INVESTMENT BANKING | Staff Reporter, Hong Kong

Regulator backs Hang Seng Bank’s bid to launch China's first foreign-majority owned fund management firm

In collaboration with its JV partner.

Hong Kong's Hang Seng Bank, together with its joint venture partner Shenzhen Qianhai Financial Holdings (QHFH) has obtained approval from the China Securities Regulatory Commission (CSRC) to establish the first on-shore foreign-majority-owned joint venture fund management company in the Mainland.

Hang Seng will hold a 70% stake in the JV company, which will be known as Hang Seng Qianhai Fund Management.

The company will launch fund products in response to market demand and will provide Mainland investors with more choices.

The primary business scope of the joint venture will include fund raising, fund sales and asset management, and will provide professional and comprehensive fund products and asset management services for individual and institutional investors.

The JV company will commence operations immediately after the completion of company registration.

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