News Flash- China Gives Prudential, Everbright Green Light

Prudential Investments and China-based Everbright Securities have received a license to launch a fund product in mainland China under the name of a newly formed company, Everbright Prumerica Fund Management Co. The new venture, which will be based in China, will be 67%-owned by Everbright and 33%-owned by Prudential. However, by late this year, Prudential's share could hop up to as much as 49%, thanks to a relaxation of rules China is expected to make stemming from its joining of the World Trade Organization in 2001. The company will have about 100 million yuan worth of registered capital, or $12 million in U.S. dollars.