Hang Seng to launch China funds JV with majority stake
The Hong Kong bank plans to set up a joint venture funds company with majority control in Shenzhen’s Qianhai zone. It would be the first such mainland JV and a significant milestone in China’s funds liberalisation.
Hang Seng Bank is to set up a majority-owned joint venture fund management firm in Shenzhen’s Qianhai economic zone, becoming the first offshore institution to gain a controlling stake in mainland China.
It has been seen as a significant relaxation of policy to allow foreign firms to enter China’s funds industry.
The HSBC subsidiary and Qianhai Financial Holdings, a wholly-owned unit of the Administrative Bureau of Qianhai, announced an application for a mutual fund licence last…
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