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A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsAug 24 (Reuters) - Blackstone's (BX.N) newly established China unit has received regulatory approval to raise funds that will be invested overseas, joining other global asset managers in seeking to tap Chinese investor demand for foreign assets. Blackstone registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership (QDLP) programme, a notice from the regulator showed. The unit, which was established in March, has seven full time employees, including five fund professionals, the notice said. The quota-based QDLP programme, first launched in 2012, allows foreign and domestic fund managers to raise money from Chinese high-net worth individuals and institutions which is then fed into offshore funds. The QDLP programme is generally more popular when the yuan is weaker.

Persons: Blackstone, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Blackstone Group, REUTERS, Asset Management Association of China, U.S, KKR KKR.N, BlackRock BLK.N, Investment, Thornburg Investment Management, Thomson Locations: New York City, U.S, China, Hong Kong, Shanghai

The withdrawal is the first by a foreign asset manager that has submitted an application for a China mutual fund license, as rising Sino-U.S. tensions cloud the prospects for foreign businesses in the world's second-biggest economy. China in 2020 removed foreign ownership caps in its mutual fund industry, allowing global asset managers such as BlackRock and Fidelity to set up fully owned retail fund units. It’s not publicly known how much the firm had planned to invest in the China business. Richard Tang, who was hired to lead Van Eck's China mutual fund unit, is on leave but has not officially terminate his role within the company, according to two sources. China only saw 1.8% growth in the size of its mutual fund market last year, ending a years-long streak of double-digit annual expansion.

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