ICBC Credit Suisse Asset Management Co. can now invest in overseas projects after it received approval from the authorities.
Reports from Bloomberg say that the China Securities Regulatory Commission has granted the equity fund approval to invest overseas under China’s qualified domestic institutional investor, also known as the QDII, program.
The Beijing based company will mainly invest in Chinese stocks in Hong Kong but will also look at overseas-listed companies that can benefit from China’s economic growth. China wants to increase the outflow of foreign currency in a bid to ease the pressure on the yuan’s appreciation.
Hong Kong’s stocks are attractive to domestic investors after it became Asia’s most expensive market following the doubling of the nation’s benchmark CSI 300 Index this year.
Industrial & Commercial Bank of China Ltd. controls 55% of ICBC Credit Suisse Asset Management and is China’s largest bank. Credit Suisse Group owns a 25% stake.