Franklin Resources, also known as Franklin Templeton, denied rumours of closing its Beijing office, confirming that no application for business registration cancellation has been filed. The rumours suggested the US investment firm had dismissed Yu Qing, its China business managing director, and planned to relocate operations to Shanghai. Franklin Templeton clarified that the Shanghai entity is a wholly foreign-owned enterprise and that Yu’s departure last month was due to her contract’s conclusion. The firm emphasised its commitment to strengthening its presence in China through an experienced local team. Despite some international asset managers scaling down in China amid challenging conditions, Franklin Templeton highlighted China’s potential, noting its skilled labour force and engineering talent as significant advantages.