Hang Seng Bank to form China'' s first foreign majority-owned fund

© Reuters. Hang Seng Bank to form China’s very first foreign majority-owned fund

BEIJING (Reuters) – China’s securities regulator has approved a plan by Bank and a Chinese partner to form the first fund management business that will be majority owned by a foreign company in a special development zone in southern China, according to a posting on the zone’s site.
The fund management company will be established in Shenzhen’s Qianhai unique development zone, with Hang Seng Bank holding 70 percent ownership of the company and state-run Shenzhen Qianhai Financial Holdings Co owning the staying stake, the publishing on Saturday said.
The approval marks the current action towards linking the monetary hub of Hong Kong with fast development in the mainland. China’s main government approved the Qianhai zone in 2010 specifically to promote cross-border advancement of the service market in partnership with Hong Kong.
While Hong Kong is independently administered from mainland China under the “one country, 2 systems” policy, the 2 have actually ended up being significantly economically and politically integrated considering that the British returned the former colony to China in 1997.
The Qianhai zone offers business more flexibility in cross-border financing than is typically allowed in China, which securely controls cash streaming in and out of the country.
The joint firm will raise money, offer fund items and asset management services.
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