The Asset Management Association of China issued guidance for the public fund
investment-adviser pilot defining a retail T-class share for clients of fund
investment-adviser services. T-class shares will carry no subscription/purchase
fees or client maintenance fees; management fees will generally be set at 60% of
the fund’s existing management fee. Effective Jan. 1, 2027, pilot adviser firms
that also sell funds, or where fund sales are conducted by related parties under
common control, must allocate T-class shares to investors for new business. For
existing business, firms may transition to T-class shares progressively during
portfolio strategy rebalances, subject to investor-interest and best-execution
principles.
