Police probe hits Value Partners’ China JV unit

Hong Kong’s Value Partners has said it is monitoring a fund misappropriation probe and potential default at the subsidiary of its China joint venture. The case, which has attracted local media coverage and prompted comment by the China Securities Regulatory Commission (CSRC), underlines how little is known about the potential risks facing foreign fund managers in the nation’s fast-evolving asset management industry and raises worrying liability questions for investors. The firm,…