HONG KONG (Yonhap News) ― A joint venture asset manager between Korea’s No. 2 financial services firm Shinhan Financial Group Co. and global banking group BNP Paribas SA. has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, a government document showed Monday.

Shinhan BNP Paribas Asset Management Co. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according to an updated list of QFIIs released by the commission.

A foreign investor usually needs to wait months to receive its investment quota from the Chinese State Administration of Foreign Exchange after it is granted a license to join the QFII program.

Shares in mainland China-based companies that trade on Chinese stock exchanges, such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange, are generally only available for purchase by mainland citizens.

Foreign investment in those shares, called A-shares, is only allowed through a tightly-regulated structure under the QFII system.

Seven Korean asset management firms were earlier granted licenses to invest in the mainland Chinese stock market.

They are Hanwha Investment & Securities Asset Management, Mirae Asset Management, Samsung Asset Management, Korea Investment & Securities Asset Management, Toyang Asset Management, KB Asset Management and KTB Asset Management.