易方达落子澳门，公募基金 “出海” 加速

Core Viewpoint - E Fund is accelerating its internationalization strategy by planning to establish an overseas subsidiary in Macau, which has already been filed with the China Securities Regulatory Commission (CSRC) and will soon apply to the Monetary Authority of Macao for approval [1][2] Group 1: International Expansion - E Fund's move to Macau is part of a broader trend among public funds in China, with several institutions like Guangfa Fund and Zhuque Fund also applying to set up overseas subsidiaries [1][2] - The trend of public funds "going abroad" has historical roots dating back to 2008, when Southern Eastern Asset Management was established in Hong Kong, marking the beginning of overseas exploration for public funds [2] - Currently, there are approximately 20 overseas subsidiaries established by domestic public funds, with E Fund being one of the earliest to set up its first overseas subsidiary in Hong Kong in 2008 [2] Group 2: Domestic and Cross-Border Developments - In addition to its overseas plans, E Fund has been active in domestic and cross-border business, establishing a wholly-owned subsidiary in Guangzhou focused on securities investment fund sales and investment advisory services [3] - E Fund has a strong presence in the investment advisory sector, with a professional team of over 100 people and has served more than 120,000 individual clients and over 100 institutional clients by the end of 2024 [3] Group 3: Cross-Border Business and Product Offerings - E Fund's Hong Kong subsidiary has developed a mature layout, holding licenses for securities consulting and asset management, providing a range of services including fixed income, equity, index, and alternative investments [5] - The company is expanding its international market presence through cross-border ETF collaborations, with products launched in Brazil and Singapore linked to E Fund's ETFs [5] Group 4: Policy Support and Industry Challenges - The acceleration of public funds "going abroad" is supported by clear policies from the CSRC, which encourages qualified fund companies to establish overseas subsidiaries to enhance their service capabilities for global investors [6] - The trend is driven by both the recovery of the Chinese economy attracting international investment and the increasing demand for diversified international investments among domestic residents [9] - Challenges faced by Chinese institutions include brand influence, cultural differences, and the need for enhanced international professional capabilities, with historical examples of failures due to these issues [9]