Fidelity low-key planning "private to public"
From 20 17, foreign institutions began to enter China asset management market through WFOE PFM. Up to now, 18 foreign-funded institutions have registered. According to statistics, Fidelity Lee Tae Investment, UBS Asset Management, Schroeder Investment and other 14 foreign private placements have successively launched products.
However, compared with private placement, foreign-funded institutions obviously pay more attention to public offering in China. Previously, some foreign private placements showed strong willingness to switch to public offerings in the future, but the policy arrangement has always been a big restriction. Recently, however, things seem to have made some progress.
According to informed sources, Fidelity International's Shanghai-based wholly foreign-owned enterprise (Fidelity Lee Tae Investment) has started to plan public offering. "Preparatory work began this year. Fidelity plans to suspend the issuance of more private equity products and upgrade the company according to the standards of public offering. The company also specially screened outsourcing service providers. "
Another person close to Fidelity told reporters that Fidelity had probably communicated with the regulatory authorities. Industry insiders predict that after the future policy is further clarified, the pilot of "private to public" of foreign private placement may officially land after 20021year. China reporter, a brokerage firm, asked Fidelity for verification on this matter, but the other party did not comment.
Fidelity International is a well-known overseas asset management company. Founded in 1969, it was originally the international investment department of Fidelity Investment in the United States, and 1980 was independent from Fidelity. At present, the company manages more than $400 billion in customer assets. 20 17, 1 June, a wholly foreign-owned enterprise of Fidelity International obtained the qualification of domestic private placement business, becoming the first foreign asset management company to obtain the qualification, and has filed and issued four securities private placement products so far.
"There are indeed many foreign private placements that have the idea of transferring to public offerings. There are no specific requirements and guidelines in policy. They should have the same requirements for traceable performance, personnel and funds as the local people. Maybe the government will carry out a pilot project of "private transfer" of foreign capital in the future. We still hope to use the private placement license to do a good job in products and performance first. With a good brand effect, it will be smoother if you transfer to public offering in the future. " A person in charge of a foreign private placement said.
The pace of financial opening has accelerated.
The industry expects that foreign private placement will officially land on 20021,which coincides with the timetable of domestic financial opening up. Because the private placement of foreign capital "turns private into public" means the liberalization of wholly foreign-owned operation in Public Offering of Fund, which needs the policy support of further opening up the financial industry.
In April last year, Yi Gang, governor of the People's Bank of China, announced the specific measures and timetable for further opening up the financial industry when attending the sub-forum discussion on "Normalization of Monetary Policy" at the 20th18th annual meeting of Boao Forum for Asia.
Yi Gang said that China will greatly relax market access, including the financial industry, and the People's Bank of China and various financial supervision departments are stepping up implementation. According to the deployment of the CPC Central Committee and the State Council, the financial industry will further open to the outside world and enhance its international competitiveness. In the next step, we will follow the following three principles to promote the opening up of the financial industry: first, the principle of national treatment before entry and negative list; Second, the opening of the financial industry will be coordinated with the reform of the exchange rate formation mechanism and the process of capital account convertibility, and will be promoted together; Third, while opening up, we should pay attention to preventing financial risks, so that the ability of financial supervision can match the degree of financial openness.
He also said that in accordance with the spirit of opening to the outside world "sooner rather than later, sooner rather than later", the following opening-up measures in the financial sector will be implemented in the coming months:
First, cancel the restrictions on the ratio of foreign shares of banks and financial asset management companies, treat domestic and foreign investors equally, and allow foreign banks to set up branches and subsidiaries in China at the same time;
The second is to relax the upper limit of foreign shareholding ratio of securities companies, fund companies, futures companies and life insurance companies to 5 1%, and there will be no restrictions after three years;
Third, it is no longer required to have at least one securities company among the domestic shareholders of joint venture brokers;
Fourth, in order to further improve the interconnection mechanism, the daily quota of interconnection will quadruple from May 1 day, and the daily quota of Shanghai Stock Connect and Hong Kong Stock Connect will be adjusted to 52 billion yuan, and the daily quota of Hong Kong Stock Connect will be adjusted to 42 billion yuan;
Fifth, qualified foreign institutional investors are allowed to operate insurance agency business and insurance assessment business in China;
The sixth is to liberalize the business scope of foreign-funded insurance brokerage companies, which is consistent with Chinese-funded institutions.
According to Article 2 of the above statement, "the upper limit of the foreign shareholding ratio of securities companies, fund companies, futures companies and life insurance companies will be relaxed to 5 1%, and there will be no restrictions after three years", that is to say, after 5438+0 years in 2026, there will be no restrictions on the foreign shareholding ratio of domestic financial institutions.
Since then, the measures to open the financial industry to the outside world have accelerated. At the end of April last year, the China Securities Regulatory Commission issued the Measures for the Administration of Foreign-invested Securities Companies. 165438+1On the evening of October 30th, the CSRC announced that UBS Group AG (UBS Group AG Co., Ltd.) held 5 1% of the shares of UBS Securities Co., Ltd., approved the change of the actual controller of UBS Securities Co., Ltd., and the first foreign-controlled securities company was born. On March 29th this year, China Securities Regulatory Commission announced that it approved the establishment of JPMorgan Chase Securities (China) Co., Ltd. and Nomura Oriental International Securities Co., Ltd., and JPMorgan Chase and Nomura Oriental became the second batch of foreign-controlled securities firms approved after UBS Securities, and also the first two newly established foreign-controlled securities firms.
It is worth noting that in May last year, when JPMorgan Chase submitted an application for the establishment of a new joint venture holding brokerage company, he issued a statement saying that Morgan Asset and Wealth Management Company was arranging consultations with joint venture partners and relevant authorities to increase its shareholding ratio in Morgan Fund Management Co., Ltd. in the existing joint venture company to the holding ratio. Obviously, foreign investors also have great demand for holding or even wholly-owned business of public offering funds.
Overseas private placement registered 18, and 2 were qualified for investment.
According to the statistics of China reporter, there are 60 companies including Fidelity Lee Tae, UBS Asset Management, Fudun Investment, Innsman Investment, Huili Investment, Jingshun Zongheng, Lubomai Investment, Aberdeen Standard Investment, BlackRock Investment, Schroeder Investment, Anzhong Investment, Qiaoshui Investment, Shengyuan Investment, Bi Sheng Investment, Asiana Investment, Future Cai Yi, Lianbo Huizhi and Allianz Yitong.
What attracts people's attention is that in March this year, Lubomai Investment and Fudun Investment were officially qualified to provide investment consulting services in China, that is, they were qualified to invest and became the first foreign-funded institutions to obtain this qualification. From the time of establishment, except Lubomai and Fudun, nine institutions, including UBS Asset Management, Fidelity, innis Man, BlackRock and Schroeder, meet the first requirement of "registered for one year". If the above nine institutions meet the "3+3" qualification, it is also expected to get the investment business qualification quickly.
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(Article Source: Broker China)