China approves Eurizon Financial's China JV to issue stock

Penghua Fund Management Co Ltd, a joint venture of Eurizon Financial Group SpA, has received approval from the China Securities Regulatory Commission (CSRC) to issue a new stock fund in China.

The fund will mainly invest in listed firms involved in innovative ventures, said the company. The issue date was not revealed.

Eurizon Financial Group acquired 49% of the company last year, while Guosen Securities Co Ltd owns 50% of the company and Shenzhen Brillice Investment Co Ltd holds 1%.

Earlier in May, Penghua Fund Management Co., Ltd, won approval from CSRC to invest abroad under the Qualified Domestic Institutional Investor (QDII) Scheme.

Penghua Fund was founded in December 1998, with initial capital of RMB 80 million. Its registered capital has increased to RMB 150 million in 2001. The company is an investment services provider.