But it may be some time before China inks its own cross-border funds agreement with another country.
The Hong Kong watchdog's investment products head pointed to the imbalance of fund flows under the mutual recognition scheme. She also commented on the SFC's fee-disclosure proposals.
Fund executives put the territory well ahead of mainland Chinese cities and Singapore in this regard, despite certain reservations, finds a survey by BBH due for release today.
Industry participants are questioning the motivation behind and benefits of Hong Kong's new agreement with Switzerland on mutual recognition of funds.
August sales of Hong Kong funds under the mutual recognition scheme exceeded the total volume in the first seven months of the year. JP Morgan Asset Management accounts for the lion's share.
It would make little sense for China to accept Ucits funds or to merge with other Asian passport schemes, says Sean Tuffy, head of regulatory intelligence at custody bank BBH.
Following the announcement of an ETF trading link to be created between Hong Kong and China, industry players outline the features they most want to see from its establishment.
Programmes including mutual recognition, Asean CIS, QFII, RQFII and Stock Connect appear to have fallen in favour, while ARFP, QDII, QDLP and QDIE have gained popularity.
The fund house aims to launch a Ucits China bond fund, set up a wholly foreign-owned entity in Shanghai, register for mainland bond market access and gain a QDLP licence. And that's not all.
The US fund house is likely to set up a wholly foreign-owned entity in China, but is still researching its entry options. It does not currently aim to use the mutual recognition scheme.
Rosemary Wang of Taiwan's Financial Supervisory Commission discusses investment links between China and Taiwan, developing an online fund platform and regulating fee payments.
Asset managers point to changes they would like to see under the China-Hong Kong mutual recognition scheme to make it a more cost-effective business proposition.