CLSA, a brokerage firm based in Hong Kong, and Shanghai Guosheng, the Chinese state-owned investment company, have reached an in-principle agreement to establish an asset management company, situated in Shanghai.
It is planned that the joint venture will manage a renminbi-denominated investment fund, with a targeted capital value of RMB10bn (USD1.5bn). It is to be sold only to Chinese domestic institutional investors, and will concentrate its investments in industries with the potential for capital gains, particularly in renewable energy, consumer goods, and heavy machinery.
When the fund is established, it could provide a demonstration of how businesses from Hong Kong and Shanghai are able to work together to capitalize on their differing strengths in the development of the financial industry in China.
The joint venture will be domiciled in Shanghai’s Pudong International Financial Centre. Shanghai has the objective of transforming itself into a global financial centre by 2020, and particularly at present in developing equity funds for domestic investors.
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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