The Qatari Sovereign Wealth Fund has agreed to purchase a 10% stake in the second largest mutual fund company in China, according to two sources who spoke to Reuters. This move highlights the growing relations between Beijing and Middle Eastern countries as tensions escalate between China and the West.
In recent years, China has become a major importer of liquefied natural gas from the Middle East and has strengthened its ties with Doha, particularly as Qatar looks to increase production. This investment by Qatar’s sovereign fund is subject to regulatory approval in China and was submitted as part of the formal approval process. If approved, the Qatar Investment Authority would become the third-largest shareholder in China AMC, which manages assets worth over $248 billion.
The deal between the Qatar Investment Authority and China AMC, which is being acquired from investment company Primavera Capital, was not previously disclosed. Financial details of the transaction were not provided by the sources, but Chinese brokerage CITIC Securities had previously announced a price of at least $490 million for the 10% stake. However, it is unclear how long Chinese regulators will take to approve the transaction or whether it will ultimately be accepted.
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