Permal Asset Management Inc, one of the world's oldest and largest hedge fund houses, is taking a $150 million bet on the Chinese economy, investing in companies that will benefit from the country's economic rebalancing drive.
Mainland stocks fell for a second day Wednesday on concern that the government may join other Asian nations in taking measures to slow inflation and that valuations for the biggest commodity producers were excessive after last month's rally.
Hong Kong stocks closed up 473.25 points, or 2 percent, at 24,144.67 on Wednesday. Turnover rose to HK$105.66 billion from Tuesday's HK$76.21 billion ($1 equals HK$7.751).
China's stock index futures closed lower Wednesday with the contract for November, the most actively traded, down 1.32 percent from the previous trading day to end at 3,472.2 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, declined 34.53 points, or 3.21 percent, to close at 1,040.62 on Wednesday.
China's stocks fell for a second day on Wednesday, pulled down by non-ferrous metals and coal producers.
China's stocks fell from a six-month high on concern recent gains were excessive given the prospect the government may join India and Australia in tightening monetary policy to curb inflation.
Hong Kong stocks closed up 18.48 points, or 0.08 percent, at 23,671.42 on Tuesday. Turnover fell to HK$76.21 billion from Monday's HK$91.05 billion ($1 equals HK$7.752).
China's stocks fell 0.28 percent Tuesday, with the benchmark Shanghai Composite Index down 0.28 percent, or 8.59 points, to close at 3,045.43.
China's stock index futures closed lower Tuesday with the contract for November, the most actively traded, down 1.67 percent from the previous trading day to end at 3,502.6 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, declined 32.37 points, or 2.92 percent, to close at 1,075.15 on Tuesday.
Jiangsu Rongsheng Heavy Industries is seeking $2.3 billion in what may be Hong Kong's third-largest initial public offering (IPO) this year, according to terms sent to investors.