FIDELITY Receives Regulatory Approval in China for Retail Fund Business

The China Securities Regulatory Commission gave the business a license on Friday, allowing it to provide onshore investment products and solutions to retail consumers and asset management services to institutional clients in China.

“We want to develop a comprehensive financial services organization in China with a significant presence in pensions and asset management,” said Helen Huang, general manager of the fund subsidiary FIL Fund Management (China) Company.

China formally let persons in the public pension system participate in the fund and other financial goods under a tax-incentivized mechanism last week.

FIL, based in the United Kingdom, employs nearly 1,900 people in China, including operations in Shanghai, Dalian, and Beijing.

When China abolished a foreign ownership ban on fund management businesses two years ago, the company requested to access the domestic retail fund market.

FIL is the third global asset manager to get regulatory clearance to launch a fully-owned retail fund business in China, after US manager Neuberger Berman. In June 2021, BlackRock received clearance.

About FIDELITY

Fidelity is a brokerage based in the United States. Fidelity offers no-commission US stocks and ETFs. Furthermore, it provides a plethora of high-quality research tools, such as trade suggestions, extensive fundamental data, and charting. The online trading platform is simple to use and includes a variety of complex order types. You may also deal with equities from other countries, not simply the United States. It is a wonderful option for new investors. On the negative side, some mutual funds charge hefty fees and have higher margin rates.

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