CITIC Securities to launch 1st industry fund next week

Dec. 10, 2009 (China Knowledge) - CITIC Securities Co<600030>, the largest listed brokerage in China, will launch its first industry fund, Mianyang Science & Technology City Industry Fund, next week, said Liu Lefei, Chairman and CEO of CITIC Securities' Industry Investment Fund Management Co.

The size of the planned fund will be RMB 9 billion, 50% more than the previous forecast of RMB 6 billion, according to Liu.

CITIC Securities' Industry Investment Fund Management Co will manage the fund.

The new fund will focus on investment in four sectors, finance, consumption, raw materials and machinery manufacturing. So far this year, the company has inked ten investment deals, with two more deals to be reached soon.

CITIC Securities' net profit climbed 6.66% year on year to RMB 6.29 billion in the first three quarters of this year, according to an earlier report from China Knowledge.