Qilu Securities Sells 11% Of China Fund Co To Shandong Government
SHANGHAI -(Dow Jones)- Chinese brokerage Qilu Securities Co. sold an 11% stake
in Wanjia Asset Management Co. to the State-Owned Assets Supervision and
Administration Commission of the Shandong provincial government, reducing its
holding in the local fund company to 49% from 60%, Wanjia Asset Management said
in a statement Wednesday.
The fund company didn't give a reason for the sale or the value of the deal.
China's securities rules mandate an investor is allowed to hold a maximum 49%
stake in a Chinese mutual fund company.
Chinese companies' investment in a mutual fund company can exceed 49% only if
the fund company is a joint venture with a foreign firm, according to China
Securities Regulatory Commission rules.
-By Joy C. Shaw, Dow Jones Newswires; (86-21) 6120-1200; joy.shaw@dowjones.com
(END) Dow Jones Newswires
08-26-090527ET
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