Chinese New Year officially ends this week, but for Hong Kong–based Charles Wang, chief executive officer of Chinese asset manager E Fund Management (HK), the weeklong holiday was not restful at all.

That is because he and his team have been busy preparing for the coming launch of a 1.1 billon yuan fund, which will be among the first batch of renminbi-denominated mutual funds approved by the Chinese government to be raised in Hong Kong.

With the new fund raisings, E Fund’s assets under management double to nearly $400 million, which is not bad considering that the Guangzhou-based asset manager set up shop in Hong Kong in 2008. “We see explosive growth in the coming few years,” Wang says, adding that the experiment, also known as RMB Qualified Foreign Institutional Investor scheme (RQFII), likely will be expanded with more quotas given later this year.

E Fund is among a group of 21 mainland fund managers and brokers that are kick-starting a Chinese-government experiment allowing Chinese financial services companies to raise yuan funds in Hong Kong for investing in mainland markets.

The scheme is the latest addition to China’s renminbi internationalization efforts. Chinese authorities have approved the 21 firms to raise a combined 20 billion yuan in Hong Kong.

The launch of the new RQFII mutual funds comes only a few months after Chinese Vice Premier Li Keqiang announced the program during a speech at the University of Hong Kong in August.

Hong Kong’s offshore RMB market is likely to heat up this year. Officials from China Securities Regulatory Commission announced at the Asian Financial Forum held in Hong Kong in mid-January that they would be encouraging Chinese companies to begin seeking yuan-denominated initial public offerings in Hong Kong as well.

“Hong Kong is an axis of capital,” E Fund’s Wang says, adding his RQFII mutual fund will have a fixed-income theme, investing primarily in Chinese corporate and government bonds. “Many global players want access to capital — to Chinese capital. Chinese financial players want access to global capital. Hong Kong offers a competitive platform for Chinese asset managers as well as global players.”

Demand in Hong Kong for exposure to Chinese bonds and equities comes despite the fact that China’s CSI 300 index fell 16 percent in 2011, the result of the government’s efforts to cool the economy and to prevent speculative investments, particularly in real estate.