Fidelity International has announced details of its China Special Situations closed-ended investment company, which will apply to be admitted for trading on the London Stock Exchange.

The company, which is targeting an initial capital raising of around £630 million (around $990.5 million), will invest in a diversified portfolio mainly comprised of securities issued by companies listed in China or Hong Kong, and Chinese companies listed elsewhere.

The portfolio will be managed by Anthony Bolton, who stepped down from portfolio management over two years ago after nearly thirty years running Fidelity’s UK-registered Special Situations fund. He will be supported by Fidelity’s Asian investment team.

Mr Bolton’s previous fund invested in Chinese securities from 2004 onwards, when Fidelity opened its representative office in the country, and Mr Bolton was a regular visitor to the region during his time managing the fund.

“I am very confident that there will be very many stock-picking opportunities in China in the years to come,” said Mr Bolton, adding that, “never before has this kind of development happened in a country of over 1.3 billion people.”

Shares in the company will be issued at £1 and made available through a public offer for subscription in the UK and a placing in certain overseas jurisdictions, the firm said in a press statement. Shares will be eligible for ISA investments. The public offer is scheduled to open on 26 February.