APS Asset Management Pte is resuming trade in its two China funds as more mainland companies end the suspension of their stocks amid a recovery in equities.
The Singapore-based asset management firm will resume subscriptions and redemptions in the APS China A Share Fund and the APS Greater China Long/Short Fund on Thursday, it said in an e-mailed statement. The firm had suspended trading in both funds at the beginning of the week, saying it was unable to calculate net asset values due to the large number of suspensions on Chinese exchanges.
Hundreds of stocks have resumed trading in recent days as the nation’s equity market ended a plunge that wiped almost $4 trillion of value. The proportion of suspended stocks declined to 23 percent Thursday from 50 percent a week ago, data compiled by Bloomberg show. The Shanghai Composite Index has gained about 9 percent since July 8.
Stock prices advanced after China unveiled market-boosting measures including a six-month ban on major shareholders selling their stakes in listed companies and allowing banks to roll over loans backed by shares.
APS said it will resume the calculation of net asset values for the two funds on July 20.
“We continue to monitor both the market and corporate developments as closely as we always do,” Wong Kok Hoi, founder and chief investment officer of APS, said in the statement. “In the event that we need to take any further action to safeguard the interests of our investors and to fulfill our fiduciary duties, we will do so without question.”