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With years of experience in operating the index products, Hang Seng Bank does have advantages in this area. Once the regulators of China's Mainland promulgate detailed rules on the listing of foreign ETF, the Hong Kong-based lender is to enter the Mainland market either with its existing products or newly designed products, said Margaret Leung, vice chairman and CEO of Hang Seng Bank.
And, Hang Seng Bank is expected to enter the insurance, securities, and wealth management markets in China's Mainland via setting up joint ventures. In the first half of this year, the Mainland market contributed 11.7% to the total operating revenues of the bank and the proportion is expected to reach 15% in the not long distant future.
Hang Seng Bank is to focus on the Pearl River Delta area, the Yangtze River Delta area and Bohai Sea Rim region. By the end of this August, the bank will have 35 branches in China's Mainland and the figure is expected to reach 50 ones in the coming three years.
In January through July this year, the fund collection by new funds reached CNY 186.3 billion, thus exceeding the figure in the whole year of 2008.
Ever since this year, Shanghai Composite Index rose 87.39% by July 31; Shenzhen Component Index rose 110.78%; and Shanghai-Shenzhen 300 Index, which tracks 300 most reprehensive stocks on the Shanghai Stock Exchange and Shenzhen Stock Exchange, rose 105.45%. This was a driving force for the issuance of new funds in the first seven months of this year.
In the seven months ended July 31, 2009, up to 75 new funds have been sold, with the fundraising of CNY 2.5 billion for each fund on average. Among the 75 new funds issued in the first seven months of this year, 44 were stock-oriented funds, with the fundraising of CNY 132.6 billion, accounting for 71.15% of the total; 28 were bond funds, with the fundraising size of CNY 42.62 billion; two were money market fund, the fundraising of which was CNY 6.17 billion.
Remarkably, the combined fundraising by five index funds out of the 44 stock-oriented funds reached CNY 41 billion in total, with each raising CNY 8.2 billion on average.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (August 11, 2009)
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