pleased to announce the official receipt of their application to form a Sino-Foreign Fund Management company from the Chinese authorities on Friday 6 September 2002. Under the legislation, the Chinese Securities Regulatory Commission (CSRC) has a maximum of 60 days to review and respond.
For the first time, Chinese authorities last week confirmed receipt of applications of - just four - Sino-Foreign groups, among which FIM and Haitong. If the joint venture is accepted, FIM will initially own 33% and Haitong 67%, although both parties have agreed that this will become 50%:50% as soon as Chinese legislation allows.
FIM believes that the long term potential of the Chinese fund industry remains strong and at present is preparing with Haitong its entry into this market place where it is confident of building a leadership position.