China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (163)	8/6/2003 12:49:39 PM
From: RealMuLan	Read Replies (1) of 6370

China approves Prudential-Everbright fund jv Wed August 6, 2003 06:07 AM ET HONG KONG, Aug 6 (Reuters) - Prudential Financial Inc PRU.N , the second-largest U.S. life insurer, said on Wednesday Chinese regulators approved the setting up of a joint venture fund management firm with local partner Everbright Securities Co Ltd. The new company, Everbright-Prumerica Fund Management Co Ltd, will be based in Shanghai and have a registered capital of 100 million yuan (US$12 million), it said in a statement. The joint venture will be one of only a handful of foreign-invested funds being set up in China. Beijing allowed the establishment of fund management joint ventures in July last year and granted approval in October to the first one, between Germany's Allianz AG ALVG.DE and Guotai Junan Securities. Everbright will initially own 67 percent of the joint venture and Prumerica Financial, the brand name used in China and selected markets outside the United States by Prudential, will own the remaining 33 percent, it said. (US$=8.28 yuan) reuters.com

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