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KUALA LUMPUR, June 2 (Bernama) – AmInvest has introduced its New China Sectors Index Fund that will enable investors to ride on the potential growth of the flourishing consumer and consumer-related sectors in China.
It said the fund, launched in view of China’s rising local purchasing power, will feed into the Industrial and Commercial Bank of China (ICBC) and CSOP Asset Management Limited (CSOP) S&P New China Sectors exchange traded fund (ETF) (target fund), which tracks the performance of S&P New China Sectors (A-shares Capped) Index.
AmInvestment Bank chief executive officer Tracy Chen Wee Keng said the fund is timely as it is positioned to capture the potential new growth sectors of China whose economy has been transitioning from an investment-led to consumption-led growth model.
“While China’s traditional sectors such as energy, materials and industrials have shown signs of a slowdown in growth, new sectors such as consumer, communications, healthcare and technology are driven by the continued growth of consumer demand,” she said.
Meanwhile, AmFunds Management Bhd chief executive Goh Wee Peng said demographics and consumer trends will continue to shape China’s consumer landscape for the next decade of growth.
“AmInvest is excited to again partner with CSOP, which is one of the largest and most active ETF issuers in Hong Kong,” she said.
AmInvest said China’s annual growth rate of disposable income per capita, driven primarily by the rise of the middle class, has exceeded eight per cent.
It noted that Singles’ Day, the world’s biggest online shopping event in November last year, garnered an outstanding total spending of 965.1 billion yuan (about RM629.4 billion) despite the slowdown in China.
“The shifting patterns of consumer spending in China’s ageing society have also supported demand-driven sectors such as insurance, medical care and fitness,” it said.
The fund’s base currency is the Hong Kong dollar. It is being offered for subscription to sophisticated investors in Hong Kong dollar and ringgit and in ringgit-hedged classes at an initial offer price of HK$1 and RM1 per unit, respectively, during the initial offer period which ends on June 20, 2022.
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