Asset management firm Matthews International Capital Management LLC is shuttering its Shanghai office, joining firms like Vanguard Group Inc. and Van Eck Associates Corp. in scaling back mainland China operations. The San Francisco-based asset manager will consolidate its regional research in Hong Kong, maintaining its focus on China analysis despite the smaller Shanghai team, which specialised in mainland market research. Some Shanghai staff were offered relocation to Hong Kong. This move reflects the diverging perspectives among asset managers on China’s challenging market, marked by regulatory scrutiny and economic slowdown concerns. Matthews, which launched a private fund management company in Shanghai in 2018, emphasises that centralising research in Hong Kong will enhance collaboration, and support its commitment to in-depth China research and quality client service in Asia.