Shenzhen Qianhai hands out first IM-WFOE licence
Shenzhen was China's third city to host a wholly foreign-owned investment management company, following Shanghai and Tianjin. It could appeal to smaller or tech-savvy asset managers.
Shenzhen has followed Shanghai and Tianjin in allowing overseas fund house BEA Union Investment Management to incorporate an investment management wholly foreign-owned enterprise (IM-WFOE).
The establishment means that foreign managers have another option when further applying for a private fund management (PFM) licence to sell their branded private securities investment products directly to institutional and high-net-worth clients in China.
BEA Union obtained approval from the …
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