Skandia launches B-share fund

Sweden's Skandia Insurance has set up an equity fund to invest in B shares. One of the mainland's biggest brokerages, China Securities, would act as the investment consultant for the fund and provide brokerage services for daily trading, Shanghai Securities News said yesterday. The value of the fund was expected to reach US$13 million within one year, a China Securities official said. The newspaper quoted Skandia vice-president Jan Carendi as saying the B-share market was seriously undervalued and had long-term growth potential.