上海為資金管理者提供機會進入私人市場資產 - 去與香港競爭獲取全球資本

Recently Yahoo News on-line reported the following:

Shanghai to give money managers access to assets in private markets - to rival Hong Kong for global capital

South China Morning Post

Tue., May 25, 2021, 9:21 p.m.

Shanghai will give “qualified investors” access to a wider array of assets in private markets from next month under the city’s pilot investment schemes, just as appetite is surging among global money managers.

Under the Qualified Foreign Limited Partner (QFLP) scheme, foreign investors will be allowed to buy shares in unlisted companies, as well as participate in private placements by listed companies, private equity and venture capital products, according to a statement on Tuesday.

Under the Qualified Domestic Limited Partner (QDLP) scheme, mainland investors will be able to access assets ranging from stocks and bonds issued by private companies, as well as invest in securities, commodity and financial derivatives, it said.

The measures will give the nine-year-old investment schemes a makeover and empower China’s biggest commercial city in its effort to become a global asset management hub. It came just as foreign investors bought a record 21.7 billion yuan (US$3.4 billion) of local stocks on Tuesday via the southbound Connect scheme with Hong Kong.

It will also lift investment restrictions and promote the internationalisation of the yuan as the Shanghai Stock Exchange seeks to rival Hong Kong for global capital. Hong Kong is the favourite venue for global stock offerings in seven of the past 12 years, where sustained market reforms have lured a spate of jumbo listings.

Shanghai aims to be the asset management hub in Asia and among top cities globally by 2025, according to Tuesday’s document. The world’s top money managers including BlackRock, Bridgewater, Vanguard and Fidelity have already set up offices and started businesses in Shanghai.

The city will also explore the launch of more exchange-traded funds linked to the technology industry to promote the integration of finance and innovation, it added. It is also seeking to roll out more real estate investment trust products to support the nation’s infrastructure investment.

Other potential developments include a deepening of the Stock Connect schemes with Hong Kong and London, as well as the impending launch of a wealth management link, it added, without elaborating.

Translation 

從下個月開始，在上海試點投資計劃的推動下，上海將為“合格的投資者”提供機會進入私人市場的更多資產種類，與此同時，全球理財人士的胃口也在急升。

根據周二的一份聲明, 在合格外國有限合夥人（QFLP）計劃之下，外國投資者將被允許購買未上市公司的股票，可以參與上市公司私募, 及私募股權和風險投資產品。

聲明說，根據合格的國內有限合夥人計劃，內地投資者將能夠接觸私人公司發行的股票和債券等資產，以及投資於證券，商品和金融衍生品。

這些措施將對已有9年曆史的投資計劃進行改造，並賦予中國最大的商業城市一些能量, 以成為全球資產管理中心的權力。就在周二，外國投資者通過與香港建立的南向連接計劃, 購買了創紀錄的217億元人民幣（34億美元）的本地股票。

上海亦將解除投資限制, 並促進人民幣的國際化, 上海證券交易所試圖與香港爭奪全球資本。在過去的12年之中有七年，香港是全球股票發行的最受歡迎之地。在那兒，持續的市場改革吸引了大量的大型股票上市。

根據周二的文件，上海的目標是到2025年成為亞洲以及全球主要資產管理中心的城市之一。包括 BlackRock、Bridgewater、Vanguard 和 Fidelity的一批全球頂級資金管理公司已經在上海設立辦事處並開展業務。

該市還補充說，它還將會探索推出更多與技術行業​​有關的交易所買賣基金，以促進金融與創新的融合。它還尋求推出更多房地產投資信託產品，以支持國家的基礎設施投資。

在沒有詳細說明之情况下它補充說, 它的潛在的發展將包括深化與香港和倫敦的股票互通計劃，以及即將啟動的財富管理鏈接。

       So, Shanghai aims to become the asset management hub in Asia and among the top cities globally by 2025. It seems that China is increasing its overseas connections, and is opening up more towards the outside world financially. I am interested to know whether its goal can be achieved by 2025.