China Greenlights Establishment of New Foreign-owned Fund Management Firm
China's top securities regulatory authority has approved the establishment of a fund management firm wholly owned by overseas investors amid the country's financial opening-up efforts. The new fund management company, with a registered capital of 30 million U.S. dollars, was fully invested in by FIL Asia Holdings Pte. Limited, according to the China Securities Regulatory Commission (CSRC). Registered in Shanghai, the company was approved by the CSRC to conduct business including management of publicly offered funds, fund sales, and private equity asset management.
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