Shandong's first publicly offered fund company settles in Qingdao

Xinghua Fund Management Co, Shandong's first publicly offered fund management company, was approved by the China Securities Regulatory Commission recently to set up operations in the Qingdao International Academician Park.

With a registered capital of 100 million yuan ($14.14 million), the company is essential to the enrichment of financial categories, promoting wealth management, and attracting financial talent to Shandong, local authorities said.

It is expected to inject new momentum and vitality into the development of Qingdao's real economy, and also play a positive role in promoting the construction of Qingdao's Wealth Management Comprehensive Financial Reform Pilot Zone.

Founded in 2016, the Qingdao International Academician Park is located in Licang district near a number of colleges, including the Ocean University of China and Shandong University. It is designed to foster the commercialization of scientific and technological research and seek more international cooperation.