Hang Seng Bank wins landmark China JV approval
The bank will hold a 70% stake in, and has chosen a chief for, the first foreign-majority-owned joint-venture fund house in China, as offshore players mull how best to access mainland clients.
Hong Kong’s Hang Seng Bank has won approval to set up the first Sino-foreign majority-owned joint-venture fund house, amid uncertainty among offshore firms over the best way to access mainland clients.
Hang Seng Qianhai Fund Management has received the green light from the China Securities Regulatory Commission (CSRC) to sell mutual funds and asset management services to both retail and institutional clients. It will be the 105th asset manager and 46th fund JV in China’s Rmb7.7 tr…
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