Tencent Holdings-Hillhouse joint venture eyes China's offshore trillions

A weakening yuan amid escalating global trade tensions and domestic credit tightening is likely to spur Chinese interest in diversifying holdings outside the country

Tencent Holdings and Hillhouse Capital Management are joining the throng of financial firms seeking to service the huge number of Chinese investors looking to diversify outside of the mainland.

GaoTeng Global Asset Management, the duo’s one-year-old venture in Hong Kong, plans to start accepting money shortly from retail Chinese investors who have existing assets internationally, according to an emailed statement. GaoTeng has gotten asset management and securities advisory licenses from Hong Kong’s Securities and Futures Commission. Its first product will be a fixed-income fund that will be open to individual investors in the city.

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