Donghai approved as six fund firms wait in line

Given the challenges faced by China's onshore asset management industry, some might argue the last thing it needs is yet more fund houses plying their trade. Especially when the latest round of new and prospective entrants largely comprises bank-backed managers, which hold a significant advantage in the form of a ready-made distribution network. The most recent arrival is Donghai Funds, which received approval from the securities regulator on February 19 and obtained its fund mana…