Value Partners Fund Management (Shanghai), a wholly foreign-owned enterprise (WFOE) of Value Partners Group, has received a qualified domestic limited partner (QDLP) license from the Shanghai Municipal Government Financial Services Office to expand cross-border private fund business in China.
As part of the move, the company has also received an initial $100m QDLP quota to manage cross-border private funds.
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The license will allow Value Partners to provide more overseas investment opportunities and investment advice, as well as launch its own-branded funds, through its WFOE platform.
The QDLP license will enable the firm to directly enter into the fast-growing pool of assets of institutional investors and HNWIs in mainland China.
Value Partners said that it is planning to launch its first QDLP fund before the end of 2015, which will appeal to yield-chasing investors who seek to diversify their investments across Asia.
Additionally, Value Partners has filed an application to be included in the Mainland-Hong Kong Mutual Recognition of Funds (MRF) program.
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By GlobalDataThe MRF application, which has been accepted by China Securities Regulatory Commission, expands the Group’s presence in China to retail investors.
Furthermore, Value Partners Hong Kong has agreed to sell its 49% equity interests in Goldstate Capital Fund Management to a company under Yunnan Jiutian Investment Enterprises for RMB45m.
Value Partners CEO Timothy TSE said: "Value Partners feels deeply honoured to be the first Hong Kong fund manager receiving a QDLP license, establishing a milestone in Hong Kong’s asset management industry."
"China is a strategic component of Value Partners’ business plan. In view of the evolving changes in China’s asset management industry, we have been constantly reviewing our expansion strategy in China to capture opportunities arisen from new policies and relaxations."
