超100家拿下香港9号牌，私募基金“大航海”时代到来了吗

Core Insights - The private equity industry is experiencing a significant transition as asset management institutions seek to expand internationally through Hong Kong [2] - As of November 26, 2023, a total of 10 new private equity firms have obtained the Hong Kong Type 9 license, bringing the total number of firms holding this license to 107, marking a historic milestone [2][4] Group 1: Industry Trends - The majority of private equity firms venturing abroad are subjective private equity firms, with a notable increase in the pace of quantitative private equity firms entering the Hong Kong market [3][5] - The two primary destinations for mainland private equity firms looking to expand internationally are Hong Kong and Singapore, with Hong Kong being the preferred choice due to its geographical proximity and cultural similarities [3][4] Group 2: License Acquisition - Among the 107 firms holding the Type 9 license, 69 are subjective private equity firms, 28 are quantitative firms, and 10 are hybrid firms [4] - The distribution of these firms is concentrated in major cities, with Shanghai having 22 firms, Shenzhen 11, and Beijing 8 [4] Group 3: Strategic Moves - Many private equity firms are establishing subsidiaries in Hong Kong to apply for the Type 9 license, with firms like Youmeili Investment setting up operations to cater to the demand for stable asset allocation in a low-interest environment [4][6] - The trend of private equity firms expanding into Hong Kong has been accelerating since 2022, particularly among quantitative firms [5] Group 4: Motivations for Expansion - The motivations for mainland private equity firms to expand include seeking larger fundraising sources, diversifying revenue streams, and building an international asset management brand [9] - Youmeili Investment's decision to enter the Hong Kong market is driven by the belief that a low-interest rate environment will highlight the advantages of their stable product offerings [9] Group 5: Operational Challenges - Private equity firms face challenges in building overseas research capabilities and adapting to regulatory differences between regions [6][10] - The operational costs in overseas markets are significantly higher than in mainland China, which includes higher custody fees and the need for compliance and risk management teams [10]