China's Chongqing issues first QDLP approval

CHONGQING, Sept. 4 (Xinhua) -- ICHAM Pte. Ltd., a Singaporean company, has obtained a license for conducting Qualified Domestic Limited Partner (QDLP) business, making it the first fund manager to receive the qualification in southwest China's Chongqing Municipality.

The newly qualified firm has been granted a QDLP quota totaling 200 million U.S. dollars, according to the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau.

The QDLP outbound investment scheme aims to offer channels for qualified domestic institutions to invest overseas. At the end of 2020, China launched the pilot QDLP program in Chongqing, with an assigned quota of 5 billion U.S. dollars.

Previously, the pilot scheme had been launched in Beijing, Shanghai and Shenzhen to promote the two-way opening up of financial markets.

ICHAM Pte. Ltd. will set up a private equity fund management firm and raise funds in China to invest in global projects.