Hang Seng Bank to form China's first foreign majority-owned fund

China's securities regulator has approved a plan by Hang Seng Bank and a Chinese partner to form the first fund management company that will be majority owned by a foreign firm in a special development zone in southern China, according to a posting on the zone's website.
The fund management company will be founded in Shenzhen's Qianhai special development zone, with Hang Seng Bank holding 70 percent ownership of the company and state-run Shenzhen Qianhai Financial Holdings Co owning the remaining stake, the posting on Saturday said.