Insurance company Fidelidade will be the first Portuguese company to move into China’s capital market by investing in shares on the Shanghai and Shenzhen stock exchange, according to the market regulator.
Information published on the website of the Chinese Securities Regulatory Commission (CSRC) said Fidelidade was on a shortlist of foreign companies authorised to invest in financial centres in the country.
The list, with 290 companies, included major banks and global insurance companies, and from the Iberian Peninsula only Spanish bank Banco Bilbao Vizcaya Argentaria Bank was granted a similar license, according to Portuguese news agency Lusa.
Fidelidade, which was acquired last year by Chinese group Fosun, is now waiting to be allocated a quota by the State Administration of Foreign Exchange (SAFE), a process that takes about three months.
The programme whereby Fidelidade will invest is called “Qualified Foreign Institutional Investor”, was created in July 2003 and has 290 institutional investors and an overall allocated quota of US$78.8 billion.
The depositary bank will be the Industrial and Commercial of China (ICBC), which since August 2006 has had a representative office in Lisbon, Portugal. (macauhub/CN/ PT)