QFII Tax WFOE QDLP. Mandates. Cross-Border Updates: Quarterly Assessment April Great for the future. Prerequisite to success.
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1 Cross-Border Updates: Quarterly Assessment April 2015 Great for the future Prerequisite to success QFII Tax WFOE CGT on equity gains plus dividend and interest tax of 10% will be applied for QFIIs and RQFIIs between November and November , according to a briefing given in Beijing to local brokers and custodians by AMAC and SAT. The Ministry of Finance (MoF) released a draft of the new WFOE law on January 19, 2015 and sought public opinion on the law until February 17. The new law will merge three types of foreign entity into one, making WFOE management more comprehensive. Promising land On the fast track QDLP Mandates Shanghai QDLP began its second phase and we saw a more diverse set of asset managers receiving QDLP licenses and quota. UBS, EJF, DB, CBRE and Nomura are among the second batch of managers, each with quota of RMB100m. Following top-tier insurance companies like China Life and Ping An, small and mid-tier insurers have started offering offshore mandates. The trend has continued since the middle of last year and with the fast growth of this industry, more private RFPs are expected. Cross-border quarterly Z-Ben Advisors 1
2 Z-BEN ADVISORS Ltd. (Hong Kong) Two Exchange Square, 39/F 8 Connaught Place Central, Hong Kong SAR Research Affiliate Z-BEN ADVISORS Ltd. (Shanghai, China) 哲奔投资管理咨询 ( 上海 ) 有限公司 Hongjia Tower, 25/F 388 Fushan Road Pudong New Area, Shanghai China Disclaimer The contents of (Product hereafter) are for informational purposes only. The data contained herein is based entirely upon the available information provided in public reports by the locally operating fund managers. The contained information has been verified to the best of Z-Ben Advisors and its research affiliates ability, but neither can accept responsibility for loss arising from the decisions based upon the product. The Product does not constitute investment advice or solicitation or counsel for investment in any fund or product mentioned thereof. The Product does not constitute or form part of, and should not be construed as, any offer for sale or subscription of and fund or product included herein. Z-Ben Advisors and its research affiliate expressly disclaims any an all responsibility for any consequential loss or damage of any kind whatsoever resulting, directly or indirectly, from (a) the use of the Product, (b) reliance on any information contained herein, (c) any error, inaccuracy or omission in any such information or (d) any action resulting therefrom. Disclosure Z-Ben Advisors and its research affiliate, currently provides other products and services to some of the firms that are included in the Product. Z-Ben Advisors and its research affiliate may continue to have such dealings and may also have other ongoing business dealings with other firms provided for in the Product. Copyright The duplication of all or any part of the Product is strictly prohibited under copyright law. Any and all breaches in that law will be prosecuted. No part of the Product may be reproduced, transmitted in any form, electronic or otherwise, photocopied, stored in a retrieval system or otherwise passed on to any person or firm, in whole or in part, with out the prior written consent from Z-Ben Advisors. Z-Ben Advisors 2
3 Table of contents Inbound & bilateral programs Regulatory and program updates Inbound & bilateral program update 4 Emerging opportunities RQFII: Switzerland 5 RQFII: Ex-HK competition 6 QFII/RQFII: Tax 7 GC: Geographical demand 8 Connect: Expansion to Shenzhen Stock Exchange 9 Mutual recognition: Identifying vanilla gaps 10 FTZ: Program expansion 11 FTZ: Changes in Shanghai 12 FTZ: Financial reform mapping 13 FTZ: QDII2 spawning pool 14 WFOE: New investment law 15 WFOE: Ongoing cooperation 16 Outbound programs Regulatory and program updates Outbound: Investment summaries 17 Emerging opportunities Deposit: Reallocation to financial products 18 HNWIs: Growth and changing distribution 19 Program expansion: HNWI offshore investment 20 QDLP: From QFIIs 21 QDLP: Pilot zone moves into second round 22 QDLP: National program expansion 23 Offshore investment: QDLP vs others 24 Channel comparisons: HNWIs offshore investment 25 Case study: Ping An offshore hedge fund series 26 QDIE: Feeder fund strategy 27 RQDII: RMB circulation 28 QDII: Internal switching 29 QDII: Fund flow update 30 FMC QDII: Cross border ETF T+0 31 FMC QDII: Segregated account products 32 Institutional capital trend Institutional capital trend Institutional sizing and developments 33 Regulatory and program updates Insurers: Market sizing 34 Insurers: First tier external mandate _ China life 35 Insurers: Mid/small tier mandates 36 NCSSF: AUM and asset allocation 37 PPF: Public pension reform at speed 38 Occupation annuity: Newcomer 39 EA: Manager & industry updates 40 SAFE: An activist for stability in CIC: Further asset rotation imminent 42 Z-Ben Advisors 3
4 RQFII: Ex-HK competition Inbound RQFII quota mapping Canada CCB London is the first Chinese institution to get RQFII quota in the UK, which signals more proactive moves by Chinese financial institutions outside HK. UK RMB80bn Germany RMB80bn Switzerland France RMB80bn Deutsche AWM gets the RQFII quota and license in Germany RQFII scheme. Qatar RMB30bn Hong Kong RMB270bn South Korea RMB80bn RQFII Ex-HK quota allocation Europe (RMB290bn) Asia (ex HK) (RMB180bn) North America () Middle East (RMB30bn) Government of Singapore Investment Corporation (GIC) became the first SWF asset owner to obtain an RQFII license, opening up the investment program to a wide array of SWFs based near RQFII centers across the globe. Singapore Vanguard Investment got the first RQFII license in Australia, representing the RMB investment scheme s kick-off there. Australia The current global RQFII ex-hk quota is RMB550bn, with most allocated to the European market. In addition, RQFII quota holders are becoming more diversified. For example, GIC marks the first SWF to obtain the RQFII license, DB AWM obtained a RQFII license and quota in Germany, and CCB London became first Chinese institution to get quota in the UK. With the fast pace of RQFII development globally, Z-Ben Advisors would not be surprised to see further evolution of the RQFII scheme to include developments such as an increase in quota for the Hong Kong market. Z-Ben Advisors 4
5 QDLP: National program expansion Outbound Second batch of QDLP/QDIE/QFLP expansion Profile of Second Batch Cities Tianjin QDLP(e) QFLP Qingdao QDLP QFLP Tianjin was one of the first cities to participate in the QFLP scheme, allowing foreign players to invest into domestic PE ventures. The region is also a prime candidate for participation in the QDLP scheme, representing another onshore fundraising channel for offshore hedge funds. Source: Z-Ben Advisors Shenzhen QDIE/QDLP QFLP Qingdao implemented reform at a swift pace through the roll-out of QDLP and QFLP in tandem during March The Qingdao scheme has an expanded investment scope including PE and commodities among others. A WFOE is one of many requirements for participation. Shenzhen s financial reform aggressively followed Shanghai s via the implementation its own municipal offshore investment program. Plans were announced for QDIE in 2013 with the program being rolled out in 1Q15. Several domestic institutions have received QDIE licenses and are currently exploring cross border cooperation with global managers, PE targeting is a key example. We believe that as many as 15 institutions will receive QDIE licenses in Z-Ben Advisors 5
6 QDII: Fund flow Outbound QDII fund flow Asset allocation (2014) USD bn With the recovery of offshore markets and increasing awareness among onshore investors, we may see huge offshore demand in coming years. 100% 80% 60% Others, deposit and fixed income Mutual fund Others and deposit Fixed income Mutual fund Others and deposit Fixed income Mutual fund % 20% Equity Equity Equity Outflow Inflow 0% Jan 2014 Dec *Category deposit, bond and others are not clearly classified in CSRC reports Others include gold, petrol, real estate, etc. USD bn Main outflows may be from SA accounts and trust products. The low RMB exchange rate at the end of 2014 encouraged demand for offshore market products. The strong performance of the onshore market lured some offshore capital back for investment into the mainland market. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec QDII asset allocation is now more diverse compared to previous years. More assets were allocated to investments classified as other, including gold and real estate. Most capital was allocated to the equity sector but this was mainly due to large-scale equity investment from the four biggest QDII mutual funds launched in Equity crashes in offshore markets pushed investors back onshore, and they were also pulled back due to the strong domestic equity market. In the future, we expect more demand to move offshore and to see increasingly diverse asset allocations. Outflow Inflow USD to CNY average exchange rate Source: Z-Ben Advisors, SAFE Z-Ben Advisors 6
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