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☆ Chinese hedge fund punished for "inappropriate" staff behaviour -AMAC
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 30 (Reuters) - Shanghai Minghong Investment Management Co, one of China's largest quantitative hedge funds, has been banned from registering new products for three months due to "inappropriate" staff behaviour, the Asset Management Association of China said. Shanghai Minghong failed to conduct effective internal control over issues such as employees' "inappropriate comments" about the company's peers on social media and failed to promptly urge them to make rectifications, the association said in a statement dated Sept. 29. The measures against Shanghai Minghong, established in 2014, come as the sector rapidly expands, with total funds managed nearly doubling to more than 1.08 trillion yuan ($148 billion) in 2021 from a year earlier, according to industry estimates. Shanghai Minghong could not be immediately reached for comment on Saturday due to a public holiday in China. ($1 = 7.3010 Chinese yuan renminbi)Reporting by Ryan Woo and Tina Qiao; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Shanghai Minghong, Ryan Woo, Tina Qiao, Kirsten Donovan Organizations: Shanghai Minghong Investment Management Co, Asset Management Association of China, China Securities, Shanghai Minghong, Shanghai, Thomson Locations: BEIJING, Shanghai, China

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 gathering comes at a time when global investors and banks are warning that confidence is waning in China's economic outlook. Such a meeting, with a clear agenda to discuss challenges facing global fund managers investing in China, is rare, the three sources said, and reflected Beijing's keenness to shore up confidence among foreign investors. Weighed down by strict COVID measures, China's economy grew just 3% in 2022, one of its worst showings in decades. The meeting is organized by China's fund regulator Asset Management Association of China (AMAC). U.S. dollar-denominated fundraising by China-focused venture capital and PE firms this year also had its weakest first half year in the past decade, data from industry tracker Preqin showed.

Persons: Fang Xinghai, didn't, Andrew Collier, Premier Li Qiang, Xie Yu, Julie Zhu, Selena Li, Kim Coghill Organizations: U.S ., Reuters, Canada's, Ontario, China Securities Regulatory Commission, Management Association of China, ., Orient Capital Research, Ant, Premier, Wednesday, Thomson Locations: HONG KONG, Beijing, U.S, China, Taiwan, Hong Kong

☆ China sets wide-ranging rules for $2.9 trillion in private investment funds
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - China published regulations on Sunday for the country's $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation. The wide-ranging rules apply to private investment funds with different organisational forms such as contract, company and partnership. Private investment funds in China can invest in private equity or publicly traded securities. Core rules cover the obligations of fund managers and custodians, fund raising, identifying risk levels, supervision of venture capital funds, and overall supervision and management. As of May, 22,000 private investment managers had registered with the Asset Management Association of China, managing around 21 trillion yuan in 153,000 funds, the statement said.

Persons: Premier Li Qiang, Bernard Orr, Qiaoyi Li, William Mallard Organizations: Premier, State, Xinhua, Asset Management Association of China, Thomson Locations: BEIJING, China

Companies BlackRock Inc FollowHONG KONG/SHANGHAI, Dec 21 (Reuters) - China plans to tighten rules to regulate environmentally friendly, or so-called green funds, as part of its efforts to rein in 'greenwashing' in the world's second-largest climate fund market, sources with direct knowledge of the matter said. At present, China's green funds only operate within broad investment guidelines that came into effect in 2018 and do not have a mandatory labelling regime. China overtook the United States last year to become the second largest climate fund market globally after the European market, according to Morningstar, which compiles global ESG fund data. In the first nine months of this year, 43 climate-themed funds debuted in China, a 30% rise in total number of products from end-2020. AMAC's draft rules borrow from the 2021 version of China's green bond catalogue, a quasi scheme of classification, to define green assets.

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