Core Insights - The public fund industry in China has entered its 17th year of "going global," with the recent approval of a new overseas subsidiary by Xingzheng Global Fund, which has a scale of 650 billion yuan [1] - The industry is focusing on enhancing its capabilities to serve both domestic and international investors, aiming to become a first-class investment institution globally [1] Industry Development - The early stage of the public fund industry primarily focused on "bringing in" foreign investments, but has now shifted towards "going out" to expand overseas operations [1][2] - The first overseas subsidiary was established by Southern Fund in Hong Kong in January 2008, marking the beginning of domestic asset management institutions venturing into international markets [1][2] Regulatory Framework - The regulatory environment for public funds "going global" has been continuously improved, with key policies introduced in 2008, 2018, and 2022 to facilitate overseas operations [3] - As of now, over 20 public fund companies, including Southern Fund and E Fund, have established more than 30 overseas subsidiaries [3] Recent Developments - Xingzheng Global Fund's application to set up a subsidiary in Singapore was recently approved, indicating a continued trend of public funds expanding their international presence [4] - The public fund industry is seen as a crucial participant in promoting high-level financial openness and facilitating the two-way opening of capital markets [4] Product Diversification - The "going global" strategy is becoming essential for public funds, with many institutions forming differentiated strategies, including establishing overseas subsidiaries and expanding QDII (Qualified Domestic Institutional Investor) products [6] - As of June 2025, the total approved QDII quota reached approximately 170.87 billion USD, with 54 public funds having obtained QDII qualifications [6][7] Market Trends - The scale of QDII funds has been steadily increasing, with a total market size of 644.02 billion yuan as of May 2025, reflecting a year-on-year growth rate of 5.35% [7] - The development of QDII products is providing Chinese investors with more diversified investment options and is contributing to the internationalization of China's capital markets [7][8] Future Outlook - Companies are focusing on developing high-quality, low-threshold, and recognizable cross-border products to enhance their global market presence [9] - Xingzheng Global Fund plans to gradually expand its overseas business, including research, investment, and client development in international markets [4][9]
从可选项到必答题 公募基金加速“扬帆出海”
Zheng Quan Ri Bao Zhi Sheng·2025-07-03 16:15