Asset and wealth management landscape in China

China has a host of programmes for foreign players to access onshore investments, each of which have its own set of criteria and objectives. In China, the two original inbound channels, the Qualifying Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) were introduced in 2002 and 2011 respectively. Following this, the Shanghai-Hong Kong Stock Connect was launched in 2014, and shortly after, the Bond Connect was introduced in 2017. Recently, the QFII and RQFII underwent reforms, culminating in the two inbound schemes merging to form the new ‘R/QFII scheme’ which became effective from 1 November 2020. This development simplifies approval procedures, broadens the permissible investment scope, and increases the appeal of investing in local assets. Our speakers will take you through the fundamentals of the ‘R/QFII scheme’. We will also share case studies, solutions to the perceived ‘nuances’ with using inbound programmes and explore the key considerations when investing in China.

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China has gradually lowered its restrictions on foreign ownership of financial institutions, and since this development, foreign asset managers have been allowed to incorporate wholly foreign-owned enterprises (WFOE). Foreign asset managers can now own 100% of a fund management company (FMC), enabling them to become actual operators onshore, rather than accessing China through a local partner. Many believe that forming a WFOE FMC is the grand attraction to China’s retail market as it will enable asset and wealth managers to penetrate the lucrative market on its own terms.

This session will provide an update covering the fund management company (FMC) license, in addition to the private fund management (PFM) license, and the key considerations that foreign players should consider from a strategic, operational and distribution aspect.

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The demand from foreign investors to access onshore investments in China is growing. In addition, different programmes allowing foreign asset managers to raise Renminbi from accredited investors in China for overseas investments have gained traction. Putting two and two together, the changing requirements and expectations of Chinese investors can now be met, as foreign asset managers are empowered to offer a unique selling proposition.

In this session, our speakers will introduce the Qualified Foreign Limited Partnership (“QFLP”) programme, which is a license that allows a foreign manager to launch a fund and invest domestically in China’s private equity markets. Also covered will be the Qualified Domestic Limited Partnership (“QDLP”) programme, a license which enables a foreign manager to raise capital in Renminbi to invest in overseas investments through a private fund. In this section, our speakers will share practical knowledge through case sharing on how to navigate the potential complexities that could arise from using the QFLP and QDLP.

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Private markets have somewhat gone under the radar lately, as the headlines from the volatility of public markets have taken centre stage. However, investors are increasingly looking to diversify portfolios and enhance performance in a sustainable way, and this provides a platform for private markets to seize opportunities.

In this session, our speakers will provide an update on the latest M&A trends, the outlook on the private market and share their insights around the niche and growing private credit scene in China.

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China’s 14th Five-Year Plan sets a blueprint for growth and the Greater Bay Area (GBA) initiative will be one of the key engines of this plan. In the coming years, the GBA is anticipated to see a strong demand for cross-border financial products as investable assets grow in the region. This session will cover the growth-seeking developments in the GBA which have already been rolled out, business opportunities that will materialise in the region for foreign players, as well as avenues to tap into the wealth creation taking place in the GBA, including the imminent launch of Wealth Management Connect.

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President Xi Jinping’s announcement on the nation’s commitment to achieve carbon neutrality before 2060 has put down a marker in China’s ambitious green journey. Organisations must prepare for this transition and seize opportunities that will come their way.

Our session will take a deep dive into the vision of the Chinese government and the role asset and wealth managers can play in this journey.

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China’s huge population is ageing fast, and this demographic shift will increasingly put pressure on the country’s multi-layered pension system which is divided into three pillars. Pillar 1 is comprised of public pension schemes, Pillar 2 covers employer-sponsored programmes and Pillar 3 consists of private pensions, which is generally annuities at large.  Similar to global pension trends, an onus on privatised pensions pivoting from state funded pensions, will present a compelling opportunity for asset and wealth managers, and insurers to play a growing role in the retirement needs in all three Pillars.

Our speakers will provide an overview of regulatory developments in the context of pensions and explore how the financial services industry can play a key role going forward in providing for the future of retirees.

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