THE number of fund management companies on China's mainland has hit 60 with the approval of the ABC-CA Fund Management by the China Securities Regulatory Commission.
Three companies share the stock of the new company registered in Shanghai. The Agricultural Bank of China holds 51.67 percent while Banque Indosuez, an agricultural lender based in France, and the Aluminum Corporation of China Limited Company hold 33.33 percent and 15 percent.
ABC Vice President Yang Kun is board chairman.