Tuesday, September 19, 2017

Fidelidade wins permit to invest in Chinese stocks

Portugal’s largest insurance company, Fidelidade, has become the first Portuguese firm authorized to invest in shares on the Shanghai and Shenzhen stock exchanges.

The Portuguese insurer has already received a quota of US$700 million to invest in the Chinese stock markets.

Fidelidade, which was acquired by Chinese group Fosun from Caixa Geral de Depositos, gets direct exposure to the Chinese stock market through the Qualified Foreign Institutional Investor programme.

The programme allows a small group of foreign firms to invest in A Shares that are denominated in the Chinese currency.

Fidelidade joins 294 companies that have received approval from the Chinese government,which includes major banks and global insurers from the US to Australia.

With the licence, Fidelidade can now offer customers the opportunity to invest in the Chinese stock market, invest on its own behalf, or lease pat of the quota to other Portuguese groups.

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