19 10/9 19, the CSRC issued the Reply on Approving the Change of Shareholders and Actual Controllers of Shangtou Morgan Fund Management Co., Ltd., and approved JPMorgan Chase Asset Management Holdings Co., Ltd. to become the major shareholder of Shangtou Morgan Fund; JPMorgan Chase Company is approved (JPMorgan Chase does not object to Morgan Asset Management Holding Company legally transferring the investment of 250 million yuan of Shanghai Morgan Fund (accounting for 65,438+000% of the registered capital).
This means that Morgan Asset Management Holdings will wholly control Morgan Fund, which will become the sixth wholly foreign-owned Public Offering of Fund management company in China after BlackRock, TEDA Manulife, Lubomai, Fidelity and Schroeder Fund, and the second Public Offering of Fund management company after TEDA Manulife Fund.
Since then, JPMorgan Chase has also become the first foreign-funded financial institution to realize wholly-owned holding in the four major business areas of local corporate banking, securities, futures and asset management.
Shangtou Morgan Fund became a wholly foreign-owned public offering.
On the evening of 65438+ 10 19, in official website, the CSRC issued the Reply on Approving the Change of Shareholders and Actual Controllers of Shangtou Morgan Fund Management Co., Ltd., which announced that it had received the Application Report of Shangtou Morgan Fund Management Co., Ltd. on the Change of Shareholders and Actual Controllers with More than 5% Equity (Shangtou Morgan Zi [2020] No.463) and According to the Securities Investment Fund Law, the Measures for the Supervision and Administration of Managers of Public Offering Securities Investment Funds (DecreeNo. 198) and other relevant regulations, we hereby reply as follows:
1. Approved JPMorgan Chase Asset Management Holding Company to become the major shareholder of Shangtou Morgan Fund; JPMorgan Chase Company is approved (JPMorgan Chase does not object to Morgan Asset Management Holding Company legally transferring the investment of 250 million yuan of Shanghai Morgan Fund (accounting for 65,438+000% of the registered capital).
Two. Morgan Stanley Fund and its shareholders should handle relevant matters such as industrial and commercial change registration in a timely manner according to regulations, improve the corporate governance structure, and safeguard the legitimate rights and interests of the company and fund share holders.
Three. Morgan Stanley Fund should strictly implement the Cyber Security Law and other relevant regulations, strengthen the compliance management of cross-border flow of fund business data and investors' personal information, effectively protect the legitimate rights and interests of investors, and ensure the safe and stable operation of important information systems and networks.
According to public information, Shangtou Morgan Fund was established in May 2004. Previously, it was jointly held by Shanghai Trust (holding 565,438+0%) and Morgan Fleming Asset Management (UK) Limited (holding 49%). After the change of shareholders and actual controllers, Shangtou Morgan Fund will be wholly controlled by Shangtou Morgan Asset Management Holding Company 65,438+000%.
In fact, as early as August 20 19, Morgan Asset Management, a subsidiary of JPMorgan Chase, successfully bid for 2% equity of Shangtou Morgan Fund held by Shanghai International Trust for 24 10/00000 yuan. In August 2020, Shanghai United Assets and Equity Exchange announced that Shanghai International Trust Co., Ltd. planned to transfer 49% equity of Morgan Stanley Fund at a transfer price of 7 billion yuan.
Subsequently, in April 2020 1, China officially lifted the restrictions on the proportion of foreign shares held by securities companies and the restrictions on public offering by fund companies. The next day, Shanghai Investment Morgan Asset Management announced that it had reached a preliminary commercial understanding with Shanghai International Trust Co., Ltd. on the acquisition of the equity of Shanghai Investment Morgan Fund to 65,438+000%, expecting to work closely with Shanghai Trust to complete the necessary procedures for the acquisition of 65,438+000% equity, including seeking regulatory approval from China Securities Regulatory Commission.
With the approval of the China Securities Regulatory Commission for the change of the equity of Shanghai Investment Morgan Fund, it means that the Shanghai Investment Morgan Asset Management Company's wholly-owned holding of Shanghai Investment Morgan Fund has finally "settled", and the wholly foreign-owned Public Offering of Fund company in China has also expanded to the sixth company.
According to the data, by the end of the third quarter of 2022, there were 84 funds in Shanghai Morgan Fund, with a total management scale of 14 1 0.50 billion yuan, ranking 37th among14/0 fund management companies, among which the company's non-monetary scale was 7337 1.
All banks, brokers, futures and funds are wholly owned.
It is worth noting that JPMorgan Chase became the first foreign-funded financial institution to realize wholly-owned holding in four major business areas: local corporate banking, securities, futures and asset management.
As for local corporate banks, JPMorgan Chase Bank (China) Co., Ltd. was established in 2007, which is the first foreign bank headquartered in Beijing. In 2009 and 20 12, JPMorgan Chase Group continuously increased its investment in local corporate banks, increasing the registered capital of Bank of JPMorgan Chase (China) Co., Ltd. by RMB 2 billion and RMB 2.5 billion respectively.
In the field of securities, JPMorgan Chase Securities (China) Co., Ltd. was approved as the first wholly foreign-owned securities company in China. At present, it has completed the corresponding capital increase plan, and will continue to provide all-round financial products and services to China and international customers, including securities brokerage, securities investment consulting, securities underwriting and sponsorship.
In terms of futures, in 2020, JPMorgan Chase's futures business was approved by China Securities Regulatory Commission, becoming the first wholly foreign-owned futures company in China. JPMorgan Chase believes that having a wholly-owned futures business in China can help the company strengthen its platform in China and better assist domestic and foreign customers to complete the liquidation of listed commodities, equity and fixed-income derivatives contracts through the onshore exchange in China.
Liang Zeng, CEO of China District, JPMorgan Chase, said in an interview with the media that at the group level, it is very important for the long-term development of China to be able to wholly own its main legal entities. At the same time, he believes that the deep participation of foreign capital is also of great significance to the further opening of China's financial market. Liang further emphasized that from the perspective of JPMorgan Chase Group, China is one of the most important markets for many customers and JPMorgan Chase itself. With the further opening and evolution of China's financial market in recent years, in fact, the market has put forward higher requirements for financial institutions, which require continuous investment and constantly create irreplaceable first-class products and services in order to obtain and maintain business advantages.
Foreign public offering teams have been growing.
Joint venture public offering has become a wholly foreign-owned public offering through equity transfer, and investing in Morgan Fund is not the first case. Prior to June 5438+065438+1October, 2022, TEDA Manulife Fund was approved by the China Securities Regulatory Commission and officially became a company controlled by Manulife Finance 100%.
TEDA Manulife Fund is one of the first public offering joint venture funds in China. Before this equity change, the shareholding ratio of TEDA International Holding Group reached 565,438+0%, and the shareholding ratio of Manulife Investment Management (Hong Kong) was 49%. After the equity change, Manulife Investment Management (Singapore) Pte Ltd became the major shareholder, holding 565,438+0%, Manulife Investment Management (Hong Kong) still holds 49%, and TEDA Manulife Fund officially became a wholly foreign-owned public offering.
At the same time, with the change of Morgan Stanley Fund from joint venture to foreign holding, up to now, there are six wholly foreign-owned Public Offering of Fund management companies in China, and the foreign public offering team is growing day by day.
Since April 2020, many foreign giants have set up public offering entities in China after the restrictions were lifted.
In June, 20021,BlackRock obtained the business license of Public Offering of Fund and established the first wholly foreign-owned Public Offering of Fund in China.
In June 2022, 1 1, Lubomai Fund obtained the Public Offering of Fund business license issued by China Securities Regulatory Commission.
From June 5438 to February 2022, Fidelity Fund officially announced that it had obtained the Public Offering of Fund business license issued by China Securities Regulatory Commission;
At the beginning of the new year in 2023, the Schroeder Fund lost another son. On June 5438+1October 65438+March, official website of China Securities Regulatory Commission issued the Reply on Agreeing to Establish Schroeder Fund Management (China) Co., Ltd., which officially approved the establishment of Schroeder Fund.
It is worth noting that in the last three months alone, two joint ventures, TEDA Manulife Fund and Shangtou Morgan Fund, were converted into wholly foreign-owned public offerings, and a wholly foreign-owned public offering of Schroeder Fund was approved. In addition, foreign public offerings such as Pan Da Fund and Lianbo Fund are in the process of application, Morgan Stanley Huaxin Fund has also submitted an application for equity transfer, and foreign-funded Oriental is actively seeking absolute control, and China's capital market is accelerating its opening to the outside world.