Mirae Asset HK awarded RQFII license
14 November 2013
Category: News, Asia, China, Hong Kong, Korea
By Asia Asset Management
Emerging markets specialist Mirae Asset Global Investments (Hong Kong) Limited (Mirae Asset HK) was awarded a license under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme by the China Securities Regulatory Commission (CSRC) on October 30, 2013. This license allows Mirae Asset HK to carry out investments directly in China's renminbi-denominated equity and fixed income markets.
Jung Ho Rhee, chief executive officer of Mirae Asset HK, says: "We are delighted to be one of the first wholly-owned foreign asset managers to receive this opportunity from the CSRC to invest in China's onshore market. In addition to the QFII license approval, this marks another major milestone in our ability to offer more innovative products to all our valued clients and investors."
RQFII is a policy initiative from the Chinese mainland authorities which allows qualified holders to offer investment products that invest in China's A-share equity and fixed income markets in the local renminbi currency. RQFII products give greater opportunities for retail and institutional investors to capitalise on the China growth story.