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CLSA to unveil yuan investment fund in 2010

By Zhou Yan (China Daily)
Updated: 2009-09-15 07:57

Hong Kong-based brokerage CLSA plans to launch the first yuan-denominated investment fund through its joint venture in the first quarter of next year, the company's China chairman Wu Changgen said yesterday. "We've been preparing the legal documents required to set up the 10-billion-yuan fund and have started capital-raising that we expect to finish within the first three months of 2010 for the private equity venture," Wu said.

CLSA said this August it would establish an asset management joint venture with the State-owned Shanghai Guoshen Group to launch a local currency denominated fund, following an earlier statement from buyout firm Blackstone, which planned to launch a 5-billion-yuan fund under its newly established China subsidiary.

The Asia-focused firm's fund will mainly invest into sectors of "clean and green", consumer goods, and heavy machinery, Wu said.

The Hong Kong-based brokerage also plans to start its A-share broking services early next year through its China joint venture China Euro Securities Ltd, which was granted the brokerage license by the securities regulator to run broking business in the Yangtze River delta region last June.

Related readings:  Yuan-denominated bonds future competitive, uncertain  HSBC offers retail yuan-denominated bonds in HK  CCB's yuan-denominated loans hit 708.5b yuan  Mainland fund assets set to top $1 trillion

CLSA's Chairman Jonathan Slone said it has been approached by foreign firms such as the world's largest iron ore producer Vale SA based in Brazil, General Electric and Colgate, to seek information on listings in China's international board, which is widely expected to be launched next year.

Firms including HSBC, Bank of East Asia, Coca-Cola Co, have also been reported to show interest in listing shares in Shanghai.

"We've been surprised by foreign firms' interest in Shanghai listings, and have received overwhelming demand from many big US firms," Slone said.

"Over the next three to five years, we expect to see further development in all of our three main businesses in China, including private equity, investment banking and brokerage," Wu said.