Business
Last updated at: (Beijing Time) Tuesday, December 16, 2003
Standard & Poor offers A-share indices with Chinese partner
The leading investment research, indices and ratings provider Standard & Poor (S&P) and China's CITIC Securities signed an agreement in Beijing Monday to jointly develop a new series of indices covering China's A-share stock market. Wang Dongming, chairman of the CITIC Securities, said at the ceremony that the cooperation would accelerate the creation and development of index product in China and step up the internationalization of China's domestic equity market.
Under the agreement, two new indices will be develop, namely S&P/CITIC A-shares 300, a broad benchmark index, and S&P/CITIC A-Shares 50, a tradable index of the largest and most liquid stocks from S&P/CITIC A-shares 300.
"We now feel the time is ripe for S&P to enter China," said Robert Shakotko, managing director of S&P Index services, adding that China had become a market of tremendous opportunities for both domestic and international investors.
In line with China's growing maturity as an investment market and international investors' growing demand for insight and information, an accurate, transparent and globally comparable benchmark that allowed investors to gauge performance with confidence was more essential than ever, Shakotko said.
He said S&P and CITIC Securities also planned to establish a joint venture soon to boost the cooperation in the fields of index development and market promotion.
CITIC Securities is a subsidiary of CITIC Holdings, with its core business in securities underwriting, brokerage, assets management, trading and investment consultation.
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