The fund management company will be able to manage both public and private funds in China.
Its fund management company has been renamed to Manulife Fund Management.
The product gathers RMB4.1bn in asset under management.
It is only the second asset manager to have both a wholly owned fund management company and a majority-controlled wealth management joint venture.
The China Securities Regulatory Commission (CSRC) has approved the first-ever public mutual fund run by a foreign asset manager.
The US fund manager has been granted approval by the Chinese regulator to start a wholly-owned onshore mutual fund business in China.
The firm has appointed two China co-heads to lead its retail and institutional businesses in the mainland.