China resumes approval from Hong Kong equity funds
China’s financial regulator has resumed the approval process for funds allocating more than 80% of assets to Hong Kong equities after it encountered some bait-and-switch cases prompting a shut down.
China
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Offshore legal adviser expands into China
Offshore law firm Harneys has added a fourth Asian outpost after opening a fully operational office in Shanghai.
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Global life premiums growth led by Asia acceleration
Global life premiums growth in 2018 and 2019 will continue to be carried by the strong performance of emerging markets, in particular China, as advanced markets continue to experience sluggish growth, according to a report by Credit Suisse.
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Chinese regulator sanctions firms for dodgy insurance products
China’s insurance regulator has banned three life insurance firms from applying for permission to sell new products for six months, after it found they had been offering “problematic” policies.
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UBS AM launches onshore fund in China
UBS Asset Management’s Shanghai-based wholly foreign-owned enterprise (WFOE) has launched an onshore equity fund for domestic high net worth individuals and institutional investors in China.
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Just Service Group partners with Montpelier China
Fintech firm Just Service Group has inked a partnership deal with advisory firm OFS Asia, better known as Montpelier China, which it describes as one of Asia’s oldest established IFA businesses.
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The plus and minus of China’s new foreign ownership rules
China recently announced it would ease foreign ownership limits for fund management firms, but huge challenges await foreign players that want to enter China’s retail investor market, industry sources said.
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Stock Connect turnover passes $1trn
The total value of trading over the two Mainland-Hong Kong Stock Connect schemes since the launch of the Shanghai link three years ago has surpassed $1trn.
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China adds 101 billionaires
There were nearly three times as many new Chinese billionaires than US ones last year, helping to make Asia home to the most billionaires for the first time and driving the global population to 1,542, according to a report from UBS and PwC.
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Chinese government wants stakes in widely-held web giants
China’s regulatory body for internet security is said to be in discussions for ownership stakes in tech giants such as Tencent and social media units under Alibaba, according to industry reports.
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A look in the portfolios of best and worst China funds
Midea Group, Agricultural Bank of China and Kweichow Moutai are three companies held predominantly in well-performing China equity funds, while Tencent Holdings is held by many poor performers.
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China’s fund association lashes out at marketing gaffe
The Asset Management Association of China (AMAC), the fund industry’s self regulatory body, has sharply criticised an online fund marketing campaign launched by a wealth management arm of e-commerce giant Alibaba, involving 16 fund managers.