15 Dec 2022 09:48
15 December 2022
abrdn China Investment Company Limited (the "Company")
Legal Entity Identifier (LEI): 213800RIA1NX8DP4P938
Bank Facility - Draw Down
The Board of abrdn China Investment Company Limited (the "Company") is pleased to announce that the Company has today drawn CNH 40,000,000 (£4.67 million) of its unsecured multicurrency revolving loan facility.
Nicholas Yeo, lead Portfolio Manager explained "we have recently been observing recovering sentiment in Chinese equity markets, driven by the accelerated pace of re-opening and increasing liquidity support to the struggling property sector as the government acts to address these key issues. Valuations remain low, liquidity within the system remains abundant, key risk factors are understood and acknowledged by the government, whilst external geopolitical tension seems to be gradually easing. All these signs give us reason to be optimistic for a sustained recovery in Chinese equity markets. Today's loan drawdown will provide us with additional capacity to invest in our high quality, high conviction target companies."
For further details, please contact:
Evan Bruce-Gardyne: 07720 073216abrdn Fund Managers Limited (Alternative Investment Fund Manager to the Company)
ACIC.L (ACIC)