China this week

Added 24th July 2015

A roundup of the week's asset management industry news from mainland publications.

China this week

CSRC to revise regulation on structured funds

The CSRC is working on drafting new regulations for structured funds to protect retail investors, including the introduction of insurance for investments. The plunge in the value of of structured funds during the recent stock market crash in early July drove investors into street protest in various cities in China.

21st Century Business Herald, July 24

BlackRock gets QDLP

BlackRock has been approved for a Qualified Domestic Limited Partnership (QDLP) license to raise onshore funds in China to invest overseas.

China Money Network, July 23

CSRC emphasises continued market intervention

The China Securities Regulatory Commission refuted a report that the government was considering halting intervention in the stock market. The report by influential news magazine Caijing on July 20 drove the market down in the morning trading session.

A CSRC spokesman denounced the report as irresponsible and untrue, and said the commission will take more action to stabilise the markets and calm investors.

The government has invested an estimated 1.3tn yuan into the stock market since early July in order to prop up the market and prevent a spillover into the banking system., July 20

UBS SDIC to launch China’s first commodity futures fund

UBS SDIC, a joint venture between UBS and China's SDIC Trust, intends to invest no less than 90% of the fund’s net asset value in silver futures contracts. The fund aims to achieve a yield equal to the dominant silver futures that are traded on the Shanghai Futures Exchange.

Shanghai Securities News, July 18

Shanghai and Shenzhen add half a million new stock buyers

China’s two stock exchanges added 513,000 new trading accounts for the week ending July 14, a growth on a par with the previous week, according to the China Securities Depository and Clearing Company. The number of active A-share traders decreased 8.4% from the previous week to 27.6 million.

At the height of the stock rally in April, the two markets saw their total trading accounts grow more than 4 million each week. Retail investors account for more than 80% of stock traders in China.

China Securities Journal, July 15

Chinese brokerages net 153bn yuan ($24.6bn) in first half

The combined H1 net profit of the 125 brokerages under the Asset Management Association of China totaled 153bn yuan ($24.6bn), or 27% more than that of their full-year profit in 2014.

Asset management revenues in H1 grew 160% compared to the same period in 2014 to 12.2bn yuan, on the back of the stock market rally.

Net capital of the whole industry grew hit 1.14tn yuan from the January to June period, representing 47% growth, according to AMAC.

China Securities Journal, July 15

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