China - November 29, 2024 Foreign financial firms continue to expand in China (Voice_over) A growing number of foreign financial firms have applied to establish and expand their operations in China this year. According to available data, the country now hosts 19 foreign-invested securities firms, 51 foreign-invested fund management companies, and 858 qualified foreign institutional investors. Germany’s Allianz Global Investors, a public fund management firm, says their approval process was smooth and fast, which illustrates China’s willingness to welcome foreign financial firms. (Sound_bite) Leo Shen, General manager, Allianz Global Investors Fund Management Company： "We received approval from the China Securities Regulatory Commission on April 18 to establish a public fund management company. The entire process was incredibly smooth, and in just eight months, we received approval." (Voice_over) In March, U.S.-based Neuberger Berman completed its third capital increase since establishing operations in China, raising its registered capital from about 41 million U.S. dollars to about 57. (Sound_bite) William Xu, Head, Institutional business, Neuberger Berman (Shanghai)： "We've mapped out a long-term investment and development plan. We are highly confident in the development of China's capital markets and the long-term returns they will offer global investors." (Voice_over) Beyond public funds, several foreign brokerages and private equity firms are also expanding in China. In March, British multinational bank Standard Chartered launched its securities business in Beijing, while Citigroup from the U.S. and Japan’s Mizuho Securities are both awaiting approval to enter the market. [Restriction: No access Chinese mainland]