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BLACKROCK, INC.

(BLK)
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BlackRock Gets China's Approval to Start Fully-Owned Mutual Fund Business

06/10/2021 | 11:18pm EDT

By Yifan Wang

BlackRock Inc. has obtained regulatory approval in China to become one of the first foreign-investment firms to start its wholly-owned mutual fund business in the country, the latest development in its ambitious plan to expand in China's booming financial industry.

The China Securities Regulatory Commission granted approval for BlackRock Fund Management Co., Ltd. to begin operations as a fund management company, the company said Friday. The approval came after BlackRock was given the green light to set up the company in August 2020.

The latest go-ahead from authorities will allow BlackRock to offer onshore investment products to a massive pool of individual Chinese investors, after being long barred from accessing the vast market independently.

BlackRock, together with a host of U.S. financial institutions, have been increasingly making inroads into China as Beijing opened up its financial market as a major compromise of the U.S.-China phase-one trade deal. In May, BlackRock was granted approval to begin operations of a joint venture asset management business.

"China is taking significant steps in opening up its financial markets," said Larry Fink, BlackRock's Chairman and Chief Executive Officer. "We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors."

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

06-11-21 0118ET

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -0.81% 864.5475 Delayed Quote.20.43%
DJ INDUSTRIAL -0.49% 34987.51 Delayed Quote.14.56%
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Financials (USD)
Sales 2021 19 283 M - -
Net income 2021 5 733 M - -
Net cash 2021 3 643 M - -
P/E ratio 2021 23,2x
Yield 2021 1,87%
Capitalization 133 B 133 B -
EV / Sales 2021 6,69x
EV / Sales 2022 6,00x
Nbr of Employees 16 700
Free-Float 87,6%
Chart BLACKROCK, INC.
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BlackRock, Inc. Technical Analysis Chart | BLK | US09247X1019 | MarketScreener
Technical analysis trends BLACKROCK, INC.
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 871,49 $
Average target price 974,58 $
Spread / Average Target 11,8%
EPS Revisions
Managers and Directors
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
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