Group 1 - The internationalization of public funds has accelerated in 2023, with numerous fund companies establishing subsidiaries to expand overseas operations [1][2] - Yifangda Fund has received approval from the China Securities Regulatory Commission to set up a company in Macau, aiming to enhance asset management services for investors in the Greater Bay Area [1] - The establishment of overseas subsidiaries is becoming a key vehicle for public funds to deepen international cooperation, as seen with the collaboration between Fuguo Asset Management and Malaysian entities to launch ETF products [1][2] Group 2 - The number of overseas subsidiaries for fund companies continues to grow, with Xingsheng Global Fund's Singapore subsidiary approved to enhance its research and investment capabilities [2] - ETFs are emerging as a leading product for international expansion, with several ETFs launched in overseas markets, including the first ETF tracking the CSI Dividend Index in Singapore [2] - Public funds are actively enriching their cross-border product lines, with various funds recently submitted for approval, including those focused on bonds and global investments [2] Group 3 - QDII funds are evolving their strategies, with many products now covering multiple markets, enhancing risk resilience through regional diversification [3] - The expansion of QDII quotas has provided strong support for the internationalization of public funds, with over 20 fund managers receiving new quotas in June [3]

Core Viewpoint - The establishment of a new subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., marks a significant step in Xingzheng Global Fund's international expansion strategy, following recent leadership changes [1][2]. Group 1: Company Developments - The China Securities Regulatory Commission (CSRC) approved Xingzheng Global Fund's establishment of a subsidiary in Singapore with a registered capital of 10 million Singapore dollars, which must be registered within 12 months [1][2]. - Xingzheng Global Fund plans to gradually develop its overseas business capabilities in research, investment, and client expansion through the new Singapore subsidiary [1]. - The chairman of the new subsidiary will be Xie Zhiyu, who is also the deputy general manager and holds multiple senior roles within Xingzheng Global Fund [1][2]. Group 2: Regulatory Requirements - The new subsidiary must comply with Singapore's legal and regulatory requirements and establish a comprehensive foreign exchange risk management system [2]. - The subsidiary is prohibited from engaging in non-financial activities or conducting business operations within mainland China [2]. Group 3: Industry Context - The trend of Chinese asset management firms establishing overseas subsidiaries has accelerated, with over 30 such subsidiaries now in operation, primarily in Hong Kong, Singapore, the US, and the UK [5][6]. - The CSRC has encouraged qualified fund management companies to "go global" to enhance their service capabilities for overseas investors [5]. - Other firms, such as Southern Fund and Huatai-PineBridge Fund, have also established subsidiaries in Singapore, indicating a competitive landscape for international business development [6]. Group 4: Challenges in Internationalization - Despite the push for international expansion, some Chinese fund companies have faced challenges in the Hong Kong market, leading to the closure of their subsidiaries due to intense competition and difficulties in attracting and retaining clients [7].

Group 1 - Public funds are actively advancing their internationalization process, with recent collaborations such as the tripartite memorandum of understanding signed by Fuqua Fund in Malaysia and the listing of ETFs in Brazil [1][2][4] - The cooperation between Fuqua Asset Management (Hong Kong), Malaysia Stock Exchange, and China Galaxy Securities Malaysia aims to enhance cross-border product systems and improve the cross-border development capabilities of the asset management industry [2][5] - The listing of ETFs like the Huatai-PineBridge CSI Dividend ETF in Singapore and the recent ETFs in Brazil marks significant progress in the interconnection of capital markets, providing overseas investors with easier access to Chinese assets [4][6] Group 2 - The China Securities Regulatory Commission has issued guidelines to accelerate the internationalization of public funds, emphasizing the importance of both "bringing in" and "going out" strategies [5] - Fund companies are committed to expanding their international business and enhancing the global recognition of Chinese assets through diversified ETF strategies [6][7] - There is a consensus in the public fund industry to attract long-term overseas capital and promote Chinese indices in international markets, which will further enhance the global influence of China's capital market [7]