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Six firms report 15m yuan loss from fund investment

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-24 16:45

Six mainland-listed firms posted a combined loss of 15 million yuan ($2.19 million) from funds investment in 2008, according to their annual reports.

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The six companies are Ningxia Zhongyin Cashmere Co Ltd, Chengdu B-ray Media Co Ltd, Taiyuan Coal Gasification Co Ltd, Chongqing Road and Bridge Co Ltd, Huagong Tech Co Ltd, and Shenyang Ingenious Development Co Ltd.

Apart from Zhongyin Cashmere, which invested 1 million yuan in a bond fund and earned 6,200 yuan, the other five companies all suffered losses from investments in stock funds.

Chengdu B-ray Media reported the biggest combined loss of 12.13 million yuan in three stock funds; investing 99.99 million yuan, 10 million yuan and 5 million yuan respectively.

Taiyuan Coal Gasification invested 1 million yuan and a further 1.01 million yuan last year in two stock funds managed by Everbright Pramerica Fund Management Co Ltd, resulting in losses of 960,000 yuan and 560,000 yuan respectively.

Chongqing Road and Bridge posted a 171,000 yuan loss resulting from stock fund investments, while Huagong Tech lost 134,000 yuan.

Shenyang Ingenious was the only firm among the six companies to invest in QDII funds. It invested 940,000 yuan in Huaxia Global Selected Stock Fund and reported a 340,000 yuan loss by the end of last year.