Bank's QDII product liquidated

China Minsheng Banking Corp liquidated a QDII product, the first such product to meet such a fate amid the current sluggish capital market.

Minsheng sold 100 million shares for the QDII product at 1 yuan apiece in October. The product is attached to a Baring (euro) fund in Hong Kong, which has been ranked No 1 in Hong Kong for three consecutive years.

However, with the subprime crisis unfolding, the net value of the Baring fund slumped to its lowest record, spurring the liquidation of Minsheng's QDII product.