Sumitomo Mitsui DS Asset Management Company, Limited (Head office: Tokyo, President and CEO: Takashi Saruta, hereafter "SMDAM") registered the establishment of a subsidiary in Shanghai, Sumitomo Mitsui DS Private Fund Management (Shanghai) Co., Ltd. (hereafter "SMDAM WFOE"), on July 27, 2022.

After launching the Shanghai representative office in August 2005, SMDAM has been engaged in investment research locally. Taking advantage of our seventeen-year experience in China, the SMDAM WFOE subsidiary has been launched to conduct business activity in both portfolio management and marketing in mainland China, aiming to obtain the license to run business of Private Fund Management.

Asset management business in China has grown rapidly and evolved amid economic growth. We believe that asset management industry will continue to expand further backed by the strong demand of the wealth expansion of Chinese individuals and the on-going trend of shifting to the aging society. SMDAM WFOE aims to deliver value-added products and best in class services to a wide range of customers not only onshore but also outside of China.