Overseas funds asked to tap yuan plan
Print Edition
SHANGHAI has opened a second round of applications for foreign hedge funds to raise yuan in China for investment in offshore markets under a pilot program, the city’s financial regulator told Shanghai Daily yesterday.
The Shanghai Financial Service Office has received several applications from international fund companies for the Qualified Domestic Limited Partnership program, said an official with the office.
The program, first launched in 2012, permits selected foreign alternative investment managers to establish wholly owned subsidiaries in China to raise yuan-denominated capital via private placement and invest the raised funds directly in offshore securities markets.
The office said earlier that it will also further push forward the Qualified Foreign Limited Partnership scheme, which allows offshore-raised yuan to be invested in private equity funds in China, in a bid to diversify private investment products and expand investment scope for both domestic and overseas investors.
In the first round of application, the regulator granted a combined US$300 million to six fund houses — Man Group Plc, Winton Capital Management, Oaktree Capital Management, Citadel LLC, Och-Ziff Capital Management Group LLC and Canyon Partners.
Man Group said earlier this week that it has received placements from Chinese institutional investors, including the Industrial and Commercial Bank of China, the country’s largest lender by market value, and CITIC Trust.
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