2024.10.31
JunHe recently advised Harvest Global Investments Limited ("HGI") on the establishment of a Hong Kong public umbrella open-ended fund company authorized by the Hong Kong Securities and Futures Commission ("SFC") and its first sub-fund. The open-ended fund company was approved by the SFC on October 22, 2024.
HGI was incorporated in Hong Kong in 2008 and is a wholly-owned subsidiary of Harvest Fund Management Co., Ltd. ("Harvest Fund"). Harvest Fund is one of China's top asset managers and a leader in the domestic asset management industry, with over RMB 1.57 trillion assets under management. Since its establishment in 1999, Harvest Fund has grown to become an international asset management group with all required licenses to conduct financial business. HGI is one of the first asset management companies in China to establish offices overseas. It is dedicated to expanding business in the Chinese and Asian markets and has rich experience in investment strategies.
The sub-fund invests in debt and fixed income instruments denominated in US dollars, including but not limited to government or semi-government bonds, corporate bonds, convertible bonds, and other similar fixed or floating rate securities. These securities are issued or guaranteed by guarantors or keepwell providers worldwide, and the instruments themselves or their issuers or guarantors are rated as investment grade.
As the legal counsel to HGI, JunHe provided comprehensive legal support and advice throughout the entire process. We assisted the client in designing and optimizing the fund structure, drafted all legal documents related to the fund establishment, and submitted application documents regarding the establishment of the open-ended fund company and the sub-fund to SFC for approval. This was the first time that JunHe had advised on the establishment of a Hong Kong public umbrella open-ended fund company, making us an important player in the public fund market in Hong Kong. This project marked a critical step for JunHe in Hong Kong’s fund sector and lays a solid foundation for Chinese law firms to explore the public fund market in Hong Kong. It instilled confidence in JunHe to further provide higher-level legal services for Chinese asset management platforms in Hong Kong.
JunHe is committed to promoting the development and innovation of Hong Kong’s fund industry. We are proud to participate in and witness the success of our clients and look forward to more cooperation on future projects.
JunHe partners DE, Lihua (Theresa) and WANG, Weiwei led the JunHe team. JunHe partners [[]WANG, Weiwei], ZHANG, Zhijin (Jean) and XIE, Jiahao were responsible for the establishment of the fund.
