BEIJING, Aug. 25 (Xinhua) -- China's securities regulator approved earlier this week establishment of a new solely foreign-funded mutual fund firm named Allianz fund management Co., Ltd., reported Securities Daily on Friday.
China Securities Regulatory Commission (CSRC), the sector regulator, said in its announcement that the company has a registered capital of 300 million yuan and needs to complete its establishment within six months since the approval.
Allianz fund management Co., Ltd. is the ninth solely foreign-funded mutual fund firm in China and its shareholder is Allianz Global Investors GmbH which manages assets of institutions and retail investors of 514 billion euros or about 4.06 trillion yuan by the end of March this year.
Previously since April 1, 2020 when China formally canceled restrictions over the proportion of foreign ownership in equities in mutual fund firms, international asset management giants generally accelerated their paces to seek fortune in China's mutual fund market.
Industry experts held that their arrival reflected coming of a new type of participants as overseas asset management institutions are betting on the mid- and long-term investment value of Renminbi assets and China's capital market via setting up solely foreign-funded mutual fund firms in China. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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