China's securities regulator has given the green light to a joint venture between Guangzhou Securities and Hong Kong's Hang Seng Bank, the two said in a statement Sunday night.
The joint venture is the first of its kind under the Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong.
Guangzhou Securities, a company affiliated to Yue Xiu Group, Guangzhou's largest state-owned conglomerate, has a 67 percent stake in the new company, while Hang Seng Bank's securities arm has the remaining 33 percent stake.
The securities investment counselling firm will offer institutional and individual investors market research on securities and other related products.
Zhang Zhaoxing, chairman of Guangzhou Securities, said the joint venture will offer more diversified and internationalized services and also help to build Guangzhou into a regional financial center.
Margaret Leung, vice chairman and chief executive of Hang Seng Bank, said that with expertise from both sides, the joint venture will offer more professional investment counselling services.
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