Securities and banking regulators in China have made it clear to commercial banks that they must have a foreign equity partner in any fund management unit they establish, according to a variety of sources in Hong Kong and Shanghai.
This opens up a new opportunity for foreign fund houses looking to enter the market, but some analysts warn such deals may be a trap.
Industrial Commercial Bank of China ICBC is widely expected to be the first commercial bank to win approval from a host of regulators to set up a funds management business.
Other banks said to be keen are China Construction...
