Group 1 - The approval of fund subsidiaries in Singapore is supported by China's vibrant economy and high level of financial openness, along with tax advantages for asset management institutions [2][3] - The China Securities Regulatory Commission (CSRC) has been promoting the establishment of overseas subsidiaries for public funds, emphasizing high-level openness and the ability to serve international investors [2][3] - The economic growth of Singapore, with GDP increasing from $9.18 billion in 1965 to $501.4 billion in 2023, and a rise in per capita GDP from $511 to $84,700, highlights the attractiveness of the market for fund companies [3] Group 2 - New tax incentives announced in Singapore's 2025 budget include a reduced corporate tax rate of 5% for fund managers meeting specific criteria, enhancing the appeal for fund companies to establish operations there [4] - International investors are increasingly interested in Chinese assets, with major financial institutions like Morgan Stanley and Goldman Sachs raising their GDP growth forecasts for China, indicating a shift in investment strategies [4] - ETFs are becoming a crucial tool for fund companies expanding internationally, with successful listings in Singapore and collaborations with other countries to enhance global market access [5]

Group 1 - The core viewpoint is that the capital market ecosystem in China is continuously optimizing, enhancing the attractiveness of Chinese assets amid a rapidly changing global political and economic landscape [1] - The current era is characterized by unprecedented challenges and opportunities, with significant transformations occurring in the capital market [1] - Following the introduction of the new "National Nine Articles," the Chinese capital market is shifting from a financing market to an investment and wealth management market [1] Group 2 - Long-term funds are establishing a "patient irrigation" system, with pension funds and insurance capital increasingly allocating to innovative assets [1] - A virtuous cycle is being constructed among capital, technology, and industry, indicating a fundamental restructuring of the capital market ecosystem [1]