What's new in the new round of QDLP? According to relevant sources, institutions that have obtained quotas before can reapply at any time after running out of quotas, and 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) quota (only for public offering institutions). QDLP is a key part of overseas private placement business, and the funds raised through QDLP can be invested in the funds of overseas parent companies.

Since the pilot project was launched in Shanghai, about 50 world-renowned asset management institutions have settled in Shanghai and obtained relevant pilot qualifications, including BlackRock, the world's largest asset management institution, Eastman, the world's largest listed alternative asset management company, UBS, Europe's largest financial holding group, Aberdeen, the world's largest bond investment institution, Pinhao, the world's largest non-performing asset investment institution, Prudential, Allianz and so on. Judging from the previous operations, most of the overseas fund products involved have low volatility and high returns, which have been highly recognized by investors.

Nowadays, among the pilot institutions, BlackRock has established the first wholly foreign-owned fund management company in China in Shanghai, and Lubomai, Fidelity International, Lianbo and Fanda are all actively applying for and planning to land in Shanghai. At the same time, the pilot institutions actively participated in the establishment of joint venture financial management companies. The first foreign-controlled financial management company jointly established by Credit Suisse Oriental and Bank of China Finance settled in Lingang New District of Shanghai Pilot Free Trade Zone. BlackRock, Temasek and CCB Financial have set up joint venture financial management companies in Shanghai, and the fund investment company jointly established by Pioneer Pilot and Ant Financial has also settled in Shanghai.

Shanghai has formed a foreign capital agglomeration effect.

Although QDLP, QDIE and other pilot projects have blossomed everywhere, practitioners generally believe that the agglomeration effect of Shanghai makes foreign capital form an asset management ecosystem here.

The Shanghai Local Financial Supervision Administration said that the pilot institutions should give full play to their international experience in investment strategy, compliance risk control and anti-money laundering, and promote local financial institutions to improve their international professional services. At the same time, it has promoted the level of related intermediary services such as domestic law, taxation, trusteeship and third-party administrative outsourcing.

Yin Ge said: "Shanghai has obvious first-Mover advantage. Shanghai QDLP pilot was first launched nationwide in 20 13, and the joint meeting mechanism led by local financial supervision bureau was adopted in the approval process, which was also an innovative move at that time. With the development of these years, the Shanghai QDLP pilot regulations are also being updated, the coordination between various departments is smoother, the participation process is more convenient, and the number and quality of participating institutions are high. "

"More importantly, according to our personal experience in helping foreign-funded institutions to develop in China for many years, many institutions take QDLP as the starting point, and then consider the medium and long-term business layout in China, such as WFOE PFM, WFOE FMC (Sino-foreign joint venture Public Offering of Fund Company), and shareholding holding wealth management subsidiaries." She said, "The greater success of Shanghai QDLP pilot lies in its efficient support for the construction of Shanghai International Asset Management Center. Judging from the development strategies of many foreign-funded asset management institutions, participating in the QDLP pilot is only the beginning. After foreign-funded institutions settle in Shanghai, there is a high probability that they will continue to develop local asset management business, and Shanghai will naturally become a new gathering place for more and more world-class asset management institutions. "

In addition, from the characteristics of QDLP system, it further enriches the channels of overseas investment, as a useful supplement to the existing QDII, ODI and other traditional overseas investment systems. For foreign institutions, on the one hand, they can have the opportunity to recommend their overseas fund products to QDLP investors; On the other hand, by setting up a subsidiary in China as QDLP manager, they can further familiarize themselves with the domestic market, expand their brand awareness and accumulate experience and resources for the long-term development of their business in China.

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