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UBS AG has filled its initial US$ 300 million quota under China's new scheme allowing foreign companies to invert in its A-share market within three months.
"Most quota is client's funds, and we have seen a strong demand that has used up the US$ 300 million quota," said Yuan Shuqin, head of UBS's China equities.
Yuan said the clients have seized the opportunity of direct investment in China's securities market.
"Investors favored companies with sound and transparent management, clear strategies, sustainable earnings and justifiable stock prices."
UBS was the first overseas financial institution approved to invest in China's market through the Qualified Foreign Institutional Investor (QFII) scheme.
The China Securities Regulatory Commission (CSRC), the market supervisory body, has allowed nine foreign institutions under the QFII scheme with a total investment quota of US$875 million.
(Xinhua News Agency October 17,2003)
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