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Jupiter cancels launch of China company

The Board of Jupiter China Sustainable Growth Ltd has decided against the launch of the company after the group failed to reach what the firm sees as a minimum launch size.

The firm says that despite receiving a high level of interest in the proposed launch, commitment from investors just fell shorts of the target of $50m.

Jupiter Asset Management director of investment trusts Richard Parvy says: “While we received significant interest from both institutional and private investors, the challenging global economic and market environment has meant that certain prospective institutional investors have been unable to commit to their early indications of interest.

“The Board felt that to proceed at a lower launch size would not be appropriate as the proportion of the market capitalisation that a small number of institutions would represent in the Company’s register of shareholders would be unattractive given the limited liquidity available to closed ended funds in the current markets. We are obviously disappointed not to go ahead with the launch at this time as we believe the long term investment opportunities from the transformation of the Chinese domestic economy are significant.”

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