China Merchants Fund, E Fund Management win QDII licenses

China Merchants Fund Co Ltd, the country's first Sino-foreign fund joint venture, and E Fund Management Co Ltd said they have received regulatory approval to invest overseas under China's Qualified Domestic Institutional Investor (QDII) program.

China Merchants Fund, with registered capital of 160 mln yuan, was set up by China Merchants Bank, China Merchants Securities Co Ltd and ING Asset Management BV in 2002.

China Merchants Bank holds a 33.4 pct stake, China Merchants Securities and ING Asset Management hold 33.3 pct, respectively.

E Fund Management, with registered capital of 120 mln yuan, was set up by GF Securities Co Ltd and four other companies in 2001.

GF Securities holds a 25 pct stake in E Fund Management.

(1 usd = 7.3 yuan)