Latest news with #QIA
Yahoo
5 days ago
- Business
- Yahoo
China approves Qatar's 10% stake purchase in ChinaAMC
China's regulatory authority has greenlit the Qatar Investment Authority (QIA) to acquire a 10% stake in China Asset Management (ChinaAMC), the nation's second-biggest mutual fund manager in terms of assets. The China Securities Regulatory Commission announced on 22 May that there is no objection to Qatar Holdings, a wholly-owned subsidiary of QIA, acquiring the stake, reported Yicai Global. Once the deal is finalised, Qatar Holdings will emerge as the third-largest shareholder in ChinaAMC, trailing Citic Securities, which owns 62%, and Mackenzie Investments, with a 28% stake. Qatar Holdings will acquire the shares from Tianjin Haipeng Technology Consulting, owned by Hong Kong-based Primavera Capital. Set up in Beijing in 1998, ChinaAMC manages 471 fund products with a total net asset value of 1.9tn yusn ($264.6bn) as of 31 March, ranking second in the Chinese asset management market after E Fund Management. QIA, established in 2005, is the ninth-largest sovereign wealth fund globally, with assets of $526bn, according to the Sovereign Wealth Fund Institute. QIA has made several investments in Chinese companies, including a $200m investment in Kingdee International Software Group in December 2023. Huichen Asset Management fund manager in Shanghai Dai Ming, as reported by SCMP last month, said: 'For the Middle East nations, they want to reduce their reliance on the US. So strengthening [links] with China is a good option that can probably bring mutual openness. For China, it is also urgent to diversify and look for new trade partners. The Middle East has lots of money in hand and can bring investment.' "China approves Qatar's 10% stake purchase in ChinaAMC " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
CBC
23-05-2025
- CBC
Winnipeg man charged with defrauding Nunavut Inuit organization of $2.2M
Social Sharing A man was arrested in Winnipeg for defrauding the Qikiqtani Inuit Association (QIA) of over $2 million, according to the Nunavut RCMP. Chukwuma Eruchalu, 23, was arrested on April 22 and charged with one count of fraud over $5,000. The money was taken from QIA through what's called a "business email compromise" in November 2024 — a scam where someone compromises business email accounts "through social engineering or computer intrusion to conduct unauthorized transfers of funds," the RCMP said in a news release Friday. QIA is the regional Inuit association that represents Inuit in the Qikiqtaaluk area, which is mainly made up of Baffin Island. Nunavut RCMP put out a notice last November warning people about an increase in "fraudulent activity" in the territory. They also told CBC News at the time that nearly $3 million was lost in a single spear-phishing incident. When asked, the Nunavut RCMP would not confirm it was the same incident. In a separate news release, QIA said it has recovered $2.1 million of the total $2.2 million lost. "After investigating, QIA discovered that a third-party organization was hacked. The perpetrator used a familiar external organization's email address and used that hacked email address to provide QIA with fraudulent banking details," wrote Karen Flaherty, QIA's director of strategic communications. Flaherty also said QIA's systems were not compromised, but the organization is training staff to make sure they're informed about cyber crime and ways to protect against other attacks.
Arabian Post
23-05-2025
- Business
- Arabian Post
Qatar's Strategic Stake in China's Mutual Fund Giant Signals Deepening Gulf Ties
Arabian Post Staff -Dubai China's securities regulator has approved the Qatar Investment Authority's acquisition of a 10% stake in China Asset Management Co. , marking the first significant investment by a major Middle Eastern sovereign wealth fund in China's mutual fund sector. The move positions QIA as the third-largest shareholder in ChinaAMC, which manages assets exceeding 1.8 trillion yuan . The transaction, facilitated through the purchase of shares from Primavera Capital, was confirmed by the China Securities Regulatory Commission . While the exact financial terms remain undisclosed, prior filings indicate the stake is valued at no less than $490 million. Citic Securities retains a majority 62.2% stake in ChinaAMC, with Mackenzie Financial Corporation holding 27.8%. ADVERTISEMENT This investment underscores China's strategic pivot towards strengthening economic and financial ties with Gulf nations amid escalating tensions with Western countries. The CSRC has expressed a welcoming stance towards foreign financial institutions and investors from the Middle East, encouraging them to expand their investments in China. This aligns with Beijing's broader strategy to enhance relations with the Middle East. The QIA's interest in ChinaAMC is part of a broader investment strategy in the region. In December 2023, the fund invested approximately $200 million in Kingdee International Software Group Co Ltd, acquiring around 4.26% of the company's ordinary shares. This move aligns with QIA's strategic approach to invest in companies and technologies that are leading global digitalization. ChinaAMC, established in 1998 and headquartered in Beijing, has grown to become the country's second-largest mutual fund company. The firm offers a range of investment products, including mutual funds and exchange-traded funds, catering to both retail and institutional investors. Its robust performance and expansive client base make it an attractive investment for foreign entities seeking exposure to China's financial markets. The QIA's acquisition of a stake in ChinaAMC is indicative of a broader trend of Middle Eastern sovereign wealth funds increasing their investments in China. Data from Global SWF indicates that Middle Eastern sovereign wealth funds have invested $7 billion in China since June last year, a significant increase compared to the previous 12 months. This surge in investment is seen as a strategic counterbalance to the withdrawal of some Western financial firms from China amid concerns about its economic recovery and geopolitical risks. The approval of QIA's stake in ChinaAMC also reflects China's ongoing efforts to open up its capital markets to foreign investors. The CSRC has rolled out measures to improve the ecosystem of the country's capital market, promoting high-level opening and encouraging financial institutions and investors from other countries to expand investment and business operations in China.
The Sun
23-05-2025
- Business
- The Sun
China approves Qatar sovereign fund to buy a tenth of its top asset manager
HONG KONG: China has given approval for Qatar's sovereign wealth fund to acquire a stake of 10% in its second-largest mutual fund company, the first such investment in the sector by a major Middle East investor at a time of rising tension with the West. China's securities watchdog approved the Qatar Investment Authority (QIA) to become a stakeholder in China Asset Management Co (ChinaAMC), an official filing by the China Securities Regulatory Commission showed on Thursday. The price of the stake was not disclosed. Earlier filings by ChinaAMC's largest shareholder showed the 10% ownership would not be priced at less than $490 million. In April last year Reuters first reported the sovereign fund had agreed to invest in the Chinese fund house. QIA will become the third-biggest shareholder in ChinaAMC, which has assets of more than 1.8 trillion yuan ($249.98 billion)£¬and provides mutual funds and exchange traded funds to retail and institutional investors. The deal was approved amid a flurry of activity between China and Gulf countries aiming to deepen political, economic and financial ties.
The Sun
23-05-2025
- Business
- The Sun
QIA gets green light for 10% stake in ChinaAMC
HONG KONG: China has given approval for Qatar's sovereign wealth fund to acquire a stake of 10% in its second-largest mutual fund company, the first such investment in the sector by a major Middle East investor at a time of rising tension with the West. China's securities watchdog approved the Qatar Investment Authority (QIA) to become a stakeholder in China Asset Management Co (ChinaAMC), an official filing by the China Securities Regulatory Commission showed on Thursday. The price of the stake was not disclosed. Earlier filings by ChinaAMC's largest shareholder showed the 10% ownership would not be priced at less than $490 million. In April last year Reuters first reported the sovereign fund had agreed to invest in the Chinese fund house. QIA will become the third-biggest shareholder in ChinaAMC, which has assets of more than 1.8 trillion yuan ($249.98 billion)£¬and provides mutual funds and exchange traded funds to retail and institutional investors. The deal was approved amid a flurry of activity between China and Gulf countries aiming to deepen political, economic and financial ties.
