HSBC Bank China has rolled out an expanded qualified domestic institutional investor (QDII) offering, allowing mainland Chinese citizens to invest in overseas equity markets using renminbi (RMB) investment tools. The new offering, across eight cities in mainland China, will include three equity-focused funds: the HSBC Global Investment Funds Chinese Equity fund, the HSBC Global Themes Fund and the Global Allocation Fund. Last month the bank expanded the QDII scheme to include stocks and structured equity products in addition to the previously permitted fixed-income products. Based on their investment preferences and risk tolerance, mainland Chinese customers can use RMB to gain exposure to any or all of the three funds. The funds have different risk profiles and diversified investment portfolios covering Asian, European, US and global emerging market equities, as well as global bonds. The Chinese equity and global themes funds are managed by HSBC fund management subsidiaries Halbis and HSBC Investments, respectively, and the global allocation fund is managed by Merrill Lynch International Investment Funds. HSBC China’s new QDII offering will require a minimum investment in RMB equivalent of US$30,000. With no performance cap nor protection to the principal, the offering has an investment tenure of two years. With a flexible redemption mechanism, investors can request early redemption on a weekly basis starting from 3 August 2007, based on their own judgement of market conditions and funding needs. HSBC China will begin the new QDII offering in cities including Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Qingdao, Dalian and Xiamen between 11 June and 27 June 2007.
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