Webinar – “OPEN SESAME” – Finance can find new ways into China

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On 2 September 2020, Citibank (China) was licensed by the China Securities Regulatory Commission (CSRC) to provide custody-related services to both mutual funds and private funds domiciled in China. The announcement made Citi the first US bank and the first bank among the top five global custodians to be granted such a licence.

Despite continued political tensions, the Chinese government has accelerated efforts to allow greater foreign access to its previously closed financial market. In October last year, the government announced the removal of foreign ownership restrictions (up to 51%) for securities companies, securities investment fund management companies, futures companies and life insurance companies. This was fully implemented as of 1 April, making 2020 known as the first year of the full opening of China’s financial sector. The move promises to unlock a vast and rapidly expanding retail investor market.

To explore these and other developments, Sovereign China held a webinar on the financial market in China. Featuring contributors including:

Mark Schaub, Senior Partner at law firm King & Wood Mallesons, examined the implications for family offices, asset management companies, NPL (non-performing loan) companies and insurance companies.

Bagrin Angelov (安国邦) Head of China Cross-border M&A | CICC, looked at how the opening of China’s financial sector will provide some welcomed competition. But also, why big foreign players will not automatically swoop in to take the market.

Michael Amouyal, Partner for Greater China at boutique investment bank Rochefort & Associés, shared his practical day-to-day experience of operating in China and where their are opportunities and pitfalls.

The webinar was hosted by Robbert Gorris, Director of Sovereign China, who coordinated this interactive discussion.

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