Bosera Asset Management Co, China's third-largest fund manager, is applying to set up a wholly-owned subsidiary in Hong Kong, said president Xiao Feng on Thursday.

The subsidiary will have a registered capital of HK$10 million, said Xiao, adding that the company hopes to put the Hong Kong subsidiary into operation as soon as possible after obtaining regulatory approval.

Meanwhile, Bosera is waiting for regulatory approval to launch new products under China's Qualified Domestic Institutional Investor scheme.

As of mid-August, Bosera had launched 13 open-end funds and three closed-end funds and had RMB 200 billion in assets under management.

Shenzhen-based Bosera, one of the first five fund management companies established in China, was set up on Jul. 13, 1998.