An Asian subsidiary of US-based hedge fund Citadel, is looking to tap into investment opportunities on the Chinese mainland having submitted an application to the country's securities regulator to become a qualified foreign Institutional Investor (QFII).

According to the China Securities Regulatory Commission's website, Citadel Asia's application was accepted for review on 3 February.

If granted, Citadel will be able to invest in China's capital markets, including the country's stock markets as well as private equity funds and derivatives.

Founded in 1990, Miami-based Citadel recently became the most profitable hedge fund ever by pulling in a record $16 billion annual profit for investors last year, according to estimates by hedge-fund investor LCH Investments. That return took Citadel's total profits to $65.9 billion, surpassing rival Bridgewater Associate's previous record total of $58 billion.