First QDLP fund established in the Hainan Free Trade Port

On August 23, China's southern Hainan Free Trade Port saw the establishment of its first fund with over 400 million yuan (about $61.74 million) under the Qualified Domestic Limited Partnership (QDLP) scheme, marking a breakthrough in the island’s efforts to forge an inbound and outbound cross-border financial system.

Aerial photo of Haikou, capital of Hainan Province and a core city for the development of the Hainan Free Trade Port. (Photo by Liu Yang / Hinews)

The QDLP scheme allows licensed international asset managers to raise  certain amounts of RMB from qualified institutions and High Net Wealth Individuals (HNWIs) in China for investment offshore.

Earlier this month, Hainan released a list of the first group of qualified international asset managers eligible to take advantage of the QDLP boom. The provincial interim measures on QDLP management were released on April 8, after China’s decision to make the province a QDLP pilot zone for global asset management and the wealth management market.