Shanghai skyline
At one level, it can be argued – no, not really. The Pennsylvania-based group has long struggled to break into Hong Kong’s retail market. In a statement, Vanguard said it would, after an “extensive review”, wind down its local operations – a process that will take up to two years – and exit its exchange-traded fund business in the city.
In a filing to the Hong Kong Stock Exchange on August 26, Vanguard set out its position using some carefully crafted – and exceedingly bland – words.
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