First China Corporate Bond UCITS Fund Launched in China by Ping An and Queensland Investment Corporation
(Hong Kong, Shanghai, 23 September 2019) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 2318; SSE: 601318) is pleased to announce that Ping An Asset Management Co., Ltd. (PAAMC) has jointly launched the QIC-Ping An China Corporate Bond Fund with Queensland Investment Corporation (QIC). This is the first Undertakings for Collective Investment in Transferable Securities (UCITS) fund approved by the Central Bank of Ireland to focus on Chinese corporate bonds.
Jackie Trad, Queensland Deputy Premier and Treasurer and Damien Frawley, Chief Executive Officer of QIC, joined Alex Ren, Ping An Group President and Jack Wan, Chairman of PAAMC, at the launch ceremony.
The product is issued offshore and denominated in renminbi (RMB). Its performance benchmark is the FTSE Chinese (Onshore CNY) Broad Bond Index—Interbank, China, Corporate. Its investment objective is to provide investors with returns in excess of the performance benchmark. For offshore institutions that need to hold Chinese onshore bonds and offshore Chinese institutions that hope to increase yields on offshore funds, the fund provides opportunities to invest in China’s bond market with convenience, efficiency and controllable risks.
Committed to creating strong returns for investors, the fund follows a global fixed-income and currency management strategy, aims to increase incomes through offshore opportunistic investments, and conducts effective risk hedging through cross-market investments.
Mr. Ren, President of Ping An Group said, “The issuance of the fund provides a bridge for investment cooperation between Chinese and foreign capital markets. Ping An will strengthen international cooperation and mutual recognition, and continue to create value and return for our clients.”
Mr. Wan, Chairman of PAAMC said, “We feel greatly honored to partner with QIC on the first UCITS fund focused on Chinese corporate bonds to be launched in China. It will provide global investors with access to China’s bond market, increase the influence of Chinese bonds, and promote the internationalization of RMB. We are happy to see such interactions. We hope to work more closely with QIC to launch more products and services that meet customer demands.”
Mr. Frawley, Chief Executive Officer of QIC, added, “The fund is a milestone as Australia's first UCITS fund investing in Chinese corporate bonds. China’s fast-growing bond market is very attractive to foreign investors. By partnering with Ping An, we hope to get closer to the Chinese market and help investors learn more about China.”
NOTE TO EDITOR
Undertakings for Collective Investment in Transferable Securities (UCITS)
UCITS established in Ireland are authorized under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”). The UCITS Regulations, which transpose Council Directive 2009/65/EC, Commission Directive 2010/43/EC and Commission Directive 2010/44/EC into Irish law, have been in effect since 1 July 2011.
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