Swiss-based investment bank UBS Wednesday made its first deal on China's domestic stock market as the first qualified foreign institutional investor (QFII).
UBS said it bought four A-shares Wednesday morning including Baoshan Iron & Steel, Shanghai Port Container, Sinotrans Air and ZTE Corp.
UBS was approved as the first QFII by the China Securities Regulatory Commission (CSRC) on May 26 this year and granted a US$300 million investment line by the State Administration of Foreign Exchange (SAFE) on June 6.
"It is a great honor for UBS to be the first institution to invest in China's domestic securities market as QFII," said Rodney Ward, chairman of UBS Asia, adding that QFII was a progressive move to open the financial market.
"The response from clients has exceeded our expectations," said John Holland, head of UBS Asia Equities. "We have seen very positive interest from a broad range of investors from around the world."
The first deals mark a new start in UBS's business in China, and with the opening-up of China's domestic stock market, UBS expects to see a great increase in investment from foreign institutional investors, said Nicole Yuen, head of UBS China Equities.
Headquartered in Zurich and Basel in Switzerland, UBS has operations in over 50 countries and regions and major financial centers.
(Xinhua News Agency July 10, 2003)
