CSRC Seeks Clarifications on Warburg Pincus Unit’s Planned Capital Injection Into Zhongou Fund

China Securities Regulatory Commission (CSRC) on July 10 published feedback on Zhongou Fund Management’s application to change a major shareholder, raising five questions about Warburg Pincus’ Asia-Pacific asset management unit, Huaping Asia Pacific Asset Management, and its planned additional capital injection into Zhongou Fund, according to Jiemian News. The CSRC asked the investor to explain whether its positioning and licensing status have changed since it first took a stake; provide asset proof that its shareholders will inject funds to ensure payment obligations; clarify discrepancies in credit-rating results cited by the credit-certification issuer despite Warburg Pincus Group’s rating being unchanged since 2021; submit original ranking data for Warburg Pincus Group in real-estate asset management institution datasets over the past three years; and provide Huaping Asia Pacific Asset Management’s audited 2025 financial statements.

The CSRC previously approved the unit’s purchase of a 23.3% stake in Zhongou Fund from Italy’s Intesa Sanpaolo in April 2023, making it the fund manager’s largest institutional shareholder. Other shareholders include Guodu Securities (20%), Shanghai Muyi Investment Management Partnership (9.47%), Shanghai Muyan Investment Management Partnership (2.52%), and employees directly holding 44.71%. Wind data cited in the report showed Zhongou Fund had 721.7 billion yuan in public-fund assets under management as of the end of the first quarter, including 232.425 billion yuan in actively managed equity funds.