8 September 2016 Mainland’s first foreign-majority-owned JV fund management company – Hang Seng Qianhai Fund Management Company Limited – commences operation Hang Seng Bank and Shenzhen Qianhai Financial Holdings Company Limited (QFH) today celebrated the opening of Hang Seng Qianhai Fund Management Company Limited (Hang Seng Qianhai Fund Management), the first foreign-majority-owned joint venture fund management company established on the Mainland under Supplement X to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). Hang Seng Bank has a 70% stake in the joint venture and QFH holds 30%. Officiating guests at today’s opening ceremony included: Mr James Lau, Acting Secretary for Financial Services and the Treasury, the HKSAR Government; Mr Wang Jin Xia, Deputy Director General, Authority of Qianhai Shenzhen-Hongkong Modern Service Industry Cooperation Zone; Ms Rose Lee, Vice-Chairman and Chief Executive of Hang Seng Bank; and Mr Li Qiang, Chairman of the Board, Shenzhen Qianhai Financial Holdings Company Limited. Ms Lee said: “Hang Seng is delighted to have forged a partnership with QFH to open Hang Seng Qianhai Fund Management. Hang Seng’s drive to develop our business in the Pearl River Delta and capitalise on opportunities arising from the growth in cross- border economic activity supports our ability to provide customers with one-stop financial solutions. Our cross-border financial partnership with QFH reflects closer collaboration between Shenzhen and Hong Kong, and the implementation of Qianhai’s economic reform and pilot policies. The joint venture will also help promote innovation in the financial industry on the Mainland. “With the opening of Hang Seng Bank (China) Limited in 2007; our securities investment advisory joint venture, GZHS Research Company Limited, in 2012; and Hang Seng Qianhai Fund Management today, we will further enhance the synergies among our businesses and contribute to the development of the wealth management market on the Mainland.” more… Mainland’s first foreign-majority-owned JV fund management company – Hang Seng Qianhai Fund Management Company Limited – commences operation / 2 Mr Li said: “The establishment of the first Hong Kong-funded fund management company in Qianhai under CEPA represents closer collaboration between Shenzhen and Hong Kong, as well as the implementation of the national strategy for Qianhai. Supported by Hang Seng’s expertise in asset management, the initiative will further strengthen the role of Qianhai as a financial hub, attract financial professionals from Hong Kong, enhance the financial environment and encourage innovation. “Since its establishment, QFH has undertaken the missions of Shenzhen-Hong Kong collaboration, industry guidance and financial innovation. With its strategic positioning as an experimental and demonstrative window for the opening-up of the financial sector, as well as an experimental cross-border RMB business innovation zone, QFH has made groundbreaking achievements in many aspects. In the future, we will strengthen our competitive advantages and promote the development of the financial industry through fostering collaboration with major financial institutions in Hong Kong and Macau and enhancing the comprehensiveness of our strategies.” The primary business scope of the joint venture includes fund raising, fund sales and asset management, with the aim of providing professional fund products and asset management services for individual and institutional investors. Against the backdrop of ongoing economic development and structural reform on the Mainland, the joint venture will leverage its advantages to offer a broad range of premium products and services that capture onshore and offshore investment opportunities. About Hang Seng Bank Founded in 1933, Hang Seng Bank operates around 250 service outlets serving both personal and business customers. The Bank also maintains branches in Macau and Singapore, and a representative office in Taipei. Established on 28 May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited operates a mainland China network with outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Fuzhou, Nanjing, Dongguan, Hangzhou, Ningbo, Tianjin, Kunming, Xiamen, Chengdu, Jinan, Foshan, Zhongshan, Huizhou, Zhuhai, Jiangmen and Shantou. more… Mainland’s first foreign-majority-owned JV fund management company – Hang Seng Qianhai Fund Management Company Limited – commences operation / 3 With total assets of HK$1,321 billion as at 30 June 2016, Hang Seng Bank reported a profit attributable to shareholders of HK$8,005 million for the first six months of 2016. Hang Seng Bank is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. For further information on Hang Seng Bank, please visit the Bank's website at www.hangseng.com. Shenzhen Qianhai Financial Holdings Company Limited Shenzhen Qianhai Financial Holdings Co., Ltd. (hereinafter referred to as "QFH") is a wholly state-owned financial holding company founded by the Authority of Qianhai Shenzhen–Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as "the Authority") with a registered capital of RMB 6 billion after the increase of registered capital in Nov 2015. The founding of QFH is an important move taken by the Authority to fully implement the national strategy for Qianhai and a specific action taken by the Authority to actively establish Qianhai’s strategic platform for financial innovation. As the core driver of the development of Qianhai, which is a national pilot zone for China's financial reform and innovation, QFH has been assigned the important task of "policy output and industry guidance". It is a pioneer in actively promoting the enforcement of policies for financial innovation in Qianhai, and is an important strategic partner that helps financial institutions and corporate champions to realize cluster development and innovative development, and also a basis for works to facilitate the building of an open, inclusive and diverse financial industry in Qianhai. # END # .