Chinese Yuan banknotes are seen behind illuminated stock graph in this illustration taken February 10, 2020. (File Photo: Reuters)

China approves Qatar to buy a tenth of its top asset manager

China
Qatar

Reuters

Published: 23 May ,2025: 09:50 AM GST Updated: 23 May ,2025: 09:50 AM GST

China has given approval for Qatar’s sovereign wealth fund to acquire a stake of 10 percent 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.

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The price of the stake was not disclosed. Earlier filings by ChinaAMC’s largest shareholder showed the 10 percent 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.

($1 = 7.2005 Chinese yuan renminbi)

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