Mirae Asset Overseas Investment Fund Management Shanghai, the Chinese office of Mirae Asset Global Investment, has registered with the Asset Management Association of China as a private fund management wholly foreign-owned enterprise.

The Korean company became the 16th overseas financial company to qualify as an independent private equity operator in China since the local government alleviated related fund market regulations in June 2016. Previously, foreign fund operators could only operate as joint ventures.

It was also the first Asian financial company to join the group, except for those based in pan-Chinese areas such as Hong Kong and Singapore.

Since last year, global financial companies -- UBS, BlackRock and Bridgewater Investment Management -- have been granted approval.

The firm will sell funds that invest in Chinese mainland stocks and bonds, targeting local institutions and high-value investors, officials said.

Also, the firm can provide investment consulting for investors in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Express Rail Link, including those that gain recognition as qualified foreign institutional investors and Renminbi qualified foreign institutional investors.

Qualified foreign institutional investors have the Chinese government’s permission to conduct financial activities in the country, and Renminbi qualified foreign institutional investors can invest directly in stocks and bonds on the Chinese mainland.

Mirae Asset has been expanding its overseas operations.

This year, the firm has acquired EFT management company Global X of the US and established a joint venture with Vietnam Investment Corporation.

“Based on networks from 12 global countries such as the US, Canada, China and Brazil, the total amount of assets managed by our overseas entities reached 32 trillion won in October,” the company said in a statement.

By Lee So-jeong (xojeong2@heraldcorp.com)