ING Groep NV, the biggest Dutch financial-services company, has applied for permission to invest in China's yuan-denominated, A-share market, the Dutch newspaper Het Financieele Dagblad reported.
The China Securities Regulatory Commission has already approved Citigroup Inc, UBS AG, Nomura Holdings Inc and Morgan Stanley as qualified foreign institutional investors, or QFIIs. The approval allows investors with at least US$10 billion in assets and at least US$50 million to spend, to buy A shares, convertible bonds, mutual funds and shares sold in initial public offerings.
(Shanghai Daily June 23, 2003)
