China this week

Added 28th August 2015

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

China this week

Shenzhen’s `pirate’ Goldman Sachs

Goldman Sachs (Shenzhen) Financial Leasing Co, has a name like the New York-based financial institution, Goldman Sachs Group, but there’s no connection.

The Shenzhen-based firm uses the same Chinese characters as Goldman Sachs does officially in the country. The type font used is also similar to the real firm.

A Hong Kong-based spokeswoman for US-based Goldman Sachs said it was “looking into the matter”.

Shenzhen’s Goldman Sachs was exposed after Chinese anti-corruption officials received a letter asking them to investigate the firm.

Shanghai Daily, via agencies, August 28

Three CSRC officials resign

Yang Wenhui, deputy director of the PE department, Xu Hao, deputy director of the institutional department and Ouyang Jiansheng, director of the commission of administrative penalty have resigned from the China Securities Regulatory Commission. No explanation was given.

Liang Yongsheng, former deputy head of CSRC’s institutional department was promoted to head of the department. Liang is said to be reform-minded and he vowed to push for innovation in wealth management products. He is also a former policeman.

The Asset Management Association of China also has a new chief. Hong Lei, deputy head of the AMAC, will succeed Sun Jie as head. Hong was previously the chief fund manager at Harvest Fund. Prior to that, he worked for 13 years at the CSRC in the fund supervision department and as audit inspector., August 27

CSRC probe into four brokerages

Four brokerages, including Haitong, GF, Huatai and Founder, said in statements filed with the Shanghai Stock Exchange that they were being probed by the CSRC for allegedly not doing adequate background checks on their clients.

Securities Times, August 26

China allows majority stake for HK and Macau brokerage JVs

Hong Kong and Macau brokerages will be allowed to set up one joint-venture brokerage with a mainland firm in Shanghai, Shenzhen or Guangdong Province and hold a majority 51% stake. Previously, they could only hold a maximum 49% of a brokerage joint-venture, the same as foreign firms partnering in China. This is the first time non-mainland firms are allowed to have majority holdings in joint-venture brokerages., August 21

CSRC stops registration of new structured funds

The China Securities Regulatory Commission has halted registration of structured funds from August 21. Structured funds were the worst performers during the mainland’s stock market crash, which began in late June. Some of the products lost more than 70% of net asset value., August 21

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