Fidelidade wins permit to invest in Chinese stocksJanuary 25 2016 by InsuranceAsia News Staff
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.
- March 19
The Japanese company is looking to help meet UN Sustainable Development Goals.
- March 14
The Swiss insurer has been monitoring its green investments with BlackRock.
- February 11
Build-up of assets shows the importance of insurance to a slowing economy.
- February 8
High levels of volatility, as seen at the end of last year, would mean more bad news for insurers’ investment books.