What’s new in the new round of QDLP?

Relevant sources said that institutions that have previously received quotas can apply again at any time after using up their quotas, and the individual quotas are more flexible than before.

The new round of QDLP has many new ideas. Generally speaking, institutions can invest in different overseas targets through QDII (Qualified Domestic Institutional Investor) quotas (only for public equity institutions), and QDLP is a key part of foreign private equity business. The funds raised through QDLP

Can be invested in funds of overseas parent companies.

Since the launch of the pilot program in Shanghai, approximately 50 world-renowned asset management institutions have settled in Shanghai and obtained relevant pilot qualifications, including BlackRock, the world’s largest asset management institution, Man Group, the world’s largest listed alternative asset management company, and Europe’s largest financial institution.

Holding group UBS, Europe's largest independent asset management institution Aberdeen, the world's largest bond investment institution Pinhao, the world's largest non-performing asset investment institution Oaktree Capital, American insurance group Prudential, Europe's largest insurance group Allianz, "**

*The father of the same fund” Lu Berman and others.

Judging from the early operation conditions, most of the participating overseas fund products have low volatility and high return rates, and have been highly recognized by investors.

Today, among the pilot institutions, BlackRock has established the country's first wholly foreign-owned fund management company in Shanghai, and Neuberger Berman, Fidelity International, AllianceBernstein, Vanda, etc. are actively applying and planning to land in Shanghai.

At the same time, pilot institutions actively participated in the establishment of joint venture financial management companies. The first foreign-controlled financial management company jointly established by Amundi and BOC Financial Management was located in the Lingang New Area of ??the Shanghai Pilot Free Trade Zone. BlackRock, Temasek and CCB Financial Management established a joint venture in Shanghai

The financial management company has been approved, and the fund investment consulting company jointly established by Pioneer Pilot and Ant Financial has also been established in Shanghai.

Shanghai has formed a foreign capital agglomeration effect. Although pilot projects such as QDLP and QDIE are currently blooming in many places, practitioners generally believe that the agglomeration effect in Shanghai has enabled foreign capital to form an asset management ecosystem here.

The Shanghai Local Financial Supervision and Administration Bureau stated that the pilot institutions will give full play to their international experience in investment strategies, compliance risk control, anti-money laundering and other aspects to promote local financial institutions to improve their international professional service levels.

At the same time, it has led to the improvement of the domestic legal, tax, custody, third-party administrative outsourcing and other related intermediary service industries.

Ge Yin said: "Shanghai has an obvious first-mover advantage. The Shanghai QDLP pilot was the first to be launched nationwide in 2013, and the approval process adopted a joint meeting mechanism led by the local financial regulatory bureau, which was also innovative at the time. Over the years,

With the development, Shanghai QDLP pilot regulations have been updated, the coordination between various departments has become smoother, the participation process has become more convenient, and the number and quality of participating institutions are very high.” “More importantly, according to our experience over the years.

Personal experience in helping foreign-funded institutions develop in China. Many institutions use the QDLP pilot as an entry point, and then consider the mid- to long-term business layout in China, such as WFOE PFM and WFOE FMC (Sino-foreign joint venture public fund companies), holding shares in financial management subsidiaries

etc.," she said. "The greater success of the Shanghai QDLP pilot lies in its efficient support for the construction of Shanghai's international asset management center. Judging from the development strategies of many foreign-funded asset management institutions, participating in the QDLP pilot is just the beginning.

After settling in, there is a high probability that the local asset management business will continue to develop, and Shanghai will naturally become a new gathering place for more and more world-class asset management institutions.” In addition, judging from the characteristics of the QDLP system, it further enriches the channels for overseas investment.

, as a useful supplement to the existing traditional overseas investment systems such as QDII and ODI (overseas direct investment).

For foreign-funded institutions, on the one hand, they can have the opportunity to recommend their overseas fund products to QDLP investors; on the other hand, they can also set up subsidiaries in China as QDLP managers to further familiarize themselves with the domestic market and expand brand awareness to support their Chinese business.

Accumulate experience and resources for long-term development.

For example, Zhao Junjie, CEO of Pictet Asset Management Asia (excluding Japan), said: “We will focus on developing cross-border investment business, and then gradually develop local investment capabilities.