Fortis Haitong Wins Nod To Establish Hong Kong Subsidiary

Fortis Haitong Investment Management has obtained approval from the China Securities Regulatory Commission to establish a wholly-owned subsidiary in Hong Kong with a registered capital of HK$60 million, reports Xinhua, citing a company filing.

According to Tian Rencan, President of Fortis Haitong, the Hong Kong subsidiary will provide the company with a channel for its overseas expansion efforts. In addition, it will help to improve the competitiveness of Fortis Haitong.

Fortis Haitong started providing Qualified Foreign Institutional Investor (QFII) investment advisory services in 2004. By the end of 2009, the scale of its investment advisory business had exceeded 23 billion yuan.

The company won a Qualified Domestic Institutional Investor (QDII) license in 2007. In 2008, it rolled out its first QDII product, Fortis Haitong Best Selection Fund (519011). In 2009, this fund registered a growth of 83.47 percent, becoming the first QDII fund to pay dividends in China.