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China Southern Asset Management

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China Southern Asset Management Co., Ltd.
Native name
南方基金管理股份有限公司
Company typePrivate
IndustryFinancial services
FoundedMarch 6, 1998; 26 years ago (1998-03-06)[1]
Headquarters
Shenzhen, Guangdong, China[1]
AUMUS$284 billion (September 2023)[2]
OwnersHuatai Securities (41.16%)
Shenzhen Investment Holdings Co., Ltd (27.44%)
SubsidiariesCSOP Asset Management
Websitewww.nffund.com

China Southern Asset Management (Chinese: 南方基金管理股份有限公司; pinyin: Nánfāng jījīn guǎnlǐ gǔfèn yǒuxiàn gōngsī) is a Chinese asset management company founded in 1998. It is considered one of the largest asset management companies in China.[3]

History

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The company was established on 6 March 1998, as one of the first local asset management companies in China that was approved by the China Securities Regulatory Commission.[1]

In 2008, the company set up a joint venture in Hong Kong with Oriental Patron.[4][5] The joint venture was named CSOP Asset Management with China Southern Asset Management paying HK$140 million for a 70% stake and Oriental Patron paying HK$60 million for the remaining 30%.[4][5] CSOP Asset management currently has several ETFs on the Hong Kong Stock Exchange. In December 2022, it launched the first Bitcoin and Ethereum futures ETFs in Hong Kong.[6]

In July 2024, China Southern Asset Management launched an ETF that focused on Saudi Arabian stocks that was listed on the Shenzhen Stock Exchange. It was popular amongst Chinese investors where it hit the first-day price limit and raised 634 million yuan (US$87 million). It offered Chinese investors convenient access to markets in Saudi Arabia in areas such as energy and oil which were previously difficult to access due to overseas regulations.[7][8]

Regulatory issues

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In 2008, Wang Limin who was previously a manager at China Southern Asset Management was banned for seven years from participating in China's capital markets and fined 500,000 RMB after making a profit of 1.5 million RMB via Rat Trading.[9][10] This involved buying shares in companies his funds invested in and then selling them for a profit.[9][10]

References

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  1. ^ a b c "Southern Asset Management: ready for more". GlobalCapital Asia. 22 May 2020. Archived from the original on 25 September 2022. Retrieved 29 October 2022.
  2. ^ "Achievements". www.southernfund.com. Archived from the original on 4 February 2020. Retrieved 29 October 2022.
  3. ^ "E Fund overtakes Tianhong as China's largest fund manager | Asia Asset Management". www.asiaasset.com. Archived from the original on 16 March 2024. Retrieved 17 September 2022.
  4. ^ a b "Mainland fund manager first in overseas foray". South China Morning Post. 5 July 2008. Archived from the original on 16 March 2024. Retrieved 29 October 2022.
  5. ^ a b "China SouthernÆs Hong Kong JV targets institutions | Moves". AsianInvestor. 7 July 2008. Archived from the original on 21 January 2022. Retrieved 29 October 2022.
  6. ^ "Crypto futures ETFs get tepid debut in Hong Kong amid market turmoil". South China Morning Post. 16 December 2022. Archived from the original on 17 December 2022. Retrieved 18 December 2022.
  7. ^ "China Investors Can Now Trade Saudi Stocks on Two ETFs". Bloomberg News. 15 July 2024. Retrieved 27 October 2024.
  8. ^ Jiaxing, Li (16 July 2024). "Saudi ETFs make winning China debut as financial ties with Middle East grow". South China Morning Post. Retrieved 27 October 2024.
  9. ^ a b Anderlini, Jamil (23 April 2008). "China cracks down on market 'ratholes'". www.ft.com. Archived from the original on 30 November 2022. Retrieved 29 October 2022.
  10. ^ a b "Mainland 'rat trader' handed to police". South China Morning Post. 8 September 2010. Archived from the original on 16 March 2024. Retrieved 29 October 2022.
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