China scrapped foreign ownership restrictions in the mutual fund and securities industries on 1 April.
US fund manager AllianceBernstein’s Hong Kong unit has applied to set up a mutual fund unit in China, Reuters reports.
Application documents from AllianceBernstein Hong Kong Limited were received by the CSRC (China Securities Regulatory Commission) last Thursday (12 November), the regulator’s website shows.
In August, BlackRock became the first global asset manager to win approval from the CSRC to set up a China-based mutual fund unit.
Neuberger Berman and Fidelity International also filed applications earlier this year, after China scrapped foreign ownership restrictions in the mutual fund and securities industries on 1 April, as agreed in January’s interim Sino-US trade deal.