Group 1 - The "Implementation Rules for Cross-Border Asset Management Pilot Business" will officially take effect on August 21 [1] - Haima Automobile, a listed company, announced its participation in the cross-border asset management business through Hainan Bank, which is preparing application materials [1] - Major state-owned banks and some joint-stock banks in Hainan are also preparing to apply for the cross-border asset management pilot business, focusing on selling securities fund products [1] Group 2 - The cross-border asset management business involves pilot banks, issuing institutions, and sales institutions, with pilot banks providing account services for foreign investors [2] - The People's Bank of China and Hainan financial regulatory authorities will oversee the management and regulation of the pilot institutions [2] - This pilot program represents a unique financial opening policy for Hainan Free Trade Port, allowing foreign investors to access China's financial markets [2] Group 3 - The pilot program is expected to diversify investment channels for foreign investors and attract asset management institutions to Hainan [3] - The implementation rules highlight diverse investment subjects and a wide range of investment products, including public and private asset management products [3] - Foreign investors can open various types of accounts in Hainan to purchase pilot asset management products [3]

Core Viewpoint - The implementation of the "Cross-Border Asset Management Pilot Business Implementation Rules" by the People's Bank of China and other departments aims to enhance cross-border financial product offerings and attract both domestic and foreign asset management institutions to Hainan Free Trade Port [1][2][3]. Group 1: Pilot Business Implementation - The pilot business includes specific arrangements regarding the conditions for pilot institutions, reporting procedures, the scope of asset management products, and investor protection measures [1][2]. - The pilot is part of a broader financial opening policy unique to Hainan Free Trade Port, which was initiated following the release of the overall plan for the port's construction in June 2020 [2][3]. Group 2: Investment Product Scope - The pilot encompasses four categories of asset management products: wealth management products, private asset management products from securities and futures institutions, publicly offered securities investment funds, and insurance asset management products [3]. - This initiative is expected to expand the channels for foreign capital to invest in the domestic market, thereby promoting further opening of China's capital market [3]. Group 3: Investor Access - The pilot allows both foreign institutional and individual investors to participate, with a broader scope compared to previous capital market connectivity channels [3]. - Foreign individual investors must provide proof of residence, employment, or study in Hainan for at least one year, along with evidence of income from within China to invest in pilot asset management products [3]. Group 4: Financial Infrastructure and Internationalization - The launch of multi-functional free trade accounts and the establishment of cross-border capital operation centers are expected to facilitate the free flow of cross-border funds and support global capital allocation [4]. - The pilot is anticipated to enhance the internationalization of the Renminbi by providing new channels for offshore Renminbi to flow back into the domestic capital market [5].