BSX Announces the Listing of The China Heartland Fund Limited - (Update 1)
Hamilton, 12 August 1997 (Original Release dated 30 July 1997)
The Listing Committee of The BSX is pleased to announce that it has approved the listing of up to 7,000,000 shares of The China Heartland Fund Limited ("Fund") on The BSX.
Incorporated in Bermuda as a closed-ended company, shareholders will have the opportunity to vote to convert the Fund to an open-ended company at a special general meeting to be held in July 1998. The China Heartland Fund's principal investment objective is long term capital appreciation through investment in companies established or operating in the PRC. Particular emphasis will be given to obtaining returns in respect of Chinese companies operating principally outside Shanghai, Shenzen and Hong Kong, in the hinterland of China. The Fund will also invest in China H, B and N shares and equity-related Chinese enterprises, established or listed outside of the PRC which derive the majority of their revenues from activities in the PRC. A Private Placing with institutional investors has raised net subscriptions of US $37,265,400.
Following the signing of a joint venture with China Securities Corporation, China's second largest securities broker, Edinburgh-based Martin Currie Investment Management Limited. ("MCIM") has become the first western investment company to establish a network of research offices in China.
MCIM and China Securities Corporation jointly own a new company - Heartland Investment Consulting Co. Ltd. based in Shanghai that will provide research into investment opportunities in China's hinterland through a network of regional offices. These will be in the cities of Shenyang, Beijing, Wuhan, Chongquin and Shenzen.
Founded in 1881, Martin Currie is one of Scotland's leading independent investment management groups with some US $ 9.85 billion under management. Its legal advisers on this occasion were Linklaters & Paines
Greg Wojciechowski, COO of The BSX stated " We are extremely pleased that a market leader like Martin Currie has chosen to list this innovative fund in Bermuda on The BSX. "
" I am delighted that we have brought this innovative project to such a successful conclusion", commented Martin Currie Chief Executive Joe Scott Plummer, "and broken exciting new ground. China is an economy of enormous potential, and her stockmarkets offer rich promise. Meanwhile, this joint venture demonstrates once again the enterprise and initiative that have long characterised Scotland's financial community as a whole. For us, it enhances our reputation in emerging markets and builds our business. I am confident that our new joint venture will help us meet our overall aim - consistent long term and superior returns for the clients whose money we manage."
The listing of the Fund was sponsored by BCB Securities Ltd., a subsidiary of Bermuda Commercial Bank located in Hamilton, Bermuda.
Fund information, including the latest NAV, is available on the Bloomberg system under the ticker MARCHII.BH
For further information on The China Heartland Fund Limited please contact James Dawnay at MCIM on 44-131-229-5252.
For additional information on The BSX, please call Greg Wojciechowski, 441-292-7212 or visit www.bsx.com.