SPD BANK(SH:600000) 券商中国·2025-12-23 10:38Core Viewpoint - The Hainan Securities Regulatory Bureau has announced the registration of seven institutions for the cross-border asset management pilot business in Hainan Free Trade Port, which aims to innovate and expand cross-border financial product offerings and attract both domestic and foreign asset management institutions to support the development of Hainan Free Trade Port [1][2]. Group 1: Registered Institutions - Two securities firms, Jinyuan Securities and Wanhua Securities, along with two fund management companies, Huibaichuan Fund Management Co., Ltd. and Peng'an Fund Management Co., Ltd., have been registered as product issuance institutions [2]. - Three banks, namely Industrial Bank Co., Ltd. Haikou Branch, Shanghai Pudong Development Bank Co., Ltd. Haikou Branch, and China Merchants Bank Co., Ltd. Haikou Branch, have been registered as product sales institutions [2]. Group 2: Pilot Business Implementation - The first batch of cross-border asset management pilot business by Huibaichuan Fund and Pudong Development Bank has been successfully subscribed by foreign investors, with funds flowing through the bank's cross-border account system to invest in the domestic capital market [4]. - As of October 16, 2025, the People's Bank of China Hainan Branch has approved a quota of 5 billion RMB for four pilot issuing institutions [4]. - By December 16, 2025, three pilot issuing institutions had successfully issued products that were subscribed by foreign investors, demonstrating smooth and efficient fund transfers [4]. Group 3: Regulatory Framework - The implementation details for the cross-border asset management pilot business were jointly issued by several regulatory bodies, officially starting on August 21, 2025, allowing foreign investors to invest in various financial products issued by Hainan Free Trade Port financial institutions [6]. - The initial total scale limit for the pilot program is set at 10 billion RMB, with the People's Bank of China Hainan Branch responsible for setting and dynamically adjusting this limit based on market conditions [6][5]. - Foreign investors can use funds from both domestic and international sources to purchase pilot asset management products, with specific requirements for domestic funds [7].