Firms get approval to sell mutual funds

SHANGHAI - Chinese securities regulators have decided to allow four investment consultancies to sell mutual-fund shares, a step that analysts say will further invigorate China's mutual fund industry.

The companies, Noah Private Wealth Management, Shenzhen Zhonglu Wealth Ltd, Howbuy Wealth Management Center and East Money Information Co Ltd, said on Thursday that they have received licenses from the China Securities Regulatory Commission to sell the shares.

The commission's decision falls in line with rules it had adopted last year to allow more institutions to distribute mutual fund shares. The rules say institutions can apply for the licenses if they have more than 20 million yuan ($3 million) in registered capital and employ 10 certified mutual fund professionals.