China grants Kuwait top investment quota
Kuwait’s sovereign wealth fund Kuwait Investment Authority (KIA) has been awarded a $1.2 billion quota for direct investments into the Chinese securities market.
The Chinese regulator awarded Kuwait an additional $700 million quota on top of $300 million awarded in March 2012, state news agency Kuna reported on January 20. Kuwait said last year it was seeking a maximum quota of $1 billion.
The quota is the highest to be granted by China to foreign investment entities. Kuwait’s sovereign wealth fund is one of only six such funds that have been granted the $1 billion quota. The other five institutions are Qatar Holding, Hong Kong Monetary Authority, Norway’s Norges Bank, Government of Singapore Investment Corporation and Singapore-based Temasek Fullerton.
Under new regulation issued by China’s securities regulator in late December 2012, only sovereign wealth funds are entitled to receive a quota above $1 billion. The quota allows the fund to buy yuan-denominated stocks and bonds.
KIA, which manages Kuwait’s oil generated-assets, said in October 2012 that the fund’s overall investment in Greater China including Hong Kong has grown nearly eight times to $15 billion since its entry into the Hong Kong market in 2000, with setting its sights on hitting $20 billion this year. For mainland China alone, the figure has jumped to $8 billion from zero in the past six years.
Across Asia, KIA has so far participated as a cornerstone investor in Industrial and Commercial Bank of China, Agricultural Bank of China, AIA, CITIC Securities and the region’s biggest hospital operator, IHH Healthcare of Malaysia.
Kuwait's sovereign wealth fund Kuwait Investment Authority (KIA) has been awarded a $1.2 billion quota for direct investments into the Chinese securities market. The Chinese regulator awarded Kuwait an additional $700 million quota on top of $300 million awarded in March 2012, state news agency Kuna reported on January 20. Kuwait said last year it was seeking a maximum quota of $1 billion. The quota is the highest to be granted by China to foreign investment entities. Kuwait's sovereign wealth fund is one of only six such funds that have been granted the $1 billion quota. The other five institutions...
Kuwait’s sovereign wealth fund Kuwait Investment Authority (KIA) has been awarded a $1.2 billion quota for direct investments into the Chinese securities market.
The Chinese regulator awarded Kuwait an additional $700 million quota on top of $300 million awarded in March 2012, state news agency Kuna reported on January 20. Kuwait said last year it was seeking a maximum quota of $1 billion.
The quota is the highest to be granted by China to foreign investment entities. Kuwait’s sovereign wealth fund is one of only six such funds that have been granted the $1 billion quota. The other five institutions are Qatar Holding, Hong Kong Monetary Authority, Norway’s Norges Bank, Government of Singapore Investment Corporation and Singapore-based Temasek Fullerton.
Under new regulation issued by China’s securities regulator in late December 2012, only sovereign wealth funds are entitled to receive a quota above $1 billion. The quota allows the fund to buy yuan-denominated stocks and bonds.
KIA, which manages Kuwait’s oil generated-assets, said in October 2012 that the fund’s overall investment in Greater China including Hong Kong has grown nearly eight times to $15 billion since its entry into the Hong Kong market in 2000, with setting its sights on hitting $20 billion this year. For mainland China alone, the figure has jumped to $8 billion from zero in the past six years.
Across Asia, KIA has so far participated as a cornerstone investor in Industrial and Commercial Bank of China, Agricultural Bank of China, AIA, CITIC Securities and the region’s biggest hospital operator, IHH Healthcare of Malaysia.
