The foreign shareholders of the joint venture fund company have provided positive reference for the business development of the fund company, making it gradually approach the international level in terms of product line layout and operation mode.
In addition, after the launch of QDII. The overall P/E ratio difference between the H-share market and the A-share market, and the gradual convergence of the two markets, may bring a series of conflicts in valuation methods in the context of unresolved institutional defects such as the share-trading system. This highlights the great advantages of joint venture fund companies in asset allocation from a global strategic perspective, and paying attention to the institutional structure of specific markets in China and its impact on the valuation level.
Its disadvantages are also obvious, such as high operating costs, "acclimatization" and differences between Chinese and foreign shareholders.
Compared with Chinese fund management companies, Sino-foreign joint venture fund management companies tend to pursue high standards in both the choice of office space and the payment of employees' salary level, which invisibly makes their operating costs much higher than the average level of domestic fund companies.
In terms of investment management, Shanghai Sino-foreign joint venture fund management companies are generally faced with the problem of how to adapt and get familiar with the local market as soon as possible. Their familiarity with the China market still needs a process, and the localization of Sino-foreign joint venture fund management companies is a prominent problem.
The contradiction between Chinese and foreign shareholders is also the shackles of the development of Shanghai joint venture fund management company.
Usually, Chinese and foreign shareholders serve as the chairman and general manager of the company respectively, and important middle management positions are either evenly dispatched by both parties, or double posts are set up, with a Chinese and foreign shareholder as the director and deputy. Under the design of "rotation", important positions are held by Chinese and foreign parties in turn. No matter which setting, there will be some internal friction and friction.