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China’s Star Fund Manager Wang Yawei ‘Not Involved’ In His Own Firm, Says Company

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Qianhe Capital Management Co., the asset management firm founded by Wang Yawei, a prominent fund manager in China, has made a surprising announcement. The company stated that Wang is currently not involved in its operations, citing personal reasons for his absence.

What Happened: Qianhe Capital Management Co. released a statement on Saturday, explaining that Wang’s involvement in the company’s operations is currently suspended due to personal reasons. The firm did not provide further details, reported Bloomberg.

Wang, who gained fame as the “Big Brother” of China’s mutual fund industry in the early 2000s, left China Asset Management Co. in 2012 to establish his own investment firm. His absence from Qianhe’s operations follows a report by Reuters in October, which suggested that Wang had been detained in connection with an investigation into Zhu Congjiu, the former vice-chairman at the China Securities Regulatory Commission.

Despite Wang’s absence, Qianhe assured that its management team will ensure the firm’s normal operations and confirmed that it has sufficient liquidity. The company also stated that it is nearing completion of a funds redemption process.

See Also: Trump Teases 60% Tariff On Chinese Imports In Potential Return To White House, Voices Concerns Over Beijing Interfering In 2024 Election

Why It Matters: Wang’s unexpected absence from his own firm comes amidst a broader crackdown on China’s financial sector by President Xi Jinping. This crackdown has seen several high-profile figures in the industry either detained or stepping down for various reasons.

Earlier in January, China announced a merger of three state-owned bad debt asset managers with its primary sovereign wealth fund, the China Investment Corp. This move was part of Beijing’s institutional reform agenda aimed at boosting the stability of China’s capital markets and restoring investor confidence.

Amidst the market turmoil, China’s securities regulators also urged hedge fund managers to curb short selling in the stock index futures market in an attempt to stabilize the plunging stock market. These regulatory changes and the ongoing crackdown have significantly impacted the Chinese financial sector and its key players.

Furthermore, the Chinese equity markets saw a significant outflow of foreign investments in 2023, with investors pulling out $29 billion from the market. This trend, coupled with the recent regulatory changes and the crackdown on key industry figures, has created a challenging environment for the Chinese financial sector.

Image Via Shutterstock

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