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 (1550)	11/18/2003 11:53:03 PM
From: RealMuLan	Read Replies (1) of 6370

How China holds back the flow of foreign capital By Rosie Murray-West, City Correspondent (Filed: 19/11/2003) Chinese flotations are traditionally priced at the lower end of expectations to produce a strong start on the first day's trading. It is very difficult for UK retail investors to take advantage of rises like the 44pc increase in the China Yangtze Power Corporation yesterday. This is because the stock is listed in Shanghai as "A shares", meaning that in most circumstances they can only be bought by Chinese nationals. The Chinese government is protective of the $500 billion A-share market, where many partially state-owned enterprises are listed. Some foreign banks have been allowed to invest under a scheme called the Qualified Foreign Institutional Investor programme (QFII). UBS and Nomura were first to qualify, and it has allowed some UK funds to have exposure. The banks are limited in the amount they can invest. The Martin Currie A-Share fund uses part of a $300m quota allocated to UBS Warburg under the QFII scheme, but only has investors who have put up at least $100,000. "This is a risky market, not a market for small investors," a spokesman said. money.telegraph.co.uk

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