China’s onshore capital markets remain among the most dynamic and strategically important investment destinations globally. For foreign institutions, gaining regulated and efficient access to these markets is essential for deploying long-term capital, capturing structural growth opportunities, and participating in the world’s second-largest economy.
Overview of China’s Onshore Capital Markets
China’s onshore capital markets comprise a broad range of domestic financial markets facilitating the trading of equities, bonds and other RMB-denominated financial instruments. Core components include the equity markets operated by the Shanghai and Shenzhen Stock Exchanges, the onshore bond market covering government and corporate debt, as well as interbank and money markets that underpin liquidity and fixed income activity.
Compared with offshore markets such as Hong Kong, China’s onshore markets operate under a distinct regulatory framework, currency regime and investor access structure. While access was historically limited, regulatory reforms and structured access programs have progressively expanded participation by international investors. As a result, these markets are increasingly viewed as an important source of portfolio diversification, offering exposure to China’s domestic economy and market dynamics that are not fully correlated with developed or offshore markets.
QFII as a Core Pathway to China’s Onshore Markets
For foreign investors seeking direct and regulated access to China’s onshore capital markets, the Qualified Foreign Institutional Investor (QFII) regime remains one of the most established and effective pathways. The QFII framework enables approved foreign institutions to invest directly in RMB-denominated securities within mainland China, including equities, bonds and other eligible financial instruments.
By operating within China’s onshore regulatory environment, QFII provides a structured mechanism for institutional participation in domestic secondary markets while ensuring compliance with capital controls, reporting requirements and risk management standards. Ongoing reforms have further enhanced the flexibility and efficiency of the regime, reinforcing QFII’s central role in facilitating long-term foreign institutional investment.
Boman Group as a China Onshore Investment Partner
As one of fewer than 70 foreign institutions approved nationwide under the QFII regime in 2024, Boman Group holds a distinctive position in China’s onshore investment landscape. Through its QFII qualification, the firm supports overseas institutional investors in accessing China’s onshore secondary markets via a regulated and direct framework.
Boman Group has also obtained QFLP qualification and is advancing its application for a domestic private equity fund management licence. Together, these capabilities enable Boman to connect China’s primary and secondary markets, providing an integrated platform for foreign capital to participate across the investment lifecycle—from private and growth-stage opportunities to listed securities.
Building on this foundation, Boman Group plans to introduce approximately RMB 1 billion of overseas institutional capital, with a strategic focus on leading enterprises in emerging productive forces, potential pre-IPO companies and fundamentally strong but undervalued domestic assets, supporting industrial upgrading and cross-border capital cooperation.
In November 2024, Boman Group established its China headquarters and cross-border investment and financing service centre in Tianjin’s Free Trade Zone, launching an Australia–China Business Expansion Platform. Since then, the firm has partnered with multiple local enterprises, including Rongcheng Materials and Binhai Construction Investment Group, achieving several project-level cooperation agreements.
With combined QFII and QFLP capabilities, local presence and cross-border execution experience, Boman Group is positioned as a long-term partner for overseas investors seeking structured and compliant access to China’s onshore capital markets and industrial opportunities.
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