Several China-based fund managers are setting up shop in Hong Kong for the first time, aiming to meet the growing demand among Chinese investors for US dollar-based products and international exposure as the country's borders reopen. At least eight mainland-based funds, including billion-dollar yuan quant funds, equity funds, and mutual funds, have established operations in Hong Kong in the last six months, with more than ten others set to follow. Most are creating offshore sales and research teams and preparing to launch their first US dollar funds, as mainland-based funds are denominated in yuan. These fund managers need to operate in Hong Kong to offer foreign currency products. Wealth management firms such as Noah Holdings are also expanding their teams in Hong Kong.