Shenzhen-based China Southern Fund Management announced plans on September 3 to launch a fund that will invest exclusively in overseas stocks, Reuters reported. It is set to be the first Qualified Domestic Institutional Investor (QDII) stock fund set up by a Chinese fund house. It will be allowed to invest all its funds in stocks, unlike existing QDII products offered by commercial banks, who can only invest 50% of assets in stocks. China Southern has applied for a US$1.99 billion quota for the fund. The launch will take place on September 12 and subscriptions will close on September 28. Ding Cheng, director of the fund's international department, said it will invest in both developed markets like the US and Europe and high-growth emerging markets such as Korea and Brazil, China Business Times reported (in Chinese). Four other firms are planning their own QDII funds, including China Asset Management and JPMorgan's China fund venture.
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