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China hedge funds join ‘flight’ to Hong Kong

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Shanghai Qianxiang Asset Management, a quant hedge fund based in mainland China, is among a number of funds setting up shop in Hong Kong for the first time in a bid to satisfy Chinese investor demand for US dollar-based products and international exposure, according to a report by Reuters.

The ‘fund-flight’ to Hong Kong first began last year following the ending of years of Covid lockdowns with at least eight mainland-based funds having set up operations in Hong Kong in the past six months, according to Reuetrs, and more than 10 others reportedly planning to follow suit.

Shanghai Qianxiang Asset Management is currently developing its first global commodity trading adviser strategy for investing in overseas markets in the territory after receiving an asset management license from Hong Kong’s Securities and Futures Commission in February.

“Foreign managers are getting licenses and issuing funds in China – it’s natural for us to go overseas,” said Jason Yim, managing director of QX Asset Management in Hong Kong.

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