Fidelity International announced on its official WeChat account that it had received approval from the authorities to launch its first fund to retail investors in mainland China.
The fund is an equity investment fund with a six-month lock-up period, according to the company.
Investors must hold the product for a minimum of half a year and cannot redeem or sell the fund during the lock-up period.
In December last year, Fidelity became the third global asset manager to get the nod to set up a mutual fund business in China after Blackrock and Neuberger Berman.
The approval for sale of the first fund came only a week after the firm announced that FIL Fund Management (China) Company commenced business.
Currently, Fidelity has three offices in mainland China: in Shanghai, Dalian and Beijing, with over 1,900 employees.
Speaking at the opening ceremony of the fund management company, Helen Huang, managing director, said: “Relying on Fidelity’s deep experience in investment, pension and ESG, we are committed to combining a global vision with our local capabilities to provide a wide range of investment and pension solutions to Chinese investors to help them to achieve long-term financial goals.”
