Xin Lang Ji Jin·2025-06-12 11:48Core Viewpoint - UBS AG has become a significant shareholder of ICBC Credit Suisse Asset Management Co., Ltd., holding 20% of the company's registered capital, marking a complete integration of UBS's acquisition of Credit Suisse assets and establishing UBS as the first foreign institution with two public fund licenses in China [1][2][3]. Group 1: Shareholding Change Details - The shareholding change process began in August 2024, with ICBC Credit Suisse submitting application materials to the China Securities Regulatory Commission (CSRC), which was approved in February 2025 [2]. - The change is a legal succession rather than a voluntary transfer, with ICBC still holding 80% of the shares, maintaining the company's registered capital unchanged [2][3]. - The new shareholding structure is as follows: ICBC holds 80% and UBS AG holds 20% [2][3]. Group 2: Company Background and Financials - ICBC Credit Suisse Asset Management, established in June 2005, is the first bank-affiliated fund company in China, with total assets of 792.617 billion as of June 11, 2025, and non-monetary assets of 415.315 billion [5]. - The company has a strong focus on stable investment strategies, with 70% of its asset allocation in money market and bond funds, leveraging ICBC's channel advantages [7]. Group 3: UBS's Strategic Intentions - UBS aims to establish a dual-license strategy in the Chinese public fund market, holding 49% of Guotou Credit Suisse Fund in addition to its stake in ICBC Credit Suisse [8]. - UBS has been operating in China for over 30 years, with a comprehensive business coverage including investment banking, wealth management, and asset management [8]. - Following the shareholding change, ICBC Credit Suisse's operational strategy is expected to remain stable, with the core management team primarily from ICBC, while UBS's global experience in wealth management and ETFs may enhance the company's growth in passive investment [8].