当全球资本加速向东汇聚，香港作为国际金融中心的"超级联系人"价值愈发凸显。阿拉瓦利资管有限公 司（以下简称"阿拉瓦利资管"）正式启动香港上市筹备工作，这不仅是企业迈向资本化发展的关键布 局，更是精准把握香港政策红利、依托国际金融枢纽优势、抢占跨境资产管理赛道的战略抉择。这家以 跨境布局为核心、机构合作为支撑、产品创新为驱动的资产管理机构，正凭借对市场趋势的敏锐洞察与 扎实的综合实力，在规模达35万亿港元的香港资管市场中崭露头角，其筹备上市的进程与独特发展逻 辑，正为行业勾勒出一幅兼具潜力与价值的成长蓝图。 一、政策东风加持，筹备上市抢占跨境发展先机 阿拉瓦利资管启动上市筹备，恰逢香港资管行业政策红利密集释放的黄金窗口期。近年来，香港特区政 府与监管机构持续优化金融生态，跨境理财通2.0扩容、基金互认机制升级、QFLP政策落地等一系列利 好措施，为资产管理机构打开了连接内地与全球的广阔通道，也为企业上市融资、拓展业务创造了优越 环境。阿拉瓦利资管精准把握这一历史机遇，将政策红利转化为筹备上市的核心动力，以跨境业务为战 略支点，构建起多元协同的服务体系，为上市后的持续增长奠定坚实基础。 资本的认可更体现在实打实的 ...

北京商报讯（记者 孟凡霞 周义力）12月5日，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开放格局下的发展机遇"金融街论坛系列活 动在北京成功举办。本次活动在北京市地方金融管理局、北京金融街服务局的指导下，由北京资产管理协会与港大经管学院华北校友会共同主办。 圆桌论坛主持人、长江证券首席经济学家兼总裁助理伍戈表示，尽管从资本账户视角看香港属于跨境金融市场，但两地互联互通已十分紧密，建议在风险可 控前提下，进一步优化互联互通机制、加大创新力度。 全国社会保障基金理事会原副理事长王忠民提到，当前，香港金融市场的功能作用主要体现在三个方面。一是供应链金融或者产业链金融领域，伴随全球科 技产业链的变迁，也牵动金融服务体系和产品的变革，香港市场能够提供一个好的应用场景。二是要充分应用香港金融市场成熟的金融风险管理工具缓释、 对冲风险。三是要把一些创新产品在香港市场试点，更好的推动金融创新。 活动的圆桌论坛环节，嘉宾们围绕"跨境资产管理中的产品创新与资产配置"展开深度研讨。中再资产管理股份有限公司党委书记、董事长李巍表示，香港在 中资保险机构"走出去"进程中始终发挥着重要的"桥头堡"作用，是保险资金投资 ...

河南省印发复制推广自贸试验区全面对接国际高标准经贸规则推进高水平制度型开放试点措施实施方 案。方案指出，深化金融科技发展和国际合作，便利金融机构开展跨境资产管理，为境外设立的基金产 品提供境内投资管理、估值核算等服务。按照国家安排部署，有序推动具备条件的自贸试验区片区探索 数字人民币在贸易领域的应用场景。 ...

Core Viewpoint - The Henan Provincial Government has issued a plan to promote high-level institutional opening-up measures in free trade zones, focusing on financial technology development and international cooperation [1] Group 1: Financial Technology and Cross-Border Management - The plan aims to facilitate financial institutions in conducting cross-border asset management and provide domestic investment management and valuation services for overseas fund products [1] - It supports the exploration of digital RMB applications in trade scenarios within qualified free trade zones [1] Group 2: Support for Multinational Corporations and Insurance - The plan encourages multinational companies to establish fund management centers and explore integrated currency pool business under the national macro-prudential policy framework [1] - It also supports qualified insurance institutions in exploring international reinsurance business, allowing the use of RMB for reinsurance settlements [1] Group 3: Asset Management and Data Transmission - The plan includes research support for qualified asset management companies to conduct cross-border transfer of asset-backed securities, and to explore cross-border transfer of financing lease assets with RMB settlements in qualified free trade zones [1] - Financial institutions are permitted to transmit data necessary for daily operations abroad under the national data cross-border transmission security management framework, with regulatory measures in place to ensure the security of important data and personal information [1]

Core Insights - Two major banks, China Merchants Bank and Ping An Bank, have signed strategic cooperation agreements with Hainan Holdings, indicating a significant expansion in their collaboration in Hainan province as the region prepares for its free trade port operations [2][4][10] Group 1: Strategic Cooperation - The agreements were signed at the headquarters level, with the presence of senior executives from both banks, highlighting the importance of this collaboration [4][5] - Hainan Holdings aims to leverage this partnership to enhance its financial capabilities and support its core business areas, including airport operations and urban development [7][8] Group 2: Financial and Operational Focus - Ping An Bank has outlined specific areas for cooperation, including comprehensive credit, transaction settlement, retail and technology finance, and industrial collaboration [6][7] - China Merchants Bank emphasized resource synergy and business collaboration to support the high-quality development of Hainan's free trade port [7] Group 3: Broader Banking Landscape - Other banks, such as Nanyang Commercial Bank and Industrial Bank, are also expanding their presence in Hainan, focusing on areas like airport operations and cross-border asset management [8][9] - The upcoming closure of Hainan's free trade port is seen as a historical opportunity for banks to explore various business avenues, particularly in cross-border settlement and trade financing [10][11]

Core Insights - The pilot program for cross-border asset management in Hainan Free Trade Port has made substantial progress, enhancing the financial openness of the region [1][2] Group 1: Pilot Program Progress - In the first three quarters of the year, the financial openness level of Hainan Free Trade Port has further improved, with significant advancements in the cross-border asset management pilot program [1] - The implementation details of the pilot program were released in July, leading to the approval of a total pilot scale of 5 billion RMB across four pilot institutions [1] - As of October 17, two pilot institutions have successfully completed the transfer of funds from overseas investors for their issued products, indicating smooth and efficient operations [1] Group 2: Future Directions - The financial management department will review the reported materials from pilot institutions and publicly disclose the list of these institutions, implementing dynamic management [2] - Guidance will be provided to pilot banks to facilitate convenient account opening, fund transfers, and currency exchange services for overseas investors, while ensuring compliance with anti-money laundering and anti-terrorism financing obligations [2] - It is emphasized that overseas investors must conduct purchases and redemptions of pilot asset management products through investment accounts to ensure closed-loop fund management [2]

Core Viewpoint - Peng'an Fund has appointed Yang Bin as the new chairman following the retirement of Zhang Guoyong, marking a significant leadership change within the company [2][4]. Group 1: Leadership Change - Yang Bin, previously the deputy general manager and executive committee member of the major shareholder, Kaiyuan Securities, has taken over as chairman of Peng'an Fund [4][6]. - Zhang Guoyong retired from his position as chairman on October 21, 2025, due to retirement [6]. Group 2: Company Background - Peng'an Fund was established on January 2, 2024, and received its business license from the China Securities Regulatory Commission (CSRC) on May 26, 2024 [2][6]. - The fund's registered capital increased from 100 million to 210 million yuan after a capital injection of 110 million yuan from Kaiyuan Securities [6]. Group 3: Fund Products and Initiatives - On October 13, 2025, Peng'an Fund launched its first public fund product, the Peng'an CSI Dividend Index Fund, which is currently in the subscription period [7]. - The fund has also submitted applications for two additional funds, which have been accepted by the CSRC [8]. Group 4: Cross-Border Asset Management - Peng'an Fund has been included in the first batch of pilot institutions for cross-border asset management in Hainan Free Trade Port, as announced on October 15, 2025 [10]. - The company is focusing on developing cross-border products that leverage Hainan's tax incentives and facilitate capital flow, aiming to enhance investment efficiency and reduce costs [10][11]. - Peng'an Fund plans to build an overseas research team and recruit international investment professionals to strengthen its global market analysis capabilities [10][11].

Core Points - Yang Bin has been appointed as the new chairman of Peng'an Fund, succeeding Zhang Guoyong who retired [1][3] - Peng'an Fund was established on January 2, 2024, and has recently launched its first public fund product [1][4] - The fund has been included in the first batch of pilot institutions for cross-border asset management in Hainan Free Trade Port [1][6] Company Overview - Peng'an Fund is wholly owned by Kaiyuan Securities and is headquartered in Haikou, Hainan [3] - The fund's registered capital increased from 100 million to 210 million yuan after a capital injection of 110 million yuan from Kaiyuan Securities [3] Recent Developments - On October 13, Peng'an Fund issued its first public fund, the Peng'an CSI Dividend Index Fund, which is currently in the subscription period [4] - The fund has also submitted applications for two additional funds, which have been accepted by the China Securities Regulatory Commission [4] Strategic Initiatives - Peng'an Fund is focusing on the preparation of cross-border asset management products, leveraging Hainan's tax incentives and capital flow advantages [6] - The company aims to enhance its global asset allocation capabilities by building an overseas research team and collaborating with international financial institutions [7] - The goal for the next 1-2 years is to successfully issue and manage multiple cross-border asset management products, achieving significant asset management scale [7]

Core Points - The Hainan Securities Regulatory Bureau announced the first batch of institutions participating in the cross-border asset management pilot program in Hainan Free Trade Port, which includes 2 securities companies, 2 fund companies, and 2 bank sales institutions [1] - The pilot program marks a significant step towards the operational phase of cross-border asset management in Hainan, with the selected institutions having completed necessary preparations [1][2] - The implementation details specify that foreign investors can use funds from both domestic and foreign sources to purchase pilot asset management products, with specific requirements for domestic funds [3][4] Group 1: Institutions Involved - The selected institutions include Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, Industrial Bank Haikou Branch, and SPD Bank Haikou Branch [1] - Jinyuan Securities and Wanhua Securities are classified as "issuing institutions," while the two banks are classified as "sales institutions" [1] Group 2: Implementation Details - The pilot program allows for a total scale limit of 10 billion RMB for cross-border asset management products, with net inflow limits for foreign investors [4] - The asset management products available for foreign investors will be denominated in RMB and include various risk-rated public and private funds [4] Group 3: Institutional Responses - Jinyuan Securities has established a dedicated task force to comply with the new regulations and has quickly submitted its application for pilot qualifications [2] - Peng'an Fund, as the first state-controlled public fund in Hainan, has also mobilized its resources to apply for pilot qualifications in line with national financial opening policies [2][3]

Core Viewpoint - The announcement of the first batch of six institutions participating in the Hainan Free Trade Port's cross-border asset management pilot program marks a significant step in the implementation of this initiative, which allows foreign investors to access various financial products [1][4]. Group 1: Pilot Institutions - Six institutions have been selected for the pilot program, including Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, and the Haikou branches of Industrial Bank and Pudong Development Bank [1][2]. - The pilot institutions consist of both issuing and selling entities, with a notable representation of local financial institutions [2]. Group 2: Product Offerings and Market Opportunities - The pilot program allows foreign investors to invest in a range of products, including wealth management products, private asset management products, publicly offered securities investment funds, and insurance asset management products, with an initial total scale limit of 10 billion yuan [1][4]. - Institutions involved are optimistic about the business opportunities presented by the pilot program and are preparing to offer diversified, professional, and international asset management services to foreign investors [2][3]. Group 3: Policy Background and Future Prospects - The cross-border asset management pilot has been in discussion since the release of the overall plan for Hainan Free Trade Port in June 2020, with the implementation details formalized in the guidelines released in July 2021 [4]. - The pilot program is expected to attract global asset management institutions to establish regional headquarters in Hainan, enhancing the local financial ecosystem and facilitating the return of overseas funds to the domestic market [5].