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Peggy Sito

Zhang Shidong

The chief executive of Qatar’s sovereign wealth fund recently visited Beijing to accelerate an agreement to acquire a 10 per cent stake in China Asset Management (ChinaAMC), one of the country’s largest mutual fund firms, according to sources familiar with the matter.
On Monday, Mohammed Saif Al-Sowaidi – who took the helm of the Qatar Investment Authority (QIA) in November – met with key stakeholders, including Citic Securities and ChinaAMC, as part of an effort to speed up regulatory approvals for the deal, which has been in progress for two years.
“The talks went smoothly and the stakeholders are supportive of the deal,” one source said.
QIA did not reply to a request from the Post for comment outside business hours.
In May 2023, the QIA applied to purchase the stake from Primavera Capital for an undisclosed price and the application was formally accepted by the China Securities Regulatory Commission the following year.
The agreement between QIA and Primavera has been signed, but final approvals from Chinese regulators are still pending.
The deal, if approved, would make QIA the third-largest ChinaAMC shareholder behind Citic Securities and Mackenzie Financial Corporation. Beijing-based ChinaAMC was established in 1998 and it is the nation’s second-largest mutual fund firm with 1.17 trillion yuan (US$159.2 billion) in assets under management at the end of 2024.
The move comes as China seeks to strengthen economic ties with Middle Eastern nations amid ongoing geopolitical tensions with the US.
Analysts say China’s greater collaboration with Middle Eastern investors could benefit both sides and a smooth approval process could pave the way for future partnerships.
“It should be a win-win deal [with] the backdrop of the rising global tensions and uncertainty,” said Dai Ming, a fund manager at Huichen Asset Management in Shanghai. “For the Middle East nations, they want to reduce their reliance on the US. So strengthening [links] with China is a good option that can probably bring mutual openness. For China, it’s also urgent to diversify and look for new trade partners. The Middle East has lots of money in hand and can bring investment.”
“I don’t think [there will] be any big regulatory concerns or hurdles regarding the deal, which does not involve ownership changes,” Dai said. “It can be completed eventually and it’s simply going through some necessary procedures.”
The QIA was eager to complete the transaction despite the lengthy approval process, a source said. It was established in 2005 to protect and grow Qatar’s financial assets and help diversify the economy. It is a global firm wi th investments spanning all major markets, asset classes, sectors and geographies.
Last year, Reuters reported that the QIA sought to buy Primavera’s 10 per cent stake in ChinaAMC, though the financial terms were not disclosed.
The China Securities Regulatory Commission did not immediately respond to requests for comment. Primavera did not reply to a request from the Post for comment.


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‘The talks went smoothly and the stakeholders are supportive of the deal,’ a source says


‘The talks went smoothly and the stakeholders are supportive of the deal,’ a source says.


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.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}‘The talks went smoothly and the stakeholders are supportive of the deal,’ a source says

‘The talks went smoothly and the stakeholders are supportive of the deal,’ a source says