Chinese asset manager Harvest Fund Management is reportedly planning to unveil a fund focused on giving Chinese investors access to shares in Alibaba Group’s initial public offering (IPO) on the New York Stock Exchange.
Dubbed as Harvest Opportunities Target Fund 1, the new fund will provide mainland Chinese a new channel to investing in overseas stocks, The Wall Street Journal has reported.
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Harvest Capital Management co-CEO Lindsay Wright told The Wall Street Journal that Harvest’s Alibaba-focused fund is one of several funds that the firm is launching under a pilot program allowing Chinese investors to invest in stocks and other assets abroad that was started earlier this year by China’s stock regulator.
Harvest is the only fund manager to participate in the pilot program championed by the China Securities Regulatory Commission so far, Wright told the news agency.
Currently, the investors’ uses a quota system allotted to fund managers known as the Qualified Domestic Institutional Investor Program for their investment; a senior Harvest official told the publication.
A person familiar with the matter told the news agency that the fund is anticipated to raise more than US$100million.
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By GlobalDataAlibaba’s initial public offering, which is scheduled to launch during the first half of August, is likely to cross US$20billion mark.
