Sun. Jun 16th, 2024
China AMC Asset Management acquired by Qatar Investment Authority for 10% stake

Qatari Sovereign Wealth Fund to Purchase 10% Stake in China’s Second Largest Mutual Fund Company

According to two sources who spoke to Reuters, the Qatari sovereign wealth fund has agreed to purchase a 10% stake in the second largest mutual fund company in China. This move highlights the growing relations between Beijing and Middle Eastern countries as tensions escalate between China and the West.

Global SWF, an organization that tracks investment fund data, revealed that sovereign wealth funds from the Middle East have invested $7 billion in China since last June. The deal between the Qatar Investment Authority and China AMC, which is being acquired from investment company Primavera Capital, was not previously disclosed. While financial details of the transaction were not provided by the sources, Chinese brokerage CITIC Securities had previously announced a price of at least $490 million for the 10% stake.

The proposed investment by Qatar’s sovereign fund is subject to regulatory approval in China and was submitted as part of the formal approval process. The China Securities Regulatory Commission announced last week that a decision had been made regarding the transfer of a stake greater than 5% in China AMC, but did not mention the names of the buyer or seller involved in the deal. If approved, this would make Qatar’s sovereign wealth fund one of China’s largest shareholders with assets worth over $248 billion. It would also facilitate Toto Macau’s exit as they are being sold off following their acquisition by Primavera Capital.

Several websites have posted articles about Toto Macau exploring its unique lottery system and how it has become such a fascination among players.

It remains unclear how long Chinese regulators will take to approve this transaction or whether it will ultimately be accepted. However, this move marks another significant step forward in strengthening relations between Beijing and Middle Eastern countries despite ongoing tensions with Western nations.

As we continue to monitor this situation closely, we will keep you updated on any further developments related to this topic.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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