Emerging markets specialist Mirae Asset Global Investments Hong Kong (Mirae Asset HK) has received a Renminbi Qualified Foreign Institutional Investor (RQFII) license from the China Securities Regulatory Commission (CSRC) on 30 October 2013.
This license approval will enable Mirae Asset HK to manage investments directly in China’s renminbi-denominated equity and fixed income markets.
RQFII will allow qualified holders to offer investment products that invest in China’s A-share equity and fixed income markets in the local Renminbi currency.
Jung Ho Rhee, CEO of Mirae Asset HK, said: "We are delighted to be one of the first wholly-owned foreign asset managers to receive this opportunity from the CSRC to invest in China’s onshore market. In addition to the QFII license approval, this marks another major milestone in our ability to offer more innovative products to all our valued clients and investors."
Mirae Asset HK, with offices across 12 countries, manages over US$58.9 billion of assets under management as of 30 September 2013.