Fidelity China Special Situations PLC

Fidelity International has confirmed that Fidelity China Special Situations has been one of the most successful new fund listings in the UK market during the last 20 years.  This follows confirmation by the Board of Fidelity China Special Situations PLC that the Initial Public Offering has raised £460 million.

The success of this fund raising demonstrates great confidence in Fidelity's investment management capability in Asia and the China growth story.   It also resoundingly supports the return to portfolio management of Anthony Bolton, one of the most successful investors of his generation.  Anthony will now apply his contrarian approach to the Chinese market and embark on the continuation of a very successful 28 year career as a portfolio manager.

John Owen, Chairman of Fidelity China Special Situations PLC, commented, "I am extremely pleased with the amount of money raised through the initial public offering.  It clearly demonstrates that investors view the combination of Anthony Bolton and the growth potential of China as a winning combination.  We look forward to delivering on that expectation."

Anthony Bolton, Manager of the Fidelity China Special Situations portfolio added "I'm absolutely delighted with the support from investors and advisers in the UK market.  Fidelity China Special Situations will be the largest Emerging Markets equity fund new issue since 1990 as well as the largest China equity fund listed in the UK which is a fantastic achievement.  I firmly believe that China is the investment opportunity of the next decade."

Anthony Bolton is best known for his stewardship of the Fidelity Special Situations Fund, which he managed from its launch in December 1979 until the end of 2007. Over this twenty-eight year period, the fund achieved an annualised return of 19.5% (compared to 13.5% for the FTSE All-Share Index). During his tenure, £10,000 invested in the fund at launch grew in value to £1,432,000.

Fidelity opened its Hong Kong office in 1981 and set up a representative office in China in 2004, now located in Beijing.  The company has more than 16 years' experience of investing in China. While many of the company's Asian and global equity funds have Chinese market exposure, the company has a team of  over 40 investment professionals in Hong Kong, from where it currently manages in excess of US$30 billion in equities.