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Alternative Market Briefing

Shanghai to limit QDLP program to $3-5bn according to sources

Thursday, December 27, 2012

Benedicte Gravrand, Opalesque Geneva:

The Shanghai government launched an initiative called "Qualified Domestic Limited Partner" or QDLP this summer. This pilot program, according to law firm Kaye Scholer LLP, is to allow foreign asset managers to set up wholly owned subsidiaries in China to raise RMB (renminbi) funds through private placement for investment in international capital markets.

This program is still pending approval.

Clark Song, Managing Director of the recently-launched Shanghai Hedge Fund Association, today reports that sources had said the Financial Services Office of Shanghai (FSO) had applied around $3-5 billion for the QDLP program.

"FSO talked with several global hedge funds about the practice of QDLP recently," he further explains. "According to the proposal, fund managers which get QDLP licenses should register local entities in Shanghai. Those funds could use these local entities to transfer RMB money to USD, and then invest in overseas market."

Song adds that the minimum investment for Chinese investors to buy global hedge funds is RMB 10 million (CNY10m today is $1.6m).

This is the limit in the first round, he says, and the FSO will app......................

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