Five institutional investors obtained approval from the China Securities Regulatory Commission in May to operate under the Qualified Foreign Institutional Investors (QFII) program, according to the commission.

Four of the five are Hong Kong subsidiaries of Chinese enterprises.

By the end of May, the total number of QFII reached 225.

The State Administration of Foreign Exchange approved a $1.34 billion quota for QFII in May, a surge from $137 million in April.

By the end of May, the SAFE approved a combined quota of $42.6 billion for 202 QFII.