China is close to announcing the list of asset management firms approved by the CSRC to launch offshore mini-QFII funds. The program will have an initial quota of around CNY20-25 billion (US$3.13 – 3.91 billion) to be sub-divided among the qualifying firms.
China’s CICI Asset Management is among those approved to launch a mini-QFII in the later part of the year. It is already in advance preparations to launch the new mini-QFII fund in either October or November. The group is also planning to launch a long-only renminbi fund in Hong Kong invested in Chinese equities.