QIANHAI Financial Holdings Co. and Hang Seng Bank have received approval from China’s securities regulator to launch the first fund management firm that will be majority owned by a foreign firm on the mainland.
The fund firm will be based in Shenzhen’s Qianhai, with Hang Seng Bank holding 70 percent ownership of the firm and Qianhai Financial owning the remaining stake.
The China Securities Regulatory Commission approved the joint fund firm Thursday, according to Qianhai Financial.
Li Qiang, chairman of Qianhai Financial, said the joint firm is the first fund management firm majority owned by a Hong Kong-owned firm in Qianhai under the Closer Economic Partnership Arrangement (CEPA), an economic partnership signed in 2003 between the mainland and Hong Kong that has opened up the huge mainland market for Hong Kong goods and services.
“The cooperation reflects the opportunities offered by the policy for cross-border finance. It allows Hong Kong financial institutes to further promote the development of the wealth management market,” said Lee Wai-mun, chief executive officer of Hang Seng Bank.
The Central Government approved the Qianhai special development zone in 2010 specifically to promote cross-border development of the service industry in partnership with Hong Kong.
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