Nearly 700 Foreign Institutions Complete 8,000 A-Share Research Trips in 2025

The scale of foreign research activity matters less than what it signals about institutional commitment: research trips are cheap, but QFII holdings rising sharply and new licenses being granted point to capital actually moving, not just diligence. The firms affected are foreign asset managers building onshore capabilities and the A-share names attracting repeated scrutiny. The open question is whether this deepening participation survives the next stretch of market volatility, and whether the licensing pipeline keeps pace with the research flow.