JV Archives - Z-Ben Advisors

China Alert – Now the hard work begins

JV, Market Opening

Now the hard work begins It is April 1st and the doors to China are open. Do the first through the door always get shot? We will see. Our advice: work at your own speed; ignore all headlines. Please note that full versions of our China Alerts are for clients only, if you would like […]

Brokerage, JV

·HSBC’s unique brokerage JV highlights deficiencies in the industry ·Industry shifts and ownership liberalization are on the horizon ·Control is the critical issue for all foreign participants Update: CSRC has now accepted HSBC’s majority-owned brokerage joint venture (JV) application. This should be the beginning of a shake-up in the fragmented mainland securities industry that has […]

FMC, JV

·FMC non-core business makes up RMB10.2tr of China’s MF industry ·FMC subsidiary and parent SA business is opaque and largely misunderstood ·Foreign firms (particularly JV partners) need to understand this space Update: The majority of the almost RMB17tr (USD2.7tr) Chinese fund management industry remains veiled and misunderstood. Fund management company (FMC) non-core (i.e. not public […]

·HSBC has announced the first majority-owned JV brokerage ·It was obtained through CEPA ·Majority ownership is widening on all fronts in China Update: In a release yesterday, HSBC announced an agreement with the Shenzhen Qianhai government to establish the first majority-owned joint venture (JV) securities company in China. A 51% stake has been secured by […]

FMC, JV, MRF, QDII

·Two joint venture FMCs killed off QDII funds last week. ·They died for reasons that have little to do with QDII’s overall health. ·The liquidations reinforce how MRF timing and fund choice will be critical at this juncture. Update: Two JV FMCs – Manulife Teda and Fortune SG – each liquidated a QDII fund last week, an industry first. Z-Ben […]

Asset Management Platform, Fund Manager, JV, WFOE

·UBP has restructured its JV asset management platform ·This is a stark contrast to Aberdeen’s innovative WFOE ·Ownership structure will dictate future direction and opportunities Update: In the same month that Aberdeen AM has announced its innovative WFOE, Union Bancaire Privée (UBP) has altered the ownership structure of its existing JV management platform. This presents […]

China Alert – Now the hard work begins

(China Alert) China brokerage ownership: Shaken and stirred

(China Alert) FMC non-core business: The other side of the coin

(China Alert) HSBC: Qianhai and mighty

(China Alert) QDII and MRF: Out with old, in with the new

(China Alert) WFOE structure: the need to look forward