Minsheng Royal Asset Management Co., Ltd., an asset management firm affiliated with China Minsheng Bank (600016.SH; 01988.HK) and Royal Bank of Canada, announced that its wholly-owned fund subsidiary has obtained a license for the Qualified Foreign Limited Partner scheme.
Launched in Shanghai in 2011, Qualified Foreign Limited Partner, or QFLP, is a trial program that allows qualified overseas institutional investors to convert foreign currencies into Chinese currency and make investment in China's private equity market. As of end-June, 2015, assets under Minsheng Royal Asset Management amounted to 624 billion yuan.
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