Tencent, Hillhouse Team Up for China's Offshore Trillions
- GaoTeng plans to start accepting money for first fund shortly
- Firm to target Chinese investors with existing offshore assets
A pedestrian walks past Tencent Holdings Ltd.'s headquarters in Shenzhen, China.
Photographer: Qilai Shen/Bloomberg
Tencent Holdings Ltd. and Hillhouse Capital Management Ltd. are joining the throng of financial firms seeking to service the huge number of Chinese investors looking to diversify outside of the mainland.
GaoTeng Global Asset Management Ltd., the duo’s one-year-old venture in Hong Kong, plans to start accepting money shortly from retail Chinese investors who have existing assets internationally, according to an emailed statement that didn’t provide an exact time frame. GaoTeng has gotten asset management and securities advisory licenses from Hong Kong’s Securities and Futures Commission. Its first product will be a fixed-income fund that will be open to individual investors in the city.