The Shanghai-based unit of U.S. hedge fund firm Bridgewater Associates LP and U.K. investment management firm Winton Group have each secured a licence to issue private securities in China, China Daily said July 5, citing a 21st Century Business Herald report.

The companies are likely to launch such products for qualified institutional and wealthy investors in the Chinese market after six months, the report added.

Bridgewater, through Bridgewater (China) Investment Management Co. Ltd., is now one of 13 foreign asset managers allowed to raise funds and sell assets in China, eight of which have already issued private securities locally.